Cover Page
Cover Page | 6 Months Ended |
Jun. 30, 2022 shares | |
Entity Information [Line Items] | |
Document Type | 10-Q |
Document Quarterly Report | true |
Document Period End Date | Jun. 30, 2022 |
Document Transition Report | false |
Entity Registrant Name | Huntington Bancshares Incorporated |
Entity Incorporation, State or Country Code | MD |
Entity File Number | 1-34073 |
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 Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Large Accelerated Filer |
Entity Small Business | false |
Entity Emerging Growth Company | false |
Entity Shell Company | false |
Entity Common Stock, Shares Outstanding | 1,442,194,344 |
Entity Central Index Key | 0000049196 |
Amendment Flag | false |
Document Fiscal Year Focus | 2022 |
Document Fiscal Period Focus | Q2 |
Current Fiscal Year End Date | --12-31 |
Series H 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 |
Series I 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 $0.01 per Share |
Trading Symbol | HBAN |
Security Exchange Name | NASDAQ |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 | |
Assets | |||
Cash and due from banks | $ 1,793 | $ 1,811 | |
Interest-bearing deposits at Federal Reserve Bank | 2,115 | 3,711 | |
Interest-bearing deposits in banks | 196 | 392 | |
Trading account securities | 34 | 46 | |
Available-for-sale securities | 24,377 | 28,460 | |
Held-to-maturity securities | 17,355 | 12,447 | |
Other securities | 763 | 648 | |
Loans held for sale (includes $835 and $1,270 respectively, measured at fair value) | [1] | 969 | 1,676 |
Loans and leases (includes $175 and $171 respectively, measured at fair value) | [1] | 116,221 | 111,267 |
Allowance for loan and lease losses | (2,074) | (2,030) | |
Net loans and leases | 114,147 | 109,237 | |
Bank owned life insurance | 2,766 | 2,765 | |
Accrued income and other receivables | 2,169 | 1,319 | |
Premises and equipment | 1,175 | 1,164 | |
Goodwill | 5,571 | 5,349 | |
Servicing rights and other intangible assets | 703 | 611 | |
Other assets | 4,649 | 4,428 | |
Total assets | 178,782 | 174,064 | |
Liabilities | |||
Demand deposits—noninterest-bearing | 42,131 | 43,236 | |
Interest-bearing | 103,304 | 100,027 | |
Total deposits | 145,435 | 143,263 | |
Short-term borrowings | 3,048 | 334 | |
Long-term debt | 7,866 | 7,108 | |
Other liabilities | 4,454 | 4,041 | |
Total liabilities | 160,803 | 154,746 | |
Commitments and Contingent Liabilities (Note 16) | |||
Shareholders’ equity | |||
Preferred stock | 2,167 | 2,167 | |
Common stock | 14 | 14 | |
Capital surplus | 15,261 | 15,222 | |
Less treasury shares, at cost | (85) | (79) | |
Accumulated other comprehensive income (loss) | (2,098) | (229) | |
Retained earnings | 2,691 | 2,202 | |
Total Huntington Bancshares Inc shareholders’ equity | 17,950 | 19,297 | |
Non-controlling interest | 29 | 21 | |
Total equity | 17,979 | 19,318 | |
Total liabilities and shareholders’ equity | $ 178,782 | $ 174,064 | |
Common shares authorized (in shares) | 2,250,000,000 | 2,250,000,000 | |
Common share outstanding (in shares) | 1,442,194,344 | 1,437,742,172 | |
Treasury shares outstanding (in shares) | 6,691,381 | 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 13 “ Fair Values of Assets and Liabilities ”. |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Assets | ||
Loans held for sale, fair value | $ 777 | $ 1,270 |
Loans and leases, fair value | $ 179 | $ 171 |
Shareholders’ equity | ||
Common stock, par value (in usd per share) | $ 0.01 | $ 0.01 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income - USD ($) shares in Thousands, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Interest and fee income: | ||||
Loans and leases | $ 1,078 | $ 806 | $ 2,082 | $ 1,558 |
Available-for-sale securities | ||||
Taxable | 123 | 67 | 213 | 116 |
Tax-exempt | 15 | 13 | 32 | 26 |
Held-to-maturity securities—taxable | 90 | 35 | 156 | 77 |
Other securities—taxable | 6 | 2 | 11 | 4 |
Other | 19 | 12 | 32 | 23 |
Total interest income | 1,331 | 935 | 2,526 | 1,804 |
Interest expense: | ||||
Deposits | 25 | 12 | 36 | 23 |
Short-term borrowings | 7 | 0 | 14 | 0 |
Long-term debt | 38 | 85 | 69 | (29) |
Total interest expense | 70 | 97 | 119 | (6) |
Net interest income | 1,261 | 838 | 2,407 | 1,810 |
Provision for credit losses | 67 | 211 | 92 | 151 |
Net interest income after provision for credit losses | 1,194 | 627 | 2,315 | 1,659 |
Service charges on deposit accounts | 105 | 88 | 202 | 157 |
Card and payment processing income | 96 | 80 | 182 | 145 |
Mortgage banking income | 44 | 67 | 93 | 167 |
Trust and investment management services | 63 | 56 | 128 | 108 |
Capital markets fees | 54 | 35 | 96 | 64 |
Insurance income | 27 | 25 | 58 | 52 |
Leasing revenue | 27 | 12 | 62 | 16 |
Bank owned life insurance income | 11 | 16 | 28 | 32 |
Gain on sale of loans | 12 | 3 | 40 | 6 |
Net gains on sales of securities | 0 | 10 | 0 | 10 |
Other noninterest income | 46 | 52 | 95 | 82 |
Total noninterest income | 485 | 444 | 984 | 839 |
Personnel costs | 577 | 592 | 1,157 | 1,060 |
Outside data processing and other services | 153 | 162 | 318 | 277 |
Net occupancy | 58 | 72 | 122 | 114 |
Equipment | 61 | 55 | 142 | 101 |
Professional services | 19 | 48 | 38 | 65 |
Marketing | 24 | 15 | 45 | 29 |
Deposit and other insurance expense | 20 | 8 | 27 | 21 |
Amortization of intangibles | 13 | 11 | 38 | 16 |
Lease financing equipment depreciation | 11 | 5 | 25 | 5 |
Other noninterest expense | 82 | 104 | 159 | 177 |
Total noninterest expense | 1,018 | 1,072 | 2,071 | 1,865 |
Income (loss) before income taxes | 661 | (1) | 1,228 | 633 |
Provision for income taxes | 120 | 14 | 225 | 116 |
Income after income taxes | 541 | (15) | 1,003 | 517 |
Income attributable to non-controlling interest | 2 | 0 | 4 | 0 |
Net income (loss) attributable to Huntington Bancshares Inc | 539 | (15) | 999 | 517 |
Dividends on preferred shares | 28 | 43 | 56 | 74 |
Net income (loss) applicable to common shares | $ 511 | $ (58) | $ 943 | $ 443 |
Average common shares—basic (in shares) | 1,441,200 | 1,125,039 | 1,439,814 | 1,071,276 |
Average common shares—diluted (in shares) | 1,463,293 | 1,125,039 | 1,463,810 | 1,094,474 |
Per common share: | ||||
Net income—basic (in usd per share) | $ 0.35 | $ (0.05) | $ 0.65 | $ 0.41 |
Net income—diluted (in usd per share) | $ 0.35 | $ (0.05) | $ 0.64 | $ 0.40 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income attributable to Huntington Bancshares Inc | $ 539 | $ (15) | $ 999 | $ 517 |
Other comprehensive (loss) income, net of tax: | ||||
Net unrealized gains (losses) on available-for-sale securities | (820) | 78 | (1,999) | (138) |
Net impact of fair value hedges on available-for-sale securities | 123 | (5) | 455 | 29 |
Change in fair value related to cash flow hedges | (86) | (34) | (326) | (102) |
Translation adjustments, net of hedges | (2) | (6) | (2) | (6) |
Change in accumulated unrealized gains for pension and other post-retirement obligations | 1 | 4 | 3 | 6 |
Other comprehensive (loss) income, net of tax | (784) | 37 | (1,869) | (211) |
Comprehensive (loss) income attributable to Huntington Bancshares | (245) | 22 | (870) | 306 |
Comprehensive income attributed to non-controlling interest | 2 | 0 | 4 | 0 |
Comprehensive (loss) income | $ (243) | $ 22 | $ (866) | $ 306 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Millions | Total | Common Stock | Series I Preferred Stock | Preferred Stock | Preferred Stock Series I Preferred Stock | Common Stock | Common Stock Common Stock | Capital Surplus | Capital Surplus Common Stock | Capital Surplus Series I Preferred Stock | Treasury Stock | Treasury Stock Common Stock | Accumulated Other Comprehensive Income (Loss) | Retained Earnings | Retained Earnings Series I Preferred Stock | Total | Total Common Stock | Total Series I Preferred Stock | Noncontrolling Interest |
Balance, beginning of period at Dec. 31, 2020 | $ 12,993 | $ 2,191 | $ 10 | $ 8,781 | $ (59) | $ 192 | $ 1,878 | $ 12,993 | $ 0 | ||||||||||
Balance, beginning of period, common stock (in shares) at Dec. 31, 2020 | 1,022,258,000 | ||||||||||||||||||
Balance, beginning of period, treasury stock (in shares) at Dec. 31, 2020 | (5,062,000) | ||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||
Net Income | 517 | 517 | 517 | ||||||||||||||||
Net income | 517 | ||||||||||||||||||
Other comprehensive (loss) income, net of tax | (211) | (211) | (211) | ||||||||||||||||
Cash dividends declared: | |||||||||||||||||||
Common | (380) | (380) | (380) | ||||||||||||||||
Preferred | (74) | (74) | $ (3) | (74) | |||||||||||||||
Net proceeds from issuance of Preferred Stock | 485 | 485 | 485 | ||||||||||||||||
Recognition of the fair value of share-based compensation | 66 | 66 | 66 | ||||||||||||||||
Other share-based compensation activity (in shares) | 4,185,000 | ||||||||||||||||||
Other share-based compensation activity | (20) | $ 0 | (20) | 0 | (20) | ||||||||||||||
Other (in shares) | (2,994,000) | ||||||||||||||||||
Other | (13) | $ (9) | (2) | (11) | (2) | ||||||||||||||
Issuance of common stock, acquisitions (in shares) | 458,171,000 | ||||||||||||||||||
Issuance of common stock, acquisitions | $ 6,961 | $ 185 | $ 175 | $ 5 | $ 6,993 | $ 10 | $ (37) | $ 6,961 | $ 185 | ||||||||||
Non-controlling interest acquired | 22 | 22 | |||||||||||||||||
Balance, end of period at Jun. 30, 2021 | 20,531 | 2,851 | $ 15 | 15,830 | $ (105) | (19) | 1,939 | 20,511 | 20 | ||||||||||
Balance, end of period, common stock (in shares) at Jun. 30, 2021 | 1,484,614,000 | ||||||||||||||||||
Balance, end of period, treasury stock (in shares) at Jun. 30, 2021 | (8,056,000) | ||||||||||||||||||
Balance, beginning of period at Mar. 31, 2021 | 13,600 | 2,676 | $ 10 | 8,806 | $ (59) | (56) | 2,223 | 13,600 | 0 | ||||||||||
Balance, beginning of period, common stock (in shares) at Mar. 31, 2021 | 1,023,094,000 | ||||||||||||||||||
Balance, beginning of period, treasury stock (in shares) at Mar. 31, 2021 | (5,041,000) | ||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||
Net Income | (15) | ||||||||||||||||||
Net income | (15) | (15) | (15) | ||||||||||||||||
Other comprehensive (loss) income, net of tax | 37 | 37 | 37 | ||||||||||||||||
Cash dividends declared: | |||||||||||||||||||
Common | (224) | (224) | (224) | ||||||||||||||||
Preferred | (43) | (43) | (3) | (43) | |||||||||||||||
Recognition of the fair value of share-based compensation | 38 | 38 | 38 | ||||||||||||||||
Other share-based compensation activity (in shares) | 3,349,000 | ||||||||||||||||||
Other share-based compensation activity | (17) | (17) | (17) | ||||||||||||||||
Other (in shares) | (3,015,000) | ||||||||||||||||||
Other | (13) | $ (9) | (2) | (11) | (2) | ||||||||||||||
Issuance of common stock, acquisitions (in shares) | 458,171,000 | ||||||||||||||||||
Issuance of common stock, acquisitions | $ 6,961 | $ 185 | $ 175 | $ 5 | $ 6,993 | $ 10 | $ (37) | $ 6,961 | $ 185 | ||||||||||
Non-controlling interest acquired | 22 | 22 | |||||||||||||||||
Balance, end of period at Jun. 30, 2021 | 20,531 | 2,851 | $ 15 | 15,830 | $ (105) | (19) | 1,939 | 20,511 | 20 | ||||||||||
Balance, end of period, common stock (in shares) at Jun. 30, 2021 | 1,484,614,000 | ||||||||||||||||||
Balance, end of period, treasury stock (in shares) at Jun. 30, 2021 | (8,056,000) | ||||||||||||||||||
Balance, beginning of period at Dec. 31, 2021 | $ 19,318 | 2,167 | $ 14 | 15,222 | $ (79) | (229) | 2,202 | 19,297 | 21 | ||||||||||
Balance, beginning of period, common stock (in shares) at Dec. 31, 2021 | 1,437,742,172 | 1,444,040,000 | |||||||||||||||||
Balance, beginning of period, treasury stock (in shares) at Dec. 31, 2021 | (6,298,000) | ||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||
Net Income | $ 999 | 999 | 999 | ||||||||||||||||
Net income | 1,003 | ||||||||||||||||||
Other comprehensive (loss) income, net of tax | (1,869) | (1,869) | (1,869) | ||||||||||||||||
Cash dividends declared: | |||||||||||||||||||
Common | (454) | (454) | (454) | ||||||||||||||||
Preferred | (56) | (56) | (4) | (56) | |||||||||||||||
Recognition of the fair value of share-based compensation | 63 | 63 | 63 | ||||||||||||||||
Other share-based compensation activity (in shares) | 4,845,000 | ||||||||||||||||||
Other share-based compensation activity | (24) | $ 0 | (24) | 0 | (24) | ||||||||||||||
Other (in shares) | (393,000) | ||||||||||||||||||
Other | (2) | 0 | $ (6) | 0 | 0 | (6) | 4 | ||||||||||||
Balance, end of period at Jun. 30, 2022 | $ 17,979 | 2,167 | $ 14 | 15,261 | $ (85) | (2,098) | 2,691 | 17,950 | 29 | ||||||||||
Balance, end of period, common stock (in shares) at Jun. 30, 2022 | 1,442,194,344 | 1,448,885,000 | |||||||||||||||||
Balance, end of period, treasury stock (in shares) at Jun. 30, 2022 | (6,691,000) | ||||||||||||||||||
Balance, beginning of period at Mar. 31, 2022 | $ 18,481 | 2,167 | $ 14 | 15,255 | $ (78) | (1,314) | 2,408 | 18,452 | 29 | ||||||||||
Balance, beginning of period, common stock (in shares) at Mar. 31, 2022 | 1,445,386,000 | ||||||||||||||||||
Balance, beginning of period, treasury stock (in shares) at Mar. 31, 2022 | (6,211,000) | ||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||
Net Income | 539 | ||||||||||||||||||
Net income | 541 | 539 | 539 | 2 | |||||||||||||||
Other comprehensive (loss) income, net of tax | (784) | (784) | (784) | ||||||||||||||||
Cash dividends declared: | |||||||||||||||||||
Common | (228) | (228) | (228) | ||||||||||||||||
Preferred | (28) | (28) | $ (2) | (28) | |||||||||||||||
Recognition of the fair value of share-based compensation | 23 | 23 | 23 | ||||||||||||||||
Other share-based compensation activity (in shares) | 3,499,000 | ||||||||||||||||||
Other share-based compensation activity | (17) | (17) | (17) | ||||||||||||||||
Other (in shares) | (480,000) | ||||||||||||||||||
Other | (9) | $ (7) | (7) | (2) | |||||||||||||||
Balance, end of period at Jun. 30, 2022 | $ 17,979 | $ 2,167 | $ 14 | $ 15,261 | $ (85) | $ (2,098) | $ 2,691 | $ 17,950 | $ 29 | ||||||||||
Balance, end of period, common stock (in shares) at Jun. 30, 2022 | 1,442,194,344 | 1,448,885,000 | |||||||||||||||||
Balance, end of period, treasury stock (in shares) at Jun. 30, 2022 | (6,691,000) |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Changes in Shareholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Statement of Stockholders' Equity [Abstract] | ||||
Common dividends declared (in usd per share) | $ 0.155 | $ 0.15 | $ 0.31 | $ 0.30 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Operating activities | ||
Income after income taxes | $ 1,003 | $ 517 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provision for credit losses | 92 | 151 |
Depreciation and amortization | 207 | 274 |
Share-based compensation expense | 63 | 66 |
Deferred income tax expense | 108 | 34 |
Net change in: | ||
Trading account securities | 12 | (31) |
Loans held for sale | 485 | 50 |
Other assets | (206) | (416) |
Other liabilities | 67 | 261 |
Other, net | (7) | 82 |
Net cash provided by operating activities | 1,824 | 988 |
Investing activities | ||
Change in interest bearing deposits in banks | 321 | 415 |
Net cash (paid) received from business combinations | (223) | |
Net cash (paid) received from business combinations | 466 | |
Proceeds from: | ||
Maturities and calls of available-for-sale securities | 2,401 | 3,683 |
Maturities and calls of held-to-maturity securities | 1,699 | 1,995 |
Maturities and calls of other securities | 812 | 0 |
Sales of available-for-sale securities | 0 | 5,838 |
Purchases of available-for-sale securities | (5,246) | (10,285) |
Purchases of held-to-maturity securities | (2,409) | (1,547) |
Purchases of other securities | (936) | 0 |
Net proceeds from sales of portfolio loans and leases | 704 | 334 |
Principal payments received under direct finance and sales-type leases | 902 | 408 |
Net loan and lease activity, excluding sales and purchases | (5,858) | 3,990 |
Purchases of premises and equipment | (123) | (99) |
Purchases of loans and leases | (493) | (493) |
Net accrued income and other receivables activity | (818) | (837) |
Other, net | 62 | 118 |
Net cash provided by (used in) investing activities | (9,205) | 3,986 |
Financing activities | ||
Increase in deposits | 2,172 | 5,194 |
Increase (decrease) in short-term borrowings | 3,209 | (1,152) |
Net proceeds from issuance of long-term debt | 2,075 | 59 |
Maturity/redemption of long-term debt | (1,158) | (2,526) |
Dividends paid on preferred stock | (56) | (66) |
Dividends paid on common stock | (449) | (308) |
Repurchases of common stock | 0 | 0 |
Net proceeds from issuance of preferred stock | 0 | 485 |
Other, net | (26) | 0 |
Net cash provided by financing activities | 5,767 | 1,686 |
Increase (decrease) in cash and cash equivalents | (1,614) | 6,660 |
Cash and cash equivalents at beginning of period | 5,522 | 6,595 |
Cash and cash equivalents at end of period | 3,908 | 13,255 |
Supplemental disclosures: | ||
Interest paid | 113 | 87 |
Income taxes (received) paid | (110) | 200 |
Non-cash activities | ||
Loans transferred to held-for-sale from portfolio | 569 | 190 |
Loans transferred to portfolio from held-for-sale | 31 | 60 |
Transfer of securities from available-for-sale to held-to-maturity | $ 4,225 | 3,007 |
Preferred Stock | ||
Non-cash activities | ||
Stock issued in business combination | 185 | |
Common Stock-Par Value $0.01 per share | ||
Non-cash activities | ||
Stock issued in business combination | 7,000 | |
TCF Financial Corporation | ||
Non-cash activities | ||
Fair value of tangible assets acquired | 46,300 | |
Goodwill and other intangible assets | 3,500 | |
Liabilities assumed | $ 42,600 |
BASIS OF PRESENTATION
BASIS OF PRESENTATION | 6 Months Ended |
Jun. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
BASIS OF PRESENTATION | BASIS OF PRESENTATION The accompanying Unaudited Condensed Consolidated Financial Statements of Huntington reflect all adjustments consisting of normal recurring accruals which are, in the opinion of management, necessary for a fair statement of the consolidated financial position, the results of operations, and cash flows for the periods presented. These Unaudited Condensed Consolidated Financial Statements have been prepared according to the rules and regulations of the SEC and, therefore, certain information and footnote disclosures normally included in annual financial statements prepared in accordance with GAAP have been omitted. The Notes to Consolidated Financial Statements appearing in Huntington’s 2021 Annual Report on Form 10-K, which include descriptions of significant accounting policies, as updated by the information contained in this report, should be read in conjunction with these interim financial statements. For statement of cash flow purposes, cash and cash equivalents are defined as the sum of cash and due from banks and interest-bearing deposits at Federal Reserve Bank. Certain prior period amounts have been reclassified to conform to current year’s presentation. Effective in the 2022 first quarter, a new classification within the Unaudited Condensed 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 revised to conform to the current presentation. In conjunction with applicable accounting standards, all material subsequent events have been either recognized in the Unaudited Condensed Consolidated Financial Statements or disclosed in the Notes to Unaudited Condensed Consolidated Financial Statements. There were no material subsequent events to disclose for the current period. |
ACCOUNTING STANDARDS UPDATE
ACCOUNTING STANDARDS UPDATE | 6 Months Ended |
Jun. 30, 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 the first six months of 2022 and will be applied prospectively to all business combinations occurring after adoption. • 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. • The ASU also gives entities the option to reclassify debt securities classified in the held-to-maturity category at the date of adoption to the available-for-sale category if the entity applies the portfolio layer method hedging to one or more closed portfolios that include those debt securities, Huntington did not apply this option to any held-to-maturity securities. 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 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. An entity that elects to early adopt in an interim period should apply the guidance as of the beginning of the fiscal year that includes the interim period. An entity may also chose to early adopt the amendments about TDRs and related disclosure enhancements separately from amendments about vintage disclosures. • Huntington is currently evaluating the impact of the ASU on its Consolidated financial statements, as well as which adoption method to apply. |
BUSINESS COMBINATIONS
BUSINESS COMBINATIONS | 6 Months Ended |
Jun. 30, 2022 | |
Business Combinations [Abstract] | |
BUSINESS COMBINATIONS | BUSINESS COMBINATIONSOn 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. Fair value estimates related to the acquired assets and liabilities are subject to adjustment during the one-year measurement period following the closing of the acquisition. The goodwill recognized is deductible for tax purposes. |
INVESTMENT SECURITIES AND OTHER
INVESTMENT SECURITIES AND OTHER SECURITIES | 6 Months Ended |
Jun. 30, 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 at June 30, 2022 and December 31, 2021: Unrealized (dollar amounts in millions) Amortized Cost (1)(2) Gross Gross Fair Value June 30, 2022 Available-for-sale securities: U.S. Treasury $ 5 $ — $ — $ 5 Federal agencies: Residential CMO 3,217 — (216) 3,001 Residential MBS 14,478 1 (1,532) 12,947 Commercial MBS 2,365 1 (384) 1,982 Other agencies 215 — (6) 209 Total U.S. Treasury, federal agency and other agency securities 20,280 2 (2,138) 18,144 Municipal securities 3,604 1 (183) 3,422 Private-label CMO 158 — (6) 152 Asset-backed securities 392 — (31) 361 Corporate debt 2,539 99 (344) 2,294 Other securities/Sovereign debt 4 — — 4 Total available-for-sale securities $ 26,977 $ 102 $ (2,702) $ 24,377 Held-to-maturity securities: Federal agencies: Residential CMO $ 4,896 $ — $ (383) $ 4,513 Residential MBS 10,509 2 (930) 9,581 Commercial MBS 1,792 1 (124) 1,669 Other agencies 156 — (5) 151 Total federal agency and other agency securities 17,353 3 (1,442) 15,914 Municipal securities 2 — — 2 Total held-to-maturity securities $ 17,355 $ 3 $ (1,442) $ 15,916 Other securities, at cost: Non-marketable equity securities: Federal Home Loan Bank stock $ 187 $ — $ — $ 187 Federal Reserve Bank stock 514 — — 514 Equity securities 9 — — 9 Other securities, at fair value: Mutual funds 50 — — 50 Equity securities 3 — — 3 Total other securities $ 763 $ — $ — $ 763 (1) Amortized cost amounts excludes accrued interest receivable, which is recorded within accrued income and other receivables on the Consolidated Balance Sheet s . At June 30, 2022, accrued interest receivable on available-for-sale securities and held-to-maturity securities totaled $62 million and $38 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 $608 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 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 excludes 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 at June 30, 2022 and December 31, 2021. Expected maturities may differ from contractual maturities as issuers may have the right to call or prepay obligations with or without incurring penalties. June 30, 2022 December 31, 2021 (dollar amounts in millions) Amortized Cost Fair Value Amortized Cost Fair Value Available-for-sale securities: Under 1 year $ 476 $ 471 $ 377 $ 374 After 1 year through 5 years 2,347 2,203 1,888 1,880 After 5 years through 10 years 3,215 2,950 3,166 3,180 After 10 years 20,939 18,753 23,075 23,026 Total available-for-sale securities $ 26,977 $ 24,377 $ 28,506 $ 28,460 Held-to-maturity securities: Under 1 year $ 1 $ 1 $ 2 $ 2 After 1 year through 5 years 85 83 162 164 After 5 years through 10 years 42 41 44 45 After 10 years 17,227 15,791 12,239 12,278 Total held-to-maturity securities $ 17,355 $ 15,916 $ 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 at June 30, 2022 and December 31, 2021: Less than 12 Months Over 12 Months Total (dollar amounts in millions) Fair Gross Unrealized Fair Gross Unrealized Fair Gross Unrealized June 30, 2022 Available-for-sale securities: Federal agencies: Residential CMO $ 2,671 $ (182) $ 170 $ (34) $ 2,841 $ (216) Residential MBS 9,122 (977) 3,730 (555) 12,852 (1,532) Commercial MBS 1,584 (270) 377 (114) 1,961 (384) Other agencies 80 (6) — — 80 (6) Total federal agency and other agency securities 13,457 (1,435) 4,277 (703) 17,734 (2,138) Municipal securities 2,866 (161) 311 (22) 3,177 (183) Private-label CMO 122 (6) — — 122 (6) Asset-backed securities 319 (26) 42 (5) 361 (31) Corporate debt 1,951 (274) 339 (70) 2,290 (344) Total temporarily impaired available-for-sale securities $ 18,715 $ (1,902) $ 4,969 $ (800) $ 23,684 $ (2,702) Held-to-maturity securities: Federal agencies: Residential CMO $ 4,501 $ (382) $ 8 $ (1) $ 4,509 $ (383) Residential MBS 8,552 (826) 735 (104) 9,287 (930) Commercial MBS 1,661 (124) — — 1,661 (124) Other agencies 151 (5) — — 151 (5) Total federal agency and other agency securities 14,865 (1,337) 743 (105) 15,608 (1,442) Total temporarily impaired held-to-maturity securities $ 14,865 $ (1,337) $ 743 $ (105) $ 15,608 $ (1,442) Less than 12 Months Over 12 Months Total (dollar amounts in millions) Fair Gross Unrealized Fair Gross Unrealized Fair Gross Unrealized 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 the 2022 first quarter, Huntington transferred $4.2 billion of securities from the AFS portfolio to the HTM portfolio. At the time of the transfer, AOCI included $58 million of net unrealized losses (after-tax) attributed to these securities. This loss will be amortized into interest income over the remaining life of the securities. At June 30, 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 $28.7 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 June 30, 2022 or December 31, 2021. At June 30, 2022, all HTM debt securities are considered AAA rated. In addition, there were no HTM debt securities considered past due at June 30, 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 June 30, 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 the 2022 first quarter, 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 investment securities as of June 30, 2022 or December 31, 2021. |
LOANS _ LEASES
LOANS / LEASES | 6 Months Ended |
Jun. 30, 2022 | |
Receivables [Abstract] | |
LOANS / LEASES | LOANS AND LEASES The following table provides a detailed listing of Huntington’s loan and lease portfolio at June 30, 2022 and December 31, 2021. (dollar amounts in millions) June 30, 2022 December 31, 2021 Commercial loan and lease portfolio: Commercial and industrial $ 43,440 $ 41,688 Commercial real estate 15,695 14,961 Lease financing 5,043 5,000 Total commercial loan and lease portfolio 64,178 61,649 Consumer loan portfolio: Residential mortgage 21,220 19,256 Automobile 13,622 13,434 Home equity 10,426 10,550 RV and marine 5,453 5,058 Other consumer 1,322 1,320 Total consumer loan portfolio 52,043 49,618 Total loans and leases (1) (2) 116,221 111,267 Allowance for loan and lease losses (2,074) (2,030) Net loans and leases $ 114,147 $ 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 discount of $48 million and $111 million at June 30, 2022 and December 31, 2021, respectively. (2) The total amount of accrued interest recorded for these loans and leases at June 30, 2022, was $157 million and $153 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 Huntington leases equipment to customers, and substantially all such arrangements are classified as either sales-type or direct financing leases, which are included in commercial loans and leases. These 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. Huntington assesses net investments in leases (including residual values) for impairment and recognizes any impairment losses in accordance with the impairment guidance for financial instruments. As such, net investments in leases may be reduced by an ACL, with changes recognized as provision expense. The following table presents net investments in lease financing receivables by category at June 30, 2022 and December 31, 2021. (dollar amounts in millions) June 30, December 31, Lease payments receivable $ 4,674 $ 4,620 Estimated residual value of leased assets 766 774 Gross investment in lease financing receivables 5,440 5,394 Deferred origination costs 39 36 Deferred fees, unearned income and other (436) (430) Total lease financing receivables $ 5,043 $ 5,000 The carrying value of residual values guaranteed was $435 million and $473 million as of June 30, 2022 and December 31, 2021, respectively. The future lease rental payments due from customers on sales-type and direct financing leases at June 30, 2022, totaled $4.7 billion and were due as follows: $878 million in 2022, $869 million in 2023, $865 million in 2024, $759 million in 2025, $672 million in 2026, and $631 million thereafter. Interest income recognized for these types of leases was $39 million and $56 million for the three-month periods ended June 30, 2022 and 2021, respectively. For the six-month periods ended June 30, 2022 and 2021, interest income recognized for these types of leases was $77 million and $81 million. Nonaccrual and Past Due Loans and Leases The following table presents NALs by class at June 30, 2022 and December 31, 2021: June 30, 2022 December 31, 2021 (dollar amounts in millions) Nonaccrual loans and leases with no ACL Total nonaccrual loans and leases Nonaccrual loans and leases with no ACL Total nonaccrual loans and leases Commercial and industrial $ 57 $ 324 $ 81 $ 370 Commercial real estate 95 117 80 104 Lease financing 10 22 3 48 Residential mortgage — 111 — 111 Automobile — 4 — 3 Home equity — 78 — 79 RV and marine — 1 — 1 Total nonaccrual loans and leases $ 162 $ 657 $ 164 $ 716 The following table presents an aging analysis of loans and leases, by class at June 30, 2022 and December 31, 2021: June 30, 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 $ 63 $ 97 $ 106 $ 266 $ 43,174 $ — $ 43,440 $ 11 (2) Commercial real estate 45 10 12 67 15,628 — 15,695 — Lease financing 45 18 14 77 4,966 — 5,043 10 (3) Residential mortgage 237 58 230 525 20,517 178 21,220 168 (4) Automobile 82 18 9 109 13,513 — 13,622 6 Home equity 46 18 64 128 10,297 1 10,426 13 RV and marine 14 4 2 20 5,433 — 5,453 2 Other consumer 13 2 2 17 1,305 — 1,322 2 Total loans and leases $ 545 $ 225 $ 439 $ 1,209 $ 114,833 $ 179 $ 116,221 $ 212 December 31, 2021 Past Due (1) Loans Accounted for Under FVO Total Loans 90 or (dollar amounts in millions) 30-59 60-89 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 (SBA guaranteed) 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 See Note 5 “Loans/Leases” to the Consolidated Financial Statements appearing in Huntington’s 2021 Annual Report on Form 10-K for a description of the credit quality indicators Huntington utilizes for monitoring credit quality and for determining an appropriate ACL level. 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, loans are assigned pool level PD factors based on the FICO range within which the borrower’s credit bureau score falls. 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 June 30, 2022 and December 31, 2021 respectively: As of June 30, 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 $ 9,829 $ 9,137 $ 4,429 $ 2,593 $ 1,373 $ 1,572 $ 11,704 $ 4 $ 40,641 OLEM 76 204 78 71 85 48 192 — 754 Substandard 157 275 219 321 185 322 564 — 2,043 Doubtful — — — — 1 1 — — 2 Total Commercial and industrial $ 10,062 $ 9,616 $ 4,726 $ 2,985 $ 1,644 $ 1,943 $ 12,460 $ 4 $ 43,440 Commercial real estate Credit Quality Indicator (1): Pass $ 2,526 $ 3,700 $ 2,121 $ 2,193 $ 1,289 $ 1,416 $ 1,208 $ — $ 14,453 OLEM 45 46 24 20 59 36 — — 230 Substandard 182 161 213 198 107 133 17 — 1,011 Doubtful — — — — 1 — — — 1 Total Commercial real estate $ 2,753 $ 3,907 $ 2,358 $ 2,411 $ 1,456 $ 1,585 $ 1,225 $ — $ 15,695 Lease financing Credit Quality Indicator (1): Pass $ 934 $ 1,590 $ 1,225 $ 637 $ 288 $ 230 $ — $ — $ 4,904 OLEM 10 9 32 6 6 4 — — 67 Substandard 4 5 18 25 6 14 — — 72 Total Lease financing $ 948 $ 1,604 $ 1,275 $ 668 $ 300 $ 248 $ — $ — $ 5,043 Residential mortgage Credit Quality Indicator (2): 750+ $ 2,358 $ 6,205 $ 3,696 $ 879 $ 473 $ 2,208 $ — $ — $ 15,819 650-749 847 1,437 706 270 180 906 — — 4,346 <650 12 56 56 94 111 548 — — 877 Total Residential mortgage $ 3,217 $ 7,698 $ 4,458 $ 1,243 $ 764 $ 3,662 $ — $ — $ 21,042 Automobile Credit Quality Indicator (2): 750+ $ 1,673 $ 2,621 $ 1,571 $ 1,057 $ 456 $ 236 $ — $ — $ 7,614 650-749 1,199 1,988 909 519 254 113 — — 4,982 <650 148 379 201 143 94 61 — — 1,026 Total Automobile $ 3,020 $ 4,988 $ 2,681 $ 1,719 $ 804 $ 410 $ — $ — $ 13,622 Home equity Credit Quality Indicator (2): 750+ $ 301 $ 602 $ 651 $ 27 $ 25 $ 350 $ 4,868 $ 272 $ 7,096 650-749 91 102 78 10 8 138 2,102 272 2,801 <650 — 2 2 2 3 62 319 138 528 Total Home equity $ 392 $ 706 $ 731 $ 39 $ 36 $ 550 $ 7,289 $ 682 $ 10,425 RV and marine Credit Quality Indicator (2): 750+ $ 890 $ 1,112 $ 814 $ 400 $ 402 $ 502 $ — $ — $ 4,120 650-749 165 368 228 141 130 199 — — 1,231 <650 1 14 13 15 16 43 — — 102 Total RV and marine $ 1,056 $ 1,494 $ 1,055 $ 556 $ 548 $ 744 $ — $ — $ 5,453 Other consumer Credit Quality Indicator (2): 750+ $ 189 $ 81 $ 46 $ 47 $ 18 $ 58 $ 345 $ 3 $ 787 650-749 40 38 17 23 7 23 311 19 478 <650 1 3 2 4 2 3 28 14 57 Total Other consumer $ 230 $ 122 $ 65 $ 74 $ 27 $ 84 $ 684 $ 36 $ 1,322 (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. As of 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 TDRs are modified loans where a concession was provided to a borrower experiencing financial difficulties. Loan modifications are considered TDRs when the concessions provided would not otherwise be considered. However, not all loan modifications are TDRs. See Note 5 “Loans / Leases” to the Consolidated Financial Statements appearing in Huntington’s 2021 Annual Report on Form 10-K for an additional discussion of TDRs. The following table presents, by class and modification type, the number of contracts, post-modification outstanding balance, and the financial effects of the modification for the three-month and six-month periods ended June 30, 2022 and 2021. New Troubled Debt Restructurings (1) Three Months Ended June 30, 2022 Number of Post-modification Outstanding Recorded Investment (2) (dollar amounts in millions) Interest rate reduction Amortization or maturity date change Chapter 7 bankruptcy Other Total Commercial and industrial 88 $ 19 $ 12 $ — $ 1 $ 32 Commercial real estate 4 37 — — — 37 Residential mortgage 238 — 32 3 — 35 Automobile 469 — 3 — — 3 Home equity 70 — 3 2 — 5 RV and marine 35 — — — — — Other consumer 23 — — — — — Total new TDRs 927 $ 56 $ 50 $ 5 $ 1 $ 112 Three Months Ended June 30, 2021 Number of Post-modification Outstanding Recorded Investment (2) (dollar amounts in millions) Interest rate reduction Amortization or maturity date change Chapter 7 bankruptcy Other Total Commercial and industrial 25 $ 15 $ 14 $ — $ — $ 29 Residential mortgage 72 — 11 1 — 12 Automobile 514 — 3 1 — 4 Home equity 51 — 1 1 — 2 RV and marine 35 1 — — — 1 Other consumer 68 — — — — — Total new TDRs 765 $ 16 $ 29 $ 3 $ — $ 48 New Troubled Debt Restructurings (1) Six Months Ended June 30, 2022 Number of Post-modification Outstanding Recorded Investment (2) (dollar amounts in millions) Interest rate reduction Amortization or maturity date change Chapter 7 bankruptcy Other Total Commercial and industrial 46 $ 30 $ 15 $ — $ 1 $ 46 Commercial real estate 5 37 — — — 37 Residential mortgage 445 — 60 4 — 64 Automobile 1,094 — 7 1 — 8 Home equity 112 — 4 3 — 7 RV and marine finance 74 — 1 — — 1 Other consumer 53 — — — — — Total new TDRs 1,829 $ 67 $ 87 $ 8 $ 1 $ 163 Six Months Ended June 30, 2021 Number of Post-modification Outstanding Recorded Investment (2) (dollar amounts in millions) Interest rate reduction Amortization or maturity date change Chapter 7 bankruptcy Other Total Commercial and industrial 37 $ 15 $ 19 $ — $ — $ 34 Residential mortgage 158 — 24 2 — 26 Automobile 1,416 — 10 2 — 12 Home equity 113 — 2 3 — 5 RV and marine finance 84 1 1 — — 2 Other consumer 165 — — — 1 1 Total new TDRs 1,973 $ 16 $ 56 $ 7 $ 1 $ 80 (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 June 30, 2022 and December 31, 2021, these borrowings and advances are secured by $70.0 billion and $61.1 billion, respectively, of loans. |
