Cover Page
Cover Page | 6 Months Ended |
Jun. 30, 2023 shares | |
Entity Information [Line Items] | |
Document Type | 10-Q |
Document Quarterly Report | true |
Document Period End Date | Jun. 30, 2023 |
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 | 1,447,882,434 |
Entity Central Index Key | 0000049196 |
Amendment Flag | false |
Document Fiscal Year Focus | 2023 |
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 |
Series J Preferred Stock | |
Entity Information [Line Items] | |
Title of 12(b) Security | Depositary Shares (each representing a 1/40th interest in a share of 6.875% Series J Non-Cumulative, perpetual preferred stock) |
Trading Symbol | HBANL |
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 $0.01 per Share |
Trading Symbol | HBAN |
Security Exchange Name | NASDAQ |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 | |
Assets | |||
Cash and due from banks | $ 1,636 | $ 1,796 | |
Interest-bearing deposits at Federal Reserve Bank | 9,443 | 4,908 | |
Interest-bearing deposits in banks | 210 | 214 | |
Trading account securities | 128 | 19 | |
Available-for-sale securities | 23,233 | 23,423 | |
Held-to-maturity securities | 16,578 | 17,052 | |
Other securities | 975 | 854 | |
Loans held for sale (includes $758 and $1,270 respectively, measured at fair value) | [1] | 545 | 529 |
Loans and leases (includes $182 and $171 respectively, measured at fair value) | [1] | 121,225 | 119,523 |
Allowance for loan and lease losses | (2,177) | (2,121) | |
Net loans and leases | 119,048 | 117,402 | |
Bank owned life insurance | 2,757 | 2,753 | |
Accrued income and other receivables | 1,471 | 1,573 | |
Premises and equipment | 1,128 | 1,156 | |
Goodwill | 5,561 | 5,571 | |
Servicing rights and other intangible assets | 690 | 712 | |
Other assets | 5,102 | 4,944 | |
Total assets | 188,505 | 182,906 | |
Liabilities | |||
Demand deposits—noninterest-bearing | 33,340 | 38,242 | |
Interest-bearing | 114,688 | 109,672 | |
Total deposits | 148,028 | 147,914 | |
Short-term borrowings | 1,680 | 2,027 | |
Long-term debt | 14,711 | 9,686 | |
Other liabilities | 5,248 | 5,510 | |
Total liabilities | 169,667 | 165,137 | |
Commitments and Contingent Liabilities (Note 15) | |||
Shareholders’ Equity | |||
Preferred stock | 2,484 | 2,167 | |
Common stock | 15 | 14 | |
Capital surplus | 15,335 | 15,309 | |
Less treasury shares, at cost | (92) | (80) | |
Accumulated other comprehensive income (loss) | (3,006) | (3,098) | |
Retained earnings | 4,052 | 3,419 | |
Total Huntington shareholders’ equity | 18,788 | 17,731 | |
Non-controlling interest | 50 | 38 | |
Total equity | 18,838 | 17,769 | |
Total liabilities and equity | $ 188,505 | $ 182,906 | |
Common shares authorized (in shares) | 2,250,000,000 | 2,250,000,000 | |
Common share outstanding (in shares) | 1,447,882,434 | 1,443,068,036 | |
Treasury shares outstanding (in shares) | 7,429,675 | 6,322,052 | |
Preferred stock, authorized shares (in shares) | 6,617,808 | 6,617,808 | |
Preferred shares outstanding (in shares) | 882,500 | 557,500 | |
[1] Amounts represent loans for which Huntington has elected the fair value option. See Note 12 “ Fair Values of Assets and Liabilities ”. |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Assets | ||
Loans held for sale, fair value | $ 543 | $ 520 |
Loans and leases, fair value | $ 175 | $ 185 |
Shareholders’ Equity | ||
Common stock, par value (in usd per share) | $ 0.01 | $ 0.01 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Thousands, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Interest and fee income: | ||||
Loans and leases | $ 1,679 | $ 1,078 | $ 3,258 | $ 2,082 |
Available-for-sale securities | ||||
Taxable | 252 | 123 | 484 | 213 |
Tax-exempt | 26 | 15 | 49 | 32 |
Held-to-maturity securities—taxable | 102 | 90 | 204 | 156 |
Other securities—taxable | 11 | 6 | 21 | 11 |
Other | 155 | 19 | 237 | 32 |
Total interest income | 2,225 | 1,331 | 4,253 | 2,526 |
Interest expense: | ||||
Deposits | 570 | 25 | 976 | 36 |
Short-term borrowings | 74 | 7 | 134 | 14 |
Long-term debt | 235 | 38 | 388 | 69 |
Total interest expense | 879 | 70 | 1,498 | 119 |
Net interest income | 1,346 | 1,261 | 2,755 | 2,407 |
Provision for credit losses | 92 | 67 | 177 | 92 |
Net interest income after provision for credit losses | 1,254 | 1,194 | 2,578 | 2,315 |
Service charges on deposit accounts | 87 | 105 | 170 | 202 |
Card and payment processing income | 102 | 96 | 195 | 182 |
Capital markets fees | 57 | 54 | 116 | 96 |
Trust and investment management services | 68 | 63 | 130 | 128 |
Mortgage banking income | 33 | 44 | 59 | 93 |
Leasing revenue | 25 | 27 | 51 | 62 |
Insurance income | 30 | 27 | 64 | 58 |
Gain on sale of loans | 8 | 12 | 11 | 40 |
Bank owned life insurance income | 16 | 11 | 32 | 28 |
Net (losses) gains on sales of securities | (5) | 0 | (4) | 0 |
Other noninterest income | 74 | 46 | 183 | 95 |
Total noninterest income | 495 | 485 | 1,007 | 984 |
Personnel costs | 613 | 577 | 1,262 | 1,157 |
Outside data processing and other services | 148 | 153 | 299 | 318 |
Equipment | 64 | 61 | 128 | 142 |
Net occupancy | 54 | 58 | 114 | 122 |
Marketing | 32 | 24 | 57 | 45 |
Professional services | 21 | 19 | 37 | 38 |
Deposit and other insurance expense | 23 | 20 | 26 | 27 |
Amortization of intangibles | 13 | 13 | 43 | 38 |
Lease financing equipment depreciation | 8 | 11 | 16 | 25 |
Other noninterest expense | 74 | 82 | 154 | 159 |
Total noninterest expense | 1,050 | 1,018 | 2,136 | 2,071 |
Income before income taxes | 699 | 661 | 1,449 | 1,228 |
Provision for income taxes | 134 | 120 | 278 | 225 |
Income after income taxes | 565 | 541 | 1,171 | 1,003 |
Income attributable to non-controlling interest | 6 | 2 | 10 | 4 |
Net income attributable to Huntington | 559 | 539 | 1,161 | 999 |
Dividends on preferred shares | 40 | 28 | 69 | 56 |
Net income available to common shareholders, basic | $ 519 | $ 511 | $ 1,092 | $ 943 |
Average common shares—basic (in shares) | 1,446,372 | 1,441,200 | 1,444,820 | 1,439,814 |
Average common shares—diluted (in shares) | 1,465,720 | 1,463,293 | 1,467,500 | 1,463,810 |
Per common share: | ||||
Net income—basic (in usd per share) | $ 0.36 | $ 0.35 | $ 0.76 | $ 0.65 |
Net income—diluted (in usd per share) | $ 0.35 | $ 0.35 | $ 0.74 | $ 0.64 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income attributable to Huntington | $ 559 | $ 539 | $ 1,161 | $ 999 |
Other comprehensive income (loss), net of tax: | ||||
Net unrealized gains (losses) on available-for-sale securities | (190) | (820) | 104 | (1,999) |
Net impact of fair value hedges on available-for-sale securities | 107 | 123 | (33) | 455 |
Net change related to cash flow hedges on loans | (169) | (86) | 20 | (326) |
Translation adjustments, net of hedges | 1 | (2) | 1 | (2) |
Change in accumulated unrealized gains for pension and other post-retirement obligations | 0 | 1 | 0 | 3 |
Other comprehensive income (loss), net of tax | (251) | (784) | 92 | (1,869) |
Comprehensive income (loss) attributable to Huntington | 308 | (245) | 1,253 | (870) |
Comprehensive income attributed to non-controlling interest | 6 | 2 | 10 | 4 |
Comprehensive income (loss) | $ 314 | $ (243) | $ 1,263 | $ (866) |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Millions | Total | Preferred Stock | Common Stock | Capital Surplus | Treasury Stock | AOCI | Retained Earnings | Huntington Shareholders’ Equity | Non-controlling Interest |
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 | 1,444,040,000 | ||||||||
Balance, beginning of period, treasury stock (in shares) at Dec. 31, 2021 | (6,298,000) | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income | 1,003 | 999 | 999 | ||||||
Income attributable to non-controlling interest | 4 | 4 | |||||||
Other comprehensive income (loss), net of tax | (1,869) | (1,869) | (1,869) | ||||||
Cash dividends declared: | |||||||||
Common | (454) | (454) | (454) | ||||||
Preferred | (56) | (56) | (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) | $ (6) | 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 | 1,448,885,000 | ||||||||
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 | 541 | 539 | 539 | 2 | |||||
Income attributable to non-controlling interest | 2 | ||||||||
Other comprehensive income (loss), net of tax | (784) | (784) | (784) | ||||||
Cash dividends declared: | |||||||||
Common | (228) | (228) | (228) | ||||||
Preferred | (28) | (28) | (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 | 1,448,885,000 | ||||||||
Balance, end of period, treasury stock (in shares) at Jun. 30, 2022 | (6,691,000) | ||||||||
Balance, beginning of period at Dec. 31, 2022 | $ 17,769 | $ 2,167 | $ 14 | 15,309 | $ (80) | (3,098) | 3,419 | 17,731 | 38 |
Balance, beginning of period, common stock (in shares) at Dec. 31, 2022 | 1,443,068,036 | 1,449,390,000 | |||||||
Balance, beginning of period, treasury stock (in shares) at Dec. 31, 2022 | (6,322,052) | (6,322,000) | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income | $ 1,171 | 1,161 | 1,161 | ||||||
Income attributable to non-controlling interest | 10 | 10 | |||||||
Other comprehensive income (loss), net of tax | 92 | 92 | 92 | ||||||
Net proceeds from issuance of Series J Preferred Stock (in shares) | 317,000,000 | ||||||||
Net proceeds from issuance of Series J preferred stock | 317 | 317 | |||||||
Cash dividends declared: | |||||||||
Common | (456) | (456) | (456) | ||||||
Preferred | (69) | (69) | (69) | ||||||
Recognition of the fair value of share-based compensation | 48 | 48 | 48 | ||||||
Other share-based compensation activity (in shares) | 5,922,000 | ||||||||
Other share-based compensation activity | (24) | $ 1 | (22) | (3) | (24) | ||||
Other (in shares) | (1,108,000) | ||||||||
Other | (10) | 0 | $ (12) | 0 | 0 | (12) | 2 | ||
Balance, end of period at Jun. 30, 2023 | $ 18,838 | $ 2,484 | $ 15 | 15,335 | $ (92) | (3,006) | 4,052 | 18,788 | 50 |
Balance, end of period, common stock (in shares) at Jun. 30, 2023 | 1,447,882,434 | 1,455,312,000 | |||||||
Balance, end of period, treasury stock (in shares) at Jun. 30, 2023 | (7,429,675) | (7,430,000) | |||||||
Balance, beginning of period at Mar. 31, 2023 | $ 18,811 | 2,484 | $ 15 | 15,332 | $ (82) | (2,755) | 3,764 | 18,758 | 53 |
Balance, beginning of period, common stock (in shares) at Mar. 31, 2023 | 1,450,080,000 | ||||||||
Balance, beginning of period, treasury stock (in shares) at Mar. 31, 2023 | (6,465,000) | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income | 565 | 559 | 559 | 6 | |||||
Income attributable to non-controlling interest | 6 | ||||||||
Other comprehensive income (loss), net of tax | (251) | (251) | (251) | ||||||
Cash dividends declared: | |||||||||
Common | (228) | (228) | (228) | ||||||
Preferred | (40) | (40) | (40) | ||||||
Recognition of the fair value of share-based compensation | 23 | 23 | 23 | ||||||
Other share-based compensation activity (in shares) | 5,232,000 | ||||||||
Other share-based compensation activity | (23) | $ 0 | (20) | (3) | (23) | ||||
Other (in shares) | (965,000) | ||||||||
Other | (19) | $ (10) | (10) | (9) | |||||
Balance, end of period at Jun. 30, 2023 | $ 18,838 | $ 2,484 | $ 15 | $ 15,335 | $ (92) | $ (3,006) | $ 4,052 | $ 18,788 | $ 50 |
Balance, end of period, common stock (in shares) at Jun. 30, 2023 | 1,447,882,434 | 1,455,312,000 | |||||||
Balance, end of period, treasury stock (in shares) at Jun. 30, 2023 | (7,429,675) | (7,430,000) |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Shareholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Statement of Stockholders' Equity [Abstract] | ||||
Common dividends declared (in usd per share) | $ 0.155 | $ 0.155 | $ 0.31 | $ 0.31 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Operating activities | ||
Income after income taxes | $ 1,171 | $ 1,003 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provision for credit losses | 177 | 92 |
Depreciation and amortization | 344 | 207 |
Share-based compensation expense | 48 | 63 |
Deferred income tax expense | 38 | 108 |
Net change in: | ||
Trading account securities | (109) | 12 |
Loans held for sale | (79) | 485 |
Other assets | (617) | (206) |
Other liabilities | (213) | 67 |
Other, net | 0 | (7) |
Net cash provided by operating activities | 760 | 1,824 |
Investing activities | ||
Change in interest bearing deposits in banks | 5 | 321 |
Net cash (paid) received from business combinations | 0 | (223) |
Proceeds from: | ||
Maturities and calls of available-for-sale securities | 1,060 | 2,401 |
Maturities and calls of held-to-maturity securities | 710 | 1,699 |
Maturities and calls of other securities | 337 | 812 |
Sales of available-for-sale securities | 736 | 0 |
Sales of other securities | 142 | 9 |
Purchases of available-for-sale securities | (1,549) | (5,246) |
Purchases of held-to-maturity securities | (254) | (2,409) |
Purchases of other securities | (600) | (936) |
Net proceeds from sales of portfolio loans and leases | 266 | 704 |
Principal payments received under direct finance and sales-type leases | 950 | 902 |
Net loan and lease activity, excluding sales and purchases | (3,012) | (5,858) |
Purchases of premises and equipment | (57) | (123) |
Purchases of loans and leases | (25) | (493) |
Net accrued income and other receivables activity | 116 | (818) |
Other, net | 43 | 53 |
Net cash (used in) provided by investing activities | (1,132) | (9,205) |
Financing activities | ||
(Decrease) increase in deposits | 114 | 2,172 |
Increase in short-term borrowings | (207) | 3,209 |
Net proceeds from issuance of long-term debt | 13,594 | 2,075 |
Maturity/redemption of long-term debt | (8,536) | (1,158) |
Dividends paid on preferred stock | (57) | (56) |
Dividends paid on common stock | (449) | (449) |
Net proceeds from issuance of preferred stock | 317 | 0 |
Other, net | (29) | (26) |
Net cash provided by financing activities | 4,747 | 5,767 |
Increase (decrease) in cash and cash equivalents | 4,375 | (1,614) |
Cash and cash equivalents at beginning of period | 6,704 | 5,522 |
Cash and cash equivalents at end of period | 11,079 | 3,908 |
Supplemental disclosures: | ||
Interest paid | 1,433 | 113 |
Income taxes (received) paid | 93 | (110) |
Non-cash activities | ||
Loans transferred to held-for-sale from portfolio | 246 | 569 |
Loans transferred to portfolio from held-for-sale | 12 | 31 |
Transfer of securities from available-for-sale to held-to-maturity | $ 0 | $ 4,225 |
BASIS OF PRESENTATION
BASIS OF PRESENTATION | 6 Months Ended |
Jun. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
BASIS OF PRESENTATION | BASIS OF PRESENTATION The accompanying Unaudited 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 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 2022 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. During the 2023 second quarter, Huntington revised its process for assessing and monitoring the risk and performance of non-real estate secured commercial loans, primarily loans to REITs. These loans were reclassified from commercial real estate to the commercial and industrial loan category to align reporting with this process revision. All prior period results have been adjusted to conform to the current presentation. During the 2023 second quarter, Huntington completed an organizational realignment and now reports on two business segments: Consumer & Regional Banking and Commercial Banking. The Treasury / Other function includes technology and operations, other unallocated assets, liabilities, revenue, and expense. Huntington’s business segments are based on our internally-aligned segment leadership structure, which is how management monitors results and assesses performance. The organizational realignment primarily involved consolidating our previously reported Consumer and Business Banking, Vehicle Finance and RBHPCG, into one new business segment called Consumer & Regional Banking. Prior period results have been adjusted to conform to the new segment presentation. See Note 16 “Segment Reporting” for a description of our business segments. Effective January 1, 2023, Huntington adopted ASU 2022-02 Financial Instruments - Credit Losses (Topic 326) Troubled Debt Restructurings (TDR) and Vintage Disclosures, which removed the existing measurement and disclosure requirements for TDR loans and added additional disclosure requirements related to modifications provided to borrowers experiencing financial difficulty. Prior to adoption a change in contractual terms of a loan where a borrower was experiencing financial difficulty and received a concession not available through other sources the loans was required to be disclosed as a TDR, whereas now a borrower that is experiencing financial difficulty and receives a modification in the form of principal forgiveness, interest rate reduction, an other-than-insignificant payment delay or a term extension in the current period needs to be disclosed. Huntington may modify loans to borrowers experiencing financial difficulty as a way of managing risk and mitigating credit loss from the borrower. Huntington may make various types of modifications and may in certain circumstances use a combination of modification types in order to mitigate future loss. The amount of defined modifications given to borrowers experiencing financial difficulty is disclosed in the Notes to the Consolidated Financial Statements, along with the financial impact of those modifications. In conjunction with applicable accounting standards, all material subsequent events have been either recognized in the Unaudited Consolidated Financial Statements or disclosed in the Notes to Unaudited 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, 2023 | |
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 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 while enhancing disclosure requirements for certain loan modifications when a borrower is experiencing financial difficulty. The ASU also requires disclosure of current period gross charge-offs by year of origination for financing receivables and net investments in leases. • Management adopted the guidance during the first quarter 2023. • The ASU has been applied prospectively, except the portion of the standard related to the recognition and measurement of TDRs where we elected to use a modified retrospective transition method. • The adoption did not result in a material impact on Huntington’s Unaudited Consolidated Financial Statements. Accounting standards yet to be adopted Standard Summary of guidance Effects on financial statements ASU 2023-02 Investments - Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method Issued: March 2023 • Permits the election of the proportional amortization method for any tax equity investment that meets specific criteria. • Requires that the election be made on a tax-credit-program-by-tax-credit-program basis. • Receipt of tax credits must be accounted for using the flow through method. • Required that a liability be recorded for delayed equity contributions. • Expands disclosure requirements for the nature of investments and financial statement effect. • Effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. • Early adoption is permitted in any interim period. • If adopted in an interim period, it shall be adopted as if adopted at the beginning of the fiscal year. • The amendments can be applied in retrospective or modified retrospective basis, with a cumulative effect adjustment reflected in retained earnings. • Huntington does not expect adoption of the standard to have a material impact on its Unaudited Consolidated Financial Statements. |
INVESTMENT SECURITIES AND OTHER
INVESTMENT SECURITIES AND OTHER SECURITIES | 6 Months Ended |
Jun. 30, 2023 | |