ALLOWANCE FOR CREDIT LOSSES
ALLOWANCE FOR CREDIT LOSSES | 6 Months Ended |
Jun. 30, 2022 | |
Credit Loss [Abstract] | |
Allowance for Credit Losses | ALLOWANCE FOR CREDIT LOSSES Allowance for Credit Losses - Roll-forward The following tables present ACL activity by portfolio segment for the three-month and six-month periods ended June 30, 2022 and 2021. (dollar amounts in millions) Commercial Consumer Total Three-month period ended June 30, 2022: ALLL balance, beginning of period $ 1,514 $ 504 $ 2,018 Loan and lease charge-offs (12) (40) (52) Recoveries of loans and leases previously charged-off 24 20 44 Provision (benefit) for loan and lease losses (184) 248 64 ALLL balance, end of period $ 1,342 $ 732 $ 2,074 AULC balance, beginning of period $ 57 $ 34 $ 91 Provision (benefit) for unfunded lending commitments (4) 7 3 AULC balance, end of period $ 53 $ 41 $ 94 ACL balance, end of period $ 1,395 $ 773 $ 2,168 Six-month period ended June 30, 2022: ALLL balance, beginning of period $ 1,462 $ 568 $ 2,030 Loan and lease charge-offs (44) (89) (133) Recoveries of loans and leases previously charged-off 65 41 106 Provision for loan and lease losses (141) 212 71 ALLL balance, end of period $ 1,342 $ 732 $ 2,074 AULC balance, beginning of period $ 41 $ 36 $ 77 Provision for unfunded lending commitments 12 5 17 AULC balance, end of period $ 53 $ 41 $ 94 ACL balance, end of period $ 1,395 $ 773 $ 2,168 (dollar amounts in millions) Commercial Consumer Total Three-month period ended June 30, 2021: ALLL balance, beginning of period $ 1,197 $ 506 $ 1,703 Loan and lease charge-offs (1) (78) (24) (102) Recoveries of loans and leases previously charged-off 19 21 40 Provision for loan and lease losses (2) 106 39 145 Allowance on PCD loans and leases at acquisition 374 58 432 ALLL balance, end of period $ 1,618 $ 600 $ 2,218 AULC balance, beginning of period $ 27 $ 11 $ 38 Provision (benefit) for unfunded lending commitments (3) 49 17 66 AULC balance, end of period $ 76 $ 28 $ 104 ACL balance, end of period $ 1,694 $ 628 $ 2,322 Six-month period ended June 30, 2021: ALLL balance, beginning of period $ 1,236 $ 578 $ 1,814 Loan and lease charge-offs (1) (139) (58) (197) Recoveries of loans and leases previously charged-off 31 40 71 Provision for loan and lease losses (2) 116 (18) 98 Allowance on PCD loans and leases at acquisition 374 58 432 ALLL balance, end of period $ 1,618 $ 600 $ 2,218 AULC balance, beginning of period $ 34 $ 18 $ 52 Provision (reduction in allowance) for unfunded lending commitments (3) 43 10 53 Unfunded lending commitment losses (1) — (1) AULC balance, end of period $ 76 $ 28 $ 104 ACL balance, end of period $ 1,694 $ 628 $ 2,322 (1) Loan and lease charge-offs for the three and six-month periods ended June 30, 2021 exclude $80 million of charge-offs recognized upon completion of the TCF acquisition related to required purchase accounting treatment. The initial ALLL recognized on PCD assets included these amounts and after charging these amounts off upon acquisition, the net impact was $432 million of additional ALLL for PCD loans. (2) Includes $234 million of TCF acquisition initial provision for credit losses related to non-PCD loans and leases. (3) Includes $60 million from acquired unfunded lending commitments. At June 30, 2022, the ACL was $2.2 billion, an increase of $61 million from the December 31, 2021 balance of $2.1 billion. |
MORTGAGE LOAN SALES AND SERVICI
MORTGAGE LOAN SALES AND SERVICING RIGHTS | 6 Months Ended |
Jun. 30, 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 for the three-month and six-month periods ended June 30, 2022 and 2021: Three Months Ended Six Months Ended (dollar amounts in millions) 2022 2021 2022 2021 Residential mortgage loans sold with servicing retained $ 1,313 $ 2,748 $ 3,247 $ 5,004 Pretax gains resulting from above loan sales (1) 40 101 99 194 (1) Recorded in mortgage banking income. The following table summarizes the changes in MSRs recorded using the fair value method for the three-month and six-month periods ended June 30, 2022 and 2021: Three Months Ended Six Months Ended (dollar amounts in millions) 2022 2021 2022 2021 Fair value, beginning of period $ 416 $ 274 $ 351 $ 210 Servicing assets obtained in acquisition — `` 59 — 59 New servicing assets created 18 38 47 72 Change in fair value during the period due to: Time decay (1) (5) (4) (10) (7) Payoffs (2) (10) (16) (20) (33) Changes in valuation inputs or assumptions (3) 44 (24) 95 26 Fair value, end of period $ 463 $ 327 $ 463 $ 327 Weighted-average life (years) 8.1 6.9 8.1 6.9 (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. A summary of key assumptions and the sensitivity of the MSR value to changes in these assumptions at June 30, 2022, and December 31, 2021 follows: June 30, 2022 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) 7.29 % $ (13) $ (25) 12.28 % $ (17) $ (32) Spread over forward interest rate swap rates 584 bps (11) (22) 466 bps (7) (13) Total servicing, late and other ancillary fees included in mortgage banking income was $23 million and $17 million for the three-month periods ended June 30, 2022 and 2021, respectively. Total servicing, late fees and other ancillary fees included in mortgage banking income was $45 million and $35 million for the six-month periods ended June 30, 2022 and 2021, respectively. The unpaid principal balance of residential mortgage loans serviced for third parties was $32 billion and $31 billion at June 30, 2022 and December 31, 2021, respectively. |
BORROWINGS
BORROWINGS | 6 Months Ended |
Jun. 30, 2022 | |
Debt Disclosure [Abstract] | |
BORROWINGS | 8. BORROWINGS Borrowings with original maturities of one year or less are classified as short-term and were comprised of the following at June 30, 2022 and December 31, 2021, respectively: (dollar amounts in millions) June 30, December 31, Federal funds purchased and securities sold under agreements to repurchase $ 325 $ 320 Federal Home Loan Bank advances 2,500 — Other borrowings 223 14 Total short-term borrowings $ 3,048 $ 334 Huntington’s long-term debt consisted of the following at June 30, 2022 and December 31, 2021, respectively: (dollar amounts in millions) June 30, December 31, The Parent Company: Senior Notes $ 2,389 $ 2,083 Subordinated Notes 1,009 1,028 Total notes issued by the parent 3,398 3,111 The Bank: Senior Notes 3,036 2,434 Subordinated Notes 671 811 Total notes issued by the bank 3,707 3,245 FHLB Advances 213 215 Other 548 537 Total long-term debt $ 7,866 $ 7,108 In May 2022, the Bank issued $500 million of senior notes at 99.8% of face value. The senior notes mature on May 16, 2025 and have a fixed coupon rate of 4.01%. In May 2022, the Bank issued $800 million of senior notes at 99.7% of face value. The senior notes mature on May 17, 2028 and have a fixed coupon rate of 4.55%. In May 2022, the Bank issued $300 million of senior notes at 99.8% of face value. The senior notes mature on May 16, 2025 and have a floating rate equal to SOFR plus 119 basis points resetting quarterly. |
OTHER COMPREHENSIVE INCOME
OTHER COMPREHENSIVE INCOME | 6 Months Ended |
Jun. 30, 2022 | |
Equity [Abstract] | |
OTHER COMPREHENSIVE INCOME | OTHER COMPREHENSIVE INCOME The components of Huntington’s OCI for the three-month and six-month periods ended June 30, 2022 and 2021, were as follows: (dollar amounts in millions) Pretax Tax (Expense) benefit After-tax Three Months Ended June 30, 2022 Unrealized losses on available-for-sale securities arising during the period $ (1,147) $ 264 $ (883) Reclassification adjustment for realized net losses included in net income 82 (19) 63 Total unrealized losses on available-for-sale securities (1,065) 245 (820) Net impact of fair value hedges on available-for-sale securities 161 (38) 123 Change in fair value related to cash flow hedges (111) 25 (86) Foreign currency translation adjustment (1) (8) — (8) Net unrealized gains (losses) on net investment hedges 6 — 6 Translation adjustments, net of hedges (1) (2) — (2) Change in accumulated unrealized gains for pension and other post retirement obligations 2 (1) 1 Other comprehensive loss $ (1,015) $ 231 $ (784) Three Months Ended June 30, 2021 Unrealized gains on available-for-sale securities arising during the period $ 88 $ (20) $ 68 Reclassification adjustment for realized net losses included in net income 13 (3) 10 Total unrealized losses on available-for-sale securities 101 (23) 78 Net impact of fair value hedges on available-for-sale securities (6) 1 (5) Change in fair value related to cash flow hedges (42) 8 (34) Translation adjustments, net of hedges (1) (6) — (6) Change in accumulated unrealized gains for pension and other post retirement obligations 3 1 4 Other comprehensive income $ 50 $ (13) $ 37 Six Months Ended June 30, 2022 Unrealized losses on available-for-sale securities arising during the period $ (2,687) $ 618 $ (2,069) Reclassification adjustment for realized net losses (gains) included in net income 91 (21) 70 Total unrealized gains (losses) on available-for-sale securities (2,596) 597 (1,999) Net impact of fair value hedges on available-for-sale securities 592 (137) 455 Change in fair value related to cash flow hedges (421) 95 (326) Foreign currency translation adjustment (1) (6) — (6) Net unrealized gains (losses) on net investment hedges 4 — 4 Translation adjustments, net of hedges (1) (2) — (2) Change in accumulated unrealized gains for pension and other post retirement obligations 5 (2) 3 Other comprehensive loss $ (2,422) $ 553 $ (1,869) Six Months Ended June 30, 2021 Unrealized losses on available-for-sale securities arising during the period $ (199) $ 44 $ (155) Reclassification adjustment for realized net losses (gains) included in net income 22 (5) 17 Total unrealized losses on available-for-sale securities (177) 39 (138) Net impact of fair value hedges on available-for-sale securities 38 (9) 29 Change in fair value related to cash flow hedges (130) 28 (102) Translation adjustments, net of hedges (1) (6) — (6) Change in accumulated unrealized gains for pension and other post retirement obligations 6 — 6 Other comprehensive loss $ (269) $ 58 $ (211) (1) Foreign investments are deemed to be permanent in nature and, therefore, Huntington does not provide for taxes on foreign currency translation adjustments. Activity in accumulated OCI for the three-month and six-month periods ended June 30, 2022 and 2021, were as follows: (dollar amounts in millions) Unrealized gains (losses) on available-for-sale securities (1) Net impact of fair value hedges on available-for-sale securities Change in fair value related to cash flow hedges Translation adjustments, net of hedges Unrealized gains (losses) for pension and other post- retirement obligations (2) Total Three Months Ended June 30, 2022 Balance, beginning of period $ (1,332) $ 421 $ (177) $ (3) $ (223) $ (1,314) Other comprehensive income (loss) before reclassifications (883) 123 (86) (2) — (848) Amounts reclassified from accumulated OCI to earnings 63 — — — 1 64 Period change (820) 123 (86) (2) 1 (784) Balance, end of period $ (2,152) $ 544 $ (263) $ (5) $ (222) $ (2,098) Three Months Ended June 30, 2021 Balance, beginning of period $ (28) $ 36 $ 187 $ — $ (251) $ (56) Other comprehensive income (loss) before reclassifications 68 (5) (34) (6) — 23 Amounts reclassified from accumulated OCI to earnings 10 — — — 4 14 Period change 78 (5) (34) (6) 4 37 Balance, end of period $ 50 $ 31 $ 153 $ (6) $ (247) $ (19) Six Months Ended June 30, 2022 Balance, beginning of period $ (153) $ 89 $ 63 $ (3) $ (225) $ (229) Other comprehensive loss before reclassifications (2,069) 455 (326) (2) — (1,942) Amounts reclassified from accumulated OCI to earnings 70 — — — 3 73 Period change (1,999) 455 (326) (2) 3 (1,869) Balance, end of period $ (2,152) $ 544 $ (263) $ — $ (5) $ — $ (222) $ (2,098) Six Months Ended June 30, 2021 Balance, beginning of period $ 188 $ 2 $ 255 $ — $ (253) $ 192 Other comprehensive income before reclassifications (155) 29 (102) (6) — (234) Amounts reclassified from accumulated OCI to earnings 17 — — — 6 23 Period change (138) 29 (102) (6) 6 (211) Balance, end of period $ 50 $ 31 $ — $ 153 $ — $ (6) $ — $ (247) $ (19) (1) AOCI amounts at June 30, 2022 and June 30, 2021 include $73 million and $48 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 | 6 Months Ended |
Jun. 30, 2022 | |
Equity [Abstract] | |
SHAREHOLDERS' EQUITY | SHAREHOLDERS’ EQUITY Preferred Stock 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 Redemption Date (1) June 30, 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) Denotes earliest option redemption date. Earlier redemption is solely at Huntington’s option, subject to prior approval of FRB. (2) Series B and H 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 $25,000, plus any declared and unpaid dividends. The following table presents the dividends declared for each series of Preferred shares for the three-month and six-month periods ended June 30, 2022 and 2021: Three Months Ended June 30, Six months ended June 30, (amounts in millions, except per share data) 2022 2021 2022 2021 Cash Dividend Declared Per Share Cash Dividend Declared Per Share Cash Dividend Declared Per Share Cash Dividend Declared Per Share Preferred Series Amount ($) Amount ($) Amount ($) Amount ($) Series B $ 13.03 $ — $ 7.21 $ — $ 22.39 $ — $ 14.56 $ — Series C — — 14.69 (1) — — 29.38 (3) Series D — — 15.63 (9) — — 31.25 (18) Series E 1,425.00 (7) 1,425.00 (7) 2,850.00 (14) 2,850.00 (14) Series F 1,406.25 (7) 1,406.25 (7) 2,812.50 (14) 2,812.50 (14) Series G 1,112.50 (6) 1,112.50 (6) 2,225.00 (12) 2,225.00 (12) Series H 11.25 (6) 19.50 (10) 22.50 (12) 19.50 (10) Series I 356.25 (2) 356.25 (3) 712.50 (4) 356.25 (3) Total $ (28) $ (43) $ (56) $ (74) Share Repurchases On July 21, 2021, the Board authorized the repurchase of up to $800 million of common shares which began in the third quarter of 2021 and ended as of June 30, 2022. Purchases of common stock under the authorization may have included open market purchases, privately negotiated transactions, and accelerated share repurchase programs. During the first six months of 2022, Huntington repurchased no shares of common stock. As of June 30, 2022, Huntington completed $650 million of the share repurchase authorization. Treasury shares Treasury shares includes shares held for deferred compensation plans, at cost, of $85 million at June 30, 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 | 6 Months Ended |
Jun. 30, 2022 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE | EARNINGS PER SHARE Basic earnings per share is the amount of earnings (adjusted for dividends declared on preferred stock) 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 for the three-month and six-month periods ended June 30, 2022 and 2021 was as follows: Three Months Ended Six Months Ended (dollar amounts in millions, except per share data, share count in thousands) 2022 2021 2022 2021 Basic earnings per common share: Net income attributable to Huntington Bancshares Inc $ 539 $ (15) $ 999 $ 517 Preferred stock dividends 28 43 56 74 Net income available to common shareholders $ 511 $ (58) $ 943 $ 443 Average common shares issued and outstanding 1,441,200 1,125,039 1,439,814 1,071,276 Basic earnings per common share $ 0.35 $ (0.05) $ 0.65 $ 0.41 Diluted earnings per common share: Dilutive potential common shares: Stock options and restricted stock units and awards 15,545 — 17,587 17,667 Shares held in deferred compensation plans 6,548 — 6,409 5,531 Dilutive potential common shares 22,093 — 23,996 23,198 Total diluted average common shares issued and outstanding 1,463,293 1,125,039 1,463,810 1,094,474 Diluted earnings per common share $ 0.35 $ (0.05) $ 0.64 $ 0.40 Anti-dilutive awards (1) 11,550 26,895 6,333 2,738 (1) Reflects the total number of shares related to outstanding options and awards that have been excluded from the computation of diluted earnings per share because the impact would have been anti-dilutive. |
NONINTEREST INCOME
NONINTEREST INCOME | 6 Months Ended |
Jun. 30, 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 Unaudited Condensed Consolidated Financial Statements. 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. (dollar amounts in millions) Three Months Ended June 30, Six Months Ended June 30, Noninterest income 2022 2021 2022 2021 Noninterest income from contracts with customers $ 322 $ 257 $ 630 $ 479 Noninterest income within the scope of other GAAP topics 163 187 354 360 Total noninterest income $ 485 $ 444 $ 984 $ 839 The following table illustrates the disaggregation by operating segment and major revenue stream and reconciles disaggregated revenue to segment revenue presented in Note 17 “ Segment Reporting ”. Three Months Ended June 30, 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 $ 22 $ 81 $ 1 $ 1 $ — $ 105 Card and payment processing income 5 84 — — — 89 Trust and investment management services 2 17 — 44 — 63 Insurance income 2 14 — 12 (1) 27 Capital markets fees 7 2 1 1 — 11 Other noninterest income 21 6 — — — 27 Net revenue from contracts with customers $ 59 $ 204 $ 2 $ 58 $ (1) $ 322 Noninterest income within the scope of other GAAP topics 92 66 1 — 4 163 Total noninterest income $ 151 $ 270 $ 3 $ 58 $ 3 $ 485 Three Months Ended June 30, 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 $ 22 $ 64 $ 1 $ 1 $ — $ 88 Card and payment processing income 4 68 — — — 72 Trust and investment management services — 15 — 40 — 55 Insurance income 1 14 — 9 1 25 Capital markets fees 6 2 — — — 8 Other noninterest income 1 3 — 4 1 9 Net revenue from contracts with customers $ 34 $ 166 $ 1 $ 54 $ 2 $ 257 Noninterest income within the scope of other GAAP topics 80 77 1 — 29 187 Total noninterest income $ 114 $ 243 $ 2 $ 54 $ 31 $ 444 Six Months Ended June 30, 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 $ 45 $ 152 $ 3 $ 2 $ — $ 202 Card and payment processing income 11 158 — — — 169 Trust and investment management services 2 35 — 91 — 128 Insurance income 4 26 — 28 — 58 Capital markets fees 11 4 1 1 — 17 Other noninterest income 43 12 — 1 — 56 Net revenue from contracts with customers $ 116 $ 387 $ 4 $ 123 $ — $ 630 Noninterest income within the scope of other GAAP topics 176 155 2 1 20 354 Total noninterest income $ 292 $ 542 $ 6 $ 124 $ 20 $ 984 Six Months Ended June 30, 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 $ 41 $ 112 $ 3 $ 1 $ — $ 157 Card and payment processing income 8 126 — — — 134 Trust and investment management services 1 28 — 78 — 107 Insurance income 3 26 — 22 1 52 Capital markets fees 7 3 1 — — 11 Other noninterest income 2 8 — 5 3 18 Net revenue from contracts with customers $ 62 $ 303 $ 4 $ 106 $ 4 $ 479 Noninterest income within the scope of other GAAP topics 141 174 2 1 42 360 Total noninterest income $ 203 $ 477 $ 6 $ 107 $ 46 $ 839 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 June 30, 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 June 30, 2022 was determined to be immaterial. |
FAIR VALUES OF ASSETS AND LIABI
FAIR VALUES OF ASSETS AND LIABILITIES | 6 Months Ended |
Jun. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUES OF ASSETS AND LIABILITIES | FAIR VALUES OF ASSETS AND LIABILITIESSee Note 19 “Fair Value of Assets and Liabilities” to the Consolidated Financial Statements appearing in Huntington’s 2021 Annual Report on Form 10-K for a description of the valuation methodologies used for instruments measured at fair value. Assets and liabilities measured at fair value rarely transfer between Level 1 and Level 2 measurements. There were no such transfers during the three-month and six-month periods ended June 30, 2022 and 2021. Assets and Liabilities measured at fair value on a recurring basis Fair Value Measurements at Reporting Date Using Netting Adjustments (1) June 30, 2022 (dollar amounts in millions) Level 1 Level 2 Level 3 Assets Trading account securities: Municipal securities $ — $ 34 $ — $ — $ 34 Available-for-sale securities: U.S. Treasury securities 5 — — — 5 Residential CMOs — 3,001 — — 3,001 Residential MBS — 12,947 — — 12,947 Commercial MBS — 1,982 — — 1,982 Other agencies — 209 — — 209 Municipal securities — 45 3,377 — 3,422 Private-label CMO — 130 22 — 152 Asset-backed securities — 317 44 — 361 Corporate debt — 2,294 — — 2,294 Other securities/sovereign debt — 4 — — 4 Total available-for-sale securities 5 20,929 3,443 — 24,377 Other securities 50 3 — — 53 Loans held for sale — 777 — — 777 Loans held for investment — 162 17 — 179 MSRs — — 463 — 463 Other assets: Derivative assets — 1,648 6 (1,222) 432 Assets held in trust for deferred compensation plans 122 — — — 122 Liabilities Derivative liabilities — 1,381 11 (756) 636 Fair Value Measurements at Reporting Date Using Netting Adjustments (1) 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 instruments Municipal securities Private- Asset-backed securities Three Months Ended June 30, 2022 Opening balance $ 416 $ (10) $ 3,282 $ 19 $ 62 $ 18 Transfers out of Level 3 (1) — 7 — — — — Total gains/losses for the period: Included in earnings: Mortgage banking income 44 (2) — — — — Interest and fee income — — — (1) — — Included in OCI — — (88) — — — Purchases/originations 18 — 386 4 — — Repayments — — — — — (1) Settlements (15) — (203) — (18) — Closing balance $ 463 $ (5) $ 3,377 $ 22 $ 44 $ 17 Change in unrealized gains or losses for the period included in earnings for assets held at end of the reporting date $ 44 $ 7 $ — $ — $ — $ — Change in unrealized gains or losses for the period included in other comprehensive income for assets held at the end of the reporting period — — (90) — — — Three Months Ended June 30, 2021 Opening balance $ 274 $ 10 $ 3,070 $ 11 $ 47 $ 22 Transfers out of Level 3 (1) — (31) — — — — Total gains/losses for the period: Included in earnings: Mortgage banking income (24) 37 — — — — Included in OCI — — (1) — — — Purchases/originations 97 7 1,144 6 38 — Sales — — (352) — — — Repayments — — — — — (1) Settlements (20) — (252) 1 (39) — Closing balance $ 327 $ 23 $ 3,609 $ 18 $ 46 $ 21 Change in unrealized gains or losses for the period included in earnings for assets held at end of the reporting date $ (24) $ 5 $ — $ — $ — $ — Change in unrealized gains or losses for the period included in other comprehensive income for assets held at the end of the reporting period — — (1) — — — 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 Six Months Ended June 30, 2022 Opening balance $ 351 $ 4 $ 3,477 $ 20 $ 70 $ 19 Transfers out of Level 3 (1) — — — — — — Total gains/losses for the period: Included in earnings Mortgage banking income 95 (9) — — — — Interest and fee income — — (2) (2) — — Provision for credit losses — — (4) — — — Included in OCI — — (208) — (1) — Purchases/originations 48 — 558 4 — — Repayments — — — — — (2) Settlements (31) — (444) — (25) — Closing balance $ 463 $ (5) $ 3,377 $ 22 $ 44 $ 17 Change in unrealized gains or losses for the period included in earnings for assets held at end of the reporting date $ 95 $ (9) $ — $ — $ — $ — Change in unrealized gains or losses for the period included in other comprehensive income for assets held at the end of the reporting period — — (205) — — — Six Months Ended June 30, 2021 Opening balance $ 210 $ 41 $ 2,951 $ 9 $ 10 $ 23 Transfers out of Level 3 (1) — (70) — — — — Total gains/losses for the period: Included in earnings Mortgage banking income 27 45 — — — — Included in OCI — — (5) — — — Purchases/originations/acquisitions 130 7 1,353 8 75 — Sales — — (352) — — — Repayments — — — — — (2) Settlements (40) — (338) 1 (39) — Closing balance $ 327 $ 23 $ 3,609 $ 18 $ 46 $ 21 Change in unrealized gains or losses for the period included in earnings for assets held at end of the reporting date $ 27 $ (21) $ — $ — $ — $ — Change in unrealized gains or losses for the period included in other comprehensive income for assets held at the end of the reporting period — — (4) — — — (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 tables present the fair value and aggregate principal balance of certain assets and liabilities under the fair value option: (dollar amounts in millions) Total Loans Loans that are 90 or more days past due Fair value carrying amount Aggregate unpaid principal Difference Fair value carrying amount Aggregate unpaid principal Difference June 30, 2022 Assets Loans held for sale $ 777 $ 778 $ (1) $ — $ — $ — Loans held for investment 179 184 (5) 5 5 — 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 gains (losses) from fair value changes. (dollar amounts in millions) Three Months Ended June 30, Six Months Ended June 30, Assets 2022 2021 2022 2021 Loans held for sale (1) $ 10 $ 11 $ (34) $ (23) Loans held for investment — — 1 — (1) The net gains (losses) from fair value changes are included in Mortgage banking income on the Unaudited Condensed 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 amounts presented represent the fair value on the various measurement dates throughout the period. 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) Three Months Ended June 30, Six Months Ended June 30, (dollar amounts in millions) June 30, 2022 December 31, 2021 2022 2021 2022 2021 Collateral-dependent loans $ 32 $ 39 $ — $ (1) $ (1) $ (2) Loans held for sale — — — 2 — 2 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 table below 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 June 30, 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 % - 25% 7 % 8 % —% 23 % 12 % Spread over forward interest rate swap rates 5 % - 13% 6 % 3 % —% 11 % 5 % Derivative assets Consensus Pricing Net market price (15) % - 13% (1) % (4) % —% 8 % 1 % Estimated pull through % 4 % - 100% 91 % 6 % —% 100 % 92 % Municipal securities Discounted cash flow Discount rate 3 % - 4% 4 % — % —% 2 % 1 % Asset-backed securities Cumulative default — % - 64% 6 % — % —% 64 % 5 % Loss given default 5 % - 80% 24 % 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. Net market price and pull through percentages generally increase when market interest rates increase and decline when market interest rates decline. Higher net market price and pull through percentages generally result in higher fair values. Fair values of financial instruments 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 June 30, 2022 Financial Assets Cash and short-term assets $ 4,104 $ — $ — $ 4,104 $ 4,104 Trading account securities — — 34 34 34 Available-for-sale securities — — 24,377 24,377 24,377 Held-to-maturity securities 17,355 — — 17,355 15,916 Other securities 710 — 53 763 763 Loans held for sale — 192 777 969 973 Net loans and leases (1) 113,968 — 179 114,147 110,397 Derivative assets — — 432 432 432 Assets held in trust for deferred compensation plans — — 122 122 122 Financial Liabilities Deposits 145,435 — — 145,435 145,365 Short-term borrowings 3,048 — — 3,048 3,048 Long-term debt 7,866 — — 7,866 7,547 Derivative liabilities — — 636 636 636 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 the estimated fair values at June 30, 2022 and December 31, 2021: Estimated Fair Value Measurements at Reporting Date Using Netting Adjustments (1) Presented Balance (dollar amounts in millions) Level 1 Level 2 Level 3 June 30, 2022 Financial Assets Trading account securities $ — $ 34 $ — $ 34 Available-for-sale securities 5 20,929 3,443 24,377 Held-to-maturity securities — 15,916 — 15,916 Other securities (2) 50 3 — 53 Loans held for sale — 777 196 973 Net loans and leases — 162 110,235 110,397 Derivative assets — 1,648 6 $ (1,222) 432 Financial Liabilities Deposits — 141,762 3,603 145,365 Short-term borrowings — 3,048 — 3,048 Long-term debt — 6,757 790 7,547 Derivative liabilities — 1,381 11 (756) 636 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. 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 FRB, federal funds sold, and securities purchased under resale agreements. 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, deposit base, and other customer relationship intangibles are not considered financial instruments and are not included above. Accordingly, this fair value information is not intended to, and does not, represent Huntington’s underlying value. 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. |
DERIVATIVE FINANCIAL INSTRUMENT
DERIVATIVE FINANCIAL INSTRUMENTS | 6 Months Ended |
Jun. 30, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
DERIVATIVE FINANCIAL INSTRUMENTS | DERIVATIVE FINANCIAL INSTRUMENTS Derivative financial instruments are recorded in the Unaudited Condensed 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 Unaudited Condensed Consolidated Balance Sheets at June 30, 2022 and December 31, 2021. Amounts in the table below are presented gross without the impact of any net collateral arrangements. June 30, 2022 December 31, 2021 (dollar amounts in millions) Notional Value Asset Liability Notional Value Asset Liability Derivatives designated as Hedging Instruments Interest rate contracts $ 29,349 $ 723 $ 458 $ 21,306 $ 258 $ 32 Foreign exchange contracts 209 — 4 210 1 — Derivatives not designated as Hedging Instruments Interest rate contracts 41,820 635 632 45,286 587 498 Foreign exchange contracts 4,260 55 45 3,524 29 31 Commodities contracts 980 241 240 1,077 178 177 Equity contracts 625 — 13 685 12 5 Total Contracts $ 77,243 $ 1,654 $ 1,392 $ 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 Unaudited Condensed Consolidated Income Statement for the three-month and six-month periods ended June 30, 2022 and 2021, respectively. Location of Gain or (Loss) Recognized in Income on Derivative Amount of Gain or (Loss) Recognized in Income on Derivative Three Months Ended Six Months Ended (dollar amounts in millions) 2022 2021 2022 2021 Interest rate contracts: Customer Capital markets fees $ 15 $ 12 $ 25 $ 24 Mortgage banking Mortgage banking income (33) (23) (80) (29) Interest rate floors Interest and fee income on loans and leases — (2) — (4) Interest rate caps Interest expense on long-term debt — (55) — 89 Foreign exchange contracts Capital markets fees 10 7 20 13 Commodities contracts Capital markets fees 2 — 3 — Equity contracts Other noninterest expense (4) 3 (3) (4) Total $ (10) $ (58) $ (35) $ 89 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 at June 30, 2022 and December 31, 2021, identified by the underlying interest rate-sensitive instruments. June 30, 2022 (dollar amounts in millions) Fair Value Hedges Cash Flow Hedges Economic Hedges Total Instruments associated with: Investment securities $ 9,844 $ — $ — $ 9,844 Loans — 14,525 271 14,796 Long-term debt 4,980 — — 4,980 Total notional value at June 30, 2022 $ 14,824 $ 14,525 $ 271 $ 29,620 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 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 $48 million and $5 million for the three-month periods ended June 30, 2022, and 2021, respectively. For the six-month periods ended June 30, 2022, and 2021, the net amounts resulted in an increase to net interest income of $87 million and $230 million, 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 $9.0 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 is not included in available-for-sale securities on our Unaudited Condensed 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 for the three-month and six-month periods ended June 30, 2022 and 2021. Three Months Ended Six Months Ended (dollar amounts in millions) 2022 2021 2022 2021 Interest rate contracts Change in fair value of interest rate swaps hedging investment securities (1) $ 168 $ (6) $ 586 $ 37 Change in fair value of hedged investment securities (1) (160) 4 (590) (40) Change in fair value of interest rate swaps hedging long-term debt (2) (38) (23) (136) (73) Change in fair value of hedged long term debt (2) 39 22 137 74 (1) Recognized in Interest income—available-for-sale securities—taxable in the Unaudited Condensed Consolidated Statements of Income . (2) Recognized in Interest expense—long-term debt in the Unaudited Condensed Consolidated Statements of Income . As of June 30, 2022, and December 31, 2021, 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 (dollar amounts in millions) June 30, 2022 December 31, 2021 June 30, 2022 December 31, 2021 Assets Investment securities (1) $ 18,089 $ 17,150 $ (708) $ (117) Liabilities Long-term debt (2) 4,486 1,981 (92) 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 June 30, 2022, the amortized cost basis of the closed portfolios used in these hedging relationships was $17.3 billion, the cumulative basis adjustments associated with these hedging relationships was $608 million, and the amounts of the designated hedging instruments were $9.0 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 $4 million at June 30, 2022 and $17 million at December 31, 2021. Cash Flow Hedges At June 30, 2022, Huntington has $14.5 billion of interest rate swaps and 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 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 $(86) million and $(34) million for the three-month periods ended June 30, 2022 and 2021, respectively. For the six-month periods ended June 30, 2022 and 2021, gains and losses on interest rate floors and swaps recognized in other comprehensive income were $(326) million and $(102) million, respectively. 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 net asset position of these derivatives at June 30, 2022 and December 31, 2021 were $5 million and $15 million, respectively. At June 30, 2022 and December 31, 2021, Huntington had commitments to sell residential real estate loans of $1.4 billion 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. The notional value of the derivative financial instruments, the corresponding net asset (liability) position recognized in other assets and/or other liabilities, and net trading gains (losses) related to MSR hedging activity is summarized in the following table: (dollar amounts in millions) June 30, December 31, Notional value $ 975 $ 1,330 Trading assets 2 19 Trading liabilities (53) — Three Months Ended Six Months Ended (dollar amounts in millions) 2022 2021 2022 2021 Trading gains $ (33) $ 22 $ (80) $ (24) MSR hedging trading assets and liabilities are included in other assets and other liabilities, respectively, in the Unaudited Condensed Balance Sheets. Trading gains (losses) are included in mortgage banking income in the Unaudited Condensed Consolidated Statement of Income. 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 trading 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 trading 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 both June 30, 2022 and December 31, 2021, were $72 million and $51 million, respectively. The total notional values of derivative financial instruments used by Huntington on behalf of customers, including offsetting derivatives, were $43.5 billion and $45.1 billion at June 30, 2022 and December 31, 2021, respectively. Huntington’s credit risk from customer derivatives was $136 million and $551 million at the same dates, respectively. Financial assets and liabilities that are offset in the Unaudited Condensed Consolidated Balance Sheets Huntington records derivatives at fair value as further described in Note 13 “ 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 $293 million and $44 million at June 30, 2022 and December 31, 2021, respectively. The credit risk associated with derivatives is calculated after considering master netting agreements. At June 30, 2022, Huntington pledged $285 million of investment securities and cash collateral to counterparties, while other counterparties pledged $782 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 Unaudited Condensed Consolidated Balance Sheets at June 30, 2022 and December 31, 2021. Offsetting of Financial Assets and Derivative Assets Gross amounts Net amounts of Gross amounts not offset in the (dollar amounts in millions) Gross amounts of recognized assets Financial instruments Cash collateral received Net amount June 30, 2022 $ 1,654 $ (1,222) $ 432 $ (7) $ (157) $ 268 December 31, 2021 1,065 (465) 600 (65) (31) 504 Offsetting of Financial Liabilities and Derivative Liabilities Gross amounts offset in the unaudited condensed consolidated balance sheets Net amounts of liabilities presented in the unaudited condensed consolidated balance sheets Gross amounts not offset in the unaudited condensed consolidated balance sheets (dollar amounts in millions) Gross amounts of recognized liabilities Financial instruments Cash collateral delivered Net amount June 30, 2022 $ 1,392 $ (756) $ 636 $ (87) $ (120) $ 429 December 31, 2021 743 (624) 119 (3) (116) — |
VIEs
VIEs | 6 Months Ended |
Jun. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
VIEs | VIEs Unconsolidated VIEs The following tables provide a summary of the assets and liabilities included in Huntington’s Unaudited Condensed 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 June 30, 2022, and December 31, 2021: June 30, 2022 (dollar amounts in millions) Total Assets Total Liabilities Maximum Exposure to Loss Affordable Housing Tax Credit Partnerships $ 1,721 $ 997 $ 1,721 Trust Preferred Securities 8 179 — Other Investments 528 152 528 Total $ 2,257 $ 1,328 $ 2,249 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 wholly-owned trusts whose assets, liabilities, equity, income, and expenses are not included within Huntington’s Unaudited Condensed 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 Unaudited Condensed Consolidated Balance Sheet as long-term debt. The trust securities are the obligations of the trusts, and as such, are not consolidated within Huntington’s Unaudited Condensed Consolidated Financial Statements. A list of trust preferred securities outstanding at June 30, 2022 follows: (dollar amounts in millions) Rate Principal amount of subordinated note/ debenture issued to trust (1) Investment in unconsolidated subsidiary Huntington Capital II 2.91 (2) $ 32 $ 3 Sky Financial Capital Trust III 3.69 (3) 72 2 Sky Financial Capital Trust IV 3.69 (3) 75 3 Total $ 179 $ 8 (1) Represents the principal amount of debentures issued to each trust, including unamortized original issue discount. (2) Variable effective rate at June 30, 2022, based on three-month LIBOR +0.625%. (3) Variable effective rate at June 30, 2022, based on three-month LIBOR +1.40%. 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 Unaudited Condensed Consolidated Statements of Income. The following table presents the balances of Huntington’s affordable housing tax credit investments and related unfunded commitments at June 30, 2022 and December 31, 2021. (dollar amounts in millions) June 30, December 31, Affordable housing tax credit investments $ 2,517 $ 2,376 Less: amortization (796) (724) Net affordable housing tax credit investments $ 1,721 $ 1,652 Unfunded commitments $ 997 $ 949 The following table presents other information relating to Huntington’s affordable housing tax credit investments for the three-month and six-month periods ended June 30, 2022 and 2021. Three Months Ended Six Months Ended (dollar amounts in millions) 2022 2021 2022 2021 Tax credits and other tax benefits recognized $ 53 $ 44 $ 107 $ 77 Proportional amortization expense included in provision for income taxes 44 30 86 58 There were no sales of affordable housing tax credit investments during the three-month and six-month periods ended June 30, 2022 and 2021. There was no impairment recognized for the three-month and six-month periods ended June 30, 2022 and 2021. 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 | 6 Months Ended |
Jun. 30, 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 Unaudited Condensed Consolidated Financial Statements. The contract amounts of these financial agreements at June 30, 2022 and December 31, 2021, were as follows: (dollar amounts in millions) June 30, December 31, Contract amount representing credit risk Commitments to extend credit: Commercial $ 29,398 $ 27,933 Consumer 19,501 18,513 Commercial real estate 3,437 3,042 Standby letters of credit and guarantees on industrial revenue bonds 713 694 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 $16 million and $7 million at June 30, 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 routinely 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 $15 million at June 30, 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. |
SEGMENT REPORTING
SEGMENT REPORTING | 6 Months Ended |
Jun. 30, 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, 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. For a description of our business segments, see Note 25 - Segment Reporting to the Consolidated Financial Statements appearing in Huntington’s 2021 Annual Report on Form 10-K. Listed in the following tables is certain operating basis financial information reconciled to Huntington’s June 30, 2022, December 31, 2021, and June 30, 2021, reported results by business segment. Three Months Ended June 30, Income Statements Commercial Banking Consumer & Business Banking Vehicle Finance RBHPCG Treasury / Other Huntington Consolidated (dollar amounts in millions) 2022 Net interest income $ 426 $ 534 $ 117 $ 55 $ 129 $ 1,261 Provision (benefit) for credit losses (206) 183 86 4 — 67 Noninterest income 151 270 3 58 3 485 Noninterest expense 248 590 41 81 58 1,018 Provision (benefit) for income taxes 113 7 (2) 6 (4) 120 Income attributable to non-controlling interest 2 — — — — 2 Net income attributable to Huntington Bancshares Inc $ 420 $ 24 $ (5) $ 22 $ 78 $ 539 2021 Net interest income $ 258 $ 366 $ 109 $ 37 $ 68 $ 838 Provision (benefit) for credit losses 137 100 (31) 5 — 211 Noninterest income 114 243 2 54 31 444 Noninterest expense 173 513 37 72 277 1,072 Provision (benefit) for income taxes 13 — 21 3 (23) 14 Net income (loss) attributable to Huntington Bancshares Inc $ 49 $ (4) $ 84 $ 11 $ (155) $ (15) Six Months Ended June 30, Income Statements Commercial Banking Consumer & Business Banking Vehicle Finance RBHPCG Treasury / Other Huntington Consolidated (dollar amounts in millions) 2022 Net interest income $ 844 $ 993 $ 237 $ 104 $ 229 $ 2,407 Provision (benefit) for credit losses (75) 74 79 14 — 92 Noninterest income 292 542 6 124 20 984 Noninterest expense 496 1,202 86 162 125 2,071 Provision (benefit) for income taxes 151 54 16 11 (7) 225 Income attributable to non-controlling interest 4 — — — — 4 Net income attributable to Huntington Bancshares Inc $ 560 $ 205 $ 62 $ 41 $ 131 $ 999 2021 Net interest income $ 457 $ 703 $ 217 $ 70 $ 363 $ 1,810 Provision (benefit) for credit losses 143 63 (53) (2) — 151 Noninterest income 203 477 6 107 46 839 Noninterest expense 306 984 72 132 371 1,865 Provision (benefit) for income taxes 44 28 43 10 (9) 116 Net income attributable to Huntington Bancshares Inc $ 167 $ 105 $ 161 $ 37 $ 47 $ 517 Assets at Deposits at (dollar amounts in millions) June 30, December 31, June 30, December 31, Commercial Banking $ 60,946 $ 57,071 $ 34,670 $ 31,845 Consumer & Business Banking 39,425 39,929 95,693 95,352 Vehicle Finance 21,549 20,752 1,291 1,401 RBHPCG 9,469 8,325 9,226 10,162 Treasury / Other 47,393 47,987 4,555 4,503 Total $ 178,782 $ 174,064 $ 145,435 $ 143,263 |
ACCOUNTING STANDARDS UPDATE (Po
ACCOUNTING STANDARDS UPDATE (Policies) | 6 Months Ended |
Jun. 30, 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 the first six months of 2022 and will be applied prospectively to all business combinations occurring after adoption. • 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. • The ASU also gives entities the option to reclassify debt securities classified in the held-to-maturity category at the date of adoption to the available-for-sale category if the entity applies the portfolio layer method hedging to one or more closed portfolios that include those debt securities, Huntington did not apply this option to any held-to-maturity securities. 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 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. An entity that elects to early adopt in an interim period should apply the guidance as of the beginning of the fiscal year that includes the interim period. An entity may also chose to early adopt the amendments about TDRs and related disclosure enhancements separately from amendments about vintage disclosures. • Huntington is currently evaluating the impact of the ASU on its Consolidated financial statements, as well as which adoption method to apply. |
INVESTMENT SECURITIES AND OTH_2
INVESTMENT SECURITIES AND OTHER SECURITIES (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Amortized Cost, Fair Value, and Gross Unrealized Gains and Losses by Investment Category | The following tables provide amortized cost, fair value, and gross unrealized gains and losses by investment category at June 30, 2022 and December 31, 2021: Unrealized (dollar amounts in millions) Amortized Cost (1)(2) Gross Gross Fair Value June 30, 2022 Available-for-sale securities: U.S. Treasury $ 5 $ — $ — $ 5 Federal agencies: Residential CMO 3,217 — (216) 3,001 Residential MBS 14,478 1 (1,532) 12,947 Commercial MBS 2,365 1 (384) 1,982 Other agencies 215 — (6) 209 Total U.S. Treasury, federal agency and other agency securities 20,280 2 (2,138) 18,144 Municipal securities 3,604 1 (183) 3,422 Private-label CMO 158 — (6) 152 Asset-backed securities 392 — (31) 361 Corporate debt 2,539 99 (344) 2,294 Other securities/Sovereign debt 4 — — 4 Total available-for-sale securities $ 26,977 $ 102 $ (2,702) $ 24,377 Held-to-maturity securities: Federal agencies: Residential CMO $ 4,896 $ — $ (383) $ 4,513 Residential MBS 10,509 2 (930) 9,581 Commercial MBS 1,792 1 (124) 1,669 Other agencies 156 — (5) 151 Total federal agency and other agency securities 17,353 3 (1,442) 15,914 Municipal securities 2 — — 2 Total held-to-maturity securities $ 17,355 $ 3 $ (1,442) $ 15,916 Other securities, at cost: Non-marketable equity securities: Federal Home Loan Bank stock $ 187 $ — $ — $ 187 Federal Reserve Bank stock 514 — — 514 Equity securities 9 — — 9 Other securities, at fair value: Mutual funds 50 — — 50 Equity securities 3 — — 3 Total other securities $ 763 $ — $ — $ 763 (1) Amortized cost amounts excludes accrued interest receivable, which is recorded within accrued income and other receivables on the Consolidated Balance Sheet s . At June 30, 2022, accrued interest receivable on available-for-sale securities and held-to-maturity securities totaled $62 million and $38 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 $608 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 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 excludes 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 by Contractual Maturity | The following table provides the amortized cost and fair value of securities by contractual maturity at June 30, 2022 and December 31, 2021. Expected maturities may differ from contractual maturities as issuers may have the right to call or prepay obligations with or without incurring penalties. June 30, 2022 December 31, 2021 (dollar amounts in millions) Amortized Cost Fair Value Amortized Cost Fair Value Available-for-sale securities: Under 1 year $ 476 $ 471 $ 377 $ 374 After 1 year through 5 years 2,347 2,203 1,888 1,880 After 5 years through 10 years 3,215 2,950 3,166 3,180 After 10 years 20,939 18,753 23,075 23,026 Total available-for-sale securities $ 26,977 $ 24,377 $ 28,506 $ 28,460 Held-to-maturity securities: Under 1 year $ 1 $ 1 $ 2 $ 2 After 1 year through 5 years 85 83 162 164 After 5 years through 10 years 42 41 44 45 After 10 years 17,227 15,791 12,239 12,278 Total held-to-maturity securities $ 17,355 $ 15,916 $ 12,447 $ 12,489 |
Investments with Unrealized Losses by Investment Category | 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 at June 30, 2022 and December 31, 2021: Less than 12 Months Over 12 Months Total (dollar amounts in millions) Fair Gross Unrealized Fair Gross Unrealized Fair Gross Unrealized June 30, 2022 Available-for-sale securities: Federal agencies: Residential CMO $ 2,671 $ (182) $ 170 $ (34) $ 2,841 $ (216) Residential MBS 9,122 (977) 3,730 (555) 12,852 (1,532) Commercial MBS 1,584 (270) 377 (114) 1,961 (384) Other agencies 80 (6) — — 80 (6) Total federal agency and other agency securities 13,457 (1,435) 4,277 (703) 17,734 (2,138) Municipal securities 2,866 (161) 311 (22) 3,177 (183) Private-label CMO 122 (6) — — 122 (6) Asset-backed securities 319 (26) 42 (5) 361 (31) Corporate debt 1,951 (274) 339 (70) 2,290 (344) Total temporarily impaired available-for-sale securities $ 18,715 $ (1,902) $ 4,969 $ (800) $ 23,684 $ (2,702) Held-to-maturity securities: Federal agencies: Residential CMO $ 4,501 $ (382) $ 8 $ (1) $ 4,509 $ (383) Residential MBS 8,552 (826) 735 (104) 9,287 (930) Commercial MBS 1,661 (124) — — 1,661 (124) Other agencies 151 (5) — — 151 (5) Total federal agency and other agency securities 14,865 (1,337) 743 (105) 15,608 (1,442) Total temporarily impaired held-to-maturity securities $ 14,865 $ (1,337) $ 743 $ (105) $ 15,608 $ (1,442) Less than 12 Months Over 12 Months Total (dollar amounts in millions) Fair Gross Unrealized Fair Gross Unrealized Fair Gross Unrealized 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 _ LEASES (Tables)
LOANS / LEASES (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Receivables [Abstract] | |
Loan and Lease Portfolio | The following table provides a detailed listing of Huntington’s loan and lease portfolio at June 30, 2022 and December 31, 2021. (dollar amounts in millions) June 30, 2022 December 31, 2021 Commercial loan and lease portfolio: Commercial and industrial $ 43,440 $ 41,688 Commercial real estate 15,695 14,961 Lease financing 5,043 5,000 Total commercial loan and lease portfolio 64,178 61,649 Consumer loan portfolio: Residential mortgage 21,220 19,256 Automobile 13,622 13,434 Home equity 10,426 10,550 RV and marine 5,453 5,058 Other consumer 1,322 1,320 Total consumer loan portfolio 52,043 49,618 Total loans and leases (1) (2) 116,221 111,267 Allowance for loan and lease losses (2,074) (2,030) Net loans and leases $ 114,147 $ 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 discount of $48 million and $111 million at June 30, 2022 and December 31, 2021, respectively. (2) The total amount of accrued interest recorded for these loans and leases at June 30, 2022, was $157 million and $153 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 |
Direct Financing Lease, Lease Income | The following table presents net investments in lease financing receivables by category at June 30, 2022 and December 31, 2021. (dollar amounts in millions) June 30, December 31, Lease payments receivable $ 4,674 $ 4,620 Estimated residual value of leased assets 766 774 Gross investment in lease financing receivables 5,440 5,394 Deferred origination costs 39 36 Deferred fees, unearned income and other (436) (430) Total lease financing receivables $ 5,043 $ 5,000 |
NALs and Past Due Loans | The following table presents NALs by class at June 30, 2022 and December 31, 2021: June 30, 2022 December 31, 2021 (dollar amounts in millions) Nonaccrual loans and leases with no ACL Total nonaccrual loans and leases Nonaccrual loans and leases with no ACL Total nonaccrual loans and leases Commercial and industrial $ 57 $ 324 $ 81 $ 370 Commercial real estate 95 117 80 104 Lease financing 10 22 3 48 Residential mortgage — 111 — 111 Automobile — 4 — 3 Home equity — 78 — 79 RV and marine — 1 — 1 Total nonaccrual loans and leases $ 162 $ 657 $ 164 $ 716 |
Aging analysis of loans and leases | The following table presents an aging analysis of loans and leases, by class at June 30, 2022 and December 31, 2021: June 30, 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 $ 63 $ 97 $ 106 $ 266 $ 43,174 $ — $ 43,440 $ 11 (2) Commercial real estate 45 10 12 67 15,628 — 15,695 — Lease financing 45 18 14 77 4,966 — 5,043 10 (3) Residential mortgage 237 58 230 525 20,517 178 21,220 168 (4) Automobile 82 18 9 109 13,513 — 13,622 6 Home equity 46 18 64 128 10,297 1 10,426 13 RV and marine 14 4 2 20 5,433 — 5,453 2 Other consumer 13 2 2 17 1,305 — 1,322 2 Total loans and leases $ 545 $ 225 $ 439 $ 1,209 $ 114,833 $ 179 $ 116,221 $ 212 December 31, 2021 Past Due (1) Loans Accounted for Under FVO Total Loans 90 or (dollar amounts in millions) 30-59 60-89 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 (SBA guaranteed) 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 June 30, 2022 and December 31, 2021 respectively: As of June 30, 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 $ 9,829 $ 9,137 $ 4,429 $ 2,593 $ 1,373 $ 1,572 $ 11,704 $ 4 $ 40,641 OLEM 76 204 78 71 85 48 192 — 754 Substandard 157 275 219 321 185 322 564 — 2,043 Doubtful — — — — 1 1 — — 2 Total Commercial and industrial $ 10,062 $ 9,616 $ 4,726 $ 2,985 $ 1,644 $ 1,943 $ 12,460 $ 4 $ 43,440 Commercial real estate Credit Quality Indicator (1): Pass $ 2,526 $ 3,700 $ 2,121 $ 2,193 $ 1,289 $ 1,416 $ 1,208 $ — $ 14,453 OLEM 45 46 24 20 59 36 — — 230 Substandard 182 161 213 198 107 133 17 — 1,011 Doubtful — — — — 1 — — — 1 Total Commercial real estate $ 2,753 $ 3,907 $ 2,358 $ 2,411 $ 1,456 $ 1,585 $ 1,225 $ — $ 15,695 Lease financing Credit Quality Indicator (1): Pass $ 934 $ 1,590 $ 1,225 $ 637 $ 288 $ 230 $ — $ — $ 4,904 OLEM 10 9 32 6 6 4 — — 67 Substandard 4 5 18 25 6 14 — — 72 Total Lease financing $ 948 $ 1,604 $ 1,275 $ 668 $ 300 $ 248 $ — $ — $ 5,043 Residential mortgage Credit Quality Indicator (2): 750+ $ 2,358 $ 6,205 $ 3,696 $ 879 $ 473 $ 2,208 $ — $ — $ 15,819 650-749 847 1,437 706 270 180 906 — — 4,346 <650 12 56 56 94 111 548 — — 877 Total Residential mortgage $ 3,217 $ 7,698 $ 4,458 $ 1,243 $ 764 $ 3,662 $ — $ — $ 21,042 Automobile Credit Quality Indicator (2): 750+ $ 1,673 $ 2,621 $ 1,571 $ 1,057 $ 456 $ 236 $ — $ — $ 7,614 650-749 1,199 1,988 909 519 254 113 — — 4,982 <650 148 379 201 143 94 61 — — 1,026 Total Automobile $ 3,020 $ 4,988 $ 2,681 $ 1,719 $ 804 $ 410 $ — $ — $ 13,622 Home equity Credit Quality Indicator (2): 750+ $ 301 $ 602 $ 651 $ 27 $ 25 $ 350 $ 4,868 $ 272 $ 7,096 650-749 91 102 78 10 8 138 2,102 272 2,801 <650 — 2 2 2 3 62 319 138 528 Total Home equity $ 392 $ 706 $ 731 $ 39 $ 36 $ 550 $ 7,289 $ 682 $ 10,425 RV and marine Credit Quality Indicator (2): 750+ $ 890 $ 1,112 $ 814 $ 400 $ 402 $ 502 $ — $ — $ 4,120 650-749 165 368 228 141 130 199 — — 1,231 <650 1 14 13 15 16 43 — — 102 Total RV and marine $ 1,056 $ 1,494 $ 1,055 $ 556 $ 548 $ 744 $ — $ — $ 5,453 Other consumer Credit Quality Indicator (2): 750+ $ 189 $ 81 $ 46 $ 47 $ 18 $ 58 $ 345 $ 3 $ 787 650-749 40 38 17 23 7 23 311 19 478 <650 1 3 2 4 2 3 28 14 57 Total Other consumer $ 230 $ 122 $ 65 $ 74 $ 27 $ 84 $ 684 $ 36 $ 1,322 (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. As of 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 for the three-month and six-month periods ended June 30, 2022 and 2021. New Troubled Debt Restructurings (1) Three Months Ended June 30, 2022 Number of Post-modification Outstanding Recorded Investment (2) (dollar amounts in millions) Interest rate reduction Amortization or maturity date change Chapter 7 bankruptcy Other Total Commercial and industrial 88 $ 19 $ 12 $ — $ 1 $ 32 Commercial real estate 4 37 — — — 37 Residential mortgage 238 — 32 3 — 35 Automobile 469 — 3 — — 3 Home equity 70 — 3 2 — 5 RV and marine 35 — — — — — Other consumer 23 — — — — — Total new TDRs 927 $ 56 $ 50 $ 5 $ 1 $ 112 Three Months Ended June 30, 2021 Number of Post-modification Outstanding Recorded Investment (2) (dollar amounts in millions) Interest rate reduction Amortization or maturity date change Chapter 7 bankruptcy Other Total Commercial and industrial 25 $ 15 $ 14 $ — $ — $ 29 Residential mortgage 72 — 11 1 — 12 Automobile 514 — 3 1 — 4 Home equity 51 — 1 1 — 2 RV and marine 35 1 — — — 1 Other consumer 68 — — — — — Total new TDRs 765 $ 16 $ 29 $ 3 $ — $ 48 New Troubled Debt Restructurings (1) Six Months Ended June 30, 2022 Number of Post-modification Outstanding Recorded Investment (2) (dollar amounts in millions) Interest rate reduction Amortization or maturity date change Chapter 7 bankruptcy Other Total Commercial and industrial 46 $ 30 $ 15 $ — $ 1 $ 46 Commercial real estate 5 37 — — — 37 Residential mortgage 445 — 60 4 — 64 Automobile 1,094 — 7 1 — 8 Home equity 112 — 4 3 — 7 RV and marine finance 74 — 1 — — 1 Other consumer 53 — — — — — Total new TDRs 1,829 $ 67 $ 87 $ 8 $ 1 $ 163 Six Months Ended June 30, 2021 Number of Post-modification Outstanding Recorded Investment (2) (dollar amounts in millions) Interest rate reduction Amortization or maturity date change Chapter 7 bankruptcy Other Total Commercial and industrial 37 $ 15 $ 19 $ — $ — $ 34 Residential mortgage 158 — 24 2 — 26 Automobile 1,416 — 10 2 — 12 Home equity 113 — 2 3 — 5 RV and marine finance 84 1 1 — — 2 Other consumer 165 — — — 1 1 Total new TDRs 1,973 $ 16 $ 56 $ 7 $ 1 $ 80 (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) | 6 Months Ended |
Jun. 30, 2022 | |
Credit Loss [Abstract] | |
Allowance Roll-forward | Allowance for Credit Losses - Roll-forward The following tables present ACL activity by portfolio segment for the three-month and six-month periods ended June 30, 2022 and 2021. (dollar amounts in millions) Commercial Consumer Total Three-month period ended June 30, 2022: ALLL balance, beginning of period $ 1,514 $ 504 $ 2,018 Loan and lease charge-offs (12) (40) (52) Recoveries of loans and leases previously charged-off 24 20 44 Provision (benefit) for loan and lease losses (184) 248 64 ALLL balance, end of period $ 1,342 $ 732 $ 2,074 AULC balance, beginning of period $ 57 $ 34 $ 91 Provision (benefit) for unfunded lending commitments (4) 7 3 AULC balance, end of period $ 53 $ 41 $ 94 ACL balance, end of period $ 1,395 $ 773 $ 2,168 Six-month period ended June 30, 2022: ALLL balance, beginning of period $ 1,462 $ 568 $ 2,030 Loan and lease charge-offs (44) (89) (133) Recoveries of loans and leases previously charged-off 65 41 106 Provision for loan and lease losses (141) 212 71 ALLL balance, end of period $ 1,342 $ 732 $ 2,074 AULC balance, beginning of period $ 41 $ 36 $ 77 Provision for unfunded lending commitments 12 5 17 AULC balance, end of period $ 53 $ 41 $ 94 ACL balance, end of period $ 1,395 $ 773 $ 2,168 (dollar amounts in millions) Commercial Consumer Total Three-month period ended June 30, 2021: ALLL balance, beginning of period $ 1,197 $ 506 $ 1,703 Loan and lease charge-offs (1) (78) (24) (102) Recoveries of loans and leases previously charged-off 19 21 40 Provision for loan and lease losses (2) 106 39 145 Allowance on PCD loans and leases at acquisition 374 58 432 ALLL balance, end of period $ 1,618 $ 600 $ 2,218 AULC balance, beginning of period $ 27 $ 11 $ 38 Provision (benefit) for unfunded lending commitments (3) 49 17 66 AULC balance, end of period $ 76 $ 28 $ 104 ACL balance, end of period $ 1,694 $ 628 $ 2,322 Six-month period ended June 30, 2021: ALLL balance, beginning of period $ 1,236 $ 578 $ 1,814 Loan and lease charge-offs (1) (139) (58) (197) Recoveries of loans and leases previously charged-off 31 40 71 Provision for loan and lease losses (2) 116 (18) 98 Allowance on PCD loans and leases at acquisition 374 58 432 ALLL balance, end of period $ 1,618 $ 600 $ 2,218 AULC balance, beginning of period $ 34 $ 18 $ 52 Provision (reduction in allowance) for unfunded lending commitments (3) 43 10 53 Unfunded lending commitment losses (1) — (1) AULC balance, end of period $ 76 $ 28 $ 104 ACL balance, end of period $ 1,694 $ 628 $ 2,322 (1) Loan and lease charge-offs for the three and six-month periods ended June 30, 2021 exclude $80 million of charge-offs recognized upon completion of the TCF acquisition related to required purchase accounting treatment. The initial ALLL recognized on PCD assets included these amounts and after charging these amounts off upon acquisition, the net impact was $432 million of additional ALLL for PCD loans. (2) Includes $234 million of TCF acquisition initial provision for credit losses related to non-PCD loans and leases. (3) Includes $60 million from acquired unfunded lending commitments. |
MORTGAGE LOAN SALES AND SERVI_2
MORTGAGE LOAN SALES AND SERVICING RIGHTS (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Transfers and Servicing [Abstract] | |
Summarizes activity relating to loans securitized sold with servicing retained | The following table summarizes activity relating to residential mortgage loans sold with servicing retained for the three-month and six-month periods ended June 30, 2022 and 2021: Three Months Ended Six Months Ended (dollar amounts in millions) 2022 2021 2022 2021 Residential mortgage loans sold with servicing retained $ 1,313 $ 2,748 $ 3,247 $ 5,004 Pretax gains resulting from above loan sales (1) 40 101 99 194 (1) Recorded in mortgage banking income. |
Summarizes activity relating to loans sold with servicing retained using the fair value method | The following table summarizes the changes in MSRs recorded using the fair value method for the three-month and six-month periods ended June 30, 2022 and 2021: Three Months Ended Six Months Ended (dollar amounts in millions) 2022 2021 2022 2021 Fair value, beginning of period $ 416 $ 274 $ 351 $ 210 Servicing assets obtained in acquisition — `` 59 — 59 New servicing assets created 18 38 47 72 Change in fair value during the period due to: Time decay (1) (5) (4) (10) (7) Payoffs (2) (10) (16) (20) (33) Changes in valuation inputs or assumptions (3) 44 (24) 95 26 Fair value, end of period $ 463 $ 327 $ 463 $ 327 Weighted-average life (years) 8.1 6.9 8.1 6.9 (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 of the servicing rights value to changes in the assumptions | A summary of key assumptions and the sensitivity of the MSR value to changes in these assumptions at June 30, 2022, and December 31, 2021 follows: June 30, 2022 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) 7.29 % $ (13) $ (25) 12.28 % $ (17) $ (32) Spread over forward interest rate swap rates 584 bps (11) (22) 466 bps (7) (13) |
BORROWINGS (Tables)
BORROWINGS (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Debt Disclosure [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 June 30, 2022 and December 31, 2021, respectively: (dollar amounts in millions) June 30, December 31, Federal funds purchased and securities sold under agreements to repurchase $ 325 $ 320 Federal Home Loan Bank advances 2,500 — Other borrowings 223 14 Total short-term borrowings $ 3,048 $ 334 |
Schedule of Long-term Debt Instruments | Huntington’s long-term debt consisted of the following at June 30, 2022 and December 31, 2021, respectively: (dollar amounts in millions) June 30, December 31, The Parent Company: Senior Notes $ 2,389 $ 2,083 Subordinated Notes 1,009 1,028 Total notes issued by the parent 3,398 3,111 The Bank: Senior Notes 3,036 2,434 Subordinated Notes 671 811 Total notes issued by the bank 3,707 3,245 FHLB Advances 213 215 Other 548 537 Total long-term debt $ 7,866 $ 7,108 |
OTHER COMPREHENSIVE INCOME (Tab
OTHER COMPREHENSIVE INCOME (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Equity [Abstract] | |