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, 2023 and December 31, 2022: Unrealized (dollar amounts in millions) Amortized Cost (1)(2) Gross Gross Fair Value At June 30, 2023 Available-for-sale securities: U.S. Treasury $ 5 $ — $ — $ 5 Federal agencies: Residential CMO 3,742 — (434) 3,308 Residential MBS 13,789 1 (1,979) 11,811 Commercial MBS 2,551 — (653) 1,898 Other agencies 176 — (8) 168 Total U.S. Treasury, federal agency, and other agency securities 20,263 1 (3,074) 17,190 Municipal securities 3,778 2 (244) 3,536 Private-label CMO 138 — (15) 123 Asset-backed securities 410 — (41) 369 Corporate debt 2,230 94 (313) 2,011 Other securities/Sovereign debt 4 — — 4 Total available-for-sale securities $ 26,823 $ 97 $ (3,687) $ 23,233 Held-to-maturity securities: Federal agencies: Residential CMO $ 5,012 $ — $ (722) $ 4,290 Residential MBS 9,835 — (1,294) 8,541 Commercial MBS 1,613 — (245) 1,368 Other agencies 116 — (9) 107 Total federal agency and other agency securities 16,576 — (2,270) 14,306 Municipal securities 2 — — 2 Total held-to-maturity securities $ 16,578 $ — $ (2,270) $ 14,308 Other securities, at cost: Non-marketable equity securities: Federal Home Loan Bank stock $ 412 $ — $ — $ 412 Federal Reserve Bank stock 516 — — 516 Equity securities 14 — — 14 Other securities, at fair value: Mutual funds 32 — — 32 Equity securities 1 — — 1 Total other securities $ 975 $ — $ — $ 975 (1) Amortized cost amounts exclude accrued interest receivable, which is recorded within accrued income and other receivables on the Consolidated Balance Sheet s . At June 30, 2023, 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 $843 million and represent a reduction to the amortized cost of the securities being hedged. The securities being hedged under the portfolio layer method are primarily Residential CMO and Residential MBS securities. Unrealized (dollar amounts in millions) Amortized Gross Gross Fair Value At December 31, 2022 Available-for-sale securities: U.S. Treasury $ 103 $ — $ — $ 103 Federal agencies: Residential CMO 3,336 — (422) 2,914 Residential MBS 14,349 4 (2,090) 12,263 Commercial MBS 2,565 — (612) 1,953 Other agencies 190 1 (9) 182 Total U.S. Treasury, federal agency, and other agency securities 20,543 5 (3,133) 17,415 Municipal securities 3,527 1 (238) 3,290 Private-label CMO 146 — (18) 128 Asset-backed securities 416 — (44) 372 Corporate debt 2,467 132 (385) 2,214 Other securities/Sovereign debt 4 — — 4 Total available-for-sale securities $ 27,103 $ 138 $ (3,818) $ 23,423 Held-to-maturity securities: Federal agencies: Residential CMO $ 4,970 $ 4 $ (714) $ 4,260 Residential MBS 10,295 — (1,375) 8,920 Commercial MBS 1,652 — (204) 1,448 Other agencies 133 — (9) 124 Total federal agency and other agency securities 17,050 4 (2,302) 14,752 Municipal securities 2 — — 2 Total held-to-maturity securities $ 17,052 $ 4 $ (2,302) $ 14,754 Other securities, at cost: Non-marketable equity securities: Federal Home Loan Bank stock $ 312 $ — $ — $ 312 Federal Reserve Bank stock 500 — — 500 Equity securities 10 — — 10 Other securities, at fair value: Mutual funds 31 — — 31 Equity securities 1 — — 1 Total other securities $ 854 $ — $ — $ 854 (1) Amortized cost amounts exclude accrued interest receivable, which is recorded within accrued income and other receivables on the Consolidated Balance Sheet s . At December 31, 2022, accrued interest receivable on available-for-sale securities and held-to-maturity securities totaled $64 million and $39 million, respectively. (2) Excluded from the amortized cost are portfolio level basis adjustments for securities designated in fair value hedges under the portfolio layer method. The basis adjustments totaled $849 million and represent a reduction to the amortized cost of the securities being hedged. The securities being hedged under the portfolio layer method are primarily Residential CMO and Residential MBS securities. The following table provides the amortized cost and fair value of securities by contractual maturity at June 30, 2023 and December 31, 2022. Expected maturities may differ from contractual maturities as issuers may have the right to call or prepay obligations with or without incurring penalties. At June 30, 2023 At December 31, 2022 (dollar amounts in millions) Amortized Cost Fair Value Amortized Cost Fair Value Available-for-sale securities: Under 1 year $ 524 $ 514 $ 518 $ 511 After 1 year through 5 years 2,456 2,273 2,182 2,033 After 5 years through 10 years 2,734 2,507 3,106 2,814 After 10 years 21,109 17,939 21,297 18,065 Total available-for-sale securities $ 26,823 $ 23,233 $ 27,103 $ 23,423 Held-to-maturity securities: Under 1 year $ 2 $ 2 $ — $ — After 1 year through 5 years 58 55 72 68 After 5 years through 10 years 75 70 71 66 After 10 years 16,443 14,181 16,909 14,620 Total held-to-maturity securities $ 16,578 $ 14,308 $ 17,052 $ 14,754 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, 2023 and December 31, 2022: Less than 12 Months Over 12 Months Total (dollar amounts in millions) Fair Gross Unrealized Fair Gross Unrealized Fair Gross Unrealized At June 30, 2023 Available-for-sale securities: Federal agencies: Residential CMO $ 1,249 $ (56) $ 2,059 $ (378) $ 3,308 $ (434) Residential MBS 778 (38) 10,883 (1,941) 11,661 (1,979) Commercial MBS 387 (64) 1,512 (589) 1,899 (653) Other agencies 22 — 70 (8) 92 (8) Total federal agency and other agency securities 2,436 (158) 14,524 (2,916) 16,960 (3,074) Municipal securities 789 (49) 2,566 (195) 3,355 (244) Private-label CMO 6 — 97 (15) 103 (15) Asset-backed securities — — 369 (41) 369 (41) Corporate debt — — 2,011 (313) 2,011 (313) Total temporarily impaired available-for-sale securities $ 3,231 $ (207) $ 19,567 $ (3,480) $ 22,798 $ (3,687) Held-to-maturity securities: Federal agencies: Residential CMO $ 612 $ (12) $ 3,678 $ (710) $ 4,290 $ (722) Residential MBS 1,118 (60) 7,407 (1,234) 8,525 (1,294) Commercial MBS 43 (3) 1,324 (242) 1,367 (245) Other agencies — — 108 (9) 108 (9) Total federal agency and other agency securities 1,773 (75) 12,517 (2,195) 14,290 (2,270) Total temporarily impaired held-to-maturity securities $ 1,773 $ (75) $ 12,517 $ (2,195) $ 14,290 $ (2,270) Less than 12 Months Over 12 Months Total (dollar amounts in millions) Fair Gross Unrealized Fair Gross Unrealized Fair Gross Unrealized At December 31, 2022 Available-for-sale securities: Federal agencies: Residential CMO $ 2,096 $ (224) $ 818 $ (198) $ 2,914 $ (422) Residential MBS 2,455 (286) 9,490 (1,804) 11,945 (2,090) Commercial MBS 1,090 (249) 863 (363) 1,953 (612) Other agencies 40 (1) 56 (8) 96 (9) Total federal agency and other agency securities 5,681 (760) 11,227 (2,373) 16,908 (3,133) Municipal securities 2,298 (174) 807 (64) 3,105 (238) Private-label CMO 64 (13) 43 (5) 107 (18) Asset-backed securities 174 (10) 199 (34) 373 (44) Corporate debt 727 (105) 1,487 (280) 2,214 (385) Total temporarily impaired available-for-sale securities $ 8,944 $ (1,062) $ 13,763 $ (2,756) $ 22,707 $ (3,818) Held-to-maturity securities: Federal agencies: Residential CMO $ 1,702 $ (238) $ 2,283 $ (476) $ 3,985 $ (714) Residential MBS 4,151 (462) 4,711 (913) 8,862 (1,375) Commercial MBS 1,201 (154) 247 (50) 1,448 (204) Other agencies 124 (9) — — 124 (9) Total federal agency and other agency securities 7,178 (863) 7,241 (1,439) 14,419 (2,302) Total temporarily impaired held-to-maturity securities $ 7,178 $ (863) $ 7,241 $ (1,439) $ 14,419 $ (2,302) At June 30, 2023 and December 31, 2022, the carrying value of investment securities pledged: (i) to secure certain uninsured deposits, trading account liabilities, U.S. Treasury demand notes, and security repurchase agreements, and (ii) to support borrowing capacity, totaled $33.1 billion and $26.9 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, 2023 or December 31, 2022. At June 30, 2023, all HTM debt securities are considered investment grade. In addition, there were no HTM debt securities considered past due at June 30, 2023. 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, 2023, Huntington has concluded that 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, 2023 or December 31, 2022. A $4 million charge-off was recognized during the 2022 first quarter for one municipal bond classified as an AFS debt security. |
LOANS AND LEASES
LOANS AND LEASES | 6 Months Ended |
Jun. 30, 2023 | |
Receivables [Abstract] | |
LOANS AND LEASES | LOANS AND LEASES The following table provides a detailed listing of Huntington’s loan and lease portfolio at June 30, 2023 and December 31, 2022. (dollar amounts in millions) At June 30, 2023 At December 31, 2022 Commercial loan and lease portfolio: Commercial and industrial $ 49,834 $ 48,121 Commercial real estate 13,166 13,640 Lease financing 5,143 5,252 Total commercial loan and lease portfolio 68,143 67,013 Consumer loan portfolio: Residential mortgage 23,138 22,226 Automobile 12,819 13,154 Home equity 10,135 10,375 RV and marine 5,640 5,376 Other consumer 1,350 1,379 Total consumer loan portfolio 53,082 52,510 Total loans and leases (1)(2) 121,225 119,523 Allowance for loan and lease losses (2,177) (2,121) Net loans and leases $ 119,048 $ 117,402 (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) premium of $(86) million and $3 million at June 30, 2023 and December 31, 2022, respectively. (2) The total amount of accrued interest recorded for these loans and leases at June 30, 2023, was $306 million and $195 million of commercial and consumer loan and lease portfolios, respectively, and at December 31, 2022, was $274 million and $186 million of commercial and consumer loan and lease portfolios, respectively. Accrued interest is presented in accrued income and other receivables within the Consolidated Balance Sheet s. Lease Financing The following table presents net investments in lease financing receivables by category at June 30, 2023 and December 31, 2022. (dollar amounts in millions) At June 30, 2023 At December 31, 2022 Lease payments receivable $ 4,830 $ 4,916 Estimated residual value of leased assets 797 788 Gross investment in lease financing receivables 5,627 5,704 Deferred origination costs 52 46 Deferred fees, unearned income and other (536) (498) Total lease financing receivables $ 5,143 $ 5,252 The carrying value of residual values guaranteed was $483 million and $466 million as of June 30, 2023 and December 31, 2022, respectively. The future lease rental payments due from customers on sales-type and direct financing leases at June 30, 2023, totaled $4.8 billion and were due as follows: $856 million in 2023, $853 million in 2024, $764 million in 2025, $784 million in 2026, $747 million in 2027, and $826 million thereafter. Interest income recognized for these types of leases was $70 million and $39 million for the three-month periods ended June 30, 2023 and 2022, respectively. For the six-month periods ended June 30, 2023 and 2022, interest income recognized for these types of leases was $138 million and $77 million, respectively. Nonaccrual and Past Due Loans and Leases The following table presents NALs by class at June 30, 2023 and December 31, 2022: At June 30, 2023 At December 31, 2022 (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 $ 49 $ 267 $ 49 $ 288 Commercial real estate 32 75 63 92 Lease financing — 15 — 18 Residential mortgage — 73 — 90 Automobile — 4 — 4 Home equity — 75 — 76 RV and marine — 1 — 1 Total nonaccrual loans and leases $ 81 $ 510 $ 112 $ 569 The following tables present an aging analysis of loans and leases, by class at June 30, 2023 and December 31, 2022: Past Due (1) Loans Accounted for Under FVO Total Loans 90 or (dollar amounts in millions) 30-59 60-89 90 or Total Current At June 30, 2023 Commercial and industrial $ 42 $ 21 $ 86 $ 149 $ 49,685 $ — $ 49,834 $ 7 (2) Commercial real estate 1 — 35 36 13,130 — 13,166 — Lease financing 28 17 18 63 5,080 — 5,143 12 (3) Residential mortgage 229 71 167 467 22,497 174 23,138 121 (4) Automobile 75 19 9 103 12,716 — 12,819 6 Home equity 54 23 73 150 9,984 1 10,135 18 RV and marine 13 4 2 19 5,621 — 5,640 2 Other consumer 10 3 3 16 1,334 — 1,350 3 Total loans and leases $ 452 $ 158 $ 393 $ 1,003 $ 120,047 $ 175 $ 121,225 $ 169 At December 31, 2022 Commercial and industrial $ 53 $ 19 $ 108 $ 180 $ 47,941 $ — $ 48,121 $ 23 (2) Commercial real estate 2 1 9 12 13,628 — 13,640 — Lease financing 36 18 10 64 5,188 — 5,252 9 (3) Residential mortgage 246 69 199 514 21,528 184 22,226 146 (4) Automobile 88 20 11 119 13,035 — 13,154 9 Home equity 56 30 66 152 10,222 1 10,375 15 RV and marine 15 5 3 23 5,353 — 5,376 3 Other consumer 13 3 3 19 1,360 — 1,379 2 Total loans and leases $ 509 $ 165 $ 409 $ 1,083 $ 118,255 $ 185 $ 119,523 $ 207 (1) NALs are included in this aging analysis based on the loan’s past due status. (2) Amounts include 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 and Leases” to the Consolidated Financial Statements appearing in Huntington’s 2022 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. For all classes within the consumer loan portfolios, borrower credit bureau scores are monitored as an indicator of credit quality. A credit bureau score is a credit score developed by FICO based on data provided by the credit bureaus. The credit bureau score is widely accepted as the standard measure of consumer credit risk used by lenders, regulators, rating agencies, and consumers. The higher the credit bureau score, the higher likelihood of repayment and therefore, an indicator of higher credit quality. Huntington assesses the risk in the loan portfolio by utilizing numerous risk characteristics. The classifications described above, and also presented in the table below, represent one of those characteristics that are closely monitored in the overall credit risk management processes. The following tables present the amortized cost basis of loans and leases by vintage and credit quality indicator at June 30, 2023 and December 31, 2022 respectively: At June 30, 2023 Term Loans Amortized Cost Basis by Origination Year Revolver Total at Amortized Cost Basis Revolver Total Converted to Term Loans (dollar amounts in millions) 2023 2022 2021 2020 2019 Prior Total Commercial and industrial Credit Quality Indicator (1): Pass $ 9,983 $ 12,540 $ 4,863 $ 2,602 $ 1,552 $ 1,701 $ 14,156 $ 4 $ 47,401 OLEM 107 214 79 16 7 25 159 — 607 Substandard 219 318 144 179 130 288 547 — 1,825 Doubtful — — — — — 1 — — 1 Total Commercial and industrial $ 10,309 $ 13,072 $ 5,086 $ 2,797 $ 1,689 $ 2,015 $ 14,862 $ 4 $ 49,834 Commercial real estate Credit Quality Indicator (1): Pass $ 972 $ 3,794 $ 2,451 $ 1,247 $ 1,330 $ 1,556 $ 638 $ — $ 11,988 OLEM 35 243 71 17 47 24 — — 437 Substandard 164 128 90 23 151 183 2 — 741 Total Commercial real estate $ 1,171 $ 4,165 $ 2,612 $ 1,287 $ 1,528 $ 1,763 $ 640 $ — $ 13,166 Lease financing Credit Quality Indicator (1): Pass $ 948 $ 1,631 $ 1,057 $ 757 $ 341 $ 197 $ — $ — $ 4,931 OLEM 13 20 11 20 10 7 — — 81 Substandard 8 46 32 14 20 10 — — 130 Doubtful — — 1 — — — — — 1 Total Lease financing $ 969 $ 1,697 $ 1,101 $ 791 $ 371 $ 214 $ — $ — $ 5,143 Residential mortgage Credit Quality Indicator (2): 750+ $ 1,127 $ 3,953 $ 6,215 $ 3,442 $ 791 $ 2,375 $ — $ — $ 17,903 650-749 459 1,137 1,054 547 208 837 — — 4,242 <650 7 61 65 65 87 534 — — 819 Total Residential mortgage $ 1,593 $ 5,151 $ 7,334 $ 4,054 $ 1,086 $ 3,746 $ — $ — $ 22,964 Automobile Credit Quality Indicator (2): 750+ $ 1,417 $ 2,330 $ 1,885 $ 988 $ 558 $ 198 $ — $ — $ 7,376 650-749 819 1,616 1,153 498 250 112 — — 4,448 <650 89 311 304 143 86 62 — — 995 Total Automobile $ 2,325 $ 4,257 $ 3,342 $ 1,629 $ 894 $ 372 $ — $ — $ 12,819 Home equity Credit Quality Indicator (2): 750+ $ 223 $ 458 $ 547 $ 574 $ 19 $ 282 $ 4,541 $ 233 $ 6,877 650-749 74 108 71 60 8 111 2,051 238 2,721 <650 — 3 3 4 2 49 347 128 536 Total Home equity $ 297 $ 569 $ 621 $ 638 $ 29 $ 442 $ 6,939 $ 599 $ 10,134 RV and marine Credit Quality Indicator (2): 750+ $ 683 $ 1,052 $ 945 $ 651 $ 326 $ 693 $ — $ — $ 4,350 650-749 126 270 271 173 101 237 — — 1,178 <650 1 9 21 18 15 48 — — 112 Total RV and marine $ 810 $ 1,331 $ 1,237 $ 842 $ 442 $ 978 $ — $ — $ 5,640 Other consumer Credit Quality Indicator (2): 750+ $ 118 $ 99 $ 51 $ 25 $ 24 $ 56 $ 388 $ 3 $ 764 650-749 50 55 21 8 8 16 354 14 526 <650 2 5 4 1 2 1 33 12 60 Total Other consumer $ 170 $ 159 $ 76 $ 34 $ 34 $ 73 $ 775 $ 29 $ 1,350 (1) Consistent with the credit quality disclosures, indicators for the Commercial portfolio are based on internally defined categories of credit grades. (2) Consistent with the credit quality disclosures, indicators for the Consumer portfolio are based on updated customer credit scores refreshed at least quarterly. At December 31, 2022 Term Loans Amortized Cost Basis by Origination Year Revolver Total at Amortized Cost Basis Revolver Total Converted to Term Loans (dollar amounts in millions) 2022 2021 2020 2019 2018 Prior Total Commercial and industrial Credit Quality Indicator (1): Pass $ 18,092 $ 6,742 $ 3,332 $ 2,107 $ 1,156 $ 1,186 $ 13,060 $ 3 $ 45,678 OLEM 108 139 72 21 49 26 113 — 528 Substandard 368 183 203 212 142 256 550 — 1,914 Doubtful — — — — — 1 — — 1 Total Commercial and industrial $ 18,568 $ 7,064 $ 3,607 $ 2,340 $ 1,347 $ 1,469 $ 13,723 $ 3 $ 48,121 Commercial real estate Credit Quality Indicator (1): Pass $ 4,022 $ 3,115 $ 1,562 $ 1,662 $ 829 $ 1,020 $ 519 $ — $ 12,729 OLEM 61 53 1 43 6 9 — — 173 Substandard 231 116 92 74 84 140 1 — 738 Total Commercial real estate $ 4,314 $ 3,284 $ 1,655 $ 1,779 $ 919 $ 1,169 $ 520 $ — $ 13,640 Lease financing Credit Quality Indicator (1): Pass $ 1,930 $ 1,291 $ 952 $ 447 $ 186 $ 143 $ — $ — $ 4,949 OLEM 32 9 15 18 6 3 — — 83 Substandard 65 37 74 24 9 11 — — 220 Total Lease financing $ 2,027 $ 1,337 $ 1,041 $ 489 $ 201 $ 157 $ — $ — $ 5,252 Residential mortgage Credit Quality Indicator (2): 750+ $ 3,666 $ 6,274 $ 3,566 $ 846 $ 469 $ 2,070 $ — $ — $ 16,891 650-749 1,394 1,172 617 211 137 777 — — 4,308 <650 49 68 61 95 90 480 — — 843 Total Residential mortgage $ 5,109 $ 7,514 $ 4,244 $ 1,152 $ 696 $ 3,327 $ — $ — $ 22,042 Automobile Credit Quality Indicator (2): 750+ $ 2,770 $ 2,212 $ 1,243 $ 777 $ 289 $ 98 $ — $ — $ 7,389 650-749 1,944 1,508 683 367 162 52 — — 4,716 <650 307 352 173 115 67 35 — — 1,049 Total Automobile $ 5,021 $ 4,072 $ 2,099 $ 1,259 $ 518 $ 185 $ — $ — $ 13,154 Home equity Credit Quality Indicator (2): 750+ $ 463 $ 573 $ 611 $ 23 $ 20 $ 301 $ 4,787 $ 252 $ 7,030 650-749 131 88 68 9 8 122 2,129 261 2,816 <650 3 3 3 2 2 51 335 129 528 Total Home equity $ 597 $ 664 $ 682 $ 34 $ 30 $ 474 $ 7,251 $ 642 $ 10,374 RV and marine Credit Quality Indicator (2): 750+ $ 1,148 $ 1,031 $ 731 $ 361 $ 354 $ 438 $ — $ — $ 4,063 650-749 290 315 200 118 113 169 — — 1,205 <650 5 18 15 17 17 36 — — 108 Total RV and marine $ 1,443 $ 1,364 $ 946 $ 496 $ 484 $ 643 $ — $ — $ 5,376 Other consumer Credit Quality Indicator (2): 750+ $ 207 $ 64 $ 35 $ 34 $ 13 $ 52 $ 393 $ 3 $ 801 650-749 71 30 12 15 4 14 355 16 517 <650 3 3 2 3 1 2 33 14 61 Total Other consumer $ 281 $ 97 $ 49 $ 52 $ 18 $ 68 $ 781 $ 33 $ 1,379 (1) Consistent with the credit quality disclosures, indicators for the Commercial portfolio are based on internally defined categories of credit grades. (2) Consistent with the credit quality disclosures, indicators for the Consumer portfolio are based on updated customer credit scores refreshed at least quarterly. The following tables present the gross charge-offs of loans and leases by vintage. Term Loans Gross Charge-offs by Origination Year Revolver Gross Charge-offs Revolver Converted to Term Loans Gross Charge-offs (dollar amounts in millions) 2023 2022 2021 2020 2019 Prior Total Three months ended June 30, 2023 Commercial and industrial $ 1 $ 4 $ 14 $ — $ 8 $ 10 $ — $ 1 $ 38 Commercial real estate — 3 — — 5 5 — — 13 Lease Financing — 1 1 — — — — — 2 Residential mortgage — — — — — 1 — — 1 Automobile — 3 4 2 2 — — — 11 Home equity — — — — — 1 — 1 2 RV and marine — 1 — — — 3 — — 4 Other consumer 2 5 3 2 2 1 — 6 21 Total $ 3 $ 17 $ 22 $ 4 $ 17 $ 21 $ — $ 8 $ 92 Six months ended June 30, 2023 Commercial and industrial $ 2 $ 18 $ 17 $ 6 $ 12 $ 10 $ 4 $ 1 $ 70 Commercial real estate — 3 19 — 5 5 — — 32 Lease Financing — 1 1 — — 1 — — 3 Residential mortgage — — 1 — — 2 — — 3 Automobile — 6 8 4 3 2 — — 23 Home equity — — — — — 1 1 2 4 RV and marine — 1 1 1 1 4 — — 8 Other consumer 3 13 8 3 3 5 — 13 48 Total $ 5 $ 42 $ 55 $ 14 $ 24 $ 30 $ 5 $ 16 $ 191 Modifications to Debtors Experiencing Financial Difficulty Effective January 1, 2023, Huntington adopted ASU 2022-02- Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures. For additional information on the adoption, refer to both Note 1 “ Basis of Presentation ” and Note 2 “ Accounting Standards Update .” Huntington will modify the contractual terms of loans to a borrower experiencing financial difficulties as a way to mitigate loss, proactively work with borrowers in financial difficulty, or to comply with regulations regarding the treatment of certain bankruptcy filing and discharge situations. A debtor is considered to be experiencing financial difficulty when there is significant doubt about the debtor’s ability to make required payments on the debt or to get equivalent financing from another creditor at a market rate for similar debt. A loan placed on nonaccrual because the borrower is experiencing financial difficulty may be returned to accrual status when all contractually due interest and principal has been paid and the borrower demonstrates the financial capacity to continue to pay as agreed, with the risk of loss diminished. Reported Modification Types Modifications in the form of principal forgiveness, an interest rate reduction, an other than insignificant payment delay or