Components of other comprehensive income | The components of Huntington’s OCI for the three-month and six-month periods ended June 30, 2022 and 2021, were as follows: (dollar amounts in millions) Pretax Tax (Expense) benefit After-tax Three Months Ended June 30, 2022 Unrealized losses on available-for-sale securities arising during the period $ (1,147) $ 264 $ (883) Reclassification adjustment for realized net losses included in net income 82 (19) 63 Total unrealized losses on available-for-sale securities (1,065) 245 (820) Net impact of fair value hedges on available-for-sale securities 161 (38) 123 Change in fair value related to cash flow hedges (111) 25 (86) Foreign currency translation adjustment (1) (8) — (8) Net unrealized gains (losses) on net investment hedges 6 — 6 Translation adjustments, net of hedges (1) (2) — (2) Change in accumulated unrealized gains for pension and other post retirement obligations 2 (1) 1 Other comprehensive loss $ (1,015) $ 231 $ (784) Three Months Ended June 30, 2021 Unrealized gains on available-for-sale securities arising during the period $ 88 $ (20) $ 68 Reclassification adjustment for realized net losses included in net income 13 (3) 10 Total unrealized losses on available-for-sale securities 101 (23) 78 Net impact of fair value hedges on available-for-sale securities (6) 1 (5) Change in fair value related to cash flow hedges (42) 8 (34) Translation adjustments, net of hedges (1) (6) — (6) Change in accumulated unrealized gains for pension and other post retirement obligations 3 1 4 Other comprehensive income $ 50 $ (13) $ 37 Six Months Ended June 30, 2022 Unrealized losses on available-for-sale securities arising during the period $ (2,687) $ 618 $ (2,069) Reclassification adjustment for realized net losses (gains) included in net income 91 (21) 70 Total unrealized gains (losses) on available-for-sale securities (2,596) 597 (1,999) Net impact of fair value hedges on available-for-sale securities 592 (137) 455 Change in fair value related to cash flow hedges (421) 95 (326) Foreign currency translation adjustment (1) (6) — (6) Net unrealized gains (losses) on net investment hedges 4 — 4 Translation adjustments, net of hedges (1) (2) — (2) Change in accumulated unrealized gains for pension and other post retirement obligations 5 (2) 3 Other comprehensive loss $ (2,422) $ 553 $ (1,869) Six Months Ended June 30, 2021 Unrealized losses on available-for-sale securities arising during the period $ (199) $ 44 $ (155) Reclassification adjustment for realized net losses (gains) included in net income 22 (5) 17 Total unrealized losses on available-for-sale securities (177) 39 (138) Net impact of fair value hedges on available-for-sale securities 38 (9) 29 Change in fair value related to cash flow hedges (130) 28 (102) Translation adjustments, net of hedges (1) (6) — (6) Change in accumulated unrealized gains for pension and other post retirement obligations 6 — 6 Other comprehensive loss $ (269) $ 58 $ (211) (1) Foreign investments are deemed to be permanent in nature and, therefore, Huntington does not provide for taxes on foreign currency translation adjustments. |
Activity in accumulated other comprehensive income, net of tax | Activity in accumulated OCI for the three-month and six-month periods ended June 30, 2022 and 2021, were as follows: (dollar amounts in millions) Unrealized gains (losses) on available-for-sale securities (1) Net impact of fair value hedges on available-for-sale securities Change in fair value related to cash flow hedges Translation adjustments, net of hedges Unrealized gains (losses) for pension and other post- retirement obligations (2) Total Three Months Ended June 30, 2022 Balance, beginning of period $ (1,332) $ 421 $ (177) $ (3) $ (223) $ (1,314) Other comprehensive income (loss) before reclassifications (883) 123 (86) (2) — (848) Amounts reclassified from accumulated OCI to earnings 63 — — — 1 64 Period change (820) 123 (86) (2) 1 (784) Balance, end of period $ (2,152) $ 544 $ (263) $ (5) $ (222) $ (2,098) Three Months Ended June 30, 2021 Balance, beginning of period $ (28) $ 36 $ 187 $ — $ (251) $ (56) Other comprehensive income (loss) before reclassifications 68 (5) (34) (6) — 23 Amounts reclassified from accumulated OCI to earnings 10 — — — 4 14 Period change 78 (5) (34) (6) 4 37 Balance, end of period $ 50 $ 31 $ 153 $ (6) $ (247) $ (19) Six Months Ended June 30, 2022 Balance, beginning of period $ (153) $ 89 $ 63 $ (3) $ (225) $ (229) Other comprehensive loss before reclassifications (2,069) 455 (326) (2) — (1,942) Amounts reclassified from accumulated OCI to earnings 70 — — — 3 73 Period change (1,999) 455 (326) (2) 3 (1,869) Balance, end of period $ (2,152) $ 544 $ (263) $ — $ (5) $ — $ (222) $ (2,098) Six Months Ended June 30, 2021 Balance, beginning of period $ 188 $ 2 $ 255 $ — $ (253) $ 192 Other comprehensive income before reclassifications (155) 29 (102) (6) — (234) Amounts reclassified from accumulated OCI to earnings 17 — — — 6 23 Period change (138) 29 (102) (6) 6 (211) Balance, end of period $ 50 $ 31 $ — $ 153 $ — $ (6) $ — $ (247) $ (19) (1) AOCI amounts at June 30, 2022 and June 30, 2021 include $73 million and $48 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) | 6 Months Ended |
Jun. 30, 2022 | |
Equity [Abstract] | |
Schedule of Stock | 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 Redemption Date (1) June 30, 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) Denotes earliest option redemption date. Earlier redemption is solely at Huntington’s option, subject to prior approval of FRB. (2) Series B and H 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 $25,000, plus any declared and unpaid dividends. The following table presents the dividends declared for each series of Preferred shares for the three-month and six-month periods ended June 30, 2022 and 2021: Three Months Ended June 30, Six months ended June 30, (amounts in millions, except per share data) 2022 2021 2022 2021 Cash Dividend Declared Per Share Cash Dividend Declared Per Share Cash Dividend Declared Per Share Cash Dividend Declared Per Share Preferred Series Amount ($) Amount ($) Amount ($) Amount ($) Series B $ 13.03 $ — $ 7.21 $ — $ 22.39 $ — $ 14.56 $ — Series C — — 14.69 (1) — — 29.38 (3) Series D — — 15.63 (9) — — 31.25 (18) Series E 1,425.00 (7) 1,425.00 (7) 2,850.00 (14) 2,850.00 (14) Series F 1,406.25 (7) 1,406.25 (7) 2,812.50 (14) 2,812.50 (14) Series G 1,112.50 (6) 1,112.50 (6) 2,225.00 (12) 2,225.00 (12) Series H 11.25 (6) 19.50 (10) 22.50 (12) 19.50 (10) Series I 356.25 (2) 356.25 (3) 712.50 (4) 356.25 (3) Total $ (28) $ (43) $ (56) $ (74) |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Earnings Per Share [Abstract] | |
Basic and diluted earnings per share | The calculation of basic and diluted earnings per share for the three-month and six-month periods ended June 30, 2022 and 2021 was as follows: Three Months Ended Six Months Ended (dollar amounts in millions, except per share data, share count in thousands) 2022 2021 2022 2021 Basic earnings per common share: Net income attributable to Huntington Bancshares Inc $ 539 $ (15) $ 999 $ 517 Preferred stock dividends 28 43 56 74 Net income available to common shareholders $ 511 $ (58) $ 943 $ 443 Average common shares issued and outstanding 1,441,200 1,125,039 1,439,814 1,071,276 Basic earnings per common share $ 0.35 $ (0.05) $ 0.65 $ 0.41 Diluted earnings per common share: Dilutive potential common shares: Stock options and restricted stock units and awards 15,545 — 17,587 17,667 Shares held in deferred compensation plans 6,548 — 6,409 5,531 Dilutive potential common shares 22,093 — 23,996 23,198 Total diluted average common shares issued and outstanding 1,463,293 1,125,039 1,463,810 1,094,474 Diluted earnings per common share $ 0.35 $ (0.05) $ 0.64 $ 0.40 Anti-dilutive awards (1) 11,550 26,895 6,333 2,738 (1) Reflects the total number of shares related to outstanding options and awards 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) | 6 Months Ended |
Jun. 30, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Noninterest 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. (dollar amounts in millions) Three Months Ended June 30, Six Months Ended June 30, Noninterest income 2022 2021 2022 2021 Noninterest income from contracts with customers $ 322 $ 257 $ 630 $ 479 Noninterest income within the scope of other GAAP topics 163 187 354 360 Total noninterest income $ 485 $ 444 $ 984 $ 839 The following table illustrates the disaggregation by operating segment and major revenue stream and reconciles disaggregated revenue to segment revenue presented in Note 17 “ Segment Reporting ”. Three Months Ended June 30, 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 $ 22 $ 81 $ 1 $ 1 $ — $ 105 Card and payment processing income 5 84 — — — 89 Trust and investment management services 2 17 — 44 — 63 Insurance income 2 14 — 12 (1) 27 Capital markets fees 7 2 1 1 — 11 Other noninterest income 21 6 — — — 27 Net revenue from contracts with customers $ 59 $ 204 $ 2 $ 58 $ (1) $ 322 Noninterest income within the scope of other GAAP topics 92 66 1 — 4 163 Total noninterest income $ 151 $ 270 $ 3 $ 58 $ 3 $ 485 Three Months Ended June 30, 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 $ 22 $ 64 $ 1 $ 1 $ — $ 88 Card and payment processing income 4 68 — — — 72 Trust and investment management services — 15 — 40 — 55 Insurance income 1 14 — 9 1 25 Capital markets fees 6 2 — — — 8 Other noninterest income 1 3 — 4 1 9 Net revenue from contracts with customers $ 34 $ 166 $ 1 $ 54 $ 2 $ 257 Noninterest income within the scope of other GAAP topics 80 77 1 — 29 187 Total noninterest income $ 114 $ 243 $ 2 $ 54 $ 31 $ 444 Six Months Ended June 30, 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 $ 45 $ 152 $ 3 $ 2 $ — $ 202 Card and payment processing income 11 158 — — — 169 Trust and investment management services 2 35 — 91 — 128 Insurance income 4 26 — 28 — 58 Capital markets fees 11 4 1 1 — 17 Other noninterest income 43 12 — 1 — 56 Net revenue from contracts with customers $ 116 $ 387 $ 4 $ 123 $ — $ 630 Noninterest income within the scope of other GAAP topics 176 155 2 1 20 354 Total noninterest income $ 292 $ 542 $ 6 $ 124 $ 20 $ 984 Six Months Ended June 30, 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 $ 41 $ 112 $ 3 $ 1 $ — $ 157 Card and payment processing income 8 126 — — — 134 Trust and investment management services 1 28 — 78 — 107 Insurance income 3 26 — 22 1 52 Capital markets fees 7 3 1 — — 11 Other noninterest income 2 8 — 5 3 18 Net revenue from contracts with customers $ 62 $ 303 $ 4 $ 106 $ 4 $ 479 Noninterest income within the scope of other GAAP topics 141 174 2 1 42 360 Total noninterest income $ 203 $ 477 $ 6 $ 107 $ 46 $ 839 |
FAIR VALUES OF ASSETS AND LIA_2
FAIR VALUES OF ASSETS AND LIABILITIES (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Assets and liabilities measured at fair value on a recurring basis | Assets and Liabilities measured at fair value on a recurring basis Fair Value Measurements at Reporting Date Using Netting Adjustments (1) June 30, 2022 (dollar amounts in millions) Level 1 Level 2 Level 3 Assets Trading account securities: Municipal securities $ — $ 34 $ — $ — $ 34 Available-for-sale securities: U.S. Treasury securities 5 — — — 5 Residential CMOs — 3,001 — — 3,001 Residential MBS — 12,947 — — 12,947 Commercial MBS — 1,982 — — 1,982 Other agencies — 209 — — 209 Municipal securities — 45 3,377 — 3,422 Private-label CMO — 130 22 — 152 Asset-backed securities — 317 44 — 361 Corporate debt — 2,294 — — 2,294 Other securities/sovereign debt — 4 — — 4 Total available-for-sale securities 5 20,929 3,443 — 24,377 Other securities 50 3 — — 53 Loans held for sale — 777 — — 777 Loans held for investment — 162 17 — 179 MSRs — — 463 — 463 Other assets: Derivative assets — 1,648 6 (1,222) 432 Assets held in trust for deferred compensation plans 122 — — — 122 Liabilities Derivative liabilities — 1,381 11 (756) 636 Fair Value Measurements at Reporting Date Using Netting Adjustments (1) 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. |
Rollforward of financial instruments 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 instruments Municipal securities Private- Asset-backed securities Three Months Ended June 30, 2022 Opening balance $ 416 $ (10) $ 3,282 $ 19 $ 62 $ 18 Transfers out of Level 3 (1) — 7 — — — — Total gains/losses for the period: Included in earnings: Mortgage banking income 44 (2) — — — — Interest and fee income — — — (1) — — Included in OCI — — (88) — — — Purchases/originations 18 — 386 4 — — Repayments — — — — — (1) Settlements (15) — (203) — (18) — Closing balance $ 463 $ (5) $ 3,377 $ 22 $ 44 $ 17 Change in unrealized gains or losses for the period included in earnings for assets held at end of the reporting date $ 44 $ 7 $ — $ — $ — $ — Change in unrealized gains or losses for the period included in other comprehensive income for assets held at the end of the reporting period — — (90) — — — Three Months Ended June 30, 2021 Opening balance $ 274 $ 10 $ 3,070 $ 11 $ 47 $ 22 Transfers out of Level 3 (1) — (31) — — — — Total gains/losses for the period: Included in earnings: Mortgage banking income (24) 37 — — — — Included in OCI — — (1) — — — Purchases/originations 97 7 1,144 6 38 — Sales — — (352) — — — Repayments — — — — — (1) Settlements (20) — (252) 1 (39) — Closing balance $ 327 $ 23 $ 3,609 $ 18 $ 46 $ 21 Change in unrealized gains or losses for the period included in earnings for assets held at end of the reporting date $ (24) $ 5 $ — $ — $ — $ — Change in unrealized gains or losses for the period included in other comprehensive income for assets held at the end of the reporting period — — (1) — — — 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 Six Months Ended June 30, 2022 Opening balance $ 351 $ 4 $ 3,477 $ 20 $ 70 $ 19 Transfers out of Level 3 (1) — — — — — — Total gains/losses for the period: Included in earnings Mortgage banking income 95 (9) — — — — Interest and fee income — — (2) (2) — — Provision for credit losses — — (4) — — — Included in OCI — — (208) — (1) — Purchases/originations 48 — 558 4 — — Repayments — — — — — (2) Settlements (31) — (444) — (25) — Closing balance $ 463 $ (5) $ 3,377 $ 22 $ 44 $ 17 Change in unrealized gains or losses for the period included in earnings for assets held at end of the reporting date $ 95 $ (9) $ — $ — $ — $ — Change in unrealized gains or losses for the period included in other comprehensive income for assets held at the end of the reporting period — — (205) — — — Six Months Ended June 30, 2021 Opening balance $ 210 $ 41 $ 2,951 $ 9 $ 10 $ 23 Transfers out of Level 3 (1) — (70) — — — — Total gains/losses for the period: Included in earnings Mortgage banking income 27 45 — — — — Included in OCI — — (5) — — — Purchases/originations/acquisitions 130 7 1,353 8 75 — Sales — — (352) — — — Repayments — — — — — (2) Settlements (40) — (338) 1 (39) — Closing balance $ 327 $ 23 $ 3,609 $ 18 $ 46 $ 21 Change in unrealized gains or losses for the period included in earnings for assets held at end of the reporting date $ 27 $ (21) $ — $ — $ — $ — Change in unrealized gains or losses for the period included in other comprehensive income for assets held at the end of the reporting period — — (4) — — — (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 tables present the fair value and aggregate principal balance of certain assets and liabilities under the fair value option: (dollar amounts in millions) Total Loans Loans that are 90 or more days past due Fair value carrying amount Aggregate unpaid principal Difference Fair value carrying amount Aggregate unpaid principal Difference June 30, 2022 Assets Loans held for sale $ 777 $ 778 $ (1) $ — $ — $ — Loans held for investment 179 184 (5) 5 5 — 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 gains (losses) from fair value changes. (dollar amounts in millions) Three Months Ended June 30, Six Months Ended June 30, Assets 2022 2021 2022 2021 Loans held for sale (1) $ 10 $ 11 $ (34) $ (23) Loans held for investment — — 1 — (1) The net gains (losses) from fair value changes are included in Mortgage banking income on the Unaudited Condensed 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) Three Months Ended June 30, Six Months Ended June 30, (dollar amounts in millions) June 30, 2022 December 31, 2021 2022 2021 2022 2021 Collateral-dependent loans $ 32 $ 39 $ — $ (1) $ (1) $ (2) Loans held for sale — — — 2 — 2 |
Quantitative information about significant unobservable level 3 fair value measurement inputs | The table below 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 June 30, 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 % - 25% 7 % 8 % —% 23 % 12 % Spread over forward interest rate swap rates 5 % - 13% 6 % 3 % —% 11 % 5 % Derivative assets Consensus Pricing Net market price (15) % - 13% (1) % (4) % —% 8 % 1 % Estimated pull through % 4 % - 100% 91 % 6 % —% 100 % 92 % Municipal securities Discounted cash flow Discount rate 3 % - 4% 4 % — % —% 2 % 1 % Asset-backed securities Cumulative default — % - 64% 6 % — % —% 64 % 5 % Loss given default 5 % - 80% 24 % 5 % —% 80 % 23 % (1) Certain disclosures related to quantitative level 3 fair value measurements do not include those deemed to be immaterial. |
Carrying amounts and estimated fair values of financial instruments | 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 June 30, 2022 Financial Assets Cash and short-term assets $ 4,104 $ — $ — $ 4,104 $ 4,104 Trading account securities — — 34 34 34 Available-for-sale securities — — 24,377 24,377 24,377 Held-to-maturity securities 17,355 — — 17,355 15,916 Other securities 710 — 53 763 763 Loans held for sale — 192 777 969 973 Net loans and leases (1) 113,968 — 179 114,147 110,397 Derivative assets — — 432 432 432 Assets held in trust for deferred compensation plans — — 122 122 122 Financial Liabilities Deposits 145,435 — — 145,435 145,365 Short-term borrowings 3,048 — — 3,048 3,048 Long-term debt 7,866 — — 7,866 7,547 Derivative liabilities — — 636 636 636 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 the estimated fair values at June 30, 2022 and December 31, 2021: Estimated Fair Value Measurements at Reporting Date Using Netting Adjustments (1) Presented Balance (dollar amounts in millions) Level 1 Level 2 Level 3 June 30, 2022 Financial Assets Trading account securities $ — $ 34 $ — $ 34 Available-for-sale securities 5 20,929 3,443 24,377 Held-to-maturity securities — 15,916 — 15,916 Other securities (2) 50 3 — 53 Loans held for sale — 777 196 973 Net loans and leases — 162 110,235 110,397 Derivative assets — 1,648 6 $ (1,222) 432 Financial Liabilities Deposits — 141,762 3,603 145,365 Short-term borrowings — 3,048 — 3,048 Long-term debt — 6,757 790 7,547 Derivative liabilities — 1,381 11 (756) 636 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) | 6 Months Ended |
Jun. 30, 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 Unaudited Condensed Consolidated Balance Sheets at June 30, 2022 and December 31, 2021. Amounts in the table below are presented gross without the impact of any net collateral arrangements. June 30, 2022 December 31, 2021 (dollar amounts in millions) Notional Value Asset Liability Notional Value Asset Liability Derivatives designated as Hedging Instruments Interest rate contracts $ 29,349 $ 723 $ 458 $ 21,306 $ 258 $ 32 Foreign exchange contracts 209 — 4 210 1 — Derivatives not designated as Hedging Instruments Interest rate contracts 41,820 635 632 45,286 587 498 Foreign exchange contracts 4,260 55 45 3,524 29 31 Commodities contracts 980 241 240 1,077 178 177 Equity contracts 625 — 13 685 12 5 Total Contracts $ 77,243 $ 1,654 $ 1,392 $ 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 Unaudited Condensed Consolidated Income Statement for the three-month and six-month periods ended June 30, 2022 and 2021, respectively. Location of Gain or (Loss) Recognized in Income on Derivative Amount of Gain or (Loss) Recognized in Income on Derivative Three Months Ended Six Months Ended (dollar amounts in millions) 2022 2021 2022 2021 Interest rate contracts: Customer Capital markets fees $ 15 $ 12 $ 25 $ 24 Mortgage banking Mortgage banking income (33) (23) (80) (29) Interest rate floors Interest and fee income on loans and leases — (2) — (4) Interest rate caps Interest expense on long-term debt — (55) — 89 Foreign exchange contracts Capital markets fees 10 7 20 13 Commodities contracts Capital markets fees 2 — 3 — Equity contracts Other noninterest expense (4) 3 (3) (4) Total $ (10) $ (58) $ (35) $ 89 |
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 at June 30, 2022 and December 31, 2021, identified by the underlying interest rate-sensitive instruments. June 30, 2022 (dollar amounts in millions) Fair Value Hedges Cash Flow Hedges Economic Hedges Total Instruments associated with: Investment securities $ 9,844 $ — $ — $ 9,844 Loans — 14,525 271 14,796 Long-term debt 4,980 — — 4,980 Total notional value at June 30, 2022 $ 14,824 $ 14,525 $ 271 $ 29,620 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 for the three-month and six-month periods ended June 30, 2022 and 2021. Three Months Ended Six Months Ended (dollar amounts in millions) 2022 2021 2022 2021 Interest rate contracts Change in fair value of interest rate swaps hedging investment securities (1) $ 168 $ (6) $ 586 $ 37 Change in fair value of hedged investment securities (1) (160) 4 (590) (40) Change in fair value of interest rate swaps hedging long-term debt (2) (38) (23) (136) (73) Change in fair value of hedged long term debt (2) 39 22 137 74 (1) Recognized in Interest income—available-for-sale securities—taxable in the Unaudited Condensed Consolidated Statements of Income . (2) Recognized in Interest expense—long-term debt in the Unaudited Condensed Consolidated Statements of Income . |
Amounts recorded on the balance sheet related to cumulative basis adjustments | As of June 30, 2022, and December 31, 2021, 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 (dollar amounts in millions) June 30, 2022 December 31, 2021 June 30, 2022 December 31, 2021 Assets Investment securities (1) $ 18,089 $ 17,150 $ (708) $ (117) Liabilities Long-term debt (2) 4,486 1,981 (92) 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 June 30, 2022, the amortized cost basis of the closed portfolios used in these hedging relationships was $17.3 billion, the cumulative basis adjustments associated with these hedging relationships was $608 million, and the amounts of the designated hedging instruments were $9.0 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 $4 million at June 30, 2022 and $17 million at December 31, 2021. |
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 Unaudited Condensed Consolidated Balance Sheets at June 30, 2022 and December 31, 2021. Offsetting of Financial Assets and Derivative Assets Gross amounts Net amounts of Gross amounts not offset in the (dollar amounts in millions) Gross amounts of recognized assets Financial instruments Cash collateral received Net amount June 30, 2022 $ 1,654 $ (1,222) $ 432 $ (7) $ (157) $ 268 December 31, 2021 1,065 (465) 600 (65) (31) 504 |
MSR Derivative Hedging | The notional value of the derivative financial instruments, the corresponding net asset (liability) position recognized in other assets and/or other liabilities, and net trading gains (losses) related to MSR hedging activity is summarized in the following table: (dollar amounts in millions) June 30, December 31, Notional value $ 975 $ 1,330 Trading assets 2 19 Trading liabilities (53) — Three Months Ended Six Months Ended (dollar amounts in millions) 2022 2021 2022 2021 Trading gains $ (33) $ 22 $ (80) $ (24) |
Offsetting of financial liabilities and derivative liabilities | Offsetting of Financial Liabilities and Derivative Liabilities Gross amounts offset in the unaudited condensed consolidated balance sheets Net amounts of liabilities presented in the unaudited condensed consolidated balance sheets Gross amounts not offset in the unaudited condensed consolidated balance sheets (dollar amounts in millions) Gross amounts of recognized liabilities Financial instruments Cash collateral delivered Net amount June 30, 2022 $ 1,392 $ (756) $ 636 $ (87) $ (120) $ 429 December 31, 2021 743 (624) 119 (3) (116) — |
VIEs (Tables)
VIEs (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Carrying amount and classification of the trusts assets and liabilities | The following tables provide a summary of the assets and liabilities included in Huntington’s Unaudited Condensed 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 June 30, 2022, and December 31, 2021: June 30, 2022 (dollar amounts in millions) Total Assets Total Liabilities Maximum Exposure to Loss Affordable Housing Tax Credit Partnerships $ 1,721 $ 997 $ 1,721 Trust Preferred Securities 8 179 — Other Investments 528 152 528 Total $ 2,257 $ 1,328 $ 2,249 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 |
Schedule of trust preferred securities | A list of trust preferred securities outstanding at June 30, 2022 follows: (dollar amounts in millions) Rate Principal amount of subordinated note/ debenture issued to trust (1) Investment in unconsolidated subsidiary Huntington Capital II 2.91 (2) $ 32 $ 3 Sky Financial Capital Trust III 3.69 (3) 72 2 Sky Financial Capital Trust IV 3.69 (3) 75 3 Total $ 179 $ 8 (1) Represents the principal amount of debentures issued to each trust, including unamortized original issue discount. (2) Variable effective rate at June 30, 2022, based on three-month LIBOR +0.625%. (3) Variable effective rate at June 30, 2022, based on three-month LIBOR +1.40%. |
Affordable housing tax credit investments | The following table presents the balances of Huntington’s affordable housing tax credit investments and related unfunded commitments at June 30, 2022 and December 31, 2021. (dollar amounts in millions) June 30, December 31, Affordable housing tax credit investments $ 2,517 $ 2,376 Less: amortization (796) (724) Net affordable housing tax credit investments $ 1,721 $ 1,652 Unfunded commitments $ 997 $ 949 The following table presents other information relating to Huntington’s affordable housing tax credit investments for the three-month and six-month periods ended June 30, 2022 and 2021. Three Months Ended Six Months Ended (dollar amounts in millions) 2022 2021 2022 2021 Tax credits and other tax benefits recognized $ 53 $ 44 $ 107 $ 77 Proportional amortization expense included in provision for income taxes 44 30 86 58 |
COMMITMENTS AND CONTINGENT LI_2
COMMITMENTS AND CONTINGENT LIABILITIES (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contract amounts of various commitments to extend credit | In the ordinary course of business, Huntington makes various commitments to extend credit that are not reflected in the Unaudited Condensed Consolidated Financial Statements. The contract amounts of these financial agreements at June 30, 2022 and December 31, 2021, were as follows: (dollar amounts in millions) June 30, December 31, Contract amount representing credit risk Commitments to extend credit: Commercial $ 29,398 $ 27,933 Consumer 19,501 18,513 Commercial real estate 3,437 3,042 Standby letters of credit and guarantees on industrial revenue bonds 713 694 Commercial letters of credit 15 36 |
SEGMENT REPORTING (Tables)
SEGMENT REPORTING (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | Listed in the following tables is certain operating basis financial information reconciled to Huntington’s June 30, 2022, December 31, 2021, and June 30, 2021, reported results by business segment. Three Months Ended June 30, Income Statements Commercial Banking Consumer & Business Banking Vehicle Finance RBHPCG Treasury / Other Huntington Consolidated (dollar amounts in millions) 2022 Net interest income $ 426 $ 534 $ 117 $ 55 $ 129 $ 1,261 Provision (benefit) for credit losses (206) 183 86 4 — 67 Noninterest income 151 270 3 58 3 485 Noninterest expense 248 590 41 81 58 1,018 Provision (benefit) for income taxes 113 7 (2) 6 (4) 120 Income attributable to non-controlling interest 2 — — — — 2 Net income attributable to Huntington Bancshares Inc $ 420 $ 24 $ (5) $ 22 $ 78 $ 539 2021 Net interest income $ 258 $ 366 $ 109 $ 37 $ 68 $ 838 Provision (benefit) for credit losses 137 100 (31) 5 — 211 Noninterest income 114 243 2 54 31 444 Noninterest expense 173 513 37 72 277 1,072 Provision (benefit) for income taxes 13 — 21 3 (23) 14 Net income (loss) attributable to Huntington Bancshares Inc $ 49 $ (4) $ 84 $ 11 $ (155) $ (15) Six Months Ended June 30, Income Statements Commercial Banking Consumer & Business Banking Vehicle Finance RBHPCG Treasury / Other Huntington Consolidated (dollar amounts in millions) 2022 Net interest income $ 844 $ 993 $ 237 $ 104 $ 229 $ 2,407 Provision (benefit) for credit losses (75) 74 79 14 — 92 Noninterest income 292 542 6 124 20 984 Noninterest expense 496 1,202 86 162 125 2,071 Provision (benefit) for income taxes 151 54 16 11 (7) 225 Income attributable to non-controlling interest 4 — — — — 4 Net income attributable to Huntington Bancshares Inc $ 560 $ 205 $ 62 $ 41 $ 131 $ 999 2021 Net interest income $ 457 $ 703 $ 217 $ 70 $ 363 $ 1,810 Provision (benefit) for credit losses 143 63 (53) (2) — 151 Noninterest income 203 477 6 107 46 839 Noninterest expense 306 984 72 132 371 1,865 Provision (benefit) for income taxes 44 28 43 10 (9) 116 Net income attributable to Huntington Bancshares Inc $ 167 $ 105 $ 161 $ 37 $ 47 $ 517 |
Segment Disclosure of Assets and Deposits | Assets at Deposits at (dollar amounts in millions) June 30, December 31, June 30, December 31, Commercial Banking $ 60,946 $ 57,071 $ 34,670 $ 31,845 Consumer & Business Banking 39,425 39,929 95,693 95,352 Vehicle Finance 21,549 20,752 1,291 1,401 RBHPCG 9,469 8,325 9,226 10,162 Treasury / Other 47,393 47,987 4,555 4,503 Total $ 178,782 $ 174,064 $ 145,435 $ 143,263 |
BUSINESS COMBINATIONS - Narrati
BUSINESS COMBINATIONS - Narrative (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Jun. 15, 2022 | Dec. 31, 2021 |
Business Acquisition [Line Items] | |||
Goodwill | $ 5,571 | $ 5,349 | |
Capstone Partners | Commercial Banking | |||
Business Acquisition [Line Items] | |||
Goodwill | $ 192 |
INVESTMENT SECURITIES AND OTH_3
INVESTMENT SECURITIES AND OTHER SECURITIES - Schedule of Amortized Cost, Fair Value, and Gross Unrealized Gains and Losses (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Available-for-sale securities: | ||
Available-for-sale securities, Amortized cost | $ 26,977 | $ 28,506 |
Available-for-sale securities, Gross Gains | 102 | 269 |
Available-for-sale securities, Gross Losses | (2,702) | (315) |
Available-for-sale securities | 24,377 | 28,460 |
Held-to-maturity securities: | ||
Held-to-maturity securities | 17,355 | 12,447 |
Held-to-maturity securities, Gross Gains | 3 | 126 |
Held-to-maturity securities, Gross Losses | (1,442) | (84) |
Held-to-maturity securities, Fair Value | 15,916 | 12,489 |
Other securities, Amortized Cost | 763 | 647 |
Other securities, Gross Gains | 0 | 1 |
Other securities, Gross Losses | 0 | 0 |
Other securities, Fair Value | 763 | 648 |
Cumulative basis adjustments associated with hedging relationships | 608 | |
Available-for-sale Securities | ||
Held-to-maturity securities: | ||
Accrued interest receivable | 62 | 62 |
Held-to-maturity Securities | ||
Held-to-maturity securities: | ||
Accrued interest receivable | 38 | 26 |
U.S. Treasury | ||
Available-for-sale securities: | ||
Available-for-sale securities, Amortized cost | 5 | 5 |
Available-for-sale securities, Gross Gains | 0 | 0 |
Available-for-sale securities, Gross Losses | 0 | 0 |
Available-for-sale securities | 5 | 5 |
Residential CMO | ||
Available-for-sale securities: | ||
Available-for-sale securities, Amortized cost | 3,217 | 4,649 |
Available-for-sale securities, Gross Gains | 0 | 40 |
Available-for-sale securities, Gross Losses | (216) | (40) |
Available-for-sale securities | 3,001 | 4,649 |
Held-to-maturity securities: | ||
Held-to-maturity securities | 4,896 | 2,602 |
Held-to-maturity securities, Gross Gains | 0 | 35 |
Held-to-maturity securities, Gross Losses | (383) | (20) |
Held-to-maturity securities, Fair Value | 4,513 | 2,617 |
Residential MBS | ||
Available-for-sale securities: | ||
Available-for-sale securities, Amortized cost | 14,478 | 15,533 |
Available-for-sale securities, Gross Gains | 1 | 135 |
Available-for-sale securities, Gross Losses | (1,532) | (160) |
Available-for-sale securities | 12,947 | 15,508 |
Held-to-maturity securities: | ||
Held-to-maturity securities | 10,509 | 7,475 |
Held-to-maturity securities, Gross Gains | 2 | 41 |
Held-to-maturity securities, Gross Losses | (930) | (59) |
Held-to-maturity securities, Fair Value | 9,581 | 7,457 |
Commercial MBS | ||
Available-for-sale securities: | ||
Available-for-sale securities, Amortized cost | 2,365 | 1,896 |
Available-for-sale securities, Gross Gains | 1 | 7 |
Available-for-sale securities, Gross Losses | (384) | (38) |
Available-for-sale securities | 1,982 | 1,865 |
Held-to-maturity securities: | ||
Held-to-maturity securities | 1,792 | 2,175 |
Held-to-maturity securities, Gross Gains | 1 | 45 |
Held-to-maturity securities, Gross Losses | (124) | (5) |
Held-to-maturity securities, Fair Value | 1,669 | 2,215 |
Other agencies | ||
Available-for-sale securities: | ||
Available-for-sale securities, Amortized cost | 215 | 248 |
Available-for-sale securities, Gross Gains | 0 | 1 |
Available-for-sale securities, Gross Losses | (6) | (1) |
Available-for-sale securities | 209 | 248 |
Held-to-maturity securities: | ||
Held-to-maturity securities | 156 | 193 |
Held-to-maturity securities, Gross Gains | 0 | 5 |
Held-to-maturity securities, Gross Losses | (5) | 0 |
Held-to-maturity securities, Fair Value | 151 | 198 |
Total U.S. Treasury, federal agency and other agency securities | ||
Available-for-sale securities: | ||
Available-for-sale securities, Amortized cost | 20,280 | 22,331 |
Available-for-sale securities, Gross Gains | 2 | 183 |
Available-for-sale securities, Gross Losses | (2,138) | (239) |
Available-for-sale securities | 18,144 | 22,275 |
Held-to-maturity securities: | ||
Held-to-maturity securities | 17,353 | 12,445 |
Held-to-maturity securities, Gross Gains | 3 | 126 |
Held-to-maturity securities, Gross Losses | (1,442) | (84) |
Held-to-maturity securities, Fair Value | 15,914 | 12,487 |
Municipal securities | ||
Available-for-sale securities: | ||
Available-for-sale securities, Amortized cost | 3,604 | 3,497 |
Available-for-sale securities, Gross Gains | 1 | 62 |
Available-for-sale securities, Gross Losses | (183) | (33) |
Available-for-sale securities | 3,422 | 3,526 |
Held-to-maturity securities: | ||
Held-to-maturity securities | 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 | ||
Available-for-sale securities: | ||
Available-for-sale securities, Amortized cost | 158 | 106 |
Available-for-sale securities, Gross Gains | 0 | 1 |
Available-for-sale securities, Gross Losses | (6) | (1) |
Available-for-sale securities | 152 | 106 |
Asset-backed securities | ||
Available-for-sale securities: | ||
Available-for-sale securities, Amortized cost | 392 | 385 |
Available-for-sale securities, Gross Gains | 0 | 1 |
Available-for-sale securities, Gross Losses | (31) | (4) |
Available-for-sale securities | 361 | 382 |
Corporate debt | ||
Available-for-sale securities: | ||
Available-for-sale securities, Amortized cost | 2,539 | 2,183 |
Available-for-sale securities, Gross Gains | 99 | 22 |
Available-for-sale securities, Gross Losses | (344) | (38) |
Available-for-sale securities | 2,294 | 2,167 |
Other securities/Sovereign debt | ||
Available-for-sale securities: | ||
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 | 4 | 4 |
Equity securities | ||
Held-to-maturity securities: | ||
Other securities, Amortized Cost | 9 | 12 |
Other securities, Gross Gains | 0 | 0 |
Other securities, Gross Losses | 0 | 0 |
Other securities, Fair Value | 9 | 12 |
Mutual funds | ||
Held-to-maturity securities: | ||
Other securities, Amortized Cost | 50 | 65 |
Other securities, Gross Gains | 0 | 0 |
Other securities, Gross Losses | 0 | 0 |
Other securities, Fair Value | 50 | 65 |
Equity securities | ||
Held-to-maturity securities: | ||
Other securities, Amortized Cost | 3 | 6 |
Other securities, Gross Gains | 0 | 1 |
Other securities, Gross Losses | 0 | 0 |
Other securities, Fair Value | 3 | 7 |
Federal Home Loan Bank stock | Non-marketable equity securities: | ||
Held-to-maturity securities: | ||
Other securities, Amortized Cost | 187 | 52 |
Other securities, Gross Gains | 0 | 0 |
Other securities, Gross Losses | 0 | 0 |
Other securities, Fair Value | 187 | 52 |
Federal Reserve Bank stock | Non-marketable equity securities: | ||
Held-to-maturity securities: | ||
Other securities, Amortized Cost | 514 | 512 |
Other securities, Gross Gains | 0 | 0 |
Other securities, Gross Losses | 0 | 0 |
Other securities, Fair Value | $ 514 | $ 512 |
INVESTMENT SECURITIES AND OTH_4
INVESTMENT SECURITIES AND OTHER SECURITIES - Contractual Maturities (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Available-for-sale securities, amortized cost: | ||
Under 1 year | $ 476 | $ 377 |
After 1 year through 5 years | 2,347 | 1,888 |
After 5 years through 10 years | 3,215 | 3,166 |
After 10 years | 20,939 | 23,075 |
Total available-for-sale securities | 26,977 | 28,506 |
Available-for-sale securities, fair value: | ||
Under 1 year | 471 | 374 |
After 1 year through 5 years | 2,203 | 1,880 |
After 5 years through 10 years | 2,950 | 3,180 |
After 10 years | 18,753 | 23,026 |
Total available-for-sale securities | 24,377 | 28,460 |
Held-to-maturity securities, amortized cost: | ||
Under 1 year | 1 | 2 |
After 1 year through 5 years | 85 | 162 |
After 5 years through 10 years | 42 | 44 |
After 10 years | 17,227 | 12,239 |
Total held-to-maturity securities | 17,355 | 12,447 |
Held-to-maturity securities, fair value: | ||
Under 1 year | 1 | 2 |
After 1 year through 5 years | 83 | 164 |
After 5 years through 10 years | 41 | 45 |
After 10 years | 15,791 | 12,278 |
Total held-to-maturity securities | $ 15,916 | $ 12,489 |
INVESTMENT SECURITIES AND OTH_5
INVESTMENT SECURITIES AND OTHER SECURITIES - Continuous Unrealized Loss Position (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Available-for-sale securities: | ||
Less than 12 months, fair value | $ 18,715 | $ 20,747 |
Less than 12 months, gross unrealized losses | (1,902) | (304) |
12 months or longer, fair value | 4,969 | 319 |
12 months or longer, gross unrealized losses | (800) | (11) |
Total, fair value | 23,684 | 21,066 |
Total, gross unrealized losses | (2,702) | (315) |
Held-to-maturity securities: | ||
Less than 12 months, fair value | 14,865 | 7,608 |
Less than 12 months, gross unrealized losses | (1,337) | (84) |
12 months or longer, fair value | 743 | 0 |
12 months or longer, gross unrealized losses | (105) | 0 |
Total held-to-maturity securities | 15,608 | 7,608 |
Total, gross unrealized losses | (1,442) | (84) |
Residential CMO | ||
Available-for-sale securities: | ||
Less than 12 months, fair value | 2,671 | 2,925 |
Less than 12 months, gross unrealized losses | (182) | (40) |
12 months or longer, fair value | 170 | 0 |
12 months or longer, gross unrealized losses | (34) | 0 |
Total, fair value | 2,841 | 2,925 |
Total, gross unrealized losses | (216) | (40) |
Held-to-maturity securities: | ||
Less than 12 months, fair value | 4,501 | 1,453 |
Less than 12 months, gross unrealized losses | (382) | (20) |
12 months or longer, fair value | 8 | 0 |
12 months or longer, gross unrealized losses | (1) | 0 |
Total held-to-maturity securities | 4,509 | 1,453 |
Total, gross unrealized losses | (383) | (20) |
Residential MBS | ||
Available-for-sale securities: | ||
Less than 12 months, fair value | 9,122 | 13,491 |
Less than 12 months, gross unrealized losses | (977) | (160) |
12 months or longer, fair value | 3,730 | 0 |
12 months or longer, gross unrealized losses | (555) | 0 |
Total, fair value | 12,852 | 13,491 |
Total, gross unrealized losses | (1,532) | (160) |
Held-to-maturity securities: | ||
Less than 12 months, fair value | 8,552 | 5,837 |
Less than 12 months, gross unrealized losses | (826) | (59) |
12 months or longer, fair value | 735 | 0 |
12 months or longer, gross unrealized losses | (104) | 0 |
Total held-to-maturity securities | 9,287 | 5,837 |
Total, gross unrealized losses | (930) | (59) |
Commercial MBS | ||
Available-for-sale securities: | ||
Less than 12 months, fair value | 1,584 | 1,251 |
Less than 12 months, gross unrealized losses | (270) | (38) |
12 months or longer, fair value | 377 | 0 |
12 months or longer, gross unrealized losses | (114) | 0 |
Total, fair value | 1,961 | 1,251 |
Total, gross unrealized losses | (384) | (38) |
Held-to-maturity securities: | ||
Less than 12 months, fair value | 1,661 | 318 |
Less than 12 months, gross unrealized losses | (124) | (5) |
12 months or longer, fair value | 0 | 0 |
12 months or longer, gross unrealized losses | 0 | 0 |
Total held-to-maturity securities | 1,661 | 318 |
Total, gross unrealized losses | (124) | (5) |
Other agencies | ||
Available-for-sale securities: | ||
Less than 12 months, fair value | 80 | 140 |
Less than 12 months, gross unrealized losses | (6) | (1) |
12 months or longer, fair value | 0 | 0 |
12 months or longer, gross unrealized losses | 0 | 0 |
Total, fair value | 80 | 140 |
Total, gross unrealized losses | (6) | (1) |
Held-to-maturity securities: | ||
Less than 12 months, fair value | 151 | |
Less than 12 months, gross unrealized losses | (5) | |
12 months or longer, fair value | 0 | |
12 months or longer, gross unrealized losses | 0 | |
Total held-to-maturity securities | 151 | |
Total, gross unrealized losses | (5) | |
Total U.S. Treasury, federal agency and other agency securities | ||
Available-for-sale securities: | ||
Less than 12 months, fair value | 13,457 | 17,807 |
Less than 12 months, gross unrealized losses | (1,435) | (239) |
12 months or longer, fair value | 4,277 | 0 |
12 months or longer, gross unrealized losses | (703) | 0 |
Total, fair value | 17,734 | 17,807 |
Total, gross unrealized losses | (2,138) | (239) |
Held-to-maturity securities: | ||
Less than 12 months, fair value | 14,865 | 7,608 |
Less than 12 months, gross unrealized losses | (1,337) | (84) |
12 months or longer, fair value | 743 | 0 |
12 months or longer, gross unrealized losses | (105) | 0 |
Total held-to-maturity securities | 15,608 | 7,608 |
Total, gross unrealized losses | (1,442) | (84) |
Municipal securities | ||
Available-for-sale securities: | ||
Less than 12 months, fair value | 2,866 | 859 |
Less than 12 months, gross unrealized losses | (161) | (22) |
12 months or longer, fair value | 311 | 319 |
12 months or longer, gross unrealized losses | (22) | (11) |
Total, fair value | 3,177 | 1,178 |
Total, gross unrealized losses | (183) | (33) |
Private-label CMO | ||
Available-for-sale securities: | ||
Less than 12 months, fair value | 122 | 78 |
Less than 12 months, gross unrealized losses | (6) | (1) |
12 months or longer, fair value | 0 | 0 |
12 months or longer, gross unrealized losses | 0 | 0 |
Total, fair value | 122 | 78 |
Total, gross unrealized losses | (6) | (1) |
Asset-backed securities | ||
Available-for-sale securities: | ||
Less than 12 months, fair value | 319 | 237 |
Less than 12 months, gross unrealized losses | (26) | (4) |
12 months or longer, fair value | 42 | 0 |
12 months or longer, gross unrealized losses | (5) | 0 |
Total, fair value | 361 | 237 |
Total, gross unrealized losses | (31) | (4) |
Corporate debt | ||
Available-for-sale securities: | ||
Less than 12 months, fair value | 1,951 | 1,766 |
Less than 12 months, gross unrealized losses | (274) | (38) |
12 months or longer, fair value | 339 | 0 |
12 months or longer, gross unrealized losses | (70) | 0 |
Total, fair value | 2,290 | 1,766 |
Total, gross unrealized losses | $ (344) | $ (38) |
INVESTMENT SECURITIES AND OTH_6
INVESTMENT SECURITIES AND OTHER SECURITIES - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2022 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Investment Securities [Line Items] | ||||
Transfer of securities from available-for-sale to held-to-maturity | $ 4,200 | $ 4,225 | $ 3,007 | |
Unrealized gains attributed to transfer of securities | (58) | |||
AFS debt security charge-off | $ 4 | |||
Asset Pledged as Collateral | ||||
Investment Securities [Line Items] | ||||
Investment securities pledged | $ 28,700 | $ 21,700 |
LOANS _ LEASES - Narrative (Det
LOANS / LEASES - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Direct financing leases, interest income | $ 39 | $ 56 | $ 77 | $ 81 | |
FHLB borrowings and advances, collateral | $ 70,000 | $ 70,000 | $ 61,100 |
LOANS _ LEASES - Loan and Lease
LOANS / LEASES - Loan and Lease Portfolio Composition (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Loans and leases | [1] | $ 116,221 | $ 111,267 | ||||
Allowance for loan and lease losses | (2,074) | $ (2,018) | (2,030) | $ (2,218) | $ (1,703) | $ (1,814) | |
Net loans and leases | 114,147 | 109,237 | |||||
Loans and leases net discount | 48 | 111 | |||||
Commercial and industrial | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Loans and leases | 43,440 | 41,688 | |||||
Commercial real estate | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Loans and leases | 15,695 | 14,961 | |||||
Lease financing | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Loans and leases | 5,043 | 5,000 | |||||
Residential mortgage | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Loans and leases | 21,220 | 19,256 | |||||
Automobile | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Loans and leases | 13,622 | 13,434 | |||||
RV and marine | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Loans and leases | 5,453 | 5,058 | |||||
Other consumer | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Loans and leases | 1,322 | 1,320 | |||||
Commercial | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Loans and leases | 64,178 | 61,649 | |||||
Allowance for loan and lease losses | (1,342) | (1,514) | (1,462) | (1,618) | (1,197) | (1,236) | |
Accrued interest receivable | 157 | 148 | |||||
Commercial | Commercial and industrial | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Loans and leases | 43,440 | 41,688 | |||||
Commercial | Commercial real estate | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Loans and leases | 15,695 | 14,961 | |||||
Commercial | Lease financing | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Loans and leases | 5,043 | 5,000 | |||||
Consumer | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Loans and leases | 52,043 | 49,618 | |||||
Allowance for loan and lease losses | (732) | $ (504) | (568) | $ (600) | $ (506) | $ (578) | |
Accrued interest receivable | 153 | 150 | |||||
Consumer | Residential mortgage | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Loans and leases | 21,220 | 19,256 | |||||
Consumer | Automobile | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Loans and leases | 13,622 | 13,434 | |||||
Consumer | Home equity | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Loans and leases | 10,426 | 10,550 | |||||
Consumer | RV and marine | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Loans and leases | 5,453 | 5,058 | |||||
Consumer | Other consumer | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Loans and leases | $ 1,322 | $ 1,320 | |||||
[1] Amounts represent loans for which Huntington has elected the fair value option. See Note 13 “ Fair Values of Assets and Liabilities ”. |
LOANS _ LEASES - Direct Financi
LOANS / LEASES - Direct Financing Leases (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Carrying value of residual values guaranteed | $ 435 | $ 435 | $ 473 | ||
Future lease rental payments due on sales-type and direct financing leases | 4,700 | 4,700 | |||
Future lease rental payments due on sales-type and direct financing leases, year one | 878 | 878 | |||
Future lease rental payments due on sales-type and direct financing leases, year two | 869 | 869 | |||
Future lease rental payments due on sales-type and direct financing leases, year three | 865 | 865 | |||
Future lease rental payments due on sales-type and direct financing leases, year four | 759 | 759 | |||
Future lease rental payments due on sales-type and direct financing leases, year five | 672 | 672 | |||
Future lease rental payments due on sales-type and direct financing leases, after year five | 631 | 631 | |||
Direct financing leases, interest income | 39 | $ 56 | 77 | $ 81 | |
Commercial | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Lease payments receivable | 4,674 | 4,674 | 4,620 | ||
Estimated residual value of leased assets | 766 | 766 | 774 | ||
Gross investment in lease financing receivables | 5,440 | 5,440 | 5,394 | ||
Deferred origination costs | 39 | 39 | 36 | ||
Deferred fees, unearned income and other | (436) | (436) | (430) | ||
Total lease financing receivables | $ 5,043 | $ 5,043 | $ 5,000 |
LOANS AND LEASES - Nonaccrual L
LOANS AND LEASES - Nonaccrual Loans by Loan Class (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual loans and leases with no ACL | $ 162 | $ 164 |
Total nonaccrual loans and leases | 657 | 716 |
Commercial | Commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual loans and leases with no ACL | 57 | 81 |
Total nonaccrual loans and leases | 324 | 370 |
Commercial | Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual loans and leases with no ACL | 95 | 80 |
Total nonaccrual loans and leases | 117 | 104 |
Commercial | Lease financing | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual loans and leases with no ACL | 10 | 3 |
Total nonaccrual loans and leases | 22 | 48 |
Consumer | Residential mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual loans and leases with no ACL | 0 | 0 |
Total nonaccrual loans and leases | 111 | 111 |
Consumer | Automobile | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual loans and leases with no ACL | 0 | 0 |
Total nonaccrual loans and leases | 4 | 3 |
Consumer | Home equity | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual loans and leases with no ACL | 0 | 0 |
Total nonaccrual loans and leases | 78 | 79 |
Consumer | RV and marine | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual loans and leases with no ACL | 0 | 0 |
Total nonaccrual loans and leases | $ 1 | $ 1 |
LOANS AND LEASES - NALs Past Du
LOANS AND LEASES - NALs Past Due (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases | [1] | $ 116,221 | $ 111,267 |
Loans Accounted for Under FVO | 179 | 171 | |
90 or more days past due and accruing | 212 | 210 | |
Total | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases | 1,209 | 1,072 | |
30-59 Days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases | 545 | 425 | |
60-89 Days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases | 225 | 191 | |
90 or more days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases | 439 | 456 | |
Current | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases | 114,833 | 110,024 | |
Commercial and industrial | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases | 43,440 | 41,688 | |
Loans Accounted for Under FVO | 0 | 0 | |
90 or more days past due and accruing | 11 | 13 | |
Commercial and industrial | Total | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases | 266 | 248 | |
Commercial and industrial | 30-59 Days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases | 63 | 72 | |
Commercial and industrial | 60-89 Days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases | 97 | 69 | |
Commercial and industrial | 90 or more days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases | 106 | 107 | |
Commercial and industrial | Current | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases | 43,174 | 41,440 | |
Commercial real estate | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases | 15,695 | 14,961 | |
Loans Accounted for Under FVO | 0 | 0 | |
90 or more days past due and accruing | 0 | 0 | |
Commercial real estate | Total | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases | 67 | 19 | |
Commercial real estate | 30-59 Days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases | 45 | 9 | |
Commercial real estate | 60-89 Days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases | 10 | 1 | |
Commercial real estate | 90 or more days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases | 12 | 9 | |
Commercial real estate | Current | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases | 15,628 | 14,942 | |
Lease financing | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases | 5,043 | 5,000 | |
Loans Accounted for Under FVO | 0 | 0 | |
90 or more days past due and accruing | 10 | 11 | |
Lease financing | Total | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases | 77 | 69 | |
Lease financing | 30-59 Days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases | 45 | 39 | |
Lease financing | 60-89 Days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases | 18 | 13 | |
Lease financing | 90 or more days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases | 14 | 17 | |
Lease financing | Current | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases | 4,966 | 4,931 | |
Residential mortgage | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases | 21,220 | 19,256 | |
Loans Accounted for Under FVO | 178 | 170 | |
90 or more days past due and accruing | 168 | 157 | |
Residential mortgage | Total | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases | 525 | 433 | |
Residential mortgage | 30-59 Days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases | 237 | 151 | |
Residential mortgage | 60-89 Days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases | 58 | 49 | |
Residential mortgage | 90 or more days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases | 230 | 233 | |
Residential mortgage | Current | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases | 20,517 | 18,653 | |
Automobile | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases | 13,622 | 13,434 | |
Loans Accounted for Under FVO | 0 | 0 | |
90 or more days past due and accruing | 6 | 6 | |
Automobile | Total | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases | 109 | 105 | |
Automobile | 30-59 Days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases | 82 | 79 | |
Automobile | 60-89 Days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases | 18 | 18 | |
Automobile | 90 or more days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases | 9 | 8 | |
Automobile | Current | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases | 13,513 | 13,329 | |
Home equity | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases | 10,426 | 10,550 | |
Loans Accounted for Under FVO | 1 | 1 | |
90 or more days past due and accruing | 13 | 17 | |
Home equity | Total | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases | 128 | 159 | |
Home equity | 30-59 Days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases | 46 | 48 | |
Home equity | 60-89 Days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases | 18 | 35 | |
Home equity | 90 or more days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases | 64 | 76 | |
Home equity | Current | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases | 10,297 | 10,390 | |
RV and marine | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases | 5,453 | 5,058 | |
Loans Accounted for Under FVO | 0 | 0 | |
90 or more days past due and accruing | 2 | 3 | |
RV and marine | Total | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases | 20 | 21 | |
RV and marine | 30-59 Days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases | 14 | 14 | |
RV and marine | 60-89 Days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases | 4 | 4 | |
RV and marine | 90 or more days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases | 2 | 3 | |
RV and marine | Current | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases | 5,433 | 5,037 | |
Other consumer | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases | 1,322 | 1,320 | |
Loans Accounted for Under FVO | 0 | 0 | |
90 or more days past due and accruing | 2 | 3 | |
Other consumer | Total | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases | 17 | 18 | |
Other consumer | 30-59 Days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases | 13 | 13 | |
Other consumer | 60-89 Days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases | 2 | 2 | |
Other consumer | 90 or more days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases | 2 | 3 | |
Other consumer | Current | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases | $ 1,305 | $ 1,302 | |
[1] Amounts represent loans for which Huntington has elected the fair value option. See Note 13 “ Fair Values of Assets and Liabilities ”. |
LOANS AND LEASES - Vintage and
LOANS AND LEASES - Vintage and Credit Quality (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 | |
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans and leases | [1] | $ 116,221 | $ 111,267 |
Commercial and industrial | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans and leases | 43,440 | 41,688 | |
Automobile | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans and leases | 13,622 | 13,434 | |
Home equity | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans and leases | 10,426 | 10,550 | |
RV and marine | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans and leases | 5,453 | 5,058 | |
Commercial | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans and leases | 64,178 | 61,649 | |
Commercial | Commercial and industrial | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Financing receivable, current fiscal year | 10,062 | 15,959 | |
Financing receivable, year before current fiscal year | 9,616 | 6,059 | |
Financing receivable, two years before current fiscal year | 4,726 | 4,114 | |
Financing receivable, three years before current fiscal year | 2,985 | 2,273 | |
Financing receivable, four years before current fiscal year | 1,644 | 1,243 | |
Financing receivable, more than five years before current fiscal year | 1,943 | 1,374 | |
Revolver Total at Amortized Cost Basis | 12,460 | 10,663 | |
Revolver Total Converted to Term Loans | 4 | 3 | |
Loans and leases | 43,440 | 41,688 | |
Commercial | Commercial and industrial | Pass | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Financing receivable, current fiscal year | 9,829 | 15,435 | |
Financing receivable, year before current fiscal year | 9,137 | 5,677 | |
Financing receivable, two years before current fiscal year | 4,429 | 3,682 | |
Financing receivable, three years before current fiscal year | 2,593 | 1,983 | |
Financing receivable, four years before current fiscal year | 1,373 | 1,080 | |
Financing receivable, more than five years before current fiscal year | 1,572 | 1,134 | |
Revolver Total at Amortized Cost Basis | 11,704 | 9,945 | |
Revolver Total Converted to Term Loans | 4 | 3 | |
Loans and leases | 40,641 | 38,939 | |
Commercial | Commercial and industrial | OLEM | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Financing receivable, current fiscal year | 76 | 183 | |
Financing receivable, year before current fiscal year | 204 | 178 | |
Financing receivable, two years before current fiscal year | 78 | 87 | |
Financing receivable, three years before current fiscal year | 71 | 83 | |
Financing receivable, four years before current fiscal year | 85 | 38 | |
Financing receivable, more than five years before current fiscal year | 48 | 73 | |
Revolver Total at Amortized Cost Basis | 192 | 166 | |
Revolver Total Converted to Term Loans | 0 | 0 | |
Loans and leases | 754 | 808 | |
Commercial | Commercial and industrial | Substandard | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Financing receivable, current fiscal year | 157 | 336 | |
Financing receivable, year before current fiscal year | 275 | 203 | |
Financing receivable, two years before current fiscal year | 219 | 344 | |
Financing receivable, three years before current fiscal year | 321 | 206 | |
Financing receivable, four years before current fiscal year | 185 | 125 | |
Financing receivable, more than five years before current fiscal year | 322 | 167 | |
Revolver Total at Amortized Cost Basis | 564 | 552 | |
Revolver Total Converted to Term Loans | 0 | 0 | |
Loans and leases | 2,043 | 1,933 | |
Commercial | Commercial and industrial | Doubtful | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Financing receivable, current fiscal year | 0 | 5 | |
Financing receivable, year before current fiscal year | 0 | 1 | |
Financing receivable, two years before current fiscal year | 0 | 1 | |
Financing receivable, three years before current fiscal year | 0 | 1 | |
Financing receivable, four years before current fiscal year | 1 | 0 | |
Financing receivable, more than five years before current fiscal year | 1 | 0 | |
Revolver Total at Amortized Cost Basis | 0 | 0 | |
Revolver Total Converted to Term Loans | 0 | 0 | |
Loans and leases | 2 | 8 | |
Commercial real estate | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Financing receivable, current fiscal year | 2,753 | 4,444 | |
Financing receivable, year before current fiscal year | 3,907 | 2,777 | |
Financing receivable, two years before current fiscal year | 2,358 | 3,083 | |
Financing receivable, three years before current fiscal year | 2,411 | 1,655 | |
Financing receivable, four years before current fiscal year | 1,456 | 985 | |
Financing receivable, more than five years before current fiscal year | 1,585 | 1,189 | |
Revolver Total at Amortized Cost Basis | 1,225 | 828 | |
Revolver Total Converted to Term Loans | 0 | 0 | |
Loans and leases | 15,695 | 14,961 | |
Commercial real estate | Pass | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Financing receivable, current fiscal year | 2,526 | 4,144 | |
Financing receivable, year before current fiscal year | 3,700 | 2,367 | |
Financing receivable, two years before current fiscal year | 2,121 | 2,593 | |
Financing receivable, three years before current fiscal year | 2,193 | 1,456 | |
Financing receivable, four years before current fiscal year | 1,289 | 761 | |
Financing receivable, more than five years before current fiscal year | 1,416 | 1,124 | |
Revolver Total at Amortized Cost Basis | 1,208 | 798 | |
Revolver Total Converted to Term Loans | 0 | 0 | |
Loans and leases | 14,453 | 13,243 | |
Commercial real estate | OLEM | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Financing receivable, current fiscal year | 45 | 76 | |
Financing receivable, year before current fiscal year | 46 | 48 | |
Financing receivable, two years before current fiscal year | 24 | 42 | |
Financing receivable, three years before current fiscal year | 20 | 83 | |
Financing receivable, four years before current fiscal year | 59 | 73 | |
Financing receivable, more than five years before current fiscal year | 36 | 19 | |
Revolver Total at Amortized Cost Basis | 0 | 0 | |
Revolver Total Converted to Term Loans | 0 | 0 | |
Loans and leases | 230 | 341 | |
Commercial real estate | Substandard | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Financing receivable, current fiscal year | 182 | 224 | |
Financing receivable, year before current fiscal year | 161 | 362 | |
Financing receivable, two years before current fiscal year | 213 | 448 | |
Financing receivable, three years before current fiscal year | 198 | 115 | |
Financing receivable, four years before current fiscal year | 107 | 151 | |
Financing receivable, more than five years before current fiscal year | 133 | 46 | |
Revolver Total at Amortized Cost Basis | 17 | 30 | |
Revolver Total Converted to Term Loans | 0 | 0 | |
Loans and leases | 1,011 | 1,376 | |
Commercial real estate | Doubtful | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Financing receivable, current fiscal year | 0 | 0 | |
Financing receivable, year before current fiscal year | 0 | 0 | |
Financing receivable, two years before current fiscal year | 0 | 0 | |
Financing receivable, three years before current fiscal year | 0 | 1 | |
Financing receivable, four years before current fiscal year | 1 | 0 | |
Financing receivable, more than five years before current fiscal year | 0 | 0 | |
Revolver Total at Amortized Cost Basis | 0 | 0 | |
Revolver Total Converted to Term Loans | 0 | 0 | |
Loans and leases | 1 | 1 | |
Lease financing | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Financing receivable, current fiscal year | 948 | 1,865 | |
Financing receivable, year before current fiscal year | 1,604 | 1,496 | |
Financing receivable, two years before current fiscal year | 1,275 | 840 | |
Financing receivable, three years before current fiscal year | 668 | 423 | |
Financing receivable, four years before current fiscal year | 300 | 237 | |
Financing receivable, more than five years before current fiscal year | 248 | 139 | |
Revolver Total at Amortized Cost Basis | 0 | 0 | |
Revolver Total Converted to Term Loans | 0 | 0 | |
Loans and leases | 5,043 | 5,000 | |
Lease financing | Pass | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Financing receivable, current fiscal year | 934 | 1,851 | |
Financing receivable, year before current fiscal year | 1,590 | 1,441 | |
Financing receivable, two years before current fiscal year | 1,225 | 809 | |
Financing receivable, three years before current fiscal year | 637 | 417 | |
Financing receivable, four years before current fiscal year | 288 | 226 | |
Financing receivable, more than five years before current fiscal year | 230 | 131 | |
Revolver Total at Amortized Cost Basis | 0 | 0 | |
Revolver Total Converted to Term Loans | 0 | 0 | |
Loans and leases | 4,904 | 4,875 | |
Lease financing | OLEM | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Financing receivable, current fiscal year | 10 | 8 | |
Financing receivable, year before current fiscal year | 9 | 32 | |
Financing receivable, two years before current fiscal year | 32 | 12 | |
Financing receivable, three years before current fiscal year | 6 | 4 | |
Financing receivable, four years before current fiscal year | 6 | 2 | |
Financing receivable, more than five years before current fiscal year | 4 | 0 | |
Revolver Total at Amortized Cost Basis | 0 | 0 | |
Revolver Total Converted to Term Loans | 0 | 0 | |
Loans and leases | 67 | 58 | |
Lease financing | Substandard | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Financing receivable, current fiscal year | 4 | 6 | |
Financing receivable, year before current fiscal year | 5 | 23 | |
Financing receivable, two years before current fiscal year | 18 | 19 | |
Financing receivable, three years before current fiscal year | 25 | 2 | |
Financing receivable, four years before current fiscal year | 6 | 9 | |
Financing receivable, more than five years before current fiscal year | 14 | 8 | |
Revolver Total at Amortized Cost Basis | 0 | 0 | |
Revolver Total Converted to Term Loans | 0 | 0 | |
Loans and leases | 72 | 67 | |
Consumer | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans and leases | 52,043 | 49,618 | |
Consumer | Residential mortgage | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Financing receivable, current fiscal year | 3,217 | 7,442 | |
Financing receivable, year before current fiscal year | 7,698 | 4,906 | |
Financing receivable, two years before current fiscal year | 4,458 | 1,491 | |
Financing receivable, three years before current fiscal year | 1,243 | 943 | |
Financing receivable, four years before current fiscal year | 764 | 1,040 | |
Financing receivable, more than five years before current fiscal year | 3,662 | 3,264 | |
Revolver Total at Amortized Cost Basis | 0 | 0 | |
Revolver Total Converted to Term Loans | 0 | 0 | |
Loans and leases | 21,042 | 19,086 | |