a term extension that have occurred in the current reporting period to a borrower experiencing financial difficulty are disclosed along with the financial impact of the modifications. Huntington will generally try other forms of relief before principal forgiveness but would define any contractual reduction in the amount of principal due without receiving payment or assets as forgiveness. For the purpose of the disclosure Huntington considers any contractual change in interest rate that results in the borrower receiving a below market rate to be an interest rate reduction. Many factors can go into what is considered an other than insignificant payment delay such as the significance of the restructured payment amount relative to the normal loan payment or the relative significance of the delay to the original loan terms. Generally, Huntington would consider any delay in payment of greater than 90 days in the last 12 months to be significant. For the purpose of the disclosure modification of contingent payment features or covenants that would have accelerated payment are not considered term extensions. Following is a description of what is considered a borrower experiencing financial difficulty by the different loan types: Commercial loan modifications – Our strategy involving commercial borrowers generally includes working with these borrowers to allow them time to improve their financial position and remain a Huntington customer through restructuring their notes or to restructure elsewhere if necessary. Borrowers that are rated substandard or worse in accordance with the regulatory definition, or that cannot otherwise restructure at market terms and conditions, are considered to be experiencing financial difficulty. A subsequent restructuring or modification of a loan may occur when either the loan matures according to the terms of the modified agreement, or the borrower requests a change to the loan agreements. It is subjected to the normal underwriting standards and processes for other similar credit extensions, both new and existing. The restructured note is evaluated to determine if it is considered a new loan or a continuation of the prior loan. Consumer loan modifications – Consumer loans in which a borrower requires a modification as a result of negative changes to their financial condition or to avoid default, generally indicate the borrower is experiencing financial difficulty. The primary modifications made to consumer loans are amortization, maturity date and interest rate changes. Consumer borrowers identified as experiencing financial difficulty are unable to refinance their loans through the Company’s normal origination channels or through other independent sources. Most, but not all, of the loans may be delinquent. The Company’s primary loan categories that receive modifications are residential mortgage, automobile, home equity, RV and marine, and other consumer loans. Impact on Credit Quality of Borrowers Experiencing Financial Difficulty Huntington’s ALLL is influenced by loan level characteristics that inform the assessed propensity to default. As such, the provision for credit losses is impacted primarily by changes in such loan level characteristics, such as payment performance. Commercial borrowers experiencing financial difficulty are risk rated to reflect the increase in default characteristics so that that the ALLL reflects the future risk of loss. Borrowers experiencing financial difficulty can be classified as either accrual or nonaccrual loans. The following table summarizes the amortized cost basis of loans modified during the reporting period to borrowers experiencing financial difficulty, disaggregated by class of financing receivable and type of modification. Amortized Cost (dollar amounts in millions) Interest rate reduction Term extension Payment deferral Combo - interest rate reduction and term extension Total % of total loan class (1) Three months ended June 30, 2023 Commercial and industrial $ — $ 138 $ — $ — $ 138 0.28 % Commercial real estate — 134 — — 134 1.02 Residential mortgage — 12 2 1 15 0.06 Automobile — 4 — 1 5 0.04 Home equity — 1 — 3 4 0.04 Other consumer 1 — — — 1 0.07 Total loans to borrowers experiencing financial difficulty in which modifications were made $ 1 $ 289 $ 2 $ 5 $ 297 0.24 % Six months ended June 30, 2023 Commercial and industrial $ 35 $ 198 $ — $ 3 $ 236 0.47 % Commercial real estate — 148 — — 148 1.12 Residential mortgage — 35 2 2 39 0.17 Automobile — 7 — 1 8 0.06 Home equity — 1 — 5 6 0.06 RV and marine — 1 — — 1 0.02 Other consumer 1 — — — 1 0.07 Total loans to borrowers experiencing financial difficulty in which modifications were made $ 36 $ 390 $ 2 $ 11 $ 439 0.36 % (1) Represents the amortized cost of loans modified during the reporting period as a percentage of the period-end loan balance by class. The following table describes the financial effect of the modification made to borrowers experiencing financial difficulty. Interest Rate Reduction Term Extension Weighted-average contractual interest rate Weighted-average years added to the life From To Three months ended June 30, 2023 Commercial and industrial 0.7 Commercial real estate 0.5 Residential mortgage 5.55 % 4.42 % 8.8 Automobile 6.58 6.22 2.0 Home equity 8.55 6.05 14.6 Six months ended June 30, 2023 Commercial and industrial 7.68 % 6.94 % 0.9 Commercial real estate 0.5 Residential mortgage 5.54 4.29 7.2 Automobile 6.59 6.24 2.0 Home equity 8.37 5.86 15.5 The performance of loans made to borrowers experiencing financial difficulty in which modifications were made is closely monitored to understand the effectiveness of modification efforts. Loans are considered to be in payment default at 90 or more days past due. The following table depicts the performance of loans that have been modified during the reporting period. At June 30, 2023 Past Due (dollar amounts in millions) 30-59 60-89 90 or Total Current Total Commercial and industrial $ 1 $ 1 $ — $ 2 $ 234 $ 236 Commercial real estate — — — — 148 148 Residential mortgage 7 3 4 14 25 39 Automobile 1 — — 1 7 8 Home equity 1 — — 1 5 6 RV and marine — — — — 1 1 Other consumer — — — — 1 1 Total loans to borrowers experiencing financial difficulty in which modifications were made in the six months ended June 30, 2023 $ 10 $ 4 $ 4 $ 18 $ 421 $ 439 TDR Loans The following provides additional disclosures previously required by ASC Subtopic 310-40, Receivables—Troubled Debt Restructurings by Creditors, related to the three-month and six-month period ended June 30, 2022. 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 1 “Significant Accounting Policies” and Note 5 “Loans and Leases” to the Consolidated Financial Statements appearing in Huntington’s 2022 Annual Report on Form 10-K for 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 period ended June 30, 2022. New Troubled Debt Restructurings (1) 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 Three months ended June 30, 2022 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 Six months ended June 30, 2022 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 74 — 1 — — 1 Other consumer 53 — — — — — Total new TDRs 1,829 $ 67 $ 87 $ 8 $ 1 $ 163 (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, 2023 and December 31, 2022, these borrowings and advances are secured by $99.2 billion and $70.9 billion, respectively, of loans. |
ALLOWANCE FOR CREDIT LOSSES
ALLOWANCE FOR CREDIT LOSSES | 6 Months Ended |
Jun. 30, 2023 | |
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, 2023 and 2022. (dollar amounts in millions) Commercial Consumer Total Three months ended June 30, 2023 ALLL balance, beginning of period $ 1,457 $ 685 $ 2,142 Loan and lease charge-offs (53) (39) (92) Recoveries of loans and leases previously charged-off 26 17 43 Provision for loan and lease losses 53 31 84 ALLL balance, end of period $ 1,483 $ 694 $ 2,177 AULC balance, beginning of period $ 75 $ 82 $ 157 Provision for unfunded lending commitments 3 5 8 AULC balance, end of period $ 78 $ 87 $ 165 ACL balance, end of period $ 1,561 $ 781 $ 2,342 Six months ended June 30, 2023 ALLL balance, beginning of period $ 1,424 $ 697 $ 2,121 Loan and lease charge-offs (105) (86) (191) Recoveries of loans and leases previously charged-off 49 36 85 Provision for loan and lease losses 115 47 162 ALLL balance, end of period $ 1,483 $ 694 $ 2,177 AULC balance, beginning of period $ 71 $ 79 $ 150 Provision for unfunded lending commitments 7 8 15 AULC balance, end of period $ 78 $ 87 $ 165 ACL balance, end of period $ 1,561 $ 781 $ 2,342 (dollar amounts in millions) Commercial Consumer Total Three months 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 months 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 (benefit) 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 At June 30, 2023, the ACL was $2.3 billion, an increase of $71 million compared to December 31, 2022. The commercial ACL was $1.6 billion at June 30, 2023 and $1.5 billion at December 31, 2022. The increase of $66 million since year end was driven by a combination of loan and lease growth and modest deterioration in the macro-economic forecast. The consumer ACL was $781 million, relatively flat compared to the December 31, 2022 balance of $776 million. The baseline economic scenario used in the June 30, 2023 ACL determination included the federal funds rate projected to peak at approximately 5.1% in the third quarter of 2023 as the Federal Reserve continues to address elevated inflation levels. As a result, inflation is forecast to drop from an estimated 8.0% in 2022 to 2.5% by 2024. However, unemployment is expected to gradually increase to a projected level of 4.2% by Q4 2024. |
MORTGAGE LOAN SALES AND SERVICI
MORTGAGE LOAN SALES AND SERVICING RIGHTS | 6 Months Ended |
Jun. 30, 2023 | |
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, 2023 and 2022: Three months ended June 30, 2023 Six months ended June 30, 2023 (dollar amounts in millions) 2023 2022 2023 2022 Residential mortgage loans sold with servicing retained $ 1,117 $ 1,313 $ 1,979 $ 3,247 Pretax gains resulting from above loan sales (1) 15 40 22 99 (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, 2023 and 2022: Three months ended June 30, 2023 Six months ended June 30, 2023 (dollar amounts in millions) 2023 2022 2023 2022 Fair value, beginning of period $ 485 $ 416 $ 494 $ 351 New servicing assets created 18 18 31 47 Change in fair value during the period due to: Time decay (1) (6) (5) (12) (10) Payoffs (2) (7) (10) (11) (20) Changes in valuation inputs or assumptions (3) 15 44 3 95 Fair value, end of period $ 505 $ 463 $ 505 $ 463 (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. A summary of key assumptions and the sensitivity of the MSR value to changes in these assumptions at June 30, 2023, and December 31, 2022 follows: At June 30, 2023 At December 31, 2022 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) 7.60 % $ (13) $ (25) 7.05 % $ (13) $ (25) Spread over forward interest rate swap rates 571 bps (11) (22) 578 bps (12) (22) |
BORROWINGS
BORROWINGS | 6 Months Ended |
Jun. 30, 2023 | |
Debt Disclosure [Abstract] | |
BORROWINGS | BORROWINGS Borrowings with original maturities of one year or less are classified as short-term and were comprised of the following at June 30, 2023 and December 31, 2022, respectively: (dollar amounts in millions) At June 30, 2023 At December 31, 2022 Federal funds purchased and securities sold under agreements to repurchase $ 646 $ 253 FHLB advances 1,000 1,700 Other borrowings 34 74 Total short-term borrowings $ 1,680 $ 2,027 Huntington’s long-term debt consisted of the following at June 30, 2023 and December 31, 2022, respectively: (dollar amounts in millions) At June 30, 2023 At December 31, 2022 The Parent Company: Senior Notes $ 2,908 $ 3,005 Subordinated Notes 751 975 Total notes issued by the parent 3,659 3,980 The Bank: Senior Notes 4,146 4,272 Subordinated Notes 651 651 Total notes issued by the bank 4,797 4,923 FHLB Advances 5,708 211 Other 547 572 Total long-term debt $ 14,711 $ 9,686 |
OTHER COMPREHENSIVE INCOME
OTHER COMPREHENSIVE INCOME | 6 Months Ended |
Jun. 30, 2023 | |
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, 2023 and 2022, were as follows: (dollar amounts in millions) Pretax Tax (expense) benefit After-tax Three months ended June 30, 2023 Unrealized gains (losses) on available-for-sale securities arising during the period $ (282) $ 65 $ (217) Reclassification adjustment for realized net losses included in net income 35 (8) 27 Total unrealized gains (losses) on available-for-sale securities (247) 57 (190) Net impact of fair value hedges on available-for-sale securities 139 (32) 107 Unrealized gains (losses) on cash flow hedges during the period (266) 65 (201) Reclassification adjustment for cash flow hedges included in net income 34 (2) 32 Net change related to cash flow hedges on loans (232) 63 (169) Translation adjustments, net of hedges (1) 1 — 1 Other comprehensive income (loss) $ (339) $ 88 $ (251) Three months ended June 30, 2022 Unrealized gains (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 gains (losses) on available-for-sale securities (1,065) 245 (820) Net impact of fair value hedges on available-for-sale securities 161 (38) 123 Net change related to cash flow hedges on loans (111) 25 (86) 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 income (loss) $ (1,015) $ 231 $ (784) Six months ended June 30, 2023 Unrealized gains (losses) on available-for-sale securities arising during the period $ 97 $ (22) $ 75 Reclassification adjustment for realized net losses included in net income 38 (9) 29 Total unrealized gains (losses) on available-for-sale securities 135 (31) 104 Net impact of fair value hedges on available-for-sale securities (43) 10 (33) Unrealized gains (losses) on cash flow hedging relationships arising during the period (35) 12 (23) Reclassification adjustment for cash flow hedges included in net income 46 (3) 43 Net change related to cash flow hedges 11 9 20 Translation adjustments, net of hedges (1) 1 — 1 Other comprehensive income (loss) $ 104 $ (12) $ 92 Six months ended June 30, 2022 Unrealized gains (losses) on available-for-sale securities arising during the period $ (2,687) $ 618 $ (2,069) Reclassification adjustment for realized net losses 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 Net change related to cash flow hedges (421) 95 (326) 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 income (loss) $ (2,422) $ 553 $ (1,869) (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, 2023 and 2022, 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 Net change related to cash flow hedges on loans Translation adjustments, net of hedges Unrealized gains (losses) for pension and other post- retirement obligations Total Three months ended June 30, 2023 Balance, beginning of period $ (2,708) $ 614 $ (443) $ (8) $ (210) $ (2,755) Other comprehensive income (loss) before reclassifications (217) 107 (201) 1 — (310) Amounts reclassified from accumulated OCI to earnings 27 — 32 — — 59 Period change (190) 107 (169) 1 — (251) Balance, end of period $ (2,898) $ 721 $ (612) $ (7) $ (210) $ (3,006) 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) Six months ended June 30, 2023 Balance, beginning of period $ (3,002) $ 754 $ (632) $ (8) $ (210) $ (3,098) Other comprehensive income (loss) before reclassifications 75 (33) (23) 1 — 20 Amounts reclassified from accumulated OCI to earnings 29 43 — — 72 Period change 104 (33) 20 1 — 92 Balance, end of period $ (2,898) $ 721 $ (612) $ (7) $ (210) $ (3,006) Six months ended June 30, 2022 Balance, beginning of period $ (153) $ 89 $ 63 $ (3) $ (225) $ (229) Other comprehensive income (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) (1) AOCI amounts at June 30, 2023 and June 30, 2022 include $62 million and $73 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, 2023 | |
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) At June 30, 2023 At December 31, 2022 Series B (2) 12/28/2011 35,500 3-mo. LIBOR + 270 bps (3) 1/15/2017 $ 23 $ 23 Series E (4) 2/27/2018 5,000 3-mo. LIBOR + 288 bps (5) 4/15/2023 495 495 Series F (4) 5/27/2020 5,000 5.625 7/15/2030 494 494 Series G (4) 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 (6) 6/9/2021 7,000 5.70 12/01/2022 175 175 Series J (2) 3/6/2023 325,000 6.875 4/15/2028 317 — Total 882,500 $ 2,484 $ 2,167 (1) Redeemable at Huntington’s option on the date stated or on a quarterly basis thereafter. (2) Series B, H, and J preferred stock have a liquidation value and redemption price per share of $1,000, plus any declared and unpaid dividends. (3) Series B converts to 3-month CME Term SOFR + 26 bps LIBOR spread adjustment + 270 bps effective July 15, 2023. (4) 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. (5) Series E converts to 3-month CME Term SOFR + 26 bps LIBOR spread adjustment + 288 bps effective July 15, 2023. (6) Series I preferred stock has a liquidation value and redemption price per share of $25,000, plus any declared and unpaid dividends. The following table presents the dividends declared for each series of Preferred shares for the three-month and six-month periods ended June 30, 2023 and 2022: Three months ended June 30, Six months ended June 30, (amounts in millions, except per share data) 2023 2022 2023 2022 Cash Dividend Declared Per Share Cash Dividend Declared Per Share Cash Dividend Declared Per Share Cash Dividend Declared Per Share Preferred Series Amount ($) Amount ($) Amount ($) Amount ($) Series B $ 19.90 $ — $ 13.03 $ — $ 38.72 $ (1) $ 22.39 $ — Series E 2,035.07 (10) 1,425.00 (7) 3,460.07 (17) 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) 11.25 (6) 22.50 (12) 22.50 (12) Series I 356.25 (3) 356.25 (2) 712.50 (5) 712.50 (4) Series J 24.64 (8) — — 24.64 (8) — — Total $ (40) $ (28) $ (69) $ (56) |
EARNINGS PER SHARE
EARNINGS PER SHARE | 6 Months Ended |
Jun. 30, 2023 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE | EARNINGS PER SHAREBasic earnings per share is the amount of earnings (adjusted for dividends declared on preferred stock) 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, 2023 and 2022 was as follows: Three months ended June 30, Six months ended June 30, (dollar amounts in millions, except per share data, share count in thousands) 2023 2022 2023 2022 Basic earnings per common share: Net income attributable to Huntington $ 559 $ 539 $ 1,161 $ 999 Preferred stock dividends 40 28 69 56 Net income available to common shareholders $ 519 $ 511 $ 1,092 $ 943 Average common shares issued and outstanding 1,446,372 1,441,200 1,444,820 1,439,814 Basic earnings per common share $ 0.36 $ 0.35 $ 0.76 $ 0.65 Diluted earnings per common share: Average dilutive potential common shares: Stock options and restricted stock units and awards 12,213 15,545 15,913 17,587 Shares held in deferred compensation plans 7,136 6,548 6,767 6,409 Average dilutive potential common shares 19,349 22,093 22,680 23,996 Total diluted average common shares issued and outstanding 1,465,720 1,463,293 1,467,500 1,463,810 Diluted earnings per common share $ 0.35 $ 0.35 $ 0.74 $ 0.64 Anti-dilutive awards (1) 15,413 11,550 12,226 6,333 (1) Reflects the total number of shares related to outstanding options that have been excluded from the computation of diluted earnings per share because the impact would have been anti-dilutive. |
NONINTEREST INCOME
NONINTEREST INCOME | 6 Months Ended |
Jun. 30, 2023 | |
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 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 2023 2022 2023 2022 Noninterest income from contracts with customers $ 332 $ 322 $ 709 $ 630 Noninterest income within the scope of other GAAP topics 163 163 298 354 Total noninterest income $ 495 $ 485 $ 1,007 $ 984 The following table illustrates the disaggregation by operating segment and major revenue stream and reconciles disaggregated revenue to segment revenue presented in Note 16 “ Segment Reporting ”. (dollar amounts in millions) Consumer & Regional Banking Commercial Banking Treasury / Other Huntington Consolidated Major Revenue Streams Three months ended June 30, 2023 Service charges on deposit accounts $ 69 $ 18 $ — $ 87 Card and payment processing income 89 7 — 96 Trust and investment management services 61 7 — 68 Insurance income 27 3 — 30 Capital markets fees 4 20 — 24 Other noninterest income 7 21 (1) 27 Net revenue from contracts with customers 257 76 (1) 332 Noninterest income within the scope of other GAAP topics 45 91 27 163 Total noninterest income $ 302 $ 167 $ 26 $ 495 Three months ended June 30, 2022 Service charges on deposit accounts $ 83 $ 22 $ — $ 105 Card and payment processing income 84 5 — 89 Trust and investment management services 61 2 — 63 Insurance income 26 2 (1) 27 Capital markets fees 4 7 — 11 Other noninterest income 6 21 — 27 Net revenue from contracts with customers 264 59 (1) 322 Noninterest income within the scope of other GAAP topics 68 91 4 163 Total noninterest income $ 332 $ 150 $ 3 $ 485 Six months ended June 30, 2023 Service charges on deposit accounts $ 133 $ 37 $ — $ 170 Card and payment processing income 169 13 — 182 Trust and investment management services 123 7 — 130 Insurance income 59 5 — 64 Capital markets fees 7 46 — 53 Other noninterest income 70 41 (1) 110 Net revenue from contracts with customers 561 149 (1) 709 Noninterest income within the scope of other GAAP topics 85 174 39 298 Total noninterest income $ 646 $ 323 $ 38 $ 1,007 Six months ended June 30, 2022 Service charges on deposit accounts $ 157 $ 45 $ — $ 202 Card and payment processing income 158 11 — 169 Trust and investment management services 126 2 — 128 Insurance income 54 4 — 58 Capital markets fees 6 11 — 17 Other noninterest income 13 43 — 56 Net revenue from contracts with customers 514 116 — 630 Noninterest income within the scope of other GAAP topics 160 174 20 354 Total noninterest income $ 674 $ 290 $ 20 $ 984 |
FAIR VALUES OF ASSETS AND LIABI
FAIR VALUES OF ASSETS AND LIABILITIES | 6 Months Ended |
Jun. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUES OF ASSETS AND LIABILITIES | FAIR VALUES OF ASSETS AND LIABILITIES See Note 19 “Fair Value of Assets and Liabilities” to the Consolidated Financial Statements appearing in Huntington’s 2022 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, 2023 and 2022. Assets and Liabilities measured at fair value on a recurring basis Fair Value Measurements at Reporting Date Using Netting Adjustments (1) At June 30, 2023 (dollar amounts in millions) Level 1 Level 2 Level 3 Assets Trading account securities: U.S. Treasury securities $ 90 $ — $ — $ — $ 90 Municipal securities — 33 — — 33 Corporate debt — 5 — — 5 Total trading account securities 90 38 — — 128 Available-for-sale securities: U.S. Treasury securities 5 — — — 5 Residential CMO — 3,308 — — 3,308 Residential MBS — 11,811 — — 11,811 Commercial MBS — 1,898 — — 1,898 Other agencies — 168 — — 168 Municipal securities — 40 3,496 — 3,536 Private-label CMO — 103 20 — 123 Asset-backed securities — 294 75 — 369 Corporate debt — 2,011 — — 2,011 Other securities/sovereign debt — 4 — — 4 Total available-for-sale securities 5 19,637 3,591 — 23,233 Other securities 32 1 — — 33 Loans held for sale — 543 — — 543 Loans held for investment — 142 33 — 175 MSRs — — 505 — 505 Other assets: Derivative assets — 2,159 5 (1,715) 449 Assets held in trust for deferred compensation plans 168 — — — 168 Liabilities Derivative liabilities — 2,039 7 (1,111) 935 Fair Value Measurements at Reporting Date Using Netting Adjustments (1) At December 31, 2022 (dollar amounts in millions) Level 1 Level 2 Level 3 Assets Trading account securities: Municipal securities $ — $ 19 $ — $ — $ 19 Available-for-sale securities: U.S. Treasury securities 103 — — — 103 Residential CMOs — 2,914 — — 2,914 Residential MBS — 12,263 — — 12,263 Commercial MBS — 1,953 — — 1,953 Other agencies — 182 — — 182 Municipal securities — 42 3,248 — 3,290 Private-label CMO — 108 20 — 128 Asset-backed securities — 298 74 — 372 Corporate debt — 2,214 — — 2,214 Other securities/sovereign debt — 4 — — 4 Total available-for-sale securities 103 19,978 3,342 — 23,423 Other securities 31 1 — — 32 Loans held for sale — 520 — — 520 Loans held for investment — 169 16 — 185 MSRs — — 494 — 494 Other assets: Derivative assets — 2,161 3 (1,808) 356 Assets held in trust for deferred compensation plans 155 — — — 155 Liabilities Derivative liabilities — 2,332 5 (1,345) 992 (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, 2023 Opening balance $ 485 $ 3 $ 3,339 $ 20 $ 74 $ 15 Transfers into Level 3 — — — — — 19 Transfers out of Level 3 (1) — (8) — — — — Total gains/losses for the period: Included in earnings: Mortgage banking income 15 3 — — — — Interest and fee income — — — — — — Included in OCI — — (7) — 1 — Purchases/originations 18 — 378 — — — Repayments — — — — — (1) Settlements (13) — (214) — — — Closing balance $ 505 $ (2) $ 3,496 $ 20 $ 75 $ 33 Change in unrealized gains or losses for the period included in earnings for assets held at end of the reporting date $ 15 $ (1) $ — $ — $ — $ — Change in unrealized gains or losses for the period included in other comprehensive income for assets held at the end of the reporting period — — (13) — — — 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) — — — (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. 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, 2023 Opening balance $ 494 $ (2) $ 3,248 $ 20 $ 74 $ 16 Transfers into Level 3 — — — — — 19 Transfers out of Level 3 (1) — (10) — — — — Total gains/losses for the period: Included in earnings: Mortgage banking income 3 10 — — — — Interest and fee income — — — (1) — — Included in OCI — — (4) — 1 — Purchases/originations 31 — 555 1 — — Repayments — — — — — (2) Settlements (23) — (303) — — — Closing balance $ 505 $ (2) $ 3,496 $ 20 $ 75 $ 33 Change in unrealized gains or losses for the period included in earnings for assets held at end of the reporting date $ 3 $ 4 $ — $ — $ — $ — Change in unrealized gains or losses for the period included in other comprehensive income for assets held at the end of the reporting period — — (10) — — — Six months ended June 30, 2022 Opening balance $ 351 $ 4 $ 3,477 $ 20 $ 70 $ 19 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) — — — (1) Transfers out of Level 3 represent the settlement value of the derivative instruments (i.e., interest rate lock agreements) that are transferred to loans held for sale, which is classified as Level 2. Assets and liabilities under the fair value option The following table presents the fair value and aggregate principal balance of certain assets and liabilities under the fair value option: Total Loans Loans that are 90 or more days past due (dollar amounts in millions) Fair value Aggregate Difference Fair value Aggregate Difference At June 30, 2023 Loans held for sale $ 543 $ 536 $ 7 $ — $ — $ — Loans held for investment 175 183 (8) 2 2 — At December 31, 2022 Loans held for sale $ 520 $ 513 $ 7 $ — $ — $ — Loans held for investment 185 190 (5) 11 11 — The following table presents the net gains (losses) from fair value changes. Three months ended June 30, Six months ended June 30, (dollar amounts in millions) 2023 2022 2023 2022 Loans held for sale (1) $ — $ 10 $ — $ (34) Loans held for investment (3) — (3) 1 (1) The net gains (losses) from fair value changes are included in Mortgage banking income on the Unaudited 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 Losses Three months ended June 30, Six months ended June 30, (dollar amounts in millions) At June 30, 2023 At December 31, 2022 2023 2022 2023 2022 Collateral-dependent loans $ 35 $ 16 $ (1) $ — $ (7) $ (1) 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, 2023 (1) At December 31, 2022 (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 % - 28 % 8 % 5 % - 40 % 7 % Spread over forward interest rate swap rates 5 % - 13 % 6 % 5 % - 13 % 6 % Municipal securities and asset-backed securities Discounted cash flow Discount rate 5 % - 6 % 6 % 5 % - 5 % 5 % Cumulative default — % - 64 % 7 % — % - 64 % 7 % Loss given default 20 % - 20 % 20 % 20 % - 20 % 20 % (1) Certain disclosures related to quantitative level 3 fair value measurements do not include those deemed to be immaterial. The following provides a general description of the impact of a change in an unobservable input on the fair value measurement and the interrelationship between unobservable inputs, where relevant/significant. Interrelationships may also exist between observable and unobservable inputs. Credit loss estimates, such as probability of default, constant default, cumulative default, loss given default, cure given deferral, and loss severity, are driven by the ability of the borrowers to pay their loans and the value of the underlying collateral and are impacted by changes in macroeconomic conditions, typically increasing when economic conditions worsen and decreasing when conditions improve. An increase in the estimated prepayment rate typically results in a decrease in estimated credit losses and vice versa. Higher credit loss estimates generally result in lower fair values. Credit spreads generally increase when liquidity risks and market volatility increase and decrease when liquidity conditions and market volatility improve. Discount rates and spread over forward interest rate swap rates typically increase when market interest rates increase and/or credit and liquidity risks increase and decrease when market interest rates decline and/or credit and liquidity conditions improve. Higher discount rates and credit spreads generally result in lower fair market values. Fair values of financial instruments Many of the assets and liabilities subject to the disclosure requirements are not actively traded, requiring fair values to be estimated by management. These estimations necessarily involve the use of judgment about a wide variety of factors, including but not limited to, relevancy of market prices of comparable instruments, expected future cash flows, and appropriate discount rates. The short-term nature of certain assets and liabilities result in their carrying value approximating fair value. These include trading account securities, customers’ acceptance liabilities, short-term borrowings, bank acceptances outstanding, FHLB advances, and cash and short-term assets, which include cash and due from banks, interest-bearing deposits in banks, interest-bearing deposits at Federal Reserve Bank, and federal funds sold. Loan commitments and letters-of-credit generally have short-term, variable-rate features and contain clauses that limit Huntington’s exposure to changes in customer credit quality. Accordingly, their carrying values, which are immaterial at the respective balance sheet dates, are reasonable estimates of fair value. Certain assets, the most significant being operating lease assets, bank owned life insurance, and premises and equipment, do not meet the definition of a financial instrument and are excluded from this disclosure. Similarly, mortgage servicing rights and relationship intangibles are not considered financial instruments and are not included in following tables. Accordingly, this fair value information is not intended to, and does not, represent Huntington’s underlying value. The following table provides the carrying amounts and estimated fair values of Huntington’s financial instruments: (dollar amounts in millions) Amortized Cost Lower of Cost or Market Fair Value or Fair Value Option Total Carrying Amount Estimated Fair Value At June 30, 2023 Financial Assets Cash and short-term assets $ 11,289 $ — $ — $ 11,289 $ 11,289 Trading account securities — — 128 128 128 Available-for-sale securities — — 23,233 23,233 23,233 Held-to-maturity securities 16,578 — — 16,578 14,308 Other securities 942 — 33 975 975 Loans held for sale — 2 543 545 545 Net loans and leases (1) 118,873 — 175 119,048 114,587 Derivative assets — — 449 449 449 Assets held in trust for deferred compensation plans — — 168 168 168 Financial Liabilities Deposits 148,028 — — 148,028 147,911 Short-term borrowings 1,680 — — 1,680 1,680 Long-term debt 14,711 — — 14,711 14,407 Derivative liabilities — — 935 935 935 At December 31, 2022 Financial Assets Cash and short-term assets $ 6,918 $ — $ — $ 6,918 $ 6,918 Trading account securities — — 19 19 19 Available-for-sale securities — — 23,423 23,423 23,423 Held-to-maturity securities 17,052 — — 17,052 14,754 Other securities 822 — 32 854 854 Loans held for sale — 9 520 529 529 Net loans and leases (1) 117,217 — 185 117,402 112,591 Derivative assets — — 356 356 356 Assets held in trust for deferred compensation plans — — 155 155 155 Financial Liabilities Deposits 147,914 — — 147,914 147,796 Short-term borrowings 2,027 — — 2,027 2,027 Long-term debt 9,686 — — 9,686 9,564 Derivative liabilities — — 992 992 992 (1) Includes collateral-dependent loans. The following table presents the level in the fair value hierarchy for the estimated fair values at June 30, 2023 and December 31, 2022: Estimated Fair Value Measurements at Reporting Date Using Netting Adjustments (1) Presented Balance (dollar amounts in millions) Level 1 Level 2 Level 3 At June 30, 2023 Financial Assets Trading account securities $ 90 $ 38 $ — $ 128 Available-for-sale securities 5 19,637 3,591 23,233 Held-to-maturity securities — 14,308 — 14,308 Other securities (2) 32 1 — 33 Loans held for sale — 545 — 545 Net loans and leases — 142 114,445 114,587 Derivative assets — 2,159 5 $ (1,715) 449 Financial Liabilities Deposits — 135,562 12,349 147,911 Short-term borrowings — 1,680 — 1,680 Long-term debt — 8,048 6,359 14,407 Derivative liabilities — 2,039 7 (1,111) 935 At December 31, 2022 Financial Assets Trading account securities $ — $ 19 $ — $ 19 Available-for-sale securities 103 19,978 3,342 23,423 Held-to-maturity securities — 14,754 — 14,754 Other securities (2) 31 1 — 32 Loans held for sale — 520 9 529 Net loans and leases — 169 112,422 112,591 Derivative assets — 2,161 3 $ (1,808) 356 Financial Liabilities Deposits — 142,081 5,715 147,796 Short-term borrowings — 2,027 — 2,027 Long-term debt — 8,680 884 9,564 Derivative liabilities — 2,332 5 (1,345) 992 (1) Amounts represent the impact of legally enforceable master netting agreements that allow the Company to settle positive and negative positions and cash collateral held or placed with the same counterparties. (2) Excludes securities without readily determinable fair values. |
DERIVATIVE FINANCIAL INSTRUMENT
DERIVATIVE FINANCIAL INSTRUMENTS | 6 Months Ended |
Jun. 30, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
DERIVATIVE FINANCIAL INSTRUMENTS | DERIVATIVE FINANCIAL INSTRUMENTS Derivative financial instruments are recorded in the Unaudited 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 Consolidated Balance Sheets at June 30, 2023 and December 31, 2022. Amounts in the table below are presented gross without the impact of any net collateral arrangements. At June 30, 2023 At December 31, 2022 (dollar amounts in millions) Notional Value Asset Liability Notional Value Asset Liability Derivatives designated as Hedging Instruments Interest rate contracts $ 48,379 $ 1,020 $ 910 $ 42,461 $ 1,008 $ 1,145 Foreign exchange contracts 215 2 — 202 2 — Derivatives not designated as Hedging Instruments Interest rate contracts 58,048 992 973 37,562 968 1,008 Foreign exchange contracts 4,343 69 62 4,889 68 68 Commodities contracts 828 81 78 762 114 113 Equity contracts 709 — 23 636 4 3 Total contracts $ 112,522 $ 2,164 $ 2,046 $ 86,512 $ 2,164 $ 2,337 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 Consolidated Income Statement for the three-month and six-month periods ended June 30, 2023 and 2022, respectively. Location of Gain or (Loss) Recognized in Income on Derivative Amount of Gain or (Loss) Recognized in Income on Derivative Three months ended June 30, Six months ended June 30, (dollar amounts in millions) 2023 2022 2023 2022 Interest rate contracts: Customer Capital markets fees $ 10 $ 15 $ 17 $ 25 Mortgage banking Mortgage banking income — (33) 9 (80) Interest rate swaptions Other noninterest income 18 — 17 — Foreign exchange contracts Capital markets fees 13 10 25 20 Commodities contracts Capital markets fees 1 2 3 3 Equity contracts Other noninterest expense (4) (4) (5) (3) Total $ 38 $ (10) $ 66 $ (35) 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, 2023 and December 31, 2022, identified by the underlying interest rate-sensitive instruments. (dollar amounts in millions) Fair Value Hedges Cash Flow Hedges Economic Hedges Total At June 30, 2023 Instruments associated with: Investment securities $ 19,627 $ — $ 9,550 $ 29,177 Loans — 19,850 175 20,025 Long-term debt 8,902 — — 8,902 Total notional value $ 28,529 $ 19,850 $ 9,725 $ 58,104 At December 31, 2022 Instruments associated with: Investment securities $ 10,407 $ — $ — $ 10,407 Loans — 24,325 175 24,500 Long-term debt 7,729 — — 7,729 Total notional value $ 18,136 $ 24,325 $ 175 $ 42,636 These derivative financial instruments were entered into for the purpose of managing the interest rate risk of assets and liabilities. Net amounts receivable or payable on contracts hedging either interest earning assets or interest bearing liabilities were accrued as an adjustment to either interest income or interest expense. Adjustments to interest income were also recorded for the amounts related to the amortization of premiums for collars and floors that were not included in the measurement of hedge effectiveness, as well as the amounts related to terminated hedges reclassified from AOCI. The net amounts resulted in a decrease to net interest income of $64 million and an increase of $48 million for the three-month periods ended June 30, 2023, and 2022, respectively. For the six-month periods ended June 30, 2023, and 2022, the net amounts resulted in a decrease to net interest income of $116 million and an increase of $87 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 $18.3 billion of interest rate swaps as fair value hedges of fixed-rate investment securities using the portfolio layer method. This approach allows the Company to designate as the hedged item a stated amount of the assets that are not expected to be affected by prepayments, defaults and other factors affecting the timing and amount of cash flows. The fair value portfolio level basis adjustment on our hedged mortgage-backed securities portfolio has not been attributed to the individual available-for-sale securities in our Unaudited Consolidated Statements of Financial Condition. Huntington has also designated $1.3 billion 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, 2023 and 2022. Three months ended June 30, Six months ended June 30, (dollar amounts in millions) 2023 2022 2023 2022 Interest rate contracts Change in fair value of interest rate swaps hedging investment securities (1) $ 138 $ 168 $ (44) $ 586 Change in fair value of hedged investment securities (1) (139) (160) 42 (590) Change in fair value of interest rate swaps hedging long-term debt (2) (138) (38) (22) (136) Change in fair value of hedged long term debt (2) 138 39 22 137 (1) Recognized in Interest income—available-for-sale securities—taxable in the Unaudited Consolidated Statements of Income . (2) Recognized in Interest expense—long-term debt in the Unaudited Consolidated Statements of Income . As of June 30, 2023 and December 31, 2022, 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) At June 30, 2023 At December 31, 2022 At June 30, 2023 At December 31, 2022 Assets Investment securities (1) $ 18,976 $ 18,029 $ (937) $ (979) Liabilities Long-term debt (2) 6,998 7,175 (278) (256) (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, 2023, the amortized cost basis of the closed portfolios used in these hedging relationships was $18.3 billion, the cumulative basis adjustments associated with these hedging relationships was $843 million, and the amounts of the designated hedging instruments were $18.3 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 $(71) million at June 30, 2023 and $(70) million at December 31, 2022. Cash Flow Hedges At June 30, 2023, Huntington has $19.9 billion of interest rate swaps, swaption collars, and floors. 