Consumer | Residential mortgage | 750 plus | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Financing receivable, current fiscal year | 2,358 | 5,532 | |
Financing receivable, year before current fiscal year | 6,205 | 3,857 | |
Financing receivable, two years before current fiscal year | 3,696 | 978 | |
Financing receivable, three years before current fiscal year | 879 | 554 | |
Financing receivable, four years before current fiscal year | 473 | 687 | |
Financing receivable, more than five years before current fiscal year | 2,208 | 1,704 | |
Revolver Total at Amortized Cost Basis | 0 | 0 | |
Revolver Total Converted to Term Loans | 0 | 0 | |
Loans and leases | 15,819 | 13,312 | |
Consumer | Residential mortgage | 650-749 | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Financing receivable, current fiscal year | 847 | 1,862 | |
Financing receivable, year before current fiscal year | 1,437 | 993 | |
Financing receivable, two years before current fiscal year | 706 | 409 | |
Financing receivable, three years before current fiscal year | 270 | 269 | |
Financing receivable, four years before current fiscal year | 180 | 254 | |
Financing receivable, more than five years before current fiscal year | 906 | 1,028 | |
Revolver Total at Amortized Cost Basis | 0 | 0 | |
Revolver Total Converted to Term Loans | 0 | 0 | |
Loans and leases | 4,346 | 4,815 | |
Consumer | Residential mortgage | Less than 650 | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Financing receivable, current fiscal year | 12 | 48 | |
Financing receivable, year before current fiscal year | 56 | 56 | |
Financing receivable, two years before current fiscal year | 56 | 104 | |
Financing receivable, three years before current fiscal year | 94 | 120 | |
Financing receivable, four years before current fiscal year | 111 | 99 | |
Financing receivable, more than five years before current fiscal year | 548 | 532 | |
Revolver Total at Amortized Cost Basis | 0 | 0 | |
Revolver Total Converted to Term Loans | 0 | 0 | |
Loans and leases | 877 | 959 | |
Consumer | Automobile | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Financing receivable, current fiscal year | 3,020 | 5,766 | |
Financing receivable, year before current fiscal year | 4,988 | 3,398 | |
Financing receivable, two years before current fiscal year | 2,681 | 2,295 | |
Financing receivable, three years before current fiscal year | 1,719 | 1,174 | |
Financing receivable, four years before current fiscal year | 804 | 583 | |
Financing receivable, more than five years before current fiscal year | 410 | 218 | |
Revolver Total at Amortized Cost Basis | 0 | 0 | |
Revolver Total Converted to Term Loans | 0 | 0 | |
Loans and leases | 13,622 | 13,434 | |
Consumer | Automobile | 750 plus | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Financing receivable, current fiscal year | 1,673 | 2,993 | |
Financing receivable, year before current fiscal year | 2,621 | 1,927 | |
Financing receivable, two years before current fiscal year | 1,571 | 1,381 | |
Financing receivable, three years before current fiscal year | 1,057 | 666 | |
Financing receivable, four years before current fiscal year | 456 | 345 | |
Financing receivable, more than five years before current fiscal year | 236 | 129 | |
Revolver Total at Amortized Cost Basis | 0 | 0 | |
Revolver Total Converted to Term Loans | 0 | 0 | |
Loans and leases | 7,614 | 7,441 | |
Consumer | Automobile | 650-749 | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Financing receivable, current fiscal year | 1,199 | 2,393 | |
Financing receivable, year before current fiscal year | 1,988 | 1,237 | |
Financing receivable, two years before current fiscal year | 909 | 736 | |
Financing receivable, three years before current fiscal year | 519 | 380 | |
Financing receivable, four years before current fiscal year | 254 | 168 | |
Financing receivable, more than five years before current fiscal year | 113 | 55 | |
Revolver Total at Amortized Cost Basis | 0 | 0 | |
Revolver Total Converted to Term Loans | 0 | 0 | |
Loans and leases | 4,982 | 4,969 | |
Consumer | Automobile | Less than 650 | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Financing receivable, current fiscal year | 148 | 380 | |
Financing receivable, year before current fiscal year | 379 | 234 | |
Financing receivable, two years before current fiscal year | 201 | 178 | |
Financing receivable, three years before current fiscal year | 143 | 128 | |
Financing receivable, four years before current fiscal year | 94 | 70 | |
Financing receivable, more than five years before current fiscal year | 61 | 34 | |
Revolver Total at Amortized Cost Basis | 0 | 0 | |
Revolver Total Converted to Term Loans | 0 | 0 | |
Loans and leases | 1,026 | 1,024 | |
Consumer | Home equity | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Financing receivable, current fiscal year | 392 | 777 | |
Financing receivable, year before current fiscal year | 706 | 797 | |
Financing receivable, two years before current fiscal year | 731 | 49 | |
Financing receivable, three years before current fiscal year | 39 | 45 | |
Financing receivable, four years before current fiscal year | 36 | 48 | |
Financing receivable, more than five years before current fiscal year | 550 | 615 | |
Revolver Total at Amortized Cost Basis | 7,289 | 7,457 | |
Revolver Total Converted to Term Loans | 682 | 761 | |
Loans and leases | 10,425 | 10,549 | |
Consumer | Home equity | 750 plus | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Financing receivable, current fiscal year | 301 | 645 | |
Financing receivable, year before current fiscal year | 602 | 701 | |
Financing receivable, two years before current fiscal year | 651 | 32 | |
Financing receivable, three years before current fiscal year | 27 | 31 | |
Financing receivable, four years before current fiscal year | 25 | 34 | |
Financing receivable, more than five years before current fiscal year | 350 | 387 | |
Revolver Total at Amortized Cost Basis | 4,868 | 4,772 | |
Revolver Total Converted to Term Loans | 272 | 272 | |
Loans and leases | 7,096 | 6,874 | |
Consumer | Home equity | 650-749 | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Financing receivable, current fiscal year | 91 | 129 | |
Financing receivable, year before current fiscal year | 102 | 94 | |
Financing receivable, two years before current fiscal year | 78 | 15 | |
Financing receivable, three years before current fiscal year | 10 | 13 | |
Financing receivable, four years before current fiscal year | 8 | 13 | |
Financing receivable, more than five years before current fiscal year | 138 | 161 | |
Revolver Total at Amortized Cost Basis | 2,102 | 2,324 | |
Revolver Total Converted to Term Loans | 272 | 324 | |
Loans and leases | 2,801 | 3,073 | |
Consumer | Home equity | Less than 650 | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Financing receivable, current fiscal year | 0 | 3 | |
Financing receivable, year before current fiscal year | 2 | 2 | |
Financing receivable, two years before current fiscal year | 2 | 2 | |
Financing receivable, three years before current fiscal year | 2 | 1 | |
Financing receivable, four years before current fiscal year | 3 | 1 | |
Financing receivable, more than five years before current fiscal year | 62 | 67 | |
Revolver Total at Amortized Cost Basis | 319 | 361 | |
Revolver Total Converted to Term Loans | 138 | 165 | |
Loans and leases | 528 | 602 | |
Consumer | RV and marine | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Financing receivable, current fiscal year | 1,056 | 1,656 | |
Financing receivable, year before current fiscal year | 1,494 | 1,217 | |
Financing receivable, two years before current fiscal year | 1,055 | 654 | |
Financing receivable, three years before current fiscal year | 556 | 643 | |
Financing receivable, four years before current fiscal year | 548 | 392 | |
Financing receivable, more than five years before current fiscal year | 744 | 496 | |
Revolver Total at Amortized Cost Basis | 0 | 0 | |
Revolver Total Converted to Term Loans | 0 | 0 | |
Loans and leases | 5,453 | 5,058 | |
Consumer | RV and marine | 750 plus | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Financing receivable, current fiscal year | 890 | 1,257 | |
Financing receivable, year before current fiscal year | 1,112 | 933 | |
Financing receivable, two years before current fiscal year | 814 | 470 | |
Financing receivable, three years before current fiscal year | 400 | 468 | |
Financing receivable, four years before current fiscal year | 402 | 268 | |
Financing receivable, more than five years before current fiscal year | 502 | 319 | |
Revolver Total at Amortized Cost Basis | 0 | 0 | |
Revolver Total Converted to Term Loans | 0 | 0 | |
Loans and leases | 4,120 | 3,715 | |
Consumer | RV and marine | 650-749 | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Financing receivable, current fiscal year | 165 | 393 | |
Financing receivable, year before current fiscal year | 368 | 273 | |
Financing receivable, two years before current fiscal year | 228 | 171 | |
Financing receivable, three years before current fiscal year | 141 | 157 | |
Financing receivable, four years before current fiscal year | 130 | 106 | |
Financing receivable, more than five years before current fiscal year | 199 | 150 | |
Revolver Total at Amortized Cost Basis | 0 | 0 | |
Revolver Total Converted to Term Loans | 0 | 0 | |
Loans and leases | 1,231 | 1,250 | |
Consumer | RV and marine | Less than 650 | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Financing receivable, current fiscal year | 1 | 6 | |
Financing receivable, year before current fiscal year | 14 | 11 | |
Financing receivable, two years before current fiscal year | 13 | 13 | |
Financing receivable, three years before current fiscal year | 15 | 18 | |
Financing receivable, four years before current fiscal year | 16 | 18 | |
Financing receivable, more than five years before current fiscal year | 43 | 27 | |
Revolver Total at Amortized Cost Basis | 0 | 0 | |
Revolver Total Converted to Term Loans | 0 | 0 | |
Loans and leases | 102 | 93 | |
Consumer | Other consumer | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Financing receivable, current fiscal year | 230 | 301 | |
Financing receivable, year before current fiscal year | 122 | 88 | |
Financing receivable, two years before current fiscal year | 65 | 105 | |
Financing receivable, three years before current fiscal year | 74 | 38 | |
Financing receivable, four years before current fiscal year | 27 | 27 | |
Financing receivable, more than five years before current fiscal year | 84 | 69 | |
Revolver Total at Amortized Cost Basis | 684 | 648 | |
Revolver Total Converted to Term Loans | 36 | 44 | |
Loans and leases | 1,322 | 1,320 | |
Consumer | Other consumer | 750 plus | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Financing receivable, current fiscal year | 189 | 211 | |
Financing receivable, year before current fiscal year | 81 | 34 | |
Financing receivable, two years before current fiscal year | 46 | 50 | |
Financing receivable, three years before current fiscal year | 47 | 13 | |
Financing receivable, four years before current fiscal year | 18 | 10 | |
Financing receivable, more than five years before current fiscal year | 58 | 27 | |
Revolver Total at Amortized Cost Basis | 345 | 326 | |
Revolver Total Converted to Term Loans | 3 | 3 | |
Loans and leases | 787 | 674 | |
Consumer | Other consumer | 650-749 | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Financing receivable, current fiscal year | 40 | 88 | |
Financing receivable, year before current fiscal year | 38 | 52 | |
Financing receivable, two years before current fiscal year | 17 | 50 | |
Financing receivable, three years before current fiscal year | 23 | 23 | |
Financing receivable, four years before current fiscal year | 7 | 17 | |
Financing receivable, more than five years before current fiscal year | 23 | 41 | |
Revolver Total at Amortized Cost Basis | 311 | 295 | |
Revolver Total Converted to Term Loans | 19 | 24 | |
Loans and leases | 478 | 590 | |
Consumer | Other consumer | Less than 650 | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Financing receivable, current fiscal year | 1 | 2 | |
Financing receivable, year before current fiscal year | 3 | 2 | |
Financing receivable, two years before current fiscal year | 2 | 5 | |
Financing receivable, three years before current fiscal year | 4 | 2 | |
Financing receivable, four years before current fiscal year | 2 | 0 | |
Financing receivable, more than five years before current fiscal year | 3 | 1 | |
Revolver Total at Amortized Cost Basis | 28 | 27 | |
Revolver Total Converted to Term Loans | 14 | 17 | |
Loans and leases | $ 57 | $ 56 | |
[1] Amounts represent loans for which Huntington has elected the fair value option. See Note 13 “ Fair Values of Assets and Liabilities ”. |
LOANS AND LEASES - TDRs (Detail
LOANS AND LEASES - TDRs (Details) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 USD ($) contract | Jun. 30, 2021 USD ($) contract | Jun. 30, 2022 USD ($) contract | Jun. 30, 2021 USD ($) contract | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Contracts | contract | 927 | 765 | 1,829 | 1,973 |
Post-modification outstanding recorded investment | $ 112 | $ 48 | $ 163 | $ 80 |
Interest rate reduction | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post-modification outstanding recorded investment | 56 | 16 | 67 | 16 |
Amortization or maturity date change | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post-modification outstanding recorded investment | 50 | 29 | 87 | 56 |
Chapter 7 bankruptcy | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post-modification outstanding recorded investment | 5 | 3 | 8 | 7 |
Other | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post-modification outstanding recorded investment | $ 1 | $ 0 | $ 1 | $ 1 |
Commercial | Commercial and industrial | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Contracts | contract | 88 | 25 | 46 | 37 |
Post-modification outstanding recorded investment | $ 32 | $ 29 | $ 46 | $ 34 |
Commercial | Commercial and industrial | Interest rate reduction | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post-modification outstanding recorded investment | 19 | 15 | 30 | 15 |
Commercial | Commercial and industrial | Amortization or maturity date change | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post-modification outstanding recorded investment | 12 | 14 | 15 | 19 |
Commercial | Commercial and industrial | Chapter 7 bankruptcy | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post-modification outstanding recorded investment | 0 | 0 | 0 | 0 |
Commercial | Commercial and industrial | Other | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post-modification outstanding recorded investment | $ 1 | $ 0 | $ 1 | $ 0 |
Commercial | Commercial real estate | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Contracts | contract | 4 | 5 | ||
Post-modification outstanding recorded investment | $ 37 | $ 37 | ||
Commercial | Commercial real estate | Interest rate reduction | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post-modification outstanding recorded investment | 37 | 37 | ||
Commercial | Commercial real estate | Amortization or maturity date change | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post-modification outstanding recorded investment | 0 | 0 | ||
Commercial | Commercial real estate | Chapter 7 bankruptcy | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post-modification outstanding recorded investment | 0 | 0 | ||
Commercial | Commercial real estate | Other | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post-modification outstanding recorded investment | $ 0 | $ 0 | ||
Consumer | Residential mortgage | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Contracts | contract | 238 | 72 | 445 | 158 |
Post-modification outstanding recorded investment | $ 35 | $ 12 | $ 64 | $ 26 |
Consumer | Residential mortgage | Interest rate reduction | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post-modification outstanding recorded investment | 0 | 0 | 0 | 0 |
Consumer | Residential mortgage | Amortization or maturity date change | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post-modification outstanding recorded investment | 32 | 11 | 60 | 24 |
Consumer | Residential mortgage | Chapter 7 bankruptcy | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post-modification outstanding recorded investment | 3 | 1 | 4 | 2 |
Consumer | Residential mortgage | Other | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post-modification outstanding recorded investment | $ 0 | $ 0 | $ 0 | $ 0 |
Consumer | Automobile | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Contracts | contract | 469 | 514 | 1,094 | 1,416 |
Post-modification outstanding recorded investment | $ 3 | $ 4 | $ 8 | $ 12 |
Consumer | Automobile | Interest rate reduction | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post-modification outstanding recorded investment | 0 | 0 | 0 | 0 |
Consumer | Automobile | Amortization or maturity date change | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post-modification outstanding recorded investment | 3 | 3 | 7 | 10 |
Consumer | Automobile | Chapter 7 bankruptcy | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post-modification outstanding recorded investment | 0 | 1 | 1 | 2 |
Consumer | Automobile | Other | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post-modification outstanding recorded investment | $ 0 | $ 0 | $ 0 | $ 0 |
Consumer | Home equity | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Contracts | contract | 70 | 51 | 112 | 113 |
Post-modification outstanding recorded investment | $ 5 | $ 2 | $ 7 | $ 5 |
Consumer | Home equity | Interest rate reduction | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post-modification outstanding recorded investment | 0 | 0 | 0 | 0 |
Consumer | Home equity | Amortization or maturity date change | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post-modification outstanding recorded investment | 3 | 1 | 4 | 2 |
Consumer | Home equity | Chapter 7 bankruptcy | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post-modification outstanding recorded investment | 2 | 1 | 3 | 3 |
Consumer | Home equity | Other | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post-modification outstanding recorded investment | $ 0 | $ 0 | $ 0 | $ 0 |
Consumer | RV and marine | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Contracts | contract | 35 | 35 | 74 | 84 |
Post-modification outstanding recorded investment | $ 0 | $ 1 | $ 1 | $ 2 |
Consumer | RV and marine | Interest rate reduction | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post-modification outstanding recorded investment | 0 | 1 | 0 | 1 |
Consumer | RV and marine | Amortization or maturity date change | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post-modification outstanding recorded investment | 0 | 0 | 1 | 1 |
Consumer | RV and marine | Chapter 7 bankruptcy | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post-modification outstanding recorded investment | 0 | 0 | 0 | 0 |
Consumer | RV and marine | Other | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post-modification outstanding recorded investment | $ 0 | $ 0 | $ 0 | $ 0 |
Consumer | Other consumer | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Contracts | contract | 23 | 68 | 53 | 165 |
Post-modification outstanding recorded investment | $ 0 | $ 0 | $ 0 | $ 1 |
Consumer | Other consumer | Interest rate reduction | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post-modification outstanding recorded investment | 0 | 0 | 0 | 0 |
Consumer | Other consumer | Amortization or maturity date change | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post-modification outstanding recorded investment | 0 | 0 | 0 | 0 |
Consumer | Other consumer | Chapter 7 bankruptcy | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post-modification outstanding recorded investment | 0 | 0 | 0 | 0 |
Consumer | Other consumer | Other | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post-modification outstanding recorded investment | $ 0 | $ 0 | $ 0 | $ 1 |
ALLOWANCE FOR CREDIT LOSSES - A
ALLOWANCE FOR CREDIT LOSSES - Allowance Roll-forward (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||
ALLL balance, beginning of period | $ 2,018 | $ 1,703 | $ 2,030 | $ 1,814 | |
Loan and lease charge-offs | (52) | (102) | (133) | (197) | |
Recoveries of loans and leases previously charged-off | 44 | 40 | 106 | 71 | |
Provision (benefit) for loan and lease losses | 64 | 145 | 71 | 98 | |
Allowance for loans and leases sold or transferred to loans held for sale | 432 | 432 | |||
ALLL balance, end of period | 2,074 | 2,218 | 2,074 | 2,218 | |
AULC balance, beginning of period | 91 | 38 | 77 | 52 | |
Provision (reduction in allowance) for unfunded loan commitments | 3 | 66 | 17 | 53 | |
Unfunded lending commitment losses | (1) | ||||
AULC balance, end of period | 94 | 104 | 94 | 104 | |
ACL balance, end of period | 2,168 | 2,322 | 2,168 | 2,322 | $ 2,100 |
Net impact of allowance for credit loss for PCD loans | 432 | ||||
TCF Financial Corporation | |||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Loan and lease charge-offs | (80) | (80) | |||
Provision (benefit) for loan and lease losses | 234 | 234 | |||
Provision (reduction in allowance) for unfunded loan commitments | 60 | 60 | |||
Commercial | |||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||
ALLL balance, beginning of period | 1,514 | 1,197 | 1,462 | 1,236 | |
Loan and lease charge-offs | (12) | (78) | (44) | (139) | |
Recoveries of loans and leases previously charged-off | 24 | 19 | 65 | 31 | |
Provision (benefit) for loan and lease losses | (184) | 106 | (141) | 116 | |
Allowance for loans and leases sold or transferred to loans held for sale | 374 | 374 | |||
ALLL balance, end of period | 1,342 | 1,618 | 1,342 | 1,618 | |
AULC balance, beginning of period | 57 | 27 | 41 | 34 | |
Provision (reduction in allowance) for unfunded loan commitments | (4) | 49 | 12 | 43 | |
Unfunded lending commitment losses | (1) | ||||
AULC balance, end of period | 53 | 76 | 53 | 76 | |
ACL balance, end of period | 1,395 | 1,694 | 1,395 | 1,694 | |
Consumer | |||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||
ALLL balance, beginning of period | 504 | 506 | 568 | 578 | |
Loan and lease charge-offs | (40) | (24) | (89) | (58) | |
Recoveries of loans and leases previously charged-off | 20 | 21 | 41 | 40 | |
Provision (benefit) for loan and lease losses | 248 | 39 | 212 | (18) | |
Allowance for loans and leases sold or transferred to loans held for sale | 58 | 58 | |||
ALLL balance, end of period | 732 | 600 | 732 | 600 | |
AULC balance, beginning of period | 34 | 11 | 36 | 18 | |
Provision (reduction in allowance) for unfunded loan commitments | 7 | 17 | 5 | 10 | |
Unfunded lending commitment losses | 0 | ||||
AULC balance, end of period | 41 | 28 | 41 | 28 | |
ACL balance, end of period | $ 773 | $ 628 | $ 773 | $ 628 |
ALLOWANCE FOR CREDIT LOSSES - N
ALLOWANCE FOR CREDIT LOSSES - Narrative (Details) - USD ($) $ in Millions | 6 Months Ended | ||
Jun. 30, 2022 | Dec. 31, 2021 | Jun. 30, 2021 | |
Credit Loss [Abstract] | |||
ACL balance, end of period | $ 2,168 | $ 2,100 | $ 2,322 |
Allowance for credit loss, change since adoption | $ 61 |
MORTGAGE LOAN SALES AND SERVI_3
MORTGAGE LOAN SALES AND SERVICING RIGHTS - Residential Mortgage Portfolio (Details) - Residential mortgage - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Servicing Asset at Amortized Cost [Line Items] | ||||
Loans sold with servicing retained | $ 1,313 | $ 2,748 | $ 3,247 | $ 5,004 |
Pretax gains resulting from above loan sales | $ 40 | $ 101 | $ 99 | $ 194 |
MORTGAGE LOAN SALES AND SERVI_4
MORTGAGE LOAN SALES AND SERVICING RIGHTS - Residential Mortgage Portfolio, MSRs Fair Value Method (Details) - Residential mortgage - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Servicing Asset at Fair Value, Amount [Roll Forward] | ||||
Fair value, beginning of period | $ 416 | $ 274 | $ 351 | $ 210 |
Servicing assets obtained in acquisition | 0 | 59 | 0 | 59 |
New servicing assets created | 18 | 38 | 47 | 72 |
Time decay | (5) | (4) | (10) | (7) |
Payoffs | (10) | (16) | (20) | (33) |
Changes in valuation inputs or assumptions | 44 | (24) | 95 | 26 |
Fair value, end of period | $ 463 | $ 327 | $ 463 | $ 327 |
Fair value method | ||||
Servicing Asset at Fair Value, Amount [Roll Forward] | ||||
Weighted-average life (years) | 8 years 1 month 6 days | 6 years 10 months 24 days | 8 years 1 month 6 days | 6 years 10 months 24 days |
MORTGAGE LOAN SALES AND SERVI_5
MORTGAGE LOAN SALES AND SERVICING RIGHTS - Residential Mortgage Portfolio, MSRs Fair Value Method Key Assumptions (Details) - Fair value method - Residential mortgage - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2022 | Dec. 31, 2021 | |
Servicing Assets at Fair Value [Line Items] | ||
Constant prepayment rate (annualized), actual | 7.29% | 12.28% |
Constant prepayment rate (annualized), 10% adverse change | $ (13) | $ (17) |
Constant prepayment rate (annualized), 20% adverse change | $ (25) | $ (32) |
Spread over forward interest rate swap rates, actual | 5.84% | 4.66% |
Spread over forward interest rate swap rates, 10% adverse change | $ (11) | $ (7) |
Spread over forward interest rate swap rates, 20% adverse change | $ (22) | $ (13) |
MORTGAGE LOAN SALES AND SERVI_6
MORTGAGE LOAN SALES AND SERVICING RIGHTS - Narrative (Details) - Residential mortgage - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Servicing Assets at Fair Value [Line Items] | |||||
Servicing income | $ 23 | $ 17 | $ 45 | $ 35 | |
Unpaid principal balance of third party serviced loans | $ 32,000 | $ 32,000 | $ 31,000 |
BORROWINGS - SCHEDULE OF SHORT-
BORROWINGS - SCHEDULE OF SHORT-TERM DEBT (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Short-term Debt [Line Items] | ||
Short-term borrowings | $ 3,048 | $ 334 |
Federal funds purchased and securities sold under agreements to repurchase | ||
Short-term Debt [Line Items] | ||
Short-term borrowings | 325 | 320 |
Federal Home Loan Bank advances | ||
Short-term Debt [Line Items] | ||
Short-term borrowings | 2,500 | 0 |
Other borrowings | ||
Short-term Debt [Line Items] | ||
Short-term borrowings | $ 223 | $ 14 |
BORROWINGS - Schedule of Long-T
BORROWINGS - Schedule of Long-Term Debt and Debt Issuances (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Debt Instrument [Line Items] | ||
Long-term debt | $ 7,866 | $ 7,108 |
Federal Home Loan Bank advances | ||
Debt Instrument [Line Items] | ||
Long-term debt | 213 | 215 |
Other borrowings | ||
Debt Instrument [Line Items] | ||
Long-term debt | 548 | 537 |
Parent | ||
Debt Instrument [Line Items] | ||
Long-term debt | 3,398 | 3,111 |
Parent | Senior Notes | ||
Debt Instrument [Line Items] | ||
Long-term debt | 2,389 | 2,083 |
Parent | Subordinated Notes | ||
Debt Instrument [Line Items] | ||
Long-term debt | 1,009 | 1,028 |
Bank | ||
Debt Instrument [Line Items] | ||
Long-term debt | 3,707 | 3,245 |
Bank | Senior Notes | ||
Debt Instrument [Line Items] | ||
Long-term debt | 3,036 | 2,434 |
Bank | Subordinated Notes | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 671 | $ 811 |
BORROWINGS - Narrative (Details
BORROWINGS - Narrative (Details) - Senior Notes $ in Millions | 1 Months Ended |
May 31, 2022 USD ($) | |
Huntington National Bank Senior Note Due May 16, 2025, 4.01 Percent | |
Debt Instrument [Line Items] | |
Debt face amount | $ 500 |
Debt percent of value | 99.80% |
Debt stated interest rate | 4.01% |
Huntington National Bank Senior Note Due May 17, 2028, 4.55 Percent | |
Debt Instrument [Line Items] | |
Debt face amount | $ 800 |
Debt percent of value | 99.70% |
Debt stated interest rate | 4.55% |
Huntington National Bank Senior Note Due May 16, 2025 | |
Debt Instrument [Line Items] | |
Debt face amount | $ 300 |
Debt percent of value | 99.80% |
Huntington National Bank Senior Note Due May 16, 2025 | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | |
Debt Instrument [Line Items] | |
Basis spread on variable rate | 1.19% |
Huntington National Bank Senior Note Due May 17, 2033, 5.023 Percent | |
Debt Instrument [Line Items] | |
Debt face amount | $ 400 |
Debt percent of value | 100% |
Debt stated interest rate | 5.02% |
OTHER COMPREHENSIVE INCOME - Ac
OTHER COMPREHENSIVE INCOME - Activity (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Pretax | ||||
Other comprehensive income (loss), pretax | $ (1,015) | $ 50 | $ (2,422) | $ (269) |
Tax (Expense) Benefit | ||||
Total other comprehensive income (loss), tax (expense) benefit | 231 | (13) | 553 | 58 |
After-tax | ||||
Other comprehensive (loss) income, net of tax | (784) | 37 | (1,869) | (211) |
Other comprehensive income (loss) before reclassifications | (848) | 23 | (1,942) | (234) |
Net unrealized gains (losses) on net investment hedges | 64 | 14 | 73 | 23 |
Period change | (784) | 37 | (1,869) | (211) |
Unrealized gains and (losses) on debt securities | ||||
After-tax | ||||
Other comprehensive income (loss) before reclassifications | (883) | 68 | (2,069) | (155) |
Net unrealized gains (losses) on net investment hedges | 63 | 10 | 70 | 17 |
Period change | (820) | 78 | (1,999) | (138) |
Net impact of fair value hedges on available-for-sale securities | ||||
Pretax | ||||
Other comprehensive income (loss), pretax | 161 | (6) | 592 | 38 |
Tax (Expense) Benefit | ||||
Total other comprehensive income (loss), tax (expense) benefit | (38) | 1 | (137) | (9) |
After-tax | ||||
Other comprehensive (loss) income, net of tax | (5) | |||
Other comprehensive income (loss) before reclassifications | 123 | (5) | 455 | 29 |
Net unrealized gains (losses) on net investment hedges | 0 | 0 | 0 | 0 |
Period change | 123 | (5) | 455 | 29 |
Change in fair value related to cash flow hedges | ||||
Pretax | ||||
Other comprehensive income (loss), pretax | (111) | (42) | ||
Tax (Expense) Benefit | ||||
Total other comprehensive income (loss), tax (expense) benefit | 25 | 8 | ||
After-tax | ||||
Other comprehensive (loss) income, net of tax | (86) | (34) | (326) | (102) |
Accumulated foreign currency adjustment | ||||
Pretax | ||||
Foreign currency translation adjustment | (8) | (6) | (6) | |
Net unrealized gains (losses) on net investment hedges | 6 | 4 | ||
Translation adjustments, net of hedges | (2) | (6) | (2) | |
Tax (Expense) Benefit | ||||
Reclassification adjustment for realized net losses included in net income | 0 | 0 | ||
Other comprehensive income (loss), tax | 0 | 0 | 0 | 0 |
After-tax | ||||
Other comprehensive income (loss) before reclassifications | (8) | (6) | (6) | |
Net unrealized gains (losses) on net investment hedges | 6 | 4 | ||
Period change | (2) | (6) | (2) | |
Unrealized gains (losses) for pension and other post-retirement obligations | ||||
Pretax | ||||
Other comprehensive income (loss), pretax | 2 | 3 | 5 | 6 |
Tax (Expense) Benefit | ||||
Total other comprehensive income (loss), tax (expense) benefit | (1) | 1 | (2) | 0 |
After-tax | ||||
Other comprehensive (loss) income, net of tax | 1 | 4 | 3 | 6 |
Other comprehensive income (loss) before reclassifications | 0 | 0 | 0 | 0 |
Net unrealized gains (losses) on net investment hedges | 1 | 4 | 3 | 6 |
Period change | 1 | 4 | 3 | 6 |
Net unrealized gains (losses) on net investment hedges | ||||
Pretax | ||||
Other comprehensive income (loss), pretax | (421) | (130) | ||
Tax (Expense) Benefit | ||||
Total other comprehensive income (loss), tax (expense) benefit | 95 | 28 | ||
After-tax | ||||
Other comprehensive income (loss) before reclassifications | (86) | (34) | (326) | (102) |
Net unrealized gains (losses) on net investment hedges | 0 | 0 | 0 | 0 |
Period change | (86) | (34) | (326) | (102) |
Debt Securities | Unrealized gains and (losses) on debt securities | ||||
Pretax | ||||
Unrealized losses on available-for-sale securities arising during the period | (1,147) | 88 | (2,687) | (199) |
Reclassification adjustment for realized net losses included in net income | 82 | 13 | 91 | 22 |
Other comprehensive income (loss), pretax | (1,065) | 101 | (2,596) | (177) |
Tax (Expense) Benefit | ||||
Unrealized losses on available-for-sale securities arising during the period | 264 | (20) | 618 | 44 |
Reclassification adjustment for realized net losses included in net income | (19) | (3) | (21) | (5) |
Total other comprehensive income (loss), tax (expense) benefit | 245 | (23) | 597 | 39 |
After-tax | ||||
Unrealized losses on available-for-sale securities arising during the period | (883) | 68 | (2,069) | (155) |
Reclassification adjustment for realized net losses included in net income | 63 | 10 | 70 | 17 |
Other comprehensive (loss) income, net of tax | (820) | $ 78 | (1,999) | (138) |
Debt Securities | Net impact of fair value hedges on available-for-sale securities | ||||
After-tax | ||||
Other comprehensive (loss) income, net of tax | $ 123 | $ 455 | $ 29 |
OTHER COMPREHENSIVE INCOME OTHE
OTHER COMPREHENSIVE INCOME OTHER COMPREHENSIVE INCOME - AOCI Roll Forward (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||
Balance, beginning of period | $ 19,297 | |||||
Other comprehensive income (loss) before reclassifications | $ (848) | $ 23 | (1,942) | $ (234) | ||
Net unrealized gains (losses) on net investment hedges | 64 | 14 | 73 | 23 | ||
Period change | (784) | 37 | (1,869) | (211) | ||
Balance, end of period | $ 17,950 | 17,950 | 17,950 | |||