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 and floor contracts represents the time value of the contracts and is not included in the measurement of hedge effectiveness. The initial premium paid is amortized on a straight line basis as a reduction to interest income over the contractual life of these contracts. At June 30, 2023, the net losses recognized in AOCI that are expected to be reclassified into earnings within the next 12 months were $176 million. Economic Hedges During the six-month period ended June 30, 2023, Huntington entered into $9.6 billion of interest rate swaptions to reduce the impact on capital from rising rates. These swaptions are economic hedges of interest rate risk attributable to our investment securities with the change in value of these instruments recorded in other noninterest income. Derivatives used in mortgage banking activities Mortgage loan origination hedging activity Huntington’s mortgage origination hedging activity is related to economically hedging Huntington’s mortgage pricing commitments to customers and the secondary sale to third parties. The value of a newly originated mortgage is not firm until the interest rate is committed or locked. Forward commitments to sell economically hedge the possible loss on interest rate lock commitments due to interest rate change. The position of these derivatives at June 30, 2023 and December 31, 2022 were a net asset of $12 million and a net liability of $3 million, respectively. At June 30, 2023 and December 31, 2022, Huntington had commitments to sell residential real estate loans of $1.2 billion and $766 million, respectively. These contracts mature in less than one year. MSR hedging activity Huntington’s MSR economic hedging activity uses securities and derivatives to manage the value of the MSR asset and to mitigate the various types of risk inherent in the MSR asset, including risks related to duration, basis, convexity, volatility, and yield curve. The hedging instruments include forward commitments, TBA securities, Treasury futures contracts, interest rate swaps, and options on interest rate swaps. MSR hedging trading assets and liabilities are included in other assets and other liabilities, respectively, in the Unaudited Balance Sheets. Trading gains (losses) are included in mortgage banking income in the Unaudited Consolidated Statement of Income. The notional value of the derivative financial instruments, the corresponding trading assets and liabilities positions, and net trading gains (losses) related to MSR hedging activity is summarized in the following tables: (dollar amounts in millions) At June 30, 2023 At December 31, 2022 Notional value $ 1,610 $ 1,120 Trading assets 3 4 Trading liabilities (78) (78) Three months ended June 30, Six months ended June 30, (dollar amounts in millions) 2023 2022 2023 2022 Trading losses $ (15) $ (33) $ (6) $ (80) 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, 2023 and December 31, 2022, were $58 million and $59 million, respectively. The total notional values of derivative financial instruments used by Huntington on behalf of customers, including offsetting derivatives, were $50.0 billion and $40.7 billion at June 30, 2023 and December 31, 2022, respectively. Huntington’s credit risk from customer derivatives was $94 million and $118 million at the same dates, respectively. Financial assets and liabilities that are offset in the Unaudited Consolidated Balance Sheets Huntington records derivatives at fair value as further described in Note 12 “ 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 was net credit risk of $337 million and $227 million at June 30, 2023 and December 31, 2022, respectively. The net credit risk associated with derivatives is calculated after considering master netting agreements and is reduced by collateral that has been pledged by the counterparty. At June 30, 2023, Huntington pledged $226 million of investment securities and cash collateral to counterparties, while other counterparties pledged $858 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 Consolidated Balance Sheets at June 30, 2023 and December 31, 2022. 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 At June 30, 2023 $ 2,164 $ (1,715) $ 449 $ (108) $ (24) $ 317 At December 31, 2022 2,164 (1,808) 356 (7) (56) 293 Offsetting of Financial Liabilities and Derivative Liabilities Gross amounts offset in the unaudited consolidated balance sheets Net amounts of liabilities presented in the unaudited consolidated balance sheets Gross amounts not offset in the (dollar amounts in millions) Gross amounts of recognized liabilities Financial instruments Cash collateral delivered Net amount At June 30, 2023 $ 2,046 $ (1,111) $ 935 $ — $ (113) $ 822 At December 31, 2022 2,337 (1,345) 992 (79) (118) 795 |
Variable Interest Entities
Variable Interest Entities | 6 Months Ended |
Jun. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Variable Interest Entities | Variable Interest Entities Unconsolidated VIEs The following tables provide a summary of the assets and liabilities included in Huntington’s Unaudited 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, 2023, and December 31, 2022: At June 30, 2023 (dollar amounts in millions) Total Assets Total Liabilities Maximum Exposure to Loss Affordable Housing Tax Credit Partnerships $ 2,186 $ 1,304 $ 2,186 Trust Preferred Securities 14 248 — Other Investments 675 146 675 Total $ 2,875 $ 1,698 $ 2,861 At December 31, 2022 (dollar amounts in millions) Total Assets Total Liabilities Maximum Exposure to Loss Affordable Housing Tax Credit Partnerships $ 2,036 $ 1,260 $ 2,036 Trust Preferred Securities 14 248 — Other Investments 522 141 522 Total $ 2,572 $ 1,649 $ 2,558 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 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, 2023 and December 31, 2022. (dollar amounts in millions) At June 30, 2023 At December 31, 2022 Affordable housing tax credit investments $ 3,142 $ 2,891 Less: amortization (956) (855) Net affordable housing tax credit investments $ 2,186 $ 2,036 Unfunded commitments $ 1,304 $ 1,260 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, 2023 and 2022. Three months ended June 30, Six months ended June 30, (dollar amounts in millions) 2023 2022 2023 2022 Tax credits and other tax benefits recognized $ 65 $ 53 $ 131 $ 107 Proportional amortization expense included in provision for income taxes 54 44 109 86 There were no sales of affordable housing tax credit investments during the three-month and six-month periods ended June 30, 2023 and 2022. There was no impairment recognized for the three-month and six-month periods ended June 30, 2023 and 2022. Trust-Preferred Securities Huntington has certain wholly-owned trusts whose assets, liabilities, equity, income, and expenses are not included within Huntington’s Unaudited 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 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 Consolidated Financial Statements. 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, 2023 | |
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 Consolidated Financial Statements. The contract amounts of these financial agreements at June 30, 2023 and December 31, 2022, were as follows: (dollar amounts in millions) At June 30, 2023 At December 31, 2022 Contract amount representing credit risk Commitments to extend credit: Commercial $ 32,589 $ 32,500 Consumer 19,496 19,064 Commercial real estate 2,929 3,393 Standby letters of credit and guarantees on industrial revenue bonds 749 714 Commercial letters of credit 10 15 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 $22 million and $27 million at June 30, 2023 and December 31, 2022, 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 $20 million at June 30, 2023 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. Following the recent failure of two financial institutions and resulting losses to the FDIC’s Deposit Insurance Fund, the FDIC approved a notice of proposed rulemaking in May 2023 that would implement a special assessment to recover the cost associated with protecting uninsured depositors as part of those financial institution failures. We continue to assess the impact of the special assessment to our future operating results and expect to record the impact when the final rule is enacted. |
SEGMENT REPORTING
SEGMENT REPORTING | 6 Months Ended |
Jun. 30, 2023 | |
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 two business segments: Consumer & Regional Banking and Commercial Banking. The Treasury / Other function includes technology and operations, other unallocated assets, liabilities, revenue, and expense. See Note 1 “Basis of Presentation” for a description of the changes made during the second quarter 2023. Prior period results have been adjusted to conform to the new segment presentation. Consumer & Regional Banking - Consumer & Regional Banking offers a comprehensive set of digitally powered consumer and business financial solutions to Consumer Lending, Regional Banking, Branch Banking, and Wealth Management customers. The Consumer & Regional Banking segment provides a wide array of financial products and services to consumer and business customers including, but not limited to, deposits, lending, payments, mortgage banking, dealer financing, investment management, trust, brokerage, insurance, and other financial products and services. We serve our customers through our network of channels, including branches, online banking, mobile banking, telephone banking, and ATMs. Commercial Banking - The Commercial Banking segment provides expertise through bankers, capabilities, and digital channels, and includes a comprehensive set of product offerings. Our target clients span from mid-market to large corporates across a national footprint. The Commercial Banking segment leverages internal partnerships for wealth management, trust, insurance, payments, and treasury management capabilities. In particular, our payments capabilities continue to expand as we develop unique solutions for our diverse client segments, including Huntington ChoicePay. This segment includes customers in Middle Market Banking, Corporate, Specialty, and Government Banking, Asset Finance, Commercial Real Estate Banking, and Capital Markets. Listed in the following tables is certain operating basis financial information reconciled to Huntington’s June 30, 2023, December 31, 2022, and June 30, 2022, reported results by business segment. Income Statements Consumer & Regional Banking Commercial Banking Treasury / Other Huntington Consolidated (dollar amounts in millions) Three months ended June 30, 2023 Net interest income $ 1,192 $ 577 $ (423) $ 1,346 Provision for credit losses 64 28 — 92 Noninterest income 302 167 26 495 Noninterest expense 765 274 11 1,050 Provision (benefit) for income taxes 140 93 (99) 134 Income attributable to non-controlling interest — 6 — 6 Net income (loss) attributable to Huntington $ 525 $ 343 $ (309) $ 559 Three months ended June 30, 2022 Net interest income $ 710 $ 422 $ 129 $ 1,261 Provision (benefit) for credit losses 272 (205) — 67 Noninterest income 332 150 3 485 Noninterest expense 714 246 58 1,018 Provision (benefit) for income taxes 13 111 (4) 120 Income attributable to non-controlling interest — 2 — 2 Net income attributable to Huntington $ 43 $ 418 $ 78 $ 539 Six months ended June 30, 2023 Net interest income $ 2,358 $ 1,140 $ (743) $ 2,755 Provision for credit losses 110 67 — 177 Noninterest income 646 323 38 1,007 Noninterest expense 1,519 552 65 2,136 Provision (benefit) for income taxes 289 177 (188) 278 Income attributable to non-controlling interest — 10 — 10 Net income (loss) attributable to Huntington $ 1,086 $ 657 $ (582) $ 1,161 Six months ended June 30, 2022 Net interest income $ 1,341 $ 837 $ 229 $ 2,407 Provision (benefit) for credit losses 167 (75) — 92 Noninterest income 674 290 20 984 Noninterest expense 1,452 494 125 2,071 Provision (benefit) for income taxes 83 149 (7) 225 Income attributable to non-controlling interest — 4 — 4 Net income attributable to Huntington $ 313 $ 555 $ 131 $ 999 Assets at Deposits at (dollar amounts in millions) June 30, December 31, June 30, December 31, Consumer & Regional Banking $ 71,423 $ 70,268 $ 106,502 $ 105,064 Commercial Banking 64,505 63,611 36,459 36,807 Treasury / Other 52,577 49,027 5,067 6,043 Total $ 188,505 $ 182,906 $ 148,028 $ 147,914 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Pay vs Performance Disclosure | ||||
Net Income | $ 559 | $ 539 | $ 1,161 | $ 999 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended | 6 Months Ended |
Jun. 30, 2023 shares | Jun. 30, 2023 shares | |
Trading Arrangements, by Individual | ||
Non-Rule 10b5-1 Arrangement Adopted | false | |
Rule 10b5-1 Arrangement Terminated | false | |
Non-Rule 10b5-1 Arrangement Terminated | false | |
Richard A. Pohle [Member] | ||
Trading Arrangements, by Individual | ||
Material Terms of Trading Arrangement | On April 28, 2023, Richard A. Pohle, our Chief Credit Officer, adopted a trading plan intended to satisfy the conditions under Rule 10b5-1(c) of the Exchange Act. Mr. Pohle’s plan is for the sale of up to 93,290.0445 shares of our common stock in amounts and prices determined in accordance with formulae set forth in the plan and terminates on the earlier of the date all the shares under the plan are sold and August 1, 2024. | |
Name | Richard A. Pohle | |
Title | Chief Credit Officer | |
Rule 10b5-1 Arrangement Adopted | true | |
Adoption Date | April 28, 2023 | |
Arrangement Duration | 461 days | |
Aggregate Available | 93,290.0445 | 93,290.0445 |
ACCOUNTING STANDARDS UPDATE (Po
ACCOUNTING STANDARDS UPDATE (Policies) | 6 Months Ended |
Jun. 30, 2023 | |
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 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 while enhancing disclosure requirements for certain loan modifications when a borrower is experiencing financial difficulty. The ASU also requires disclosure of current period gross charge-offs by year of origination for financing receivables and net investments in leases. • Management adopted the guidance during the first quarter 2023. • The ASU has been applied prospectively, except the portion of the standard related to the recognition and measurement of TDRs where we elected to use a modified retrospective transition method. • The adoption did not result in a material impact on Huntington’s Unaudited Consolidated Financial Statements. Accounting standards yet to be adopted Standard Summary of guidance Effects on financial statements ASU 2023-02 Investments - Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method Issued: March 2023 • Permits the election of the proportional amortization method for any tax equity investment that meets specific criteria. • Requires that the election be made on a tax-credit-program-by-tax-credit-program basis. • Receipt of tax credits must be accounted for using the flow through method. • Required that a liability be recorded for delayed equity contributions. • Expands disclosure requirements for the nature of investments and financial statement effect. • Effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. • Early adoption is permitted in any interim period. • If adopted in an interim period, it shall be adopted as if adopted at the beginning of the fiscal year. • The amendments can be applied in retrospective or modified retrospective basis, with a cumulative effect adjustment reflected in retained earnings. • Huntington does not expect adoption of the standard to have a material impact on its Unaudited Consolidated Financial Statements. |
INVESTMENT SECURITIES AND OTH_2
INVESTMENT SECURITIES AND OTHER SECURITIES (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
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, 2023 and December 31, 2022: Unrealized (dollar amounts in millions) Amortized Cost (1)(2) Gross Gross Fair Value At June 30, 2023 Available-for-sale securities: U.S. Treasury $ 5 $ — $ — $ 5 Federal agencies: Residential CMO 3,742 — (434) 3,308 Residential MBS 13,789 1 (1,979) 11,811 Commercial MBS 2,551 — (653) 1,898 Other agencies 176 — (8) 168 Total U.S. Treasury, federal agency, and other agency securities 20,263 1 (3,074) 17,190 Municipal securities 3,778 2 (244) 3,536 Private-label CMO 138 — (15) 123 Asset-backed securities 410 — (41) 369 Corporate debt 2,230 94 (313) 2,011 Other securities/Sovereign debt 4 — — 4 Total available-for-sale securities $ 26,823 $ 97 $ (3,687) $ 23,233 Held-to-maturity securities: Federal agencies: Residential CMO $ 5,012 $ — $ (722) $ 4,290 Residential MBS 9,835 — (1,294) 8,541 Commercial MBS 1,613 — (245) 1,368 Other agencies 116 — (9) 107 Total federal agency and other agency securities 16,576 — (2,270) 14,306 Municipal securities 2 — — 2 Total held-to-maturity securities $ 16,578 $ — $ (2,270) $ 14,308 Other securities, at cost: Non-marketable equity securities: Federal Home Loan Bank stock $ 412 $ — $ — $ 412 Federal Reserve Bank stock 516 — — 516 Equity securities 14 — — 14 Other securities, at fair value: Mutual funds 32 — — 32 Equity securities 1 — — 1 Total other securities $ 975 $ — $ — $ 975 (1) Amortized cost amounts exclude accrued interest receivable, which is recorded within accrued income and other receivables on the Consolidated Balance Sheet s . At June 30, 2023, 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 $843 million and represent a reduction to the amortized cost of the securities being hedged. The securities being hedged under the portfolio layer method are primarily Residential CMO and Residential MBS securities. Unrealized (dollar amounts in millions) Amortized Gross Gross Fair Value At December 31, 2022 Available-for-sale securities: U.S. Treasury $ 103 $ — $ — $ 103 Federal agencies: Residential CMO 3,336 — (422) 2,914 Residential MBS 14,349 4 (2,090) 12,263 Commercial MBS 2,565 — (612) 1,953 Other agencies 190 1 (9) 182 Total U.S. Treasury, federal agency, and other agency securities 20,543 5 (3,133) 17,415 Municipal securities 3,527 1 (238) 3,290 Private-label CMO 146 — (18) 128 Asset-backed securities 416 — (44) 372 Corporate debt 2,467 132 (385) 2,214 Other securities/Sovereign debt 4 — — 4 Total available-for-sale securities $ 27,103 $ 138 $ (3,818) $ 23,423 Held-to-maturity securities: Federal agencies: Residential CMO $ 4,970 $ 4 $ (714) $ 4,260 Residential MBS 10,295 — (1,375) 8,920 Commercial MBS 1,652 — (204) 1,448 Other agencies 133 — (9) 124 Total federal agency and other agency securities 17,050 4 (2,302) 14,752 Municipal securities 2 — — 2 Total held-to-maturity securities $ 17,052 $ 4 $ (2,302) $ 14,754 Other securities, at cost: Non-marketable equity securities: Federal Home Loan Bank stock $ 312 $ — $ — $ 312 Federal Reserve Bank stock 500 — — 500 Equity securities 10 — — 10 Other securities, at fair value: Mutual funds 31 — — 31 Equity securities 1 — — 1 Total other securities $ 854 $ — $ — $ 854 (1) Amortized cost amounts exclude accrued interest receivable, which is recorded within accrued income and other receivables on the Consolidated Balance Sheet s . At December 31, 2022, accrued interest receivable on available-for-sale securities and held-to-maturity securities totaled $64 million and $39 million, respectively. (2) Excluded from the amortized cost are portfolio level basis adjustments for securities designated in fair value hedges under the portfolio layer method. The basis adjustments totaled $849 million and represent a reduction to the amortized cost of the securities being hedged. The securities being hedged under the portfolio layer method are primarily Residential CMO and Residential MBS securities. |
Investments by Contractual Maturity | The following table provides the amortized cost and fair value of securities by contractual maturity at June 30, 2023 and December 31, 2022. Expected maturities may differ from contractual maturities as issuers may have the right to call or prepay obligations with or without incurring penalties. At June 30, 2023 At December 31, 2022 (dollar amounts in millions) Amortized Cost Fair Value Amortized Cost Fair Value Available-for-sale securities: Under 1 year $ 524 $ 514 $ 518 $ 511 After 1 year through 5 years 2,456 2,273 2,182 2,033 After 5 years through 10 years 2,734 2,507 3,106 2,814 After 10 years 21,109 17,939 21,297 18,065 Total available-for-sale securities $ 26,823 $ 23,233 $ 27,103 $ 23,423 Held-to-maturity securities: Under 1 year $ 2 $ 2 $ — $ — After 1 year through 5 years 58 55 72 68 After 5 years through 10 years 75 70 71 66 After 10 years 16,443 14,181 16,909 14,620 Total held-to-maturity securities $ 16,578 $ 14,308 $ 17,052 $ 14,754 |
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, 2023 and December 31, 2022: Less than 12 Months Over 12 Months Total (dollar amounts in millions) Fair Gross Unrealized Fair Gross Unrealized Fair Gross Unrealized At June 30, 2023 Available-for-sale securities: Federal agencies: Residential CMO $ 1,249 $ (56) $ 2,059 $ (378) $ 3,308 $ (434) Residential MBS 778 (38) 10,883 (1,941) 11,661 (1,979) Commercial MBS 387 (64) 1,512 (589) 1,899 (653) Other agencies 22 — 70 (8) 92 (8) Total federal agency and other agency securities 2,436 (158) 14,524 (2,916) 16,960 (3,074) Municipal securities 789 (49) 2,566 (195) 3,355 (244) Private-label CMO 6 — 97 (15) 103 (15) Asset-backed securities — — 369 (41) 369 (41) Corporate debt — — 2,011 (313) 2,011 (313) Total temporarily impaired available-for-sale securities $ 3,231 $ (207) $ 19,567 $ (3,480) $ 22,798 $ (3,687) Held-to-maturity securities: Federal agencies: Residential CMO $ 612 $ (12) $ 3,678 $ (710) $ 4,290 $ (722) Residential MBS 1,118 (60) 7,407 (1,234) 8,525 (1,294) Commercial MBS 43 (3) 1,324 (242) 1,367 (245) Other agencies — — 108 (9) 108 (9) Total federal agency and other agency securities 1,773 (75) 12,517 (2,195) 14,290 (2,270) Total temporarily impaired held-to-maturity securities $ 1,773 $ (75) $ 12,517 $ (2,195) $ 14,290 $ (2,270) Less than 12 Months Over 12 Months Total (dollar amounts in millions) Fair Gross Unrealized Fair Gross Unrealized Fair Gross Unrealized At December 31, 2022 Available-for-sale securities: Federal agencies: Residential CMO $ 2,096 $ (224) $ 818 $ (198) $ 2,914 $ (422) Residential MBS 2,455 (286) 9,490 (1,804) 11,945 (2,090) Commercial MBS 1,090 (249) 863 (363) 1,953 (612) Other agencies 40 (1) 56 (8) 96 (9) Total federal agency and other agency securities 5,681 (760) 11,227 (2,373) 16,908 (3,133) Municipal securities 2,298 (174) 807 (64) 3,105 (238) Private-label CMO 64 (13) 43 (5) 107 (18) Asset-backed securities 174 (10) 199 (34) 373 (44) Corporate debt 727 (105) 1,487 (280) 2,214 (385) Total temporarily impaired available-for-sale securities $ 8,944 $ (1,062) $ 13,763 $ (2,756) $ 22,707 $ (3,818) Held-to-maturity securities: Federal agencies: Residential CMO $ 1,702 $ (238) $ 2,283 $ (476) $ 3,985 $ (714) Residential MBS 4,151 (462) 4,711 (913) 8,862 (1,375) Commercial MBS 1,201 (154) 247 (50) 1,448 (204) Other agencies 124 (9) — — 124 (9) Total federal agency and other agency securities 7,178 (863) 7,241 (1,439) 14,419 (2,302) Total temporarily impaired held-to-maturity securities $ 7,178 $ (863) $ 7,241 $ (1,439) $ 14,419 $ (2,302) |
LOANS AND LEASES (Tables)
LOANS AND LEASES (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Receivables [Abstract] | |
Loan and Lease Portfolio | The following table provides a detailed listing of Huntington’s loan and lease portfolio at June 30, 2023 and December 31, 2022. (dollar amounts in millions) At June 30, 2023 At December 31, 2022 Commercial loan and lease portfolio: Commercial and industrial $ 49,834 $ 48,121 Commercial real estate 13,166 13,640 Lease financing 5,143 5,252 Total commercial loan and lease portfolio 68,143 67,013 Consumer loan portfolio: Residential mortgage 23,138 22,226 Automobile 12,819 13,154 Home equity 10,135 10,375 RV and marine 5,640 5,376 Other consumer 1,350 1,379 Total consumer loan portfolio 53,082 52,510 Total loans and leases (1)(2) 121,225 119,523 Allowance for loan and lease losses (2,177) (2,121) Net loans and leases $ 119,048 $ 117,402 (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) premium of $(86) million and $3 million at June 30, 2023 and December 31, 2022, respectively. (2) The total amount of accrued interest recorded for these loans and leases at June 30, 2023, was $306 million and $195 million of commercial and consumer loan and lease portfolios, respectively, and at December 31, 2022, was $274 million and $186 million of commercial and consumer loan and lease portfolios, respectively. Accrued interest is presented in accrued income and other receivables within the Consolidated Balance Sheet |
Direct Financing Lease, Lease Income | The following table presents net investments in lease financing receivables by category at June 30, 2023 and December 31, 2022. (dollar amounts in millions) At June 30, 2023 At December 31, 2022 Lease payments receivable $ 4,830 $ 4,916 Estimated residual value of leased assets 797 788 Gross investment in lease financing receivables 5,627 5,704 Deferred origination costs 52 46 Deferred fees, unearned income and other (536) (498) Total lease financing receivables $ 5,143 $ 5,252 |
NALs and Past Due Loans | The following table presents NALs by class at June 30, 2023 and December 31, 2022: At June 30, 2023 At December 31, 2022 (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 $ 49 $ 267 $ 49 $ 288 Commercial real estate 32 75 63 92 Lease financing — 15 — 18 Residential mortgage — 73 — 90 Automobile — 4 — 4 Home equity — 75 — 76 RV and marine — 1 — 1 Total nonaccrual loans and leases $ 81 $ 510 $ 112 $ 569 |
Aging analysis of loans and leases | The following tables present an aging analysis of loans and leases, by class at June 30, 2023 and December 31, 2022: Past Due (1) Loans Accounted for Under FVO Total Loans 90 or (dollar amounts in millions) 30-59 60-89 90 or Total Current At June 30, 2023 Commercial and industrial $ 42 $ 21 $ 86 $ 149 $ 49,685 $ — $ 49,834 $ 7 (2) Commercial real estate 1 — 35 36 13,130 — 13,166 — Lease financing 28 17 18 63 5,080 — 5,143 12 (3) Residential mortgage 229 71 167 467 22,497 174 23,138 121 (4) Automobile 75 19 9 103 12,716 — 12,819 6 Home equity 54 23 73 150 9,984 1 10,135 18 RV and marine 13 4 2 19 5,621 — 5,640 2 Other consumer 10 3 3 16 1,334 — 1,350 3 Total loans and leases $ 452 $ 158 $ 393 $ 1,003 $ 120,047 $ 175 $ 121,225 $ 169 At December 31, 2022 Commercial and industrial $ 53 $ 19 $ 108 $ 180 $ 47,941 $ — $ 48,121 $ 23 (2) Commercial real estate 2 1 9 12 13,628 — 13,640 — Lease financing 36 18 10 64 5,188 — 5,252 9 (3) Residential mortgage 246 69 199 514 21,528 184 22,226 146 (4) Automobile 88 20 11 119 13,035 — 13,154 9 Home equity 56 30 66 152 10,222 1 10,375 15 RV and marine 15 5 3 23 5,353 — 5,376 3 Other consumer 13 3 3 19 1,360 — 1,379 2 Total loans and leases $ 509 $ 165 $ 409 $ 1,083 $ 118,255 $ 185 $ 119,523 $ 207 (1) NALs are included in this aging analysis based on the loan’s past due status. (2) Amounts include 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, 2023 and December 31, 2022 respectively: At June 30, 2023 Term Loans Amortized Cost Basis by Origination Year Revolver Total at Amortized Cost Basis Revolver Total Converted to Term Loans (dollar amounts in millions) 2023 2022 2021 2020 2019 Prior Total Commercial and industrial Credit Quality Indicator (1): Pass $ 9,983 $ 12,540 $ 4,863 $ 2,602 $ 1,552 $ 1,701 $ 14,156 $ 4 $ 47,401 OLEM 107 214 79 16 7 25 159 — 607 Substandard 219 318 144 179 130 288 547 — 1,825 Doubtful — — — — — 1 — — 1 Total Commercial and industrial $ 10,309 $ 13,072 $ 5,086 $ 2,797 $ 1,689 $ 2,015 $ 14,862 $ 4 $ 49,834 Commercial real estate Credit Quality Indicator (1): Pass $ 972 $ 3,794 $ 2,451 $ 1,247 $ 1,330 $ 1,556 $ 638 $ — $ 11,988 OLEM 35 243 71 17 47 24 — — 437 Substandard 164 128 90 23 151 183 2 — 741 Total Commercial real estate $ 1,171 $ 4,165 $ 2,612 $ 1,287 $ 1,528 $ 1,763 $ 640 $ — $ 13,166 Lease financing Credit Quality Indicator (1): Pass $ 948 $ 1,631 $ 1,057 $ 757 $ 341 $ 197 $ — $ — $ 4,931 OLEM 13 20 11 20 10 7 — — 81 Substandard 8 46 32 14 20 10 — — 130 Doubtful — — 1 — — — — — 1 Total Lease financing $ 969 $ 1,697 $ 1,101 $ 791 $ 371 $ 214 $ — $ — $ 5,143 Residential mortgage Credit Quality Indicator (2): 750+ $ 1,127 $ 3,953 $ 6,215 $ 3,442 $ 791 $ 2,375 $ — $ — $ 17,903 650-749 459 1,137 1,054 547 208 837 — — 4,242 <650 7 61 65 65 87 534 — — 819 Total Residential mortgage $ 1,593 $ 5,151 $ 7,334 $ 4,054 $ 1,086 $ 3,746 $ — $ — $ 22,964 Automobile Credit Quality Indicator (2): 750+ $ 1,417 $ 2,330 $ 1,885 $ 988 $ 558 $ 198 $ — $ — $ 7,376 650-749 819 1,616 1,153 498 250 112 — — 4,448 <650 89 311 304 143 86 62 — — 995 Total Automobile $ 2,325 $ 4,257 $ 3,342 $ 1,629 $ 894 $ 372 $ — $ — $ 12,819 Home equity Credit Quality Indicator (2): 750+ $ 223 $ 458 $ 547 $ 574 $ 19 $ 282 $ 4,541 $ 233 $ 6,877 650-749 74 108 71 60 8 111 2,051 238 2,721 <650 — 3 3 4 2 49 347 128 536 Total Home equity $ 297 $ 569 $ 621 $ 638 $ 29 $ 442 $ 6,939 $ 599 $ 10,134 RV and marine Credit Quality Indicator (2): 750+ $ 683 $ 1,052 $ 945 $ 651 $ 326 $ 693 $ — $ — $ 4,350 650-749 126 270 271 173 101 237 — — 1,178 <650 1 9 21 18 15 48 — — 112 Total RV and marine $ 810 $ 1,331 $ 1,237 $ 842 $ 442 $ 978 $ — $ — $ 5,640 Other consumer Credit Quality Indicator (2): 750+ $ 118 $ 99 $ 51 $ 25 $ 24 $ 56 $ 388 $ 3 $ 764 650-749 50 55 21 8 8 16 354 14 526 <650 2 5 4 1 2 1 33 12 60 Total Other consumer $ 170 $ 159 $ 76 $ 34 $ 34 $ 73 $ 775 $ 29 $ 1,350 (1) Consistent with the credit quality disclosures, indicators for the Commercial portfolio are based on internally defined categories of credit grades. (2) Consistent with the credit quality disclosures, indicators for the Consumer portfolio are based on updated customer credit scores refreshed at least quarterly. At December 31, 2022 Term Loans Amortized Cost Basis by Origination Year Revolver Total at Amortized Cost Basis Revolver Total Converted to Term Loans (dollar amounts in millions) 2022 2021 2020 2019 2018 Prior Total Commercial and industrial Credit Quality Indicator (1): Pass $ 18,092 $ 6,742 $ 3,332 $ 2,107 $ 1,156 $ 1,186 $ 13,060 $ 3 $ 45,678 OLEM 108 139 72 21 49 26 113 — 528 Substandard 368 183 203 212 142 256 550 — 1,914 Doubtful — — — — — 1 — — 1 Total Commercial and industrial $ 18,568 $ 7,064 $ 3,607 $ 2,340 $ 1,347 $ 1,469 $ 13,723 $ 3 $ 48,121 Commercial real estate Credit Quality Indicator (1): Pass $ 4,022 $ 3,115 $ 1,562 $ 1,662 $ 829 $ 1,020 $ 519 $ — $ 12,729 OLEM 61 53 1 43 6 9 — — 173 Substandard 231 116 92 74 84 140 1 — 738 Total Commercial real estate $ 4,314 $ 3,284 $ 1,655 $ 1,779 $ 919 $ 1,169 $ 520 $ — $ 13,640 Lease financing Credit Quality Indicator (1): Pass $ 1,930 $ 1,291 $ 952 $ 447 $ 186 $ 143 $ — $ — $ 4,949 OLEM 32 9 15 18 6 3 — — 83 Substandard 65 37 74 24 9 11 — — 220 Total Lease financing $ 2,027 $ 1,337 $ 1,041 $ 489 $ 201 $ 157 $ — $ — $ 5,252 Residential mortgage Credit Quality Indicator (2): 750+ $ 3,666 $ 6,274 $ 3,566 $ 846 $ 469 $ 2,070 $ — $ — $ 16,891 650-749 1,394 1,172 617 211 137 777 — — 4,308 <650 49 68 61 95 90 480 — — 843 Total Residential mortgage $ 5,109 $ 7,514 $ 4,244 $ 1,152 $ 696 $ 3,327 $ — $ — $ 22,042 Automobile Credit Quality Indicator (2): 750+ $ 2,770 $ 2,212 $ 1,243 $ 777 $ 289 $ 98 $ — $ — $ 7,389 650-749 1,944 1,508 683 367 162 52 — — 4,716 <650 307 352 173 115 67 35 — — 1,049 Total Automobile $ 5,021 $ 4,072 $ 2,099 $ 1,259 $ 518 $ 185 $ — $ — $ 13,154 Home equity Credit Quality Indicator (2): 750+ $ 463 $ 573 $ 611 $ 23 $ 20 $ 301 $ 4,787 $ 252 $ 7,030 650-749 131 88 68 9 8 122 2,129 261 2,816 <650 3 3 3 2 2 51 335 129 528 Total Home equity $ 597 $ 664 $ 682 $ 34 $ 30 $ 474 $ 7,251 $ 642 $ 10,374 RV and marine Credit Quality Indicator (2): 750+ $ 1,148 $ 1,031 $ 731 $ 361 $ 354 $ 438 $ — $ — $ 4,063 650-749 290 315 200 118 113 169 — — 1,205 <650 5 18 15 17 17 36 — — 108 Total RV and marine $ 1,443 $ 1,364 $ 946 $ 496 $ 484 $ 643 $ — $ — $ 5,376 Other consumer Credit Quality Indicator (2): 750+ $ 207 $ 64 $ 35 $ 34 $ 13 $ 52 $ 393 $ 3 $ 801 650-749 71 30 12 15 4 14 355 16 517 <650 3 3 2 3 1 2 33 14 61 Total Other consumer $ 281 $ 97 $ 49 $ 52 $ 18 $ 68 $ 781 $ 33 $ 1,379 (1) Consistent with the credit quality disclosures, indicators for the Commercial portfolio are based on internally defined categories of credit grades. (2) Consistent with the credit quality disclosures, indicators for the Consumer portfolio are based on updated customer credit scores refreshed at least quarterly. The following tables present the gross charge-offs of loans and leases by vintage. Term Loans Gross Charge-offs by Origination Year Revolver Gross Charge-offs Revolver Converted to Term Loans Gross Charge-offs (dollar amounts in millions) 2023 2022 2021 2020 2019 Prior Total Three months ended June 30, 2023 Commercial and industrial $ 1 $ 4 $ 14 $ — $ 8 $ 10 $ — $ 1 $ 38 Commercial real estate — 3 — — 5 5 — — 13 Lease Financing — 1 1 — — — — — 2 Residential mortgage — — — — — 1 — — 1 Automobile — 3 4 2 2 — — — 11 Home equity — — — — — 1 — 1 2 RV and marine — 1 — — — 3 — — 4 Other consumer 2 5 3 2 2 1 — 6 21 Total $ 3 $ 17 $ 22 $ 4 $ 17 $ 21 $ — $ 8 $ 92 Six months ended June 30, 2023 Commercial and industrial $ 2 $ 18 $ 17 $ 6 $ 12 $ 10 $ 4 $ 1 $ 70 Commercial real estate — 3 19 — 5 5 — — 32 Lease Financing — 1 1 — — 1 — — 3 Residential mortgage — — 1 — — 2 — — 3 Automobile — 6 8 4 3 2 — — 23 Home equity — — — — — 1 1 2 4 RV and marine — 1 1 1 1 4 — — 8 Other consumer 3 13 8 3 3 5 — 13 48 Total $ 5 $ 42 $ 55 $ 14 $ 24 $ 30 $ 5 $ 16 $ 191 |
Summary of modifications | The following table summarizes the amortized cost basis of loans modified during the reporting period to borrowers experiencing financial difficulty, disaggregated by class of financing receivable and type of modification. Amortized Cost (dollar amounts in millions) Interest rate reduction Term extension Payment deferral Combo - interest rate reduction and term extension Total % of total loan class (1) Three months ended June 30, 2023 Commercial and industrial $ — $ 138 $ — $ — $ 138 0.28 % Commercial real estate — 134 — — 134 1.02 Residential mortgage — 12 2 1 15 0.06 Automobile — 4 — 1 5 0.04 Home equity — 1 — 3 4 0.04 Other consumer 1 — — — 1 0.07 Total loans to borrowers experiencing financial difficulty in which modifications were made $ 1 $ 289 $ 2 $ 5 $ 297 0.24 % Six months ended June 30, 2023 Commercial and industrial $ 35 $ 198 $ — $ 3 $ 236 0.47 % Commercial real estate — 148 — — 148 1.12 Residential mortgage — 35 2 2 39 0.17 Automobile — 7 — 1 8 0.06 Home equity — 1 — 5 6 0.06 RV and marine — 1 — — 1 0.02 Other consumer 1 — — — 1 0.07 Total loans to borrowers experiencing financial difficulty in which modifications were made $ 36 $ 390 $ 2 $ 11 $ 439 0.36 % (1) Represents the amortized cost of loans modified during the reporting period as a percentage of the period-end loan balance by class. The following table describes the financial effect of the modification made to borrowers experiencing financial difficulty. Interest Rate Reduction Term Extension Weighted-average contractual interest rate Weighted-average years added to the life From To Three months ended June 30, 2023 Commercial and industrial 0.7 Commercial real estate 0.5 Residential mortgage 5.55 % 4.42 % 8.8 Automobile 6.58 6.22 2.0 Home equity 8.55 6.05 14.6 Six months ended June 30, 2023 Commercial and industrial 7.68 % 6.94 % 0.9 Commercial real estate 0.5 Residential mortgage 5.54 4.29 7.2 Automobile 6.59 6.24 2.0 Home equity 8.37 5.86 15.5 At June 30, 2023 Past Due (dollar amounts in millions) 30-59 60-89 90 or Total Current Total Commercial and industrial $ 1 $ 1 $ — $ 2 $ 234 $ 236 Commercial real estate — — — — 148 148 Residential mortgage 7 3 4 14 25 39 Automobile 1 — — 1 7 8 Home equity 1 — — 1 5 6 RV and marine — — — — 1 1 Other consumer — — — — 1 1 Total loans to borrowers experiencing financial difficulty in which modifications were made in the six months ended June 30, 2023 $ 10 $ 4 $ 4 $ 18 $ 421 $ 439 |
Summary of Troubled Debt Restructuring Note, Debtor | 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 period ended June 30, 2022. New Troubled Debt Restructurings (1) 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 Three months ended June 30, 2022 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 Six months ended June 30, 2022 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 74 — 1 — — 1 Other consumer 53 — — — — — Total new TDRs 1,829 $ 67 $ 87 $ 8 $ 1 $ 163 (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, 2023 | |
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, 2023 and 2022. (dollar amounts in millions) Commercial Consumer Total Three months ended June 30, 2023 ALLL balance, beginning of period $ 1,457 $ 685 $ 2,142 Loan and lease charge-offs (53) (39) (92) Recoveries of loans and leases previously charged-off 26 17 43 Provision for loan and lease losses 53 31 84 ALLL balance, end of period $ 1,483 $ 694 $ 2,177 AULC balance, beginning of period $ 75 $ 82 $ 157 Provision for unfunded lending commitments 3 5 8 AULC balance, end of period $ 78 $ 87 $ 165 ACL balance, end of period $ 1,561 $ 781 $ 2,342 Six months ended June 30, 2023 ALLL balance, beginning of period $ 1,424 $ 697 $ 2,121 Loan and lease charge-offs (105) (86) (191) Recoveries of loans and leases previously charged-off 49 36 85 Provision for loan and lease losses 115 47 162 ALLL balance, end of period $ 1,483 $ 694 $ 2,177 AULC balance, beginning of period $ 71 $ 79 $ 150 Provision for unfunded lending commitments 7 8 15 AULC balance, end of period $ 78 $ 87 $ 165 ACL balance, end of period $ 1,561 $ 781 $ 2,342 (dollar amounts in millions) Commercial Consumer Total Three months 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 months 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 (benefit) 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 |
MORTGAGE LOAN SALES AND SERVI_2
MORTGAGE LOAN SALES AND SERVICING RIGHTS (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
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, 2023 and 2022: Three months ended June 30, 2023 Six months ended June 30, 2023 (dollar amounts in millions) 2023 2022 2023 2022 Residential mortgage loans sold with servicing retained $ 1,117 $ 1,313 $ 1,979 $ 3,247 Pretax gains resulting from above loan sales (1) 15 40 22 99 (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, 2023 and 2022: Three months ended June 30, 2023 Six months ended June 30, 2023 (dollar amounts in millions) 2023 2022 2023 2022 Fair value, beginning of period $ 485 $ 416 $ 494 $ 351 New servicing assets created 18 18 31 47 Change in fair value during the period due to: Time decay (1) (6) (5) (12) (10) Payoffs (2) (7) (10) (11) (20) Changes in valuation inputs or assumptions (3) 15 44 3 95 Fair value, end of period $ 505 $ 463 $ 505 $ 463 (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, 2023, and December 31, 2022 follows: At June 30, 2023 At December 31, 2022 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) 7.60 % $ (13) $ (25) 7.05 % $ (13) $ (25) Spread over forward interest rate swap rates 571 bps (11) (22) 578 bps (12) (22) |
BORROWINGS (Tables)
BORROWINGS (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
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, 2023 and December 31, 2022, respectively: (dollar amounts in millions) At June 30, 2023 At December 31, 2022 Federal funds purchased and securities sold under agreements to repurchase $ 646 $ 253 FHLB advances 1,000 1,700 Other borrowings 34 74 Total short-term borrowings $ 1,680 $ 2,027 |
Schedule of Long-term Debt Instruments | Huntington’s long-term debt consisted of the following at June 30, 2023 and December 31, 2022, respectively: (dollar amounts in millions) At June 30, 2023 At December 31, 2022 The Parent Company: Senior Notes $ 2,908 $ 3,005 Subordinated Notes 751 975 Total notes issued by the parent 3,659 3,980 The Bank: Senior Notes 4,146 4,272 Subordinated Notes 651 651 Total notes issued by the bank 4,797 4,923 FHLB Advances 5,708 211 Other 547 572 Total long-term debt $ 14,711 $ 9,686 |
OTHER COMPREHENSIVE INCOME (Tab
OTHER COMPREHENSIVE INCOME (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Equity [Abstract] | |
Components of other comprehensive income | The components of Huntington’s OCI for the three-month and six-month periods ended June 30, 2023 and 2022, were as follows: (dollar amounts in millions) Pretax Tax (expense) benefit After-tax Three months ended June 30, 2023 Unrealized gains (losses) on available-for-sale securities arising during the period $ (282) $ 65 $ (217) Reclassification adjustment for realized net losses included in net income 35 (8) 27 Total unrealized gains (losses) on available-for-sale securities (247) 57 (190) Net impact of fair value hedges on available-for-sale securities 139 (32) 107 Unrealized gains (losses) on cash flow hedges during the period (266) 65 (201) Reclassification adjustment for cash flow hedges included in net income 34 (2) 32 Net change related to cash flow hedges on loans (232) 63 (169) Translation adjustments, net of hedges (1) 1 — 1 Other comprehensive income (loss) $ (339) $ 88 $ (251) Three months ended June 30, 2022 Unrealized gains (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 gains (losses) on available-for-sale securities (1,065) 245 (820) Net impact of fair value hedges on available-for-sale securities 161 (38) 123 Net change related to cash flow hedges on loans (111) 25 (86) 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 income (loss) $ (1,015) $ 231 $ (784) Six months ended June 30, 2023 Unrealized gains (losses) on available-for-sale securities arising during the period $ 97 $ (22) $ 75 Reclassification adjustment for realized net losses included in net income 38 (9) 29 Total unrealized gains (losses) on available-for-sale securities 135 (31) 104 Net impact of fair value hedges on available-for-sale securities (43) 10 (33) Unrealized gains (losses) on cash flow hedging relationships arising during the period (35) 12 (23) Reclassification adjustment for cash flow hedges included in net income 46 (3) 43 Net change related to cash flow hedges 11 9 20 Translation adjustments, net of hedges (1) 1 — 1 Other comprehensive income (loss) $ 104 $ (12) $ 92 Six months ended June 30, 2022 Unrealized gains (losses) on available-for-sale securities arising during the period $ (2,687) $ 618 $ (2,069) Reclassification adjustment for realized net losses 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 Net change related to cash flow hedges (421) 95 (326) 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 income (loss) $ (2,422) $ 553 $ (1,869) (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, 2023 and 2022, 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 Net change related to cash flow hedges on loans Translation adjustments, net of hedges Unrealized gains (losses) for pension and other post- retirement obligations Total Three months ended June 30, 2023 Balance, beginning of period $ (2,708) $ 614 $ (443) $ (8) $ (210) $ (2,755) Other comprehensive income (loss) before reclassifications (217) 107 (201) 1 — (310) Amounts reclassified from accumulated OCI to earnings 27 — 32 — — 59 Period change (190) 107 (169) 1 — (251) Balance, end of period $ (2,898) $ 721 $ (612) $ (7) $ (210) $ (3,006) 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) Six months ended June 30, 2023 Balance, beginning of period $ (3,002) $ 754 $ (632) $ (8) $ (210) $ (3,098) Other comprehensive income (loss) before reclassifications 75 (33) (23) 1 — 20 Amounts reclassified from accumulated OCI to earnings 29 43 — — 72 Period change 104 (33) 20 1 — 92 Balance, end of period $ (2,898) $ 721 $ (612) $ (7) $ (210) $ (3,006) Six months ended June 30, 2022 Balance, beginning of period $ (153) $ 89 $ 63 $ (3) $ (225) $ (229) Other comprehensive income (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) (1) AOCI amounts at June 30, 2023 and June 30, 2022 include $62 million and $73 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, 2023 | |