Unrealized gains and (losses) on debt securities | ||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||
Balance, beginning of period | (1,332) | (28) | (153) | 188 | ||
Other comprehensive income (loss) before reclassifications | (883) | 68 | (2,069) | (155) | ||
Net unrealized gains (losses) on net investment hedges | 63 | 10 | 70 | 17 | ||
Period change | (820) | 78 | (1,999) | (138) | ||
Balance, end of period | (2,152) | $ 50 | (2,152) | 50 | (2,152) | 50 |
Net impact of fair value hedges on available-for-sale securities | ||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||
Balance, beginning of period | 421 | 36 | 2 | 89 | ||
Other comprehensive income (loss) before reclassifications | 123 | (5) | 455 | 29 | ||
Net unrealized gains (losses) on net investment hedges | 0 | 0 | 0 | 0 | ||
Period change | 123 | (5) | 455 | 29 | ||
Balance, end of period | 544 | 31 | 544 | 31 | 544 | 31 |
Net unrealized gains (losses) on net investment hedges | ||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||
Balance, beginning of period | (177) | 187 | 63 | 255 | ||
Other comprehensive income (loss) before reclassifications | (86) | (34) | (326) | (102) | ||
Net unrealized gains (losses) on net investment hedges | 0 | 0 | 0 | 0 | ||
Period change | (86) | (34) | (326) | (102) | ||
Balance, end of period | (263) | 153 | (263) | 153 | (263) | 153 |
Translation adjustments, net of hedges | ||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||
Balance, beginning of period | (3) | 0 | (3) | 0 | ||
Other comprehensive income (loss) before reclassifications | (2) | (6) | (2) | (6) | ||
Net unrealized gains (losses) on net investment hedges | 0 | 0 | 0 | 0 | ||
Period change | (2) | (6) | (2) | (6) | ||
Balance, end of period | (5) | (6) | (5) | (6) | (5) | (6) |
Unrealized gains (losses) for pension and other post-retirement obligations | ||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||
Balance, beginning of period | (223) | (251) | (225) | (253) | ||
Other comprehensive income (loss) before reclassifications | 0 | 0 | 0 | 0 | ||
Net unrealized gains (losses) on net investment hedges | 1 | 4 | 3 | 6 | ||
Period change | 1 | 4 | 3 | 6 | ||
Balance, end of period | (222) | (247) | (222) | (247) | (222) | (247) |
Accumulated Other Comprehensive Income (Loss) | ||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||
Balance, beginning of period | (1,314) | (56) | (229) | 192 | ||
Balance, end of period | (2,098) | (19) | $ (2,098) | $ (19) | $ (2,098) | $ (19) |
Reclassification out of Accumulated Other Comprehensive Income | ||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||
Net unrealized loss on securities transfer | $ 73 | $ 48 |
SHAREHOLDERS' EQUITY (Details)
SHAREHOLDERS' EQUITY (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 6 Months Ended | 11 Months Ended | ||||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Dec. 31, 2021 | Jul. 21, 2021 | |
Class of Stock [Line Items] | |||||||
Shares Outstanding | 557,500 | 557,500 | 557,500 | 557,500 | |||
Carrying Amount | $ 2,167 | $ 2,167 | $ 2,167 | $ 2,167 | |||
Cash Dividend Declared Per Share, Amount | (28) | $ (43) | (56) | $ (74) | |||
Authorized repurchase of common shares amount | $ 800 | ||||||
Common stock repurchased | 0 | 650 | |||||
Treasury shares | $ 85 | $ 85 | $ 85 | 79 | |||
Red Iron | |||||||
Class of Stock [Line Items] | |||||||
Joint venture, controlling interest ownership percentage | 55% | 55% | 55% | ||||
Non-controlling interest, ownership percentage | 45% | 45% | 45% | ||||
Retained Earnings | |||||||
Class of Stock [Line Items] | |||||||
Cash Dividend Declared Per Share, Amount | $ (28) | $ (43) | $ (56) | $ (74) | |||
Series B Preferred Stock | |||||||
Class of Stock [Line Items] | |||||||
Shares Outstanding | 35,500 | 35,500 | 35,500 | ||||
Carrying Amount | $ 23 | $ 23 | $ 23 | 23 | |||
Cash Dividend Declared Per Share | $ 13.03 | $ 7.21 | $ 22.39 | $ 14.56 | |||
Series B Preferred Stock | Retained Earnings | |||||||
Class of Stock [Line Items] | |||||||
Cash Dividend Declared Per Share, Amount | $ 0 | $ 0 | $ 0 | $ 0 | |||
Series D Preferred Stock | |||||||
Class of Stock [Line Items] | |||||||
Cash Dividend Declared Per Share | $ 0 | $ 15.63 | $ 0 | $ 31.25 | |||
Series D Preferred Stock | Retained Earnings | |||||||
Class of Stock [Line Items] | |||||||
Cash Dividend Declared Per Share, Amount | $ 0 | $ (9) | $ 0 | $ (18) | |||
Series C Preferred Stock | |||||||
Class of Stock [Line Items] | |||||||
Cash Dividend Declared Per Share | $ 0 | $ 14.69 | $ 0 | $ 29.38 | |||
Series C Preferred Stock | Retained Earnings | |||||||
Class of Stock [Line Items] | |||||||
Cash Dividend Declared Per Share, Amount | $ 0 | $ (1) | $ 0 | $ (3) | |||
Series E Preferred Stock | |||||||
Class of Stock [Line Items] | |||||||
Shares Outstanding | 5,000 | 5,000 | 5,000 | ||||
Dividend Rate | 5.70% | ||||||
Carrying Amount | $ 495 | $ 495 | $ 495 | 495 | |||
Cash Dividend Declared Per Share | $ 1,425 | $ 1,425 | $ 2,850 | $ 2,850 | |||
Series E Preferred Stock | Retained Earnings | |||||||
Class of Stock [Line Items] | |||||||
Cash Dividend Declared Per Share, Amount | $ (7) | $ (7) | $ (14) | $ (14) | |||
Series F Preferred Stock | |||||||
Class of Stock [Line Items] | |||||||
Shares Outstanding | 5,000 | 5,000 | 5,000 | ||||
Dividend Rate | 5.625% | ||||||
Carrying Amount | $ 494 | $ 494 | $ 494 | 494 | |||
Cash Dividend Declared Per Share | $ 1,406.25 | $ 1,406.25 | $ 2,812.5 | $ 2,812.5 | |||
Series F Preferred Stock | Retained Earnings | |||||||
Class of Stock [Line Items] | |||||||
Cash Dividend Declared Per Share, Amount | $ (7) | $ (7) | $ (14) | $ (14) | |||
Series G Preferred Stock | |||||||
Class of Stock [Line Items] | |||||||
Shares Outstanding | 5,000 | 5,000 | 5,000 | ||||
Dividend Rate | 4.45% | ||||||
Carrying Amount | $ 494 | $ 494 | $ 494 | 494 | |||
Cash Dividend Declared Per Share | $ 1,112.5 | $ 1,112.5 | $ 2,225 | $ 2,225 | |||
Series G Preferred Stock | Retained Earnings | |||||||
Class of Stock [Line Items] | |||||||
Cash Dividend Declared Per Share, Amount | $ (6) | $ (6) | $ (12) | $ (12) | |||
Series H Preferred Stock | |||||||
Class of Stock [Line Items] | |||||||
Shares Outstanding | 500,000 | 500,000 | 500,000 | ||||
Dividend Rate | 4.50% | ||||||
Carrying Amount | $ 486 | $ 486 | $ 486 | 486 | |||
Cash Dividend Declared Per Share | $ 11.25 | $ 19.50 | $ 22.50 | $ 19.50 | |||
Series H Preferred Stock | Retained Earnings | |||||||
Class of Stock [Line Items] | |||||||
Cash Dividend Declared Per Share, Amount | $ (6) | $ (10) | $ (12) | $ (10) | |||
Series I Preferred Stock | |||||||
Class of Stock [Line Items] | |||||||
Shares Outstanding | 7,000 | 7,000 | 7,000 | ||||
Dividend Rate | 5.70% | ||||||
Carrying Amount | $ 175 | $ 175 | $ 175 | $ 175 | |||
Redemption price (per share) | $ 25,000 | $ 25,000 | $ 25,000 | ||||
Cash Dividend Declared Per Share | $ 356.25 | $ 356.25 | $ 712.50 | $ 356.25 | |||
Series I Preferred Stock | Retained Earnings | |||||||
Class of Stock [Line Items] | |||||||
Cash Dividend Declared Per Share, Amount | $ (2) | $ (3) | $ (4) | $ (3) | |||
Series B And H Preferred Stock | |||||||
Class of Stock [Line Items] | |||||||
Redemption price (per share) | $ 1,000 | $ 1,000 | 1,000 | ||||
Series E, F and G Preferred Stock | |||||||
Class of Stock [Line Items] | |||||||
Redemption price (per share) | $ 100,000 | $ 100,000 | $ 100,000 | ||||
London Interbank Offered Rate (LIBOR) | Series B Preferred Stock | |||||||
Class of Stock [Line Items] | |||||||
Preferred stock, variable rate basis spread | 2.70% | 2.70% | 2.70% |
EARNINGS PER SHARE (Details)
EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Basic earnings per common share: | ||||
Net income attributable to Huntington Bancshares Inc | $ 539 | $ (15) | $ 999 | $ 517 |
Dividends on preferred shares | 28 | 43 | 56 | 74 |
Net income (loss) applicable to common shares | $ 511 | $ (58) | $ 943 | $ 443 |
Average common shares issued and outstanding (in shares) | 1,441,200 | 1,125,039 | 1,439,814 | 1,071,276 |
Basic earnings per common share (in usd per share) | $ 0.35 | $ (0.05) | $ 0.65 | $ 0.41 |
Dilutive potential common shares: | ||||
Stock options and restricted stock units and awards | 15,545 | 0 | 17,587 | 17,667 |
Shares held in deferred compensation plans | 6,548 | 0 | 6,409 | 5,531 |
Dilutive potential common shares | 22,093 | 0 | 23,996 | 23,198 |
Total diluted average common shares issued and outstanding (in shares) | 1,463,293 | 1,125,039 | 1,463,810 | 1,094,474 |
Diluted earnings per common share (in usd per share) | $ 0.35 | $ (0.05) | $ 0.64 | $ 0.40 |
Employee Stock Option | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Options outstanding to purchase common stock shares having antidilutive effect | 11,550 | 26,895 | 6,333 | 2,738 |
NONINTEREST INCOME - Summary of
NONINTEREST INCOME - Summary of Noninterest Income (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Revenue from Contract with Customer [Abstract] | ||||
Noninterest income from contracts with customers | $ 322 | $ 257 | $ 630 | $ 479 |
Noninterest income within the scope of other GAAP topics | 163 | 187 | 354 | 360 |
Total noninterest income | $ 485 | $ 444 | $ 984 | $ 839 |
NONINTEREST INCOME - Disaggrega
NONINTEREST INCOME - Disaggregation by Segment (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Disaggregation of Revenue [Line Items] | ||||
Noninterest income from contracts with customers | $ 322 | $ 257 | $ 630 | $ 479 |
Noninterest income within the scope of other GAAP topics | 163 | 187 | 354 | 360 |
Noninterest income | 485 | 444 | 984 | 839 |
Service charges on deposit accounts | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income from contracts with customers | 105 | 88 | 202 | 157 |
Card and payment processing income | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income from contracts with customers | 89 | 72 | 169 | 134 |
Trust and investment management services | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income from contracts with customers | 63 | 55 | 128 | 107 |
Insurance income | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income from contracts with customers | 27 | 25 | 58 | 52 |
Capital markets fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income from contracts with customers | 11 | 8 | 17 | 11 |
Other noninterest income | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income from contracts with customers | 27 | 9 | 56 | 18 |
Operating Segments | Commercial Banking | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income from contracts with customers | 59 | 34 | 116 | 62 |
Noninterest income within the scope of other GAAP topics | 92 | 80 | 176 | 141 |
Noninterest income | 151 | 114 | 292 | 203 |
Operating Segments | Commercial Banking | Service charges on deposit accounts | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income from contracts with customers | 22 | 22 | 45 | 41 |
Operating Segments | Commercial Banking | Card and payment processing income | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income from contracts with customers | 5 | 4 | 11 | 8 |
Operating Segments | Commercial Banking | Trust and investment management services | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income from contracts with customers | 2 | 0 | 2 | 1 |
Operating Segments | Commercial Banking | Insurance income | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income from contracts with customers | 2 | 1 | 4 | 3 |
Operating Segments | Commercial Banking | Capital markets fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income from contracts with customers | 7 | 6 | 11 | 7 |
Operating Segments | Commercial Banking | Other noninterest income | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income from contracts with customers | 21 | 1 | 43 | 2 |
Operating Segments | Consumer & Business Banking | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income from contracts with customers | 204 | 166 | 387 | 303 |
Noninterest income within the scope of other GAAP topics | 66 | 77 | 155 | 174 |
Noninterest income | 270 | 243 | 542 | 477 |
Operating Segments | Consumer & Business Banking | Service charges on deposit accounts | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income from contracts with customers | 81 | 64 | 152 | 112 |
Operating Segments | Consumer & Business Banking | Card and payment processing income | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income from contracts with customers | 84 | 68 | 158 | 126 |
Operating Segments | Consumer & Business Banking | Trust and investment management services | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income from contracts with customers | 17 | 15 | 35 | 28 |
Operating Segments | Consumer & Business Banking | Insurance income | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income from contracts with customers | 14 | 14 | 26 | 26 |
Operating Segments | Consumer & Business Banking | Capital markets fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income from contracts with customers | 2 | 2 | 4 | 3 |
Operating Segments | Consumer & Business Banking | Other noninterest income | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income from contracts with customers | 6 | 3 | 12 | 8 |
Operating Segments | Vehicle Finance | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income from contracts with customers | 2 | 1 | 4 | 4 |
Noninterest income within the scope of other GAAP topics | 1 | 1 | 2 | 2 |
Noninterest income | 3 | 2 | 6 | 6 |
Operating Segments | Vehicle Finance | Service charges on deposit accounts | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income from contracts with customers | 1 | 1 | 3 | 3 |
Operating Segments | Vehicle Finance | Card and payment processing income | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income from contracts with customers | 0 | 0 | 0 | 0 |
Operating Segments | Vehicle Finance | Trust and investment management services | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income from contracts with customers | 0 | 0 | 0 | 0 |
Operating Segments | Vehicle Finance | Insurance income | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income from contracts with customers | 0 | 0 | 0 | 0 |
Operating Segments | Vehicle Finance | Capital markets fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income from contracts with customers | 1 | 0 | 1 | 1 |
Operating Segments | Vehicle Finance | Other noninterest income | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income from contracts with customers | 0 | 0 | 0 | 0 |
Operating Segments | RBPCG | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income from contracts with customers | 58 | 54 | 123 | 106 |
Noninterest income within the scope of other GAAP topics | 0 | 0 | 1 | 1 |
Noninterest income | 58 | 54 | 124 | 107 |
Operating Segments | RBPCG | Service charges on deposit accounts | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income from contracts with customers | 1 | 1 | 2 | 1 |
Operating Segments | RBPCG | Card and payment processing income | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income from contracts with customers | 0 | 0 | 0 | 0 |
Operating Segments | RBPCG | Trust and investment management services | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income from contracts with customers | 44 | 40 | 91 | 78 |
Operating Segments | RBPCG | Insurance income | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income from contracts with customers | 12 | 9 | 28 | 22 |
Operating Segments | RBPCG | Capital markets fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income from contracts with customers | 1 | 0 | 1 | 0 |
Operating Segments | RBPCG | Other noninterest income | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income from contracts with customers | 0 | 4 | 1 | 5 |
Treasury / Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income from contracts with customers | (1) | 2 | 0 | 4 |
Noninterest income within the scope of other GAAP topics | 4 | 29 | 20 | 42 |
Noninterest income | 3 | 31 | 20 | 46 |
Treasury / Other | Service charges on deposit accounts | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income from contracts with customers | 0 | 0 | 0 | 0 |
Treasury / Other | Card and payment processing income | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income from contracts with customers | 0 | 0 | 0 | 0 |
Treasury / Other | Trust and investment management services | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income from contracts with customers | 0 | 0 | 0 | 0 |
Treasury / Other | Insurance income | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income from contracts with customers | (1) | 1 | 0 | 1 |
Treasury / Other | Capital markets fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income from contracts with customers | 0 | 0 | 0 | 0 |
Treasury / Other | Other noninterest income | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income from contracts with customers | $ 0 | $ 1 | $ 0 | $ 3 |
FAIR VALUES OF ASSETS AND LIA_3
FAIR VALUES OF ASSETS AND LIABILITIES - Narrative (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans held for sale, fair value | $ 777 | $ 1,270 |
Loans and leases, fair value | $ 179 | $ 171 |
FAIR VALUES OF ASSETS AND LIA_4
FAIR VALUES OF ASSETS AND LIABILITIES - Recurring Basis (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Assets measured at fair value on a recurring basis | ||
Available-for-sale securities | $ 24,377 | $ 28,460 |
Loans held for sale | 777 | 1,270 |
Loans Accounted for Under FVO | 179 | 171 |
Gross amounts of recognized assets | 1,654 | 1,065 |
Derivative assets netting | (1,222) | (465) |
Net amounts of assets presented in the condensed consolidated balance sheets | 432 | 600 |
Liabilities measured at fair value on a recurring basis | ||
Gross amounts of recognized liabilities | 1,392 | 743 |
Gross amounts offset in the condensed consolidated balance sheets | (756) | (624) |
Derivative liabilities | 636 | 119 |
Municipal securities | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale securities | 3,422 | 3,526 |
U.S. Treasury | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale securities | 5 | 5 |
Residential MBS | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale securities | 12,947 | 15,508 |
Commercial MBS | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale securities | 1,982 | 1,865 |
Other agencies | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale securities | 209 | 248 |
Private-label CMO | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale securities | 152 | 106 |
Asset-backed securities | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale securities | 361 | 382 |
Corporate debt | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale securities | 2,294 | 2,167 |
Fair Value, Measurements, Recurring | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale securities | 24,377 | 28,460 |
Other securities | 53 | 72 |
Loans held for sale | 777 | 1,270 |
MSRs | 463 | 351 |
Derivative assets netting | (1,222) | (465) |
Net amounts of assets presented in the condensed consolidated balance sheets | 432 | 600 |
Restricted Assets, Fair Value Disclosure | 122 | 156 |
Liabilities measured at fair value on a recurring basis | ||
Gross amounts offset in the condensed consolidated balance sheets | (756) | (624) |
Derivative liabilities | 636 | 119 |
Fair Value, Measurements, Recurring | Municipal securities | ||
Assets measured at fair value on a recurring basis | ||
Trading account securities | 34 | 46 |
Available-for-sale securities | 3,422 | 3,526 |
Fair Value, Measurements, Recurring | U.S. Treasury | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale securities | 5 | 5 |
Fair Value, Measurements, Recurring | Residential CMOs | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale securities | 3,001 | 4,649 |
Fair Value, Measurements, Recurring | Residential MBS | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale securities | 12,947 | 15,508 |
Fair Value, Measurements, Recurring | Commercial MBS | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale securities | 1,982 | 1,865 |
Fair Value, Measurements, Recurring | Other agencies | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale securities | 209 | 248 |
Fair Value, Measurements, Recurring | Private-label CMO | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale securities | 152 | 106 |
Fair Value, Measurements, Recurring | Asset-backed securities | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale securities | 361 | 382 |
Fair Value, Measurements, Recurring | Corporate debt | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale securities | 2,294 | 2,167 |
Fair Value, Measurements, Recurring | Other securities | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale securities | 4 | 4 |
Fair Value, Measurements, Recurring | Level 1 | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale securities | 5 | 5 |
Other securities | 50 | 65 |
Loans held for sale | 0 | 0 |
Loans Accounted for Under FVO | 0 | 0 |
MSRs | 0 | 0 |
Gross amounts of recognized assets | 0 | 0 |
Restricted Assets, Fair Value Disclosure | 122 | 156 |
Liabilities measured at fair value on a recurring basis | ||
Gross amounts of recognized liabilities | 0 | 0 |
Fair Value, Measurements, 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 |
Fair Value, Measurements, Recurring | Level 1 | U.S. Treasury | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale securities | 5 | 5 |
Fair Value, Measurements, Recurring | Level 1 | Residential CMOs | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale securities | 0 | 0 |
Fair Value, Measurements, Recurring | Level 1 | Residential MBS | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale securities | 0 | 0 |
Fair Value, Measurements, Recurring | Level 1 | Commercial MBS | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale securities | 0 | 0 |
Fair Value, Measurements, Recurring | Level 1 | Other agencies | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale securities | 0 | 0 |
Fair Value, Measurements, Recurring | Level 1 | Private-label CMO | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale securities | 0 | 0 |
Fair Value, Measurements, Recurring | Level 1 | Asset-backed securities | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale securities | 0 | 0 |
Fair Value, Measurements, Recurring | Level 1 | Corporate debt | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale securities | 0 | 0 |
Fair Value, Measurements, Recurring | Level 1 | Other securities | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale securities | 0 | 0 |
Fair Value, Measurements, Recurring | Level 2 | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale securities | 20,929 | 24,888 |
Other securities | 3 | 7 |
Loans held for sale | 777 | 1,270 |
Loans Accounted for Under FVO | 162 | 152 |
MSRs | 0 | 0 |
Gross amounts of recognized assets | 1,648 | 1,055 |
Restricted Assets, Fair Value Disclosure | 0 | 0 |
Liabilities measured at fair value on a recurring basis | ||
Gross amounts of recognized liabilities | 1,381 | 737 |
Fair Value, Measurements, Recurring | Level 2 | Municipal securities | ||
Assets measured at fair value on a recurring basis | ||
Trading account securities | 34 | 46 |
Available-for-sale securities | 45 | 49 |
Fair Value, Measurements, Recurring | Level 2 | U.S. Treasury | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale securities | 0 | 0 |
Fair Value, Measurements, Recurring | Level 2 | Residential CMOs | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale securities | 3,001 | 4,649 |
Fair Value, Measurements, Recurring | Level 2 | Residential MBS | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale securities | 12,947 | 15,508 |
Fair Value, Measurements, Recurring | Level 2 | Commercial MBS | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale securities | 1,982 | 1,865 |
Fair Value, Measurements, Recurring | Level 2 | Other agencies | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale securities | 209 | 248 |
Fair Value, Measurements, Recurring | Level 2 | Private-label CMO | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale securities | 130 | 86 |
Fair Value, Measurements, Recurring | Level 2 | Asset-backed securities | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale securities | 317 | 312 |
Fair Value, Measurements, Recurring | Level 2 | Corporate debt | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale securities | 2,294 | 2,167 |
Fair Value, Measurements, Recurring | Level 2 | Other securities | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale securities | 4 | 4 |
Fair Value, Measurements, Recurring | Level 3 | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale securities | 3,443 | 3,567 |
Other securities | 0 | 0 |
Loans held for sale | 0 | 0 |
Loans Accounted for Under FVO | 17 | 19 |
MSRs | 463 | 351 |
Gross amounts of recognized assets | 6 | 10 |
Restricted Assets, Fair Value Disclosure | 0 | 0 |
Liabilities measured at fair value on a recurring basis | ||
Gross amounts of recognized liabilities | 11 | 6 |
Fair Value, Measurements, Recurring | Level 3 | Municipal securities | ||
Assets measured at fair value on a recurring basis | ||
Trading account securities | 0 | 0 |
Available-for-sale securities | 3,377 | 3,477 |
Fair Value, Measurements, Recurring | Level 3 | U.S. Treasury | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale securities | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 | Residential CMOs | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale securities | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 | Residential MBS | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale securities | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 | Commercial MBS | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale securities | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 | Other agencies | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale securities | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 | Private-label CMO | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale securities | 22 | 20 |
Fair Value, Measurements, Recurring | Level 3 | Asset-backed securities | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale securities | 44 | 70 |
Fair Value, Measurements, Recurring | Level 3 | Corporate debt | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale securities | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 | Other securities | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale securities | $ 0 | $ 0 |
FAIR VALUES OF ASSETS AND LIA_5
FAIR VALUES OF ASSETS AND LIABILITIES - Level 3 Roll Forward (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | |
Assets Level 3 Roll Forward: | ||||||||
Transfers out of Level 3 | $ 0 | |||||||
Derivative instruments | ||||||||
Opening balance | $ (5) | $ 23 | (5) | $ 23 | $ 4 | $ (41) | ||
Transfers out of Level 3 | (70) | |||||||
Included in OCI | 0 | 0 | ||||||
Purchases/originations | 0 | 7 | ||||||
Sales | 0 | 0 | ||||||
Settlements | 0 | 0 | ||||||
Closing balance | (5) | 23 | (5) | 23 | ||||
Change in unrealized gains or losses for the period included in earnings for assets held at end of the reporting date | (9) | 21 | ||||||
Mortgage banking income | ||||||||
Derivative instruments | ||||||||
Included in earnings: | (2) | 37 | (9) | 45 | ||||
Interest and Fee Income | ||||||||
Derivative instruments | ||||||||
Included in earnings: | 0 | 0 | ||||||
Provision For Credit Loss | ||||||||
Derivative instruments | ||||||||
Included in earnings: | 0 | |||||||
MSRs | ||||||||
Assets Level 3 Roll Forward: | ||||||||
Opening balance | 416 | 274 | 351 | 210 | ||||
Transfers out of Level 3 | 0 | 0 | 0 | 0 | ||||
Total gains/losses for the period: | ||||||||
Included in OCI | 0 | 0 | 0 | 0 | ||||
Purchases/originations | 18 | 97 | 48 | 130 | ||||
Sales | 0 | 0 | ||||||
Repayments | 0 | 0 | 0 | 0 | ||||
Settlements | (15) | (20) | (31) | (40) | ||||
Closing balance | 463 | 327 | 463 | 327 | $ 416 | 351 | $ 274 | 210 |
Change in unrealized gains or losses for the period included in earnings for assets held at end of the reporting date | 44 | (24) | (95) | (27) | ||||
MSRs | Mortgage banking income | ||||||||
Total gains/losses for the period: | ||||||||
Included in earnings: | 44 | (24) | 95 | 27 | ||||
MSRs | Interest and Fee Income | ||||||||
Total gains/losses for the period: | ||||||||
Included in earnings: | 0 | 0 | ||||||
MSRs | Provision For Credit Loss | ||||||||
Total gains/losses for the period: | ||||||||
Included in earnings: | 0 | |||||||
Derivative instruments | ||||||||
Total gains/losses for the period: | ||||||||
Repayments | 0 | 0 | ||||||
Derivative instruments | ||||||||
Opening balance | (5) | (5) | (10) | 10 | ||||
Transfers out of Level 3 | 7 | (31) | ||||||
Included in OCI | 0 | 0 | ||||||
Purchases/originations | 0 | 7 | ||||||
Repayments | 0 | 0 | ||||||
Settlements | 0 | 0 | ||||||
Closing balance | (5) | (5) | ||||||
Change in unrealized gains or losses for the period included in earnings for assets held at end of the reporting date | (7) | (5) | ||||||
Municipal securities | ||||||||
Assets Level 3 Roll Forward: | ||||||||
Opening balance | 3,282 | 3,070 | 3,477 | 2,951 | ||||
Transfers out of Level 3 | 0 | 0 | 0 | 0 | ||||
Total gains/losses for the period: | ||||||||
Included in OCI | (88) | (1) | (208) | (5) | ||||
Purchases/originations | 386 | 1,144 | 558 | 1,353 | ||||
Sales | (352) | (352) | ||||||
Repayments | 0 | 0 | 0 | 0 | ||||
Settlements | (203) | (252) | (444) | (338) | ||||
Closing balance | 3,377 | 3,609 | 3,377 | 3,609 | 3,282 | 3,477 | 3,070 | 2,951 |
Change in unrealized gains or losses for the period included in earnings for assets held at end of the reporting date | (90) | (1) | ||||||
Derivative instruments | ||||||||
Change in unrealized gains or losses for the period included in other comprehensive income for assets held at the end of the reporting period | (205) | (4) | ||||||
Municipal securities | Mortgage banking income | ||||||||
Total gains/losses for the period: | ||||||||
Included in earnings: | 0 | 0 | 0 | 0 | ||||
Municipal securities | Interest and Fee Income | ||||||||
Total gains/losses for the period: | ||||||||
Included in earnings: | 0 | (2) | ||||||
Municipal securities | Provision For Credit Loss | ||||||||
Total gains/losses for the period: | ||||||||
Included in earnings: | (4) | |||||||
Private-label CMO | ||||||||
Assets Level 3 Roll Forward: | ||||||||
Opening balance | 19 | 11 | 20 | 9 | ||||
Transfers out of Level 3 | 0 | 0 | 0 | 0 | ||||
Total gains/losses for the period: | ||||||||
Included in OCI | 0 | 0 | 0 | 0 | ||||
Purchases/originations | 4 | 6 | 4 | 8 | ||||
Sales | 0 | 0 | ||||||
Repayments | 0 | 0 | 0 | 0 | ||||
Settlements | 0 | 1 | 0 | 1 | ||||
Closing balance | 22 | 18 | 22 | 18 | 19 | 20 | 11 | 9 |
Derivative instruments | ||||||||
Change in unrealized gains or losses for the period included in other comprehensive income for assets held at the end of the reporting period | 0 | 0 | ||||||
Private-label CMO | Mortgage banking income | ||||||||
Total gains/losses for the period: | ||||||||
Included in earnings: | 0 | 0 | 0 | 0 | ||||
Private-label CMO | Interest and Fee Income | ||||||||
Total gains/losses for the period: | ||||||||
Included in earnings: | (1) | (2) | ||||||
Private-label CMO | Provision For Credit Loss | ||||||||
Total gains/losses for the period: | ||||||||
Included in earnings: | 0 | |||||||
Asset-backed securities | ||||||||
Assets Level 3 Roll Forward: | ||||||||
Opening balance | 62 | 47 | 70 | 10 | ||||
Transfers out of Level 3 | 0 | 0 | 0 | 0 | ||||
Total gains/losses for the period: | ||||||||
Included in OCI | 0 | 0 | (1) | 0 | ||||
Purchases/originations | 0 | 38 | 0 | 75 | ||||
Sales | 0 | 0 | ||||||
Repayments | 0 | 0 | 0 | 0 | ||||
Settlements | (18) | (39) | (25) | (39) | ||||
Closing balance | 44 | 46 | 44 | 46 | 62 | 70 | 47 | 10 |
Change in unrealized gains or losses for the period included in earnings for assets held at end of the reporting date | 0 | |||||||
Derivative instruments | ||||||||
Change in unrealized gains or losses for the period included in other comprehensive income for assets held at the end of the reporting period | 0 | 0 | ||||||
Asset-backed securities | Mortgage banking income | ||||||||
Total gains/losses for the period: | ||||||||
Included in earnings: | 0 | 0 | 0 | 0 | ||||
Asset-backed securities | Interest and Fee Income | ||||||||
Total gains/losses for the period: | ||||||||
Included in earnings: | 0 | 0 | ||||||
Asset-backed securities | Provision For Credit Loss | ||||||||
Total gains/losses for the period: | ||||||||
Included in earnings: | 0 | |||||||
Loans held for investment | ||||||||
Assets Level 3 Roll Forward: | ||||||||
Opening balance | 18 | 22 | 19 | 23 | ||||
Transfers out of Level 3 | 0 | 0 | 0 | 0 | ||||
Total gains/losses for the period: | ||||||||
Included in OCI | 0 | 0 | 0 | 0 | ||||
Purchases/originations | 0 | 0 | 0 | 0 | ||||
Sales | 0 | 0 | ||||||
Repayments | (1) | (1) | (2) | (2) | ||||
Settlements | 0 | 0 | 0 | 0 | ||||
Closing balance | 17 | 21 | 17 | 21 | $ 18 | $ 19 | $ 22 | $ 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 | 0 | ||||
Loans held for investment | Mortgage banking income | ||||||||
Total gains/losses for the period: | ||||||||
Included in earnings: | 0 | $ 0 | 0 | $ 0 | ||||
Loans held for investment | Interest and Fee Income | ||||||||
Total gains/losses for the period: | ||||||||
Included in earnings: | $ 0 | 0 | ||||||
Loans held for investment | Provision For Credit Loss | ||||||||
Total gains/losses for the period: | ||||||||
Included in earnings: | $ 0 |
FAIR VALUES OF ASSETS AND LIA_6
FAIR VALUES OF ASSETS AND LIABILITIES - Fair Value Option (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Loans held for sale, fair value | $ 777 | $ 1,270 |
Loans and leases, fair value | 179 | 171 |
Fair Value, Measurements, Recurring | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Loans held for sale, fair value | 777 | 1,270 |
Fair Value, Measurements, Recurring | Mortgages Held For Sale | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Loans held for sale, aggregate unpaid principal | 778 | 1,237 |
Difference | (1) | 33 |
Fair Value, Measurements, Recurring | Mortgages Held To Maturity | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Loans and leases, fair value | 179 | 171 |
Loans held for investment, aggregate unpaid principal | 184 | 177 |
Difference | (5) | (6) |
Fair Value, Measurements, Recurring | 90 or more days | Mortgages 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, Measurements, Recurring | 90 or more days | Mortgages Held To Maturity | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Loans and leases, fair value | 5 | 4 |
Loans held for investment, aggregate unpaid principal | 5 | 4 |
Difference | $ 0 | $ 0 |
FAIR VALUES OF ASSETS AND LIA_7
FAIR VALUES OF ASSETS AND LIABILITIES - Fair Value Option-Changes in Fair Value (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Fair Value, Measurements, Recurring | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Net gains (losses) from fair value changes | $ 10 | $ 11 | $ (34) | $ (23) |
Fair Value Measured On Recurring Basis Automobile Loan | Fair Value, Measurements, Recurring | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Net gains (losses) from fair value changes | $ 0 | $ 0 | $ 1 | $ 0 |
FAIR VALUES OF ASSETS AND LIA_8
FAIR VALUES OF ASSETS AND LIABILITIES - Non-Recurring Basis (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Loans held for sale | $ 777 | $ 777 | $ 1,270 | ||
Nonrecurring Basis | Total Gains/(Losses) | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Collateral-dependent loans, gains (losses) | 0 | $ (1) | (1) | $ (2) | |
Loans held for sale, gains (losses) | 0 | $ 2 | 0 | $ 2 | |
Nonrecurring Basis | Level 3 | Fair Value | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Collateral-dependent loans | 32 | 32 | 39 | ||
Loans held for sale | $ 0 | $ 0 | $ 0 |
FAIR VALUES OF ASSETS AND LIA_9
FAIR VALUES OF ASSETS AND LIABILITIES - Significant Unobservable Level 3 Inputs (Details) - Level 3 - Fair Value, Measurements, Recurring | Jun. 30, 2022 | Dec. 31, 2021 |
Residential MBS | Minimum | Discounted cash flow | Constant prepayment rate | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Servicing Asset, Measurement Input | 0.05 | 0.08 |
Residential MBS | Minimum | Discounted cash flow | Spread over forward interest rate swap rates | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Servicing Asset, Measurement Input | 0.05 | 0.03 |
Residential MBS | Maximum | Discounted cash flow | Constant prepayment rate | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Servicing Asset, Measurement Input | 0.25 | 0.23 |
Residential MBS | Maximum | Discounted cash flow | Spread over forward interest rate swap rates | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Servicing Asset, Measurement Input | 0.13 | 0.11 |
Residential MBS | Weighted Average | Discounted cash flow | Constant prepayment rate | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Servicing Asset, Measurement Input | 0.07 | 0.12 |
Residential MBS | Weighted Average | Discounted cash flow | Spread over forward interest rate swap rates | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Servicing Asset, Measurement Input | 0.06 | 0.05 |
Derivative assets | Minimum | Consensus Pricing | Net market price | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Derivative Asset, Measurement Input | (0.15) | (0.04) |
Derivative assets | Minimum | Consensus Pricing | Estimated pull through % | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Derivative Asset, Measurement Input | 0.04 | 0.06 |
Derivative assets | Maximum | Consensus Pricing | Net market price | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Derivative Asset, Measurement Input | 0.13 | 0.08 |
Derivative assets | Maximum | Consensus Pricing | Estimated pull through % | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Derivative Asset, Measurement Input | 1 | 1 |
Derivative assets | Weighted Average | Consensus Pricing | Net market price | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Derivative Asset, Measurement Input | (0.01) | 0.01 |
Derivative assets | Weighted Average | Consensus Pricing | Estimated pull through % | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Derivative Asset, Measurement Input | 0.91 | 0.92 |
Corporate debt | Minimum | Discounted cash flow | Discount rate | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Debt Securities, Available-for-sale, Measurement Input | 0.03 | 0 |
Corporate debt | Minimum | Discounted cash flow | Cumulative default | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Debt Securities, Available-for-sale, Measurement Input | 0 | 0 |
Corporate debt | Minimum | Discounted cash flow | Loss given default | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Debt Securities, Available-for-sale, Measurement Input | 0.05 | 0.05 |
Corporate debt | Maximum | Discounted cash flow | Discount rate | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Debt Securities, Available-for-sale, Measurement Input | 0.04 | 0.02 |
Corporate debt | Maximum | Discounted cash flow | Cumulative default | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Debt Securities, Available-for-sale, Measurement Input | 0.64 | 0.64 |
Corporate debt | Maximum | Discounted cash flow | Loss given default | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Debt Securities, Available-for-sale, Measurement Input | 0.80 | 0.80 |
Corporate debt | Weighted Average | Discounted cash flow | Discount rate | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Debt Securities, Available-for-sale, Measurement Input | 0.04 | 0.01 |
Corporate debt | Weighted Average | Discounted cash flow | Cumulative default | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Debt Securities, Available-for-sale, Measurement Input | 0.06 | 0.05 |
Corporate debt | Weighted Average | Discounted cash flow | Loss given default | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Debt Securities, Available-for-sale, Measurement Input | 0.24 | 0.23 |
FAIR VALUES OF ASSETS AND LI_10
FAIR VALUES OF ASSETS AND LIABILITIES - Balance Sheet Location (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 | |
Financial Assets | |||
Available-for-sale securities | $ 24,377 | $ 28,460 | |
Held-to-maturity securities | 17,355 | 12,447 | |
Loans held for sale | [1] | 969 | 1,676 |
Net loans and losses | 114,147 | 109,237 | |
Derivative assets | 1,654 | 1,065 | |
Derivative assets | (1,222) | (465) | |
Derivative assets | 432 | 600 | |
Financial Liabilities | |||
Total deposits | 145,435 | 143,263 | |
Short-term borrowings | 3,048 | 334 | |
Long-term borrowings | 7,866 | 7,108 | |
Derivative liabilities | 1,392 | 743 | |
Derivative liabilities | (756) | (624) | |
Derivative liabilities | 636 | 119 | |
Reported Value Measurement | |||
Financial Assets | |||
Cash and short-term assets | 4,104 | 5,914 | |
Trading account securities | 34 | 46 | |
Available-for-sale securities | 24,377 | 28,460 | |
Held-to-maturity securities | 17,355 | 12,447 | |
Other securities | 763 | 648 | |
Loans held for sale | 969 | 1,676 | |
Net loans and losses | 114,147 | 109,237 | |
Derivative assets | 432 | 600 | |
Assets held in trust for deferred compensation plans | 122 | 156 | |
Financial Liabilities | |||
Total deposits | 145,435 | 143,263 | |
Short-term borrowings | 3,048 | 334 | |
Long-term borrowings | 7,866 | 7,108 | |
Derivative liabilities | 636 | 119 | |
Estimate of Fair Value Measurement | |||
Financial Assets | |||
Cash and short-term assets | 4,104 | 5,914 | |
Trading account securities | 34 | 46 | |
Available-for-sale securities | 24,377 | 28,460 | |
Held-to-maturity securities | 15,916 | 12,489 | |
Other securities | 763 | 648 | |
Loans held for sale | 973 | 1,621 | |
Other securities (2) | 53 | 72 | |
Net loans and losses | 110,397 | 109,695 | |
Derivative assets | 432 | 600 | |
Assets held in trust for deferred compensation plans | 122 | 156 | |
Financial Liabilities | |||
Total deposits | 145,365 | 143,574 | |
Short-term borrowings | 3,048 | 334 | |
Long-term borrowings | 7,547 | 7,319 | |
Derivative liabilities | 636 | 119 | |
Estimate of Fair Value Measurement | Level 1 | |||
Financial Assets | |||
Trading account securities | 0 | 0 | |
Available-for-sale securities | 5 | 5 | |
Held-to-maturity securities | 0 | 0 | |
Loans held for sale | 0 | 0 | |
Other securities (2) | 50 | 65 | |
Net loans and losses | 0 | 0 | |
Financial Liabilities | |||
Total deposits | 0 | 0 | |
Short-term borrowings | 0 | 0 | |
Long-term borrowings | 0 | 0 | |
Estimate of Fair Value Measurement | Level 2 | |||
Financial Assets | |||
Trading account securities | 34 | 46 | |
Available-for-sale securities | 20,929 | 24,888 | |
Held-to-maturity securities | 15,916 | 12,489 | |
Loans held for sale | 777 | 1,270 | |
Other securities (2) | 3 | 7 | |
Net loans and losses | 162 | 152 | |
Derivative assets | 1,648 | 1,055 | |
Financial Liabilities | |||
Total deposits | 141,762 | 139,047 | |
Short-term borrowings | 3,048 | 334 | |
Long-term borrowings | 6,757 | 6,441 | |
Derivative liabilities | 1,381 | 737 | |
Estimate of Fair Value Measurement | Level 3 | |||
Financial Assets | |||
Trading account securities | 0 | 0 | |
Available-for-sale securities | 3,443 | 3,567 | |
Held-to-maturity securities | 0 | 0 | |
Loans held for sale | 196 | 351 | |
Other securities (2) | 0 | 0 | |
Net loans and losses | 110,235 | 109,543 | |
Derivative assets | 6 | 10 | |
Derivative assets | (1,222) | (465) | |
Financial Liabilities | |||
Total deposits | 3,603 | 4,527 | |
Short-term borrowings | 0 | 0 | |
Long-term borrowings | 790 | 878 | |
Derivative liabilities | 11 | 6 | |
Derivative liabilities | (756) | (624) | |
Fair Value, Recurring | |||
Financial Assets | |||
Available-for-sale securities | 24,377 | 28,460 | |
Derivative assets | (1,222) | (465) | |
Derivative assets | 432 | 600 | |
Financial Liabilities | |||
Derivative liabilities | (756) | (624) | |
Derivative liabilities | 636 | 119 | |
Fair Value, Recurring | Level 1 | |||
Financial Assets | |||
Available-for-sale securities | 5 | 5 | |
Derivative assets | 0 | 0 | |
Financial Liabilities | |||
Derivative liabilities | 0 | 0 | |
Fair Value, Recurring | Level 2 | |||
Financial Assets | |||
Available-for-sale securities | 20,929 | 24,888 | |
Derivative assets | 1,648 | 1,055 | |
Financial Liabilities | |||
Derivative liabilities | 1,381 | 737 | |
Fair Value, Recurring | Level 3 | |||
Financial Assets | |||
Available-for-sale securities | 3,443 | 3,567 | |
Derivative assets | 6 | 10 | |
Financial Liabilities | |||
Derivative liabilities | 11 | 6 | |
Other securities | Fair Value, Recurring | |||
Financial Assets | |||
Available-for-sale securities | 4 | 4 | |
Other securities | Fair Value, Recurring | Level 1 | |||
Financial Assets | |||
Available-for-sale securities | 0 | 0 | |
Other securities | Fair Value, Recurring | Level 2 | |||
Financial Assets | |||
Available-for-sale securities | 4 | 4 | |
Other securities | Fair Value, Recurring | Level 3 | |||
Financial Assets | |||
Available-for-sale securities | 0 | 0 | |
Amortized Cost | Reported Value Measurement | |||
Financial Assets | |||
Cash and short-term assets | 4,104 | 5,914 | |
Held-to-maturity securities | 17,355 | 12,447 | |
Other securities | 710 | 576 | |
Net loans and losses | 113,968 | 109,066 | |
Financial Liabilities | |||
Total deposits | 145,435 | 143,263 | |
Short-term borrowings | 3,048 | 334 | |
Long-term borrowings | 7,866 | 7,108 | |
Fair Value or Fair Value Option | Reported Value Measurement | |||
Financial Assets | |||
Trading account securities | 34 | 46 | |
Available-for-sale securities | 24,377 | 28,460 | |
Other securities | 53 | 72 | |
Loans held for sale | 777 | 1,270 | |
Net loans and losses | 179 | 171 | |
Derivative assets | 432 | 600 | |
Assets held in trust for deferred compensation plans | 122 | 156 | |
Financial Liabilities | |||
Derivative liabilities | 636 | 119 | |
Lower of Cost or Market | Reported Value Measurement | |||
Financial Assets | |||
Loans held for sale | $ 192 | $ 406 | |
[1] Amounts represent loans for which Huntington has elected the fair value option. See Note 13 “ Fair Values of Assets and Liabilities ”. |
DERIVATIVE FINANCIAL INSTRUME_3
DERIVATIVE FINANCIAL INSTRUMENTS - Hedging Instruments (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Derivatives, Fair Value [Line Items] | ||
Notional Value | $ 29,620 | $ 21,577 |
Asset derivatives included in accrued income and other assets | ||
Total contracts | 1,654 | 1,065 |
Liability derivatives included in accrued expenses and other liabilities | ||
Total contracts | 1,392 | 743 |
Accrued income and other assets | ||
Asset derivatives included in accrued income and other assets | ||
Interest rate contracts not designated as hedging instruments | 635 | 587 |
Foreign exchange contracts not designated as hedging instruments | 55 | 29 |
Commodities contracts not designated as hedging instruments | 241 | 178 |
Derivative Instruments Not Designated as Hedging Instruments, Asset, at Fair Value | 0 | 12 |
Total contracts | 1,654 | 1,065 |
Accrued expenses and other liabilities | ||
Liability derivatives included in accrued expenses and other liabilities | ||
Interest rate contracts not designated as hedging instruments | 632 | 498 |
Foreign exchange contracts not designated as hedging instruments | 45 | 31 |
Commodities contracts not designated as hedging instruments | 240 | 177 |
Derivative Instruments Not Designated as Hedging Instruments, Liability, at Fair Value | 13 | 5 |
Total contracts | 1,392 | 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 | 723 | 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 | 458 | 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 | 0 | 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 | 4 | 0 |
Derivatives designated as Hedging Instruments | Interest rate contracts | Accrued income and other assets | ||
Derivatives, Fair Value [Line Items] | ||
Notional Value | 29,349 | 21,306 |
Derivatives designated as Hedging Instruments | Foreign exchange contracts | Accrued income and other assets | ||
Derivatives, Fair Value [Line Items] | ||
Notional Value | 209 | 210 |
Derivatives not designated as Hedging Instruments | Accrued income and other assets | ||
Derivatives, Fair Value [Line Items] | ||
Notional Value | 77,243 | 72,088 |
Derivatives not designated as Hedging Instruments | Interest rate contracts | Accrued income and other assets | ||
Derivatives, Fair Value [Line Items] | ||
Notional Value | 41,820 | 45,286 |
Derivatives not designated as Hedging Instruments | Foreign exchange contracts | Accrued income and other assets | ||
Derivatives, Fair Value [Line Items] | ||
Notional Value | 4,260 | 3,524 |
Derivatives not designated as Hedging Instruments | Commodities contracts | Accrued income and other assets | ||
Derivatives, Fair Value [Line Items] | ||
Notional Value | 980 | 1,077 |
Derivatives not designated as Hedging Instruments | Equity contracts | Accrued income and other assets | ||
Derivatives, Fair Value [Line Items] | ||
Notional Value | $ 625 | $ 685 |
DERIVATIVE FINANCIAL INSTRUME_4
DERIVATIVE FINANCIAL INSTRUMENTS - Gain (Loss) (Details) - Derivatives not designated as Hedging Instruments - Fair Value Hedging - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain or (Loss) Recognized in Income on Derivative | $ (10) | $ (58) | $ (35) | $ 89 |
Interest rate contracts | Capital markets fees | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain or (Loss) Recognized in Income on Derivative | 15 | 12 | 25 | 24 |
Interest rate contracts | Mortgage banking income | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain or (Loss) Recognized in Income on Derivative | (33) | (23) | (80) | (29) |
Interest rate floors | Interest and fee income on loans and leases | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain or (Loss) Recognized in Income on Derivative | 0 | (2) | ||
Interest rate floors | Other noninterest expense | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain or (Loss) Recognized in Income on Derivative | 0 | (4) | ||
Interest rate caps | Interest expense on long-term debt | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain or (Loss) Recognized in Income on Derivative | 0 | (55) | ||
Interest rate caps | Other noninterest expense | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain or (Loss) Recognized in Income on Derivative | 0 | 89 | ||
Foreign exchange contracts | Capital markets fees | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain or (Loss) Recognized in Income on Derivative | 10 | 7 | 20 | 13 |
Commodities contracts | Capital markets fees | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain or (Loss) Recognized in Income on Derivative | 2 | 0 | 3 | 0 |
Equity contracts | Other noninterest expense | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain or (Loss) Recognized in Income on Derivative | $ (4) | $ 3 | $ (3) | $ (4) |
DERIVATIVE FINANCIAL INSTRUME_5
DERIVATIVE FINANCIAL INSTRUMENTS - Asset and Liability Management (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Notional Disclosures [Abstract] | |||||
Notional Value | $ 29,620 | $ 29,620 | $ 21,577 | ||
Increase decrease to net interest income due to derivative adjustment | 48 | $ 5 | 87 | $ 230 | |
Not Designated as Hedging Instrument, Economic Hedge | |||||
Notional Disclosures [Abstract] | |||||
Notional Value | 271 | 271 | 271 | ||
Fair Value Hedging | Derivatives designated as Hedging Instruments | |||||
Notional Disclosures [Abstract] | |||||
Notional Value | 14,824 | 14,824 | 10,156 | ||
Cash Flow Hedging | Derivatives designated as Hedging Instruments | |||||
Notional Disclosures [Abstract] | |||||
Notional Value | 14,525 | 14,525 | 11,150 | ||
Investment securities | |||||
Notional Disclosures [Abstract] | |||||
Notional Value | 9,844 | 9,844 | 8,228 | ||
Investment securities | Not Designated as Hedging Instrument, Economic Hedge | |||||
Notional Disclosures [Abstract] | |||||
Notional Value | 0 | 0 | 0 | ||
Investment securities | Fair Value Hedging | Derivatives designated as Hedging Instruments | |||||
Notional Disclosures [Abstract] | |||||
Notional Value | 9,844 | 9,844 | 8,228 | ||
Investment securities | Cash Flow Hedging | Derivatives designated as Hedging Instruments | |||||
Notional Disclosures [Abstract] | |||||
Notional Value | 0 | 0 | 0 | ||
Loans | |||||
Notional Disclosures [Abstract] | |||||
Notional Value | 14,796 | 14,796 | 11,421 | ||
Loans | Not Designated as Hedging Instrument, Economic Hedge | |||||
Notional Disclosures [Abstract] | |||||
Notional Value | 271 | 271 | 271 | ||
Loans | Fair Value Hedging | Derivatives designated as Hedging Instruments | |||||
Notional Disclosures [Abstract] | |||||
Notional Value | 0 | 0 | 0 | ||
Loans | Cash Flow Hedging | Derivatives designated as Hedging Instruments | |||||
Notional Disclosures [Abstract] | |||||
Notional Value | 14,525 | 14,525 | 11,150 | ||
Long-term debt | |||||
Notional Disclosures [Abstract] | |||||
Notional Value | 4,980 | 4,980 | 1,928 | ||
Long-term debt | Not Designated as Hedging Instrument, Economic Hedge | |||||
Notional Disclosures [Abstract] | |||||
Notional Value | 0 | 0 | 0 | ||
Long-term debt | Fair Value Hedging | Derivatives designated as Hedging Instruments | |||||
Notional Disclosures [Abstract] | |||||
Notional Value | 4,980 | 4,980 | 1,928 | ||
Long-term debt | Cash Flow Hedging | Derivatives designated as Hedging Instruments | |||||
Notional Disclosures [Abstract] | |||||
Notional Value | $ 0 | $ 0 | $ 0 |
DERIVATIVE FINANCIAL INSTRUME_6
DERIVATIVE FINANCIAL INSTRUMENTS - Fair Value Hedges (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Cumulative basis adjustments associated with hedging relationships | $ 608 | $ 608 | |||
Fair value hedging adjustments | 4 | $ 17 | |||
Investment Securities | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Amortized Cost | 18,089 | 18,089 | 17,150 | ||
Cumulative Amount of Fair Value Hedging Adjustment To Hedged Items | (708) | (708) | (117) | ||
Amortized cost basis of the closed portfolios used in hedging relationships | 17,300 | 17,300 | |||
Cumulative basis adjustments associated with hedging relationships | (608) | (608) | |||
Designated hedged items | 9,000 | 9,000 | |||
Interest Rate Swap | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Designated hedged items | 869 | 869 | |||
Subordinated notes | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Amortized Cost | 4,486 | 4,486 | 1,981 | ||
Cumulative Amount of Fair Value Hedging Adjustment To Hedged Items | (92) | (92) | $ 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 | 168 | $ (6) | 586 | $ 37 | |
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 | (160) | 4 | (590) | (40) | |
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 | (38) | (23) | (136) | (73) | |
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 | $ 39 | $ 22 | $ 137 | $ 74 |
DERIVATIVE FINANCIAL INSTRUME_7
DERIVATIVE FINANCIAL INSTRUMENTS - Cash Flow Hedges (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Notional Value | $ 29,620 | $ 29,620 | $ 21,577 | ||
Change in fair value related to cash flow hedges | (86) | $ (34) | (326) | $ (102) | |
Loans | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Notional Value | $ 14,796 | $ 14,796 | $ 11,421 |
DERIVATIVE FINANCIAL INSTRUME_8
DERIVATIVE FINANCIAL INSTRUMENTS - MSR Hedging Activities (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||
Remaining maturity | 1 year | ||||
Notional Value | $ 29,620 | $ 29,620 | $ 21,577 | ||
Derivative used in Mortgage Banking Activities | |||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||
Derivative, Fair Value, Net | 5 | 5 | 15 | ||
Notional Value | 975 | 975 | 1,330 | ||
Trading assets | 2 | 2 | 19 | ||
Trading liabilities | (53) | (53) | 0 | ||
Trading gains | (33) | $ 22 | (80) | $ (24) | |
Commitments to sell loans | |||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||
Commitments to sell residential real estate loans | $ 1,400 | $ 1,400 | $ 2,100 |
DERIVATIVE FINANCIAL INSTRUME_9
DERIVATIVE FINANCIAL INSTRUMENTS - Derivatives Used In Customer Related Activities (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Derivative [Line Items] | ||
Credit risks from interest rate swaps used for trading purposes | $ 136 | $ 551 |
Derivative used in trading activity | ||
Derivative [Line Items] | ||
Net derivative asset (liability) | 72 | 51 |
Derivative financial instruments used by Huntington on behalf of customers including offsetting derivatives, notional value | $ 43,500 | $ 45,100 |
DERIVATIVE FINANCIAL INSTRUM_10
DERIVATIVE FINANCIAL INSTRUMENTS - Financial Assets And Liabilities That Are Offset (Details) $ in Millions | 6 Months Ended | |
Jun. 30, 2022 USD ($) group | Dec. 31, 2021 USD ($) | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Number of primary groups | group | 2 | |
Aggregate credit risk, net of collateral | $ 293 | $ 44 |
Investment securities and cash collateral pledged by Huntington | 285 | |
Investment securities and cash collateral pledged to Huntington | $ 782 |
DERIVATIVE FINANCIAL INSTRUM_11
DERIVATIVE FINANCIAL INSTRUMENTS - Offsetting Assets (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Offsetting Derivative Assets [Abstract] | ||
Gross amounts of recognized assets | $ 1,654 | $ 1,065 |
Gross amounts offset in the condensed consolidated balance sheets | 1,222 | 465 |
Net amounts of assets presented in the condensed consolidated balance sheets | 432 | 600 |
Gross amounts not offset in the condensed consolidated balance sheets, Financial instruments | (7) | (65) |
Gross amounts not offset in the condensed consolidated balance sheets, cash collateral received | (157) | (31) |
Net amount | $ 268 | $ 504 |
DERIVATIVE FINANCIAL INSTRUM_12
DERIVATIVE FINANCIAL INSTRUMENTS - Offsetting Liabilities (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Offsetting Derivative Liabilities [Abstract] | ||
Gross amounts of recognized liabilities | $ 1,392 | $ 743 |
Gross amounts offset in the condensed consolidated balance sheets | (756) | (624) |
Derivative liabilities | 636 | 119 |
Gross amounts not offset in the condensed consolidated balance sheets, Financial instruments | (87) | (3) |
Gross amounts not offset in the condensed consolidated balance sheets, Cash collateral received | (120) | (116) |
Net amount | $ 429 | $ 0 |
VIEs - Unconsolidated VIEs (Det
VIEs - Unconsolidated VIEs (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Variable Interest Entity [Line Items] | ||
Total Assets | $ 178,782 | $ 174,064 |
Total Liabilities | 160,803 | 154,746 |
Variable Interest Entity | ||
Variable Interest Entity [Line Items] | ||
Total Assets | 2,257 | 2,150 |
Total Liabilities | 1,328 | 1,343 |
Maximum Exposure to Loss | 2,249 | 2,136 |
Affordable Housing Tax Credit Partnerships | Variable Interest Entity | ||
Variable Interest Entity [Line Items] | ||
Total Assets | 1,721 | 1,652 |
Total Liabilities | 997 | 949 |
Maximum Exposure to Loss | 1,721 | 1,652 |
Trust Preferred Securities | Variable Interest Entity | ||
Variable Interest Entity [Line Items] | ||
Total Assets | 8 | 14 |
Total Liabilities | 179 | 248 |
Maximum Exposure to Loss | 0 | 0 |
Other Investments | Variable Interest Entity | ||
Variable Interest Entity [Line Items] | ||
Total Assets | 528 | 484 |
Total Liabilities | 152 | 146 |
Maximum Exposure to Loss | $ 528 | $ 484 |
VIEs - Trust Preferred Securiti
VIEs - Trust Preferred Securities (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2022 USD ($) | |
Variable Interest Entity | |
Variable Interest Entity [Line Items] | |
Principal amount of subordinated note/debenture issued to trust | $ 179 |
Investment in unconsolidated subsidiary | $ 8 |
Huntington Capital II | London Interbank Offered Rate (LIBOR) | |
Variable Interest Entity [Line Items] | |
Basis spread on variable rate | 0.625% |
Huntington Capital II | Variable Interest Entity | |
Variable Interest Entity [Line Items] | |
Rate | 2.91% |
Principal amount of subordinated note/debenture issued to trust | $ 32 |
Investment in unconsolidated subsidiary | $ 3 |
Sky Financial Capital Trust III | London Interbank Offered Rate (LIBOR) | |
Variable Interest Entity [Line Items] | |
Basis spread on variable rate | 1.40% |
Sky Financial Capital Trust III | Variable Interest Entity | |
Variable Interest Entity [Line Items] | |
Rate | 3.69% |
Principal amount of subordinated note/debenture issued to trust | $ 72 |
Investment in unconsolidated subsidiary | $ 2 |
Sky Financial Capital Trust IV | Variable Interest Entity | |
Variable Interest Entity [Line Items] | |
Rate | 3.69% |
Principal amount of subordinated note/debenture issued to trust | $ 75 |
Investment in unconsolidated subsidiary | $ 3 |
VIEs - Narrative (Details)
VIEs - Narrative (Details) | 6 Months Ended |
Jun. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Maximum year to defer payment of interest on Debenture | 5 years |
VIEs - Low Income Housing Tax C
VIEs - Low Income Housing Tax Credit Partnerships (Details) - Variable Interest Entity - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Affordable Housing Tax Credit Partnerships | |||||
Variable Interest Entity [Line Items] | |||||
Affordable housing tax credit investments | $ 2,517 | $ 2,517 | $ 2,376 | ||
Less: amortization | (796) | (796) | (724) | ||
Net affordable housing tax credit investments | 1,721 | 1,721 | 1,652 | ||
Unfunded commitments | 997 | 997 | $ 949 | ||
Tax credits and other tax benefits recognized | 53 | $ 44 | 107 | $ 77 | |
Proportional Amortization Method | |||||
Variable Interest Entity [Line Items] | |||||
Proportional amortization expense included in provision for income taxes | $ 44 | $ 30 | $ 86 | $ 58 |
COMMITMENTS AND CONTINGENT LI_3
COMMITMENTS AND CONTINGENT LIABILITIES - Commitments to Extend Credit (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Commercial | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Contract amount represents credit risk | $ 29,398 | $ 27,933 |
Consumer | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Contract amount represents credit risk | 19,501 | 18,513 |
Commercial real estate | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Contract amount represents credit risk | 3,437 | 3,042 |
Standby letters of credit | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Contract amount represents credit risk | 713 | 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 | 6 Months Ended | |
Jun. 30, 2022 | Dec. 31, 2021 | |
Loss Contingencies [Line Items] | ||
Bond expiration period | 2 years | |
Commercial letters of credit, maturity period | 90 days | |
Standby letters of credit | ||
Loss Contingencies [Line Items] | ||
Carrying amount of deferred revenue associated with guarantees | $ 16 | $ 7 |
Minimum | ||
Loss Contingencies [Line Items] | ||
Aggregate range of reasonably possible losses current legal proceedings | 0 | |
Maximum | ||
Loss Contingencies [Line Items] | ||
Aggregate range of reasonably possible losses current legal proceedings | $ 15 |
SEGMENT REPORTING (Details)
SEGMENT REPORTING (Details) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 USD ($) | Jun. 30, 2021 USD ($) | Jun. 30, 2022 USD ($) segment | Jun. 30, 2021 USD ($) | Dec. 31, 2021 USD ($) | |
Segment Reporting Information [Line Items] | |||||
Number of reporting segments | segment | 4 | ||||
Net interest income | $ 1,261 | $ 838 | $ 2,407 | $ 1,810 | |
Provision for credit losses | 67 | 211 | 92 | 151 | |
Noninterest income | 485 | 444 | 984 | 839 | |
Noninterest expense | 1,018 | 1,072 | 2,071 | 1,865 | |
Provision (benefit) for income taxes | 120 | 14 | 225 | 116 | |
Income attributable to non-controlling interest | 2 | 0 | 4 | 0 | |
Net income (loss) attributable to Huntington Bancshares Inc | 539 | (15) | 999 | 517 | |
Total Assets | 178,782 | 178,782 | $ 174,064 | ||
Total deposits | 145,435 | 145,435 | 143,263 | ||
Operating Segments | Consumer & Business Banking | |||||
Segment Reporting Information [Line Items] | |||||
Net interest income | 534 | 366 | 993 | 703 | |
Provision for credit losses | 183 | 100 | 74 | 63 | |
Noninterest income | 270 | 243 | 542 | 477 | |
Noninterest expense | 590 | 513 | 1,202 | 984 | |
Provision (benefit) for income taxes | 7 | 0 | 54 | 28 | |
Income attributable to non-controlling interest | 0 | 0 | |||
Net income (loss) attributable to Huntington Bancshares Inc | 24 | (4) | 205 | 105 | |
Total Assets | 39,425 | 39,425 | 39,929 | ||
Total deposits | 95,693 | 95,693 | 95,352 | ||
Operating Segments | Commercial Banking | |||||
Segment Reporting Information [Line Items] | |||||
Net interest income | 426 | 258 | 844 | 457 | |
Provision for credit losses | (206) | 137 | (75) | 143 | |
Noninterest income | 151 | 114 | 292 | 203 | |
Noninterest expense | 248 | 173 | 496 | 306 | |
Provision (benefit) for income taxes | 113 | 13 | 151 | 44 | |
Income attributable to non-controlling interest | 2 | 4 | |||
Net income (loss) attributable to Huntington Bancshares Inc | 420 | 49 | 560 | 167 | |
Total Assets | 60,946 | 60,946 | 57,071 | ||
Total deposits | 34,670 | 34,670 | 31,845 | ||
Operating Segments | Vehicle Finance | |||||
Segment Reporting Information [Line Items] | |||||
Net interest income | 117 | 109 | 237 | 217 | |
Provision for credit losses | 86 | (31) | 79 | (53) | |
Noninterest income | 3 | 2 | 6 | 6 | |
Noninterest expense | 41 | 37 | 86 | 72 | |
Provision (benefit) for income taxes | (2) | 21 | 16 | 43 | |
Income attributable to non-controlling interest | 0 | 0 | |||
Net income (loss) attributable to Huntington Bancshares Inc | (5) | 84 | 62 | 161 | |
Total Assets | 21,549 | 21,549 | 20,752 | ||
Total deposits | 1,291 | 1,291 | 1,401 | ||
Operating Segments | RBPCG | |||||
Segment Reporting Information [Line Items] | |||||
Net interest income | 55 | 37 | 104 | 70 | |
Provision for credit losses | 4 | 5 | 14 | (2) | |
Noninterest income | 58 | 54 | 124 | 107 | |
Noninterest expense | 81 | 72 | 162 | 132 | |
Provision (benefit) for income taxes | 6 | 3 | 11 | 10 | |
Income attributable to non-controlling interest | 0 | 0 | |||
Net income (loss) attributable to Huntington Bancshares Inc | 22 | 11 | 41 | 37 | |
Total Assets | 9,469 | 9,469 | 8,325 | ||
Total deposits | 9,226 | 9,226 | 10,162 | ||
Treasury / Other | |||||
Segment Reporting Information [Line Items] | |||||
Net interest income | 129 | 68 | 229 | 363 | |
Provision for credit losses | 0 | 0 | 0 | 0 | |
Noninterest income | 3 | 31 | 20 | 46 | |
Noninterest expense | 58 | 277 | 125 | 371 | |
Provision (benefit) for income taxes | (4) | (23) | (7) | (9) | |
Income attributable to non-controlling interest | 0 | 0 | |||
Net income (loss) attributable to Huntington Bancshares Inc | 78 | $ (155) | 131 | $ 47 | |
Total Assets | 47,393 | 47,393 | 47,987 | ||
Total deposits | $ 4,555 | $ 4,555 | $ 4,503 |