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) At June 30, 2023 At December 31, 2022 Series B (2) 12/28/2011 35,500 3-mo. LIBOR + 270 bps (3) 1/15/2017 $ 23 $ 23 Series E (4) 2/27/2018 5,000 3-mo. LIBOR + 288 bps (5) 4/15/2023 495 495 Series F (4) 5/27/2020 5,000 5.625 7/15/2030 494 494 Series G (4) 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 (6) 6/9/2021 7,000 5.70 12/01/2022 175 175 Series J (2) 3/6/2023 325,000 6.875 4/15/2028 317 — Total 882,500 $ 2,484 $ 2,167 (1) Redeemable at Huntington’s option on the date stated or on a quarterly basis thereafter. (2) Series B, H, and J preferred stock have a liquidation value and redemption price per share of $1,000, plus any declared and unpaid dividends. (3) Series B converts to 3-month CME Term SOFR + 26 bps LIBOR spread adjustment + 270 bps effective July 15, 2023. (4) 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. (5) Series E converts to 3-month CME Term SOFR + 26 bps LIBOR spread adjustment + 288 bps effective July 15, 2023. (6) Series I preferred stock has a liquidation value and redemption price per share of $25,000, plus any declared and unpaid dividends. The following table presents the dividends declared for each series of Preferred shares for the three-month and six-month periods ended June 30, 2023 and 2022: Three months ended June 30, Six months ended June 30, (amounts in millions, except per share data) 2023 2022 2023 2022 Cash Dividend Declared Per Share Cash Dividend Declared Per Share Cash Dividend Declared Per Share Cash Dividend Declared Per Share Preferred Series Amount ($) Amount ($) Amount ($) Amount ($) Series B $ 19.90 $ — $ 13.03 $ — $ 38.72 $ (1) $ 22.39 $ — Series E 2,035.07 (10) 1,425.00 (7) 3,460.07 (17) 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) 11.25 (6) 22.50 (12) 22.50 (12) Series I 356.25 (3) 356.25 (2) 712.50 (5) 712.50 (4) Series J 24.64 (8) — — 24.64 (8) — — Total $ (40) $ (28) $ (69) $ (56) |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
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, 2023 and 2022 was as follows: Three months ended June 30, Six months ended June 30, (dollar amounts in millions, except per share data, share count in thousands) 2023 2022 2023 2022 Basic earnings per common share: Net income attributable to Huntington $ 559 $ 539 $ 1,161 $ 999 Preferred stock dividends 40 28 69 56 Net income available to common shareholders $ 519 $ 511 $ 1,092 $ 943 Average common shares issued and outstanding 1,446,372 1,441,200 1,444,820 1,439,814 Basic earnings per common share $ 0.36 $ 0.35 $ 0.76 $ 0.65 Diluted earnings per common share: Average dilutive potential common shares: Stock options and restricted stock units and awards 12,213 15,545 15,913 17,587 Shares held in deferred compensation plans 7,136 6,548 6,767 6,409 Average dilutive potential common shares 19,349 22,093 22,680 23,996 Total diluted average common shares issued and outstanding 1,465,720 1,463,293 1,467,500 1,463,810 Diluted earnings per common share $ 0.35 $ 0.35 $ 0.74 $ 0.64 Anti-dilutive awards (1) 15,413 11,550 12,226 6,333 (1) Reflects the total number of shares related to outstanding options that have been excluded from the computation of diluted earnings per share because the impact would have been anti-dilutive. |
NONINTEREST INCOME (Tables)
NONINTEREST INCOME (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
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 2023 2022 2023 2022 Noninterest income from contracts with customers $ 332 $ 322 $ 709 $ 630 Noninterest income within the scope of other GAAP topics 163 163 298 354 Total noninterest income $ 495 $ 485 $ 1,007 $ 984 The following table illustrates the disaggregation by operating segment and major revenue stream and reconciles disaggregated revenue to segment revenue presented in Note 16 “ Segment Reporting ”. (dollar amounts in millions) Consumer & Regional Banking Commercial Banking Treasury / Other Huntington Consolidated Major Revenue Streams Three months ended June 30, 2023 Service charges on deposit accounts $ 69 $ 18 $ — $ 87 Card and payment processing income 89 7 — 96 Trust and investment management services 61 7 — 68 Insurance income 27 3 — 30 Capital markets fees 4 20 — 24 Other noninterest income 7 21 (1) 27 Net revenue from contracts with customers 257 76 (1) 332 Noninterest income within the scope of other GAAP topics 45 91 27 163 Total noninterest income $ 302 $ 167 $ 26 $ 495 Three months ended June 30, 2022 Service charges on deposit accounts $ 83 $ 22 $ — $ 105 Card and payment processing income 84 5 — 89 Trust and investment management services 61 2 — 63 Insurance income 26 2 (1) 27 Capital markets fees 4 7 — 11 Other noninterest income 6 21 — 27 Net revenue from contracts with customers 264 59 (1) 322 Noninterest income within the scope of other GAAP topics 68 91 4 163 Total noninterest income $ 332 $ 150 $ 3 $ 485 Six months ended June 30, 2023 Service charges on deposit accounts $ 133 $ 37 $ — $ 170 Card and payment processing income 169 13 — 182 Trust and investment management services 123 7 — 130 Insurance income 59 5 — 64 Capital markets fees 7 46 — 53 Other noninterest income 70 41 (1) 110 Net revenue from contracts with customers 561 149 (1) 709 Noninterest income within the scope of other GAAP topics 85 174 39 298 Total noninterest income $ 646 $ 323 $ 38 $ 1,007 Six months ended June 30, 2022 Service charges on deposit accounts $ 157 $ 45 $ — $ 202 Card and payment processing income 158 11 — 169 Trust and investment management services 126 2 — 128 Insurance income 54 4 — 58 Capital markets fees 6 11 — 17 Other noninterest income 13 43 — 56 Net revenue from contracts with customers 514 116 — 630 Noninterest income within the scope of other GAAP topics 160 174 20 354 Total noninterest income $ 674 $ 290 $ 20 $ 984 |
FAIR VALUES OF ASSETS AND LIA_2
FAIR VALUES OF ASSETS AND LIABILITIES (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
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) At June 30, 2023 (dollar amounts in millions) Level 1 Level 2 Level 3 Assets Trading account securities: U.S. Treasury securities $ 90 $ — $ — $ — $ 90 Municipal securities — 33 — — 33 Corporate debt — 5 — — 5 Total trading account securities 90 38 — — 128 Available-for-sale securities: U.S. Treasury securities 5 — — — 5 Residential CMO — 3,308 — — 3,308 Residential MBS — 11,811 — — 11,811 Commercial MBS — 1,898 — — 1,898 Other agencies — 168 — — 168 Municipal securities — 40 3,496 — 3,536 Private-label CMO — 103 20 — 123 Asset-backed securities — 294 75 — 369 Corporate debt — 2,011 — — 2,011 Other securities/sovereign debt — 4 — — 4 Total available-for-sale securities 5 19,637 3,591 — 23,233 Other securities 32 1 — — 33 Loans held for sale — 543 — — 543 Loans held for investment — 142 33 — 175 MSRs — — 505 — 505 Other assets: Derivative assets — 2,159 5 (1,715) 449 Assets held in trust for deferred compensation plans 168 — — — 168 Liabilities Derivative liabilities — 2,039 7 (1,111) 935 Fair Value Measurements at Reporting Date Using Netting Adjustments (1) At December 31, 2022 (dollar amounts in millions) Level 1 Level 2 Level 3 Assets Trading account securities: Municipal securities $ — $ 19 $ — $ — $ 19 Available-for-sale securities: U.S. Treasury securities 103 — — — 103 Residential CMOs — 2,914 — — 2,914 Residential MBS — 12,263 — — 12,263 Commercial MBS — 1,953 — — 1,953 Other agencies — 182 — — 182 Municipal securities — 42 3,248 — 3,290 Private-label CMO — 108 20 — 128 Asset-backed securities — 298 74 — 372 Corporate debt — 2,214 — — 2,214 Other securities/sovereign debt — 4 — — 4 Total available-for-sale securities 103 19,978 3,342 — 23,423 Other securities 31 1 — — 32 Loans held for sale — 520 — — 520 Loans held for investment — 169 16 — 185 MSRs — — 494 — 494 Other assets: Derivative assets — 2,161 3 (1,808) 356 Assets held in trust for deferred compensation plans 155 — — — 155 Liabilities Derivative liabilities — 2,332 5 (1,345) 992 (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, 2023 Opening balance $ 485 $ 3 $ 3,339 $ 20 $ 74 $ 15 Transfers into Level 3 — — — — — 19 Transfers out of Level 3 (1) — (8) — — — — Total gains/losses for the period: Included in earnings: Mortgage banking income 15 3 — — — — Interest and fee income — — — — — — Included in OCI — — (7) — 1 — Purchases/originations 18 — 378 — — — Repayments — — — — — (1) Settlements (13) — (214) — — — Closing balance $ 505 $ (2) $ 3,496 $ 20 $ 75 $ 33 Change in unrealized gains or losses for the period included in earnings for assets held at end of the reporting date $ 15 $ (1) $ — $ — $ — $ — Change in unrealized gains or losses for the period included in other comprehensive income for assets held at the end of the reporting period — — (13) — — — 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) — — — (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. 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, 2023 Opening balance $ 494 $ (2) $ 3,248 $ 20 $ 74 $ 16 Transfers into Level 3 — — — — — 19 Transfers out of Level 3 (1) — (10) — — — — Total gains/losses for the period: Included in earnings: Mortgage banking income 3 10 — — — — Interest and fee income — — — (1) — — Included in OCI — — (4) — 1 — Purchases/originations 31 — 555 1 — — Repayments — — — — — (2) Settlements (23) — (303) — — — Closing balance $ 505 $ (2) $ 3,496 $ 20 $ 75 $ 33 Change in unrealized gains or losses for the period included in earnings for assets held at end of the reporting date $ 3 $ 4 $ — $ — $ — $ — Change in unrealized gains or losses for the period included in other comprehensive income for assets held at the end of the reporting period — — (10) — — — Six months ended June 30, 2022 Opening balance $ 351 $ 4 $ 3,477 $ 20 $ 70 $ 19 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) — — — (1) Transfers out of Level 3 represent the settlement value of the derivative instruments (i.e., interest rate lock agreements) that are transferred to loans held for sale, which is classified as Level 2. |
Assets and liabilities under the fair value option | The following table presents the fair value and aggregate principal balance of certain assets and liabilities under the fair value option: Total Loans Loans that are 90 or more days past due (dollar amounts in millions) Fair value Aggregate Difference Fair value Aggregate Difference At June 30, 2023 Loans held for sale $ 543 $ 536 $ 7 $ — $ — $ — Loans held for investment 175 183 (8) 2 2 — At December 31, 2022 Loans held for sale $ 520 $ 513 $ 7 $ — $ — $ — Loans held for investment 185 190 (5) 11 11 — The following table presents the net gains (losses) from fair value changes. Three months ended June 30, Six months ended June 30, (dollar amounts in millions) 2023 2022 2023 2022 Loans held for sale (1) $ — $ 10 $ — $ (34) Loans held for investment (3) — (3) 1 (1) The net gains (losses) from fair value changes are included in Mortgage banking income on the Unaudited 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 Losses Three months ended June 30, Six months ended June 30, (dollar amounts in millions) At June 30, 2023 At December 31, 2022 2023 2022 2023 2022 Collateral-dependent loans $ 35 $ 16 $ (1) $ — $ (7) $ (1) |
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, 2023 (1) At December 31, 2022 (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 % - 28 % 8 % 5 % - 40 % 7 % Spread over forward interest rate swap rates 5 % - 13 % 6 % 5 % - 13 % 6 % Municipal securities and asset-backed securities Discounted cash flow Discount rate 5 % - 6 % 6 % 5 % - 5 % 5 % Cumulative default — % - 64 % 7 % — % - 64 % 7 % Loss given default 20 % - 20 % 20 % 20 % - 20 % 20 % (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 At June 30, 2023 Financial Assets Cash and short-term assets $ 11,289 $ — $ — $ 11,289 $ 11,289 Trading account securities — — 128 128 128 Available-for-sale securities — — 23,233 23,233 23,233 Held-to-maturity securities 16,578 — — 16,578 14,308 Other securities 942 — 33 975 975 Loans held for sale — 2 543 545 545 Net loans and leases (1) 118,873 — 175 119,048 114,587 Derivative assets — — 449 449 449 Assets held in trust for deferred compensation plans — — 168 168 168 Financial Liabilities Deposits 148,028 — — 148,028 147,911 Short-term borrowings 1,680 — — 1,680 1,680 Long-term debt 14,711 — — 14,711 14,407 Derivative liabilities — — 935 935 935 At December 31, 2022 Financial Assets Cash and short-term assets $ 6,918 $ — $ — $ 6,918 $ 6,918 Trading account securities — — 19 19 19 Available-for-sale securities — — 23,423 23,423 23,423 Held-to-maturity securities 17,052 — — 17,052 14,754 Other securities 822 — 32 854 854 Loans held for sale — 9 520 529 529 Net loans and leases (1) 117,217 — 185 117,402 112,591 Derivative assets — — 356 356 356 Assets held in trust for deferred compensation plans — — 155 155 155 Financial Liabilities Deposits 147,914 — — 147,914 147,796 Short-term borrowings 2,027 — — 2,027 2,027 Long-term debt 9,686 — — 9,686 9,564 Derivative liabilities — — 992 992 992 (1) Includes collateral-dependent loans. The following table presents the level in the fair value hierarchy for the estimated fair values at June 30, 2023 and December 31, 2022: Estimated Fair Value Measurements at Reporting Date Using Netting Adjustments (1) Presented Balance (dollar amounts in millions) Level 1 Level 2 Level 3 At June 30, 2023 Financial Assets Trading account securities $ 90 $ 38 $ — $ 128 Available-for-sale securities 5 19,637 3,591 23,233 Held-to-maturity securities — 14,308 — 14,308 Other securities (2) 32 1 — 33 Loans held for sale — 545 — 545 Net loans and leases — 142 114,445 114,587 Derivative assets — 2,159 5 $ (1,715) 449 Financial Liabilities Deposits — 135,562 12,349 147,911 Short-term borrowings — 1,680 — 1,680 Long-term debt — 8,048 6,359 14,407 Derivative liabilities — 2,039 7 (1,111) 935 At December 31, 2022 Financial Assets Trading account securities $ — $ 19 $ — $ 19 Available-for-sale securities 103 19,978 3,342 23,423 Held-to-maturity securities — 14,754 — 14,754 Other securities (2) 31 1 — 32 Loans held for sale — 520 9 529 Net loans and leases — 169 112,422 112,591 Derivative assets — 2,161 3 $ (1,808) 356 Financial Liabilities Deposits — 142,081 5,715 147,796 Short-term borrowings — 2,027 — 2,027 Long-term debt — 8,680 884 9,564 Derivative liabilities — 2,332 5 (1,345) 992 (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, 2023 | |
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 Consolidated Balance Sheets at June 30, 2023 and December 31, 2022. Amounts in the table below are presented gross without the impact of any net collateral arrangements. At June 30, 2023 At December 31, 2022 (dollar amounts in millions) Notional Value Asset Liability Notional Value Asset Liability Derivatives designated as Hedging Instruments Interest rate contracts $ 48,379 $ 1,020 $ 910 $ 42,461 $ 1,008 $ 1,145 Foreign exchange contracts 215 2 — 202 2 — Derivatives not designated as Hedging Instruments Interest rate contracts 58,048 992 973 37,562 968 1,008 Foreign exchange contracts 4,343 69 62 4,889 68 68 Commodities contracts 828 81 78 762 114 113 Equity contracts 709 — 23 636 4 3 Total contracts $ 112,522 $ 2,164 $ 2,046 $ 86,512 $ 2,164 $ 2,337 |
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 Consolidated Income Statement for the three-month and six-month periods ended June 30, 2023 and 2022, respectively. Location of Gain or (Loss) Recognized in Income on Derivative Amount of Gain or (Loss) Recognized in Income on Derivative Three months ended June 30, Six months ended June 30, (dollar amounts in millions) 2023 2022 2023 2022 Interest rate contracts: Customer Capital markets fees $ 10 $ 15 $ 17 $ 25 Mortgage banking Mortgage banking income — (33) 9 (80) Interest rate swaptions Other noninterest income 18 — 17 — Foreign exchange contracts Capital markets fees 13 10 25 20 Commodities contracts Capital markets fees 1 2 3 3 Equity contracts Other noninterest expense (4) (4) (5) (3) Total $ 38 $ (10) $ 66 $ (35) |
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, 2023 and December 31, 2022, identified by the underlying interest rate-sensitive instruments. (dollar amounts in millions) Fair Value Hedges Cash Flow Hedges Economic Hedges Total At June 30, 2023 Instruments associated with: Investment securities $ 19,627 $ — $ 9,550 $ 29,177 Loans — 19,850 175 20,025 Long-term debt 8,902 — — 8,902 Total notional value $ 28,529 $ 19,850 $ 9,725 $ 58,104 At December 31, 2022 Instruments associated with: Investment securities $ 10,407 $ — $ — $ 10,407 Loans — 24,325 175 24,500 Long-term debt 7,729 — — 7,729 Total notional value $ 18,136 $ 24,325 $ 175 $ 42,636 |
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, 2023 and 2022. Three months ended June 30, Six months ended June 30, (dollar amounts in millions) 2023 2022 2023 2022 Interest rate contracts Change in fair value of interest rate swaps hedging investment securities (1) $ 138 $ 168 $ (44) $ 586 Change in fair value of hedged investment securities (1) (139) (160) 42 (590) Change in fair value of interest rate swaps hedging long-term debt (2) (138) (38) (22) (136) Change in fair value of hedged long term debt (2) 138 39 22 137 (1) Recognized in Interest income—available-for-sale securities—taxable in the Unaudited Consolidated Statements of Income . (2) Recognized in Interest expense—long-term debt in the Unaudited Consolidated Statements of Income . |
Amounts recorded on the balance sheet related to cumulative basis adjustments | As of June 30, 2023 and December 31, 2022, 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) At June 30, 2023 At December 31, 2022 At June 30, 2023 At December 31, 2022 Assets Investment securities (1) $ 18,976 $ 18,029 $ (937) $ (979) Liabilities Long-term debt (2) 6,998 7,175 (278) (256) (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, 2023, the amortized cost basis of the closed portfolios used in these hedging relationships was $18.3 billion, the cumulative basis adjustments associated with these hedging relationships was $843 million, and the amounts of the designated hedging instruments were $18.3 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 $(71) million at June 30, 2023 and $(70) million at December 31, 2022. |
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 Consolidated Balance Sheets at June 30, 2023 and December 31, 2022. 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 At June 30, 2023 $ 2,164 $ (1,715) $ 449 $ (108) $ (24) $ 317 At December 31, 2022 2,164 (1,808) 356 (7) (56) 293 |
MSR Derivative Hedging | The notional value of the derivative financial instruments, the corresponding trading assets and liabilities positions, and net trading gains (losses) related to MSR hedging activity is summarized in the following tables: (dollar amounts in millions) At June 30, 2023 At December 31, 2022 Notional value $ 1,610 $ 1,120 Trading assets 3 4 Trading liabilities (78) (78) Three months ended June 30, Six months ended June 30, (dollar amounts in millions) 2023 2022 2023 2022 Trading losses $ (15) $ (33) $ (6) $ (80) |
Offsetting of financial liabilities and derivative liabilities | Offsetting of Financial Liabilities and Derivative Liabilities Gross amounts offset in the unaudited consolidated balance sheets Net amounts of liabilities presented in the unaudited consolidated balance sheets Gross amounts not offset in the (dollar amounts in millions) Gross amounts of recognized liabilities Financial instruments Cash collateral delivered Net amount At June 30, 2023 $ 2,046 $ (1,111) $ 935 $ — $ (113) $ 822 At December 31, 2022 2,337 (1,345) 992 (79) (118) 795 |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
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 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, 2023, and December 31, 2022: At June 30, 2023 (dollar amounts in millions) Total Assets Total Liabilities Maximum Exposure to Loss Affordable Housing Tax Credit Partnerships $ 2,186 $ 1,304 $ 2,186 Trust Preferred Securities 14 248 — Other Investments 675 146 675 Total $ 2,875 $ 1,698 $ 2,861 At December 31, 2022 (dollar amounts in millions) Total Assets Total Liabilities Maximum Exposure to Loss Affordable Housing Tax Credit Partnerships $ 2,036 $ 1,260 $ 2,036 Trust Preferred Securities 14 248 — Other Investments 522 141 522 Total $ 2,572 $ 1,649 $ 2,558 |
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, 2023 and December 31, 2022. (dollar amounts in millions) At June 30, 2023 At December 31, 2022 Affordable housing tax credit investments $ 3,142 $ 2,891 Less: amortization (956) (855) Net affordable housing tax credit investments $ 2,186 $ 2,036 Unfunded commitments $ 1,304 $ 1,260 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, 2023 and 2022. Three months ended June 30, Six months ended June 30, (dollar amounts in millions) 2023 2022 2023 2022 Tax credits and other tax benefits recognized $ 65 $ 53 $ 131 $ 107 Proportional amortization expense included in provision for income taxes 54 44 109 86 |
COMMITMENTS AND CONTINGENT LI_2
COMMITMENTS AND CONTINGENT LIABILITIES (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
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 Consolidated Financial Statements. The contract amounts of these financial agreements at June 30, 2023 and December 31, 2022, were as follows: (dollar amounts in millions) At June 30, 2023 At December 31, 2022 Contract amount representing credit risk Commitments to extend credit: Commercial $ 32,589 $ 32,500 Consumer 19,496 19,064 Commercial real estate 2,929 3,393 Standby letters of credit and guarantees on industrial revenue bonds 749 714 Commercial letters of credit 10 15 |
SEGMENT REPORTING (Tables)
SEGMENT REPORTING (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
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, 2023, December 31, 2022, and June 30, 2022, reported results by business segment. Income Statements Consumer & Regional Banking Commercial Banking Treasury / Other Huntington Consolidated (dollar amounts in millions) Three months ended June 30, 2023 Net interest income $ 1,192 $ 577 $ (423) $ 1,346 Provision for credit losses 64 28 — 92 Noninterest income 302 167 26 495 Noninterest expense 765 274 11 1,050 Provision (benefit) for income taxes 140 93 (99) 134 Income attributable to non-controlling interest — 6 — 6 Net income (loss) attributable to Huntington $ 525 $ 343 $ (309) $ 559 Three months ended June 30, 2022 Net interest income $ 710 $ 422 $ 129 $ 1,261 Provision (benefit) for credit losses 272 (205) — 67 Noninterest income 332 150 3 485 Noninterest expense 714 246 58 1,018 Provision (benefit) for income taxes 13 111 (4) 120 Income attributable to non-controlling interest — 2 — 2 Net income attributable to Huntington $ 43 $ 418 $ 78 $ 539 Six months ended June 30, 2023 Net interest income $ 2,358 $ 1,140 $ (743) $ 2,755 Provision for credit losses 110 67 — 177 Noninterest income 646 323 38 1,007 Noninterest expense 1,519 552 65 2,136 Provision (benefit) for income taxes 289 177 (188) 278 Income attributable to non-controlling interest — 10 — 10 Net income (loss) attributable to Huntington $ 1,086 $ 657 $ (582) $ 1,161 Six months ended June 30, 2022 Net interest income $ 1,341 $ 837 $ 229 $ 2,407 Provision (benefit) for credit losses 167 (75) — 92 Noninterest income 674 290 20 984 Noninterest expense 1,452 494 125 2,071 Provision (benefit) for income taxes 83 149 (7) 225 Income attributable to non-controlling interest — 4 — 4 Net income attributable to Huntington $ 313 $ 555 $ 131 $ 999 |
Segment Disclosure of Assets and Deposits | Assets at Deposits at (dollar amounts in millions) June 30, December 31, June 30, December 31, Consumer & Regional Banking $ 71,423 $ 70,268 $ 106,502 $ 105,064 Commercial Banking 64,505 63,611 36,459 36,807 Treasury / Other 52,577 49,027 5,067 6,043 Total $ 188,505 $ 182,906 $ 148,028 $ 147,914 |
BASIS OF PRESENTATION (Details)
BASIS OF PRESENTATION (Details) | 6 Months Ended |
Jun. 30, 2023 segment | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of reporting segments | 2 |
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, 2023 | Dec. 31, 2022 |
Available-for-sale securities: | ||
Total available-for-sale securities | $ 26,823 | $ 27,103 |
Available-for-sale securities, Gross Gains | 97 | 138 |
Available-for-sale securities, Gross Losses | (3,687) | (3,818) |
Available-for-sale securities | 23,233 | 23,423 |
Held-to-maturity securities: | ||
Held-to-maturity securities | 16,578 | 17,052 |
Held-to-maturity securities, Gross Gains | 0 | 4 |
Held-to-maturity securities, Gross Losses | (2,270) | (2,302) |
Held-to-maturity securities, Fair Value | 14,308 | 14,754 |
Other securities, Amortized Cost | 975 | 854 |
Other securities, Gross Gains | 0 | 0 |
Other securities, Gross Losses | 0 | 0 |
Other securities, Fair Value | 975 | 854 |
Cumulative basis adjustments associated with hedging relationships | 843 | 849 |
U.S. Treasury | ||
Available-for-sale securities: | ||
Total available-for-sale securities | 5 | 103 |
Available-for-sale securities, Gross Gains | 0 | 0 |
Available-for-sale securities, Gross Losses | 0 | 0 |
Available-for-sale securities | 5 | 103 |
Residential CMO | ||
Available-for-sale securities: | ||
Total available-for-sale securities | 3,742 | 3,336 |
Available-for-sale securities, Gross Gains | 0 | 0 |
Available-for-sale securities, Gross Losses | (434) | (422) |
Available-for-sale securities | 3,308 | 2,914 |
Held-to-maturity securities: | ||
Held-to-maturity securities | 5,012 | 4,970 |
Held-to-maturity securities, Gross Gains | 0 | 4 |
Held-to-maturity securities, Gross Losses | (722) | (714) |
Held-to-maturity securities, Fair Value | 4,290 | 4,260 |
Residential MBS | ||
Available-for-sale securities: | ||
Total available-for-sale securities | 13,789 | 14,349 |
Available-for-sale securities, Gross Gains | 1 | 4 |
Available-for-sale securities, Gross Losses | (1,979) | (2,090) |
Available-for-sale securities | 11,811 | 12,263 |
Held-to-maturity securities: | ||
Held-to-maturity securities | 9,835 | 10,295 |
Held-to-maturity securities, Gross Gains | 0 | 0 |
Held-to-maturity securities, Gross Losses | (1,294) | (1,375) |
Held-to-maturity securities, Fair Value | 8,541 | 8,920 |
Commercial MBS | ||
Available-for-sale securities: | ||
Total available-for-sale securities | 2,551 | 2,565 |
Available-for-sale securities, Gross Gains | 0 | 0 |
Available-for-sale securities, Gross Losses | (653) | (612) |
Available-for-sale securities | 1,898 | 1,953 |
Held-to-maturity securities: | ||
Held-to-maturity securities | 1,613 | 1,652 |
Held-to-maturity securities, Gross Gains | 0 | 0 |
Held-to-maturity securities, Gross Losses | (245) | (204) |
Held-to-maturity securities, Fair Value | 1,368 | 1,448 |
Other agencies | ||
Available-for-sale securities: | ||
Total available-for-sale securities | 176 | 190 |
Available-for-sale securities, Gross Gains | 0 | 1 |
Available-for-sale securities, Gross Losses | (8) | (9) |
Available-for-sale securities | 168 | 182 |
Held-to-maturity securities: | ||
Held-to-maturity securities | 116 | 133 |
Held-to-maturity securities, Gross Gains | 0 | 0 |
Held-to-maturity securities, Gross Losses | (9) | (9) |
Held-to-maturity securities, Fair Value | 107 | 124 |
Total U.S. Treasury, federal agency, and other agency securities | ||
Available-for-sale securities: | ||
Total available-for-sale securities | 20,263 | 20,543 |
Available-for-sale securities, Gross Gains | 1 | 5 |
Available-for-sale securities, Gross Losses | (3,074) | (3,133) |
Available-for-sale securities | 17,190 | 17,415 |
Held-to-maturity securities: | ||
Held-to-maturity securities | 16,576 | 17,050 |
Held-to-maturity securities, Gross Gains | 0 | 4 |
Held-to-maturity securities, Gross Losses | (2,270) | (2,302) |
Held-to-maturity securities, Fair Value | 14,306 | 14,752 |
Municipal securities | ||
Available-for-sale securities: | ||
Total available-for-sale securities | 3,778 | 3,527 |
Available-for-sale securities, Gross Gains | 2 | 1 |
Available-for-sale securities, Gross Losses | (244) | (238) |
Available-for-sale securities | 3,536 | 3,290 |
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: | ||
Total available-for-sale securities | 138 | 146 |
Available-for-sale securities, Gross Gains | 0 | 0 |
Available-for-sale securities, Gross Losses | (15) | (18) |
Available-for-sale securities | 123 | 128 |
Asset-backed securities | ||
Available-for-sale securities: | ||
Total available-for-sale securities | 410 | 416 |
Available-for-sale securities, Gross Gains | 0 | 0 |
Available-for-sale securities, Gross Losses | (41) | (44) |
Available-for-sale securities | 369 | 372 |
Corporate debt | ||
Available-for-sale securities: | ||
Total available-for-sale securities | 2,230 | 2,467 |
Available-for-sale securities, Gross Gains | 94 | 132 |
Available-for-sale securities, Gross Losses | (313) | (385) |
Available-for-sale securities | 2,011 | 2,214 |
Other securities/Sovereign debt | ||
Available-for-sale securities: | ||
Total available-for-sale securities | 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 | 14 | 10 |
Other securities, Gross Gains | 0 | 0 |
Other securities, Gross Losses | 0 | 0 |
Other securities, Fair Value | 14 | 10 |
Mutual funds | ||
Held-to-maturity securities: | ||
Other securities, Amortized Cost | 32 | 31 |
Other securities, Gross Gains | 0 | 0 |
Other securities, Gross Losses | 0 | 0 |
Other securities, Fair Value | 32 | 31 |
Equity securities | ||
Held-to-maturity securities: | ||
Other securities, Amortized Cost | 1 | 1 |
Other securities, Gross Gains | 0 | 0 |
Other securities, Gross Losses | 0 | 0 |
Other securities, Fair Value | 1 | 1 |
Available-for-sale Securities | ||
Held-to-maturity securities: | ||
Accrued interest receivable | 62 | 64 |
Held-to-maturity Securities | ||
Held-to-maturity securities: | ||
Accrued interest receivable | 38 | 39 |
Federal Home Loan Bank stock | Non-marketable equity securities: | ||
Held-to-maturity securities: | ||
Other securities, Amortized Cost | 412 | 312 |
Other securities, Gross Gains | 0 | 0 |
Other securities, Gross Losses | 0 | 0 |
Other securities, Fair Value | 412 | 312 |
Federal Reserve Bank stock | Non-marketable equity securities: | ||
Held-to-maturity securities: | ||
Other securities, Amortized Cost | 516 | 500 |
Other securities, Gross Gains | 0 | 0 |
Other securities, Gross Losses | 0 | 0 |
Other securities, Fair Value | $ 516 | $ 500 |
INVESTMENT SECURITIES AND OTH_4
INVESTMENT SECURITIES AND OTHER SECURITIES - Contractual Maturities (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Available-for-sale securities, amortized cost: | ||
Under 1 year | $ 524 | $ 518 |
After 1 year through 5 years | 2,456 | 2,182 |
After 5 years through 10 years | 2,734 | 3,106 |
After 10 years | 21,109 | 21,297 |
Total available-for-sale securities | 26,823 | 27,103 |
Available-for-sale securities, fair value: | ||
Under 1 year | 514 | 511 |
After 1 year through 5 years | 2,273 | 2,033 |
After 5 years through 10 years | 2,507 | 2,814 |
After 10 years | 17,939 | 18,065 |
Total available-for-sale securities | 23,233 | 23,423 |
Held-to-maturity securities, amortized cost: | ||
Under 1 year | 2 | 0 |
After 1 year through 5 years | 58 | 72 |
After 5 years through 10 years | 75 | 71 |
After 10 years | 16,443 | 16,909 |
Total held-to-maturity securities | 16,578 | 17,052 |
Held-to-maturity securities, fair value: | ||
Under 1 year | 2 | 0 |
After 1 year through 5 years | 55 | 68 |
After 5 years through 10 years | 70 | 66 |
After 10 years | 14,181 | 14,620 |
Total held-to-maturity securities | $ 14,308 | $ 14,754 |
INVESTMENT SECURITIES AND OTH_5
INVESTMENT SECURITIES AND OTHER SECURITIES - Continuous Unrealized Loss Position (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Available-for-sale securities: | ||
Less than 12 months, fair value | $ 3,231 | $ 8,944 |
Less than 12 months, gross unrealized losses | (207) | (1,062) |
12 months or longer, fair value | 19,567 | 13,763 |
12 months or longer, gross unrealized losses | (3,480) | (2,756) |
Total, fair value | 22,798 | 22,707 |
Total, gross unrealized losses | (3,687) | (3,818) |
Held-to-maturity securities: | ||
Less than 12 months, fair value | 1,773 | 7,178 |
Less than 12 months, gross unrealized losses | (75) | (863) |
12 months or longer, fair value | 12,517 | 7,241 |
12 months or longer, gross unrealized losses | (2,195) | (1,439) |
Total held-to-maturity securities | 14,290 | 14,419 |
Total, gross unrealized losses | (2,270) | (2,302) |
Residential CMO | ||
Available-for-sale securities: | ||
Less than 12 months, fair value | 1,249 | 2,096 |
Less than 12 months, gross unrealized losses | (56) | (224) |
12 months or longer, fair value | 2,059 | 818 |
12 months or longer, gross unrealized losses | (378) | (198) |
Total, fair value | 3,308 | 2,914 |
Total, gross unrealized losses | (434) | (422) |
Held-to-maturity securities: | ||
Less than 12 months, fair value | 612 | 1,702 |
Less than 12 months, gross unrealized losses | (12) | (238) |
12 months or longer, fair value | 3,678 | 2,283 |
12 months or longer, gross unrealized losses | (710) | (476) |
Total held-to-maturity securities | 4,290 | 3,985 |
Total, gross unrealized losses | (722) | (714) |
Residential MBS | ||
Available-for-sale securities: | ||
Less than 12 months, fair value | 778 | 2,455 |
Less than 12 months, gross unrealized losses | (38) | (286) |
12 months or longer, fair value | 10,883 | 9,490 |
12 months or longer, gross unrealized losses | (1,941) | (1,804) |
Total, fair value | 11,661 | 11,945 |
Total, gross unrealized losses | (1,979) | (2,090) |
Held-to-maturity securities: | ||
Less than 12 months, fair value | 1,118 | 4,151 |
Less than 12 months, gross unrealized losses | (60) | (462) |
12 months or longer, fair value | 7,407 | 4,711 |
12 months or longer, gross unrealized losses | (1,234) | (913) |
Total held-to-maturity securities | 8,525 | 8,862 |
Total, gross unrealized losses | (1,294) | (1,375) |
Commercial MBS | ||
Available-for-sale securities: | ||
Less than 12 months, fair value | 387 | 1,090 |
Less than 12 months, gross unrealized losses | (64) | (249) |
12 months or longer, fair value | 1,512 | 863 |
12 months or longer, gross unrealized losses | (589) | (363) |
Total, fair value | 1,899 | 1,953 |
Total, gross unrealized losses | (653) | (612) |
Held-to-maturity securities: | ||
Less than 12 months, fair value | 43 | 1,201 |
Less than 12 months, gross unrealized losses | (3) | (154) |
12 months or longer, fair value | 1,324 | 247 |
12 months or longer, gross unrealized losses | (242) | (50) |
Total held-to-maturity securities | 1,367 | 1,448 |
Total, gross unrealized losses | (245) | (204) |
Other agencies | ||
Available-for-sale securities: | ||
Less than 12 months, fair value | 22 | 40 |
Less than 12 months, gross unrealized losses | 0 | (1) |
12 months or longer, fair value | 70 | 56 |
12 months or longer, gross unrealized losses | (8) | (8) |
Total, fair value | 92 | 96 |
Total, gross unrealized losses | (8) | (9) |
Held-to-maturity securities: | ||
Less than 12 months, fair value | 0 | 124 |
Less than 12 months, gross unrealized losses | 0 | (9) |
12 months or longer, fair value | 108 | 0 |
12 months or longer, gross unrealized losses | (9) | 0 |
Total held-to-maturity securities | 108 | 124 |
Total, gross unrealized losses | (9) | (9) |
Total U.S. Treasury, federal agency, and other agency securities | ||
Available-for-sale securities: | ||
Less than 12 months, fair value | 2,436 | 5,681 |
Less than 12 months, gross unrealized losses | (158) | (760) |
12 months or longer, fair value | 14,524 | 11,227 |
12 months or longer, gross unrealized losses | (2,916) | (2,373) |
Total, fair value | 16,960 | 16,908 |
Total, gross unrealized losses | (3,074) | (3,133) |
Held-to-maturity securities: | ||
Less than 12 months, fair value | 1,773 | 7,178 |
Less than 12 months, gross unrealized losses | (75) | (863) |
12 months or longer, fair value | 12,517 | 7,241 |
12 months or longer, gross unrealized losses | (2,195) | (1,439) |
Total held-to-maturity securities | 14,290 | 14,419 |
Total, gross unrealized losses | (2,270) | (2,302) |
Municipal securities | ||
Available-for-sale securities: | ||
Less than 12 months, fair value | 789 | 2,298 |
Less than 12 months, gross unrealized losses | (49) | (174) |
12 months or longer, fair value | 2,566 | 807 |
12 months or longer, gross unrealized losses | (195) | (64) |
Total, fair value | 3,355 | 3,105 |
Total, gross unrealized losses | (244) | (238) |
Private-label CMO | ||
Available-for-sale securities: | ||
Less than 12 months, fair value | 6 | 64 |
Less than 12 months, gross unrealized losses | 0 | (13) |
12 months or longer, fair value | 97 | 43 |
12 months or longer, gross unrealized losses | (15) | (5) |
Total, fair value | 103 | 107 |
Total, gross unrealized losses | (15) | (18) |
Asset-backed securities | ||
Available-for-sale securities: | ||
Less than 12 months, fair value | 0 | 174 |
Less than 12 months, gross unrealized losses | 0 | (10) |
12 months or longer, fair value | 369 | 199 |
12 months or longer, gross unrealized losses | (41) | (34) |
Total, fair value | 369 | 373 |
Total, gross unrealized losses | (41) | (44) |
Corporate debt | ||
Available-for-sale securities: | ||
Less than 12 months, fair value | 0 | 727 |
Less than 12 months, gross unrealized losses | 0 | (105) |
12 months or longer, fair value | 2,011 | 1,487 |
12 months or longer, gross unrealized losses | (313) | (280) |
Total, fair value | 2,011 | 2,214 |
Total, gross unrealized losses | $ (313) | $ (385) |
INVESTMENT SECURITIES AND OTH_6
INVESTMENT SECURITIES AND OTHER SECURITIES - Narrative (Details) - USD ($) $ in Millions | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2023 | Dec. 31, 2022 | |
Investment Securities [Line Items] | |||
AFS debt security charge-off | $ 4 | ||
Asset Pledged as Collateral | |||
Investment Securities [Line Items] | |||
Investment securities pledged | $ 33,100 | $ 26,900 |
LOANS AND LEASES - Narrative (D
LOANS AND LEASES - Narrative (Details) - USD ($) $ in Billions | Jun. 30, 2023 | Dec. 31, 2022 |
Receivables [Abstract] | ||
FHLB borrowings and advances, collateral | $ 99.2 | $ 70.9 |
LOANS AND LEASES - Loan and Lea
LOANS AND LEASES - Loan and Lease Portfolio Composition (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Loans and leases | [1] | $ 121,225 | $ 119,523 | ||||
Allowance for loan and lease losses | (2,177) | $ (2,142) | (2,121) | $ (2,074) | $ (2,018) | $ (2,030) | |
Net loans and leases | 119,048 | 117,402 | |||||
Loans and leases net premium (discount) | (86) | 3 | |||||
Commercial and industrial | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Loans and leases | 49,834 | 48,121 | |||||
Commercial real estate | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Loans and leases | 13,166 | 13,640 | |||||
Lease financing | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Loans and leases | 5,143 | 5,252 | |||||
Residential mortgage | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Loans and leases | 23,138 | 22,226 | |||||
Automobile | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Loans and leases | 12,819 | 13,154 | |||||
RV and marine | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Loans and leases | 5,640 | 5,376 | |||||
Other consumer | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Loans and leases | 1,350 | 1,379 | |||||
Commercial | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Loans and leases | 68,143 | 67,013 | |||||
Allowance for loan and lease losses | (1,483) | (1,457) | (1,424) | (1,342) | (1,514) | (1,462) | |
Accrued interest receivable | 306 | 274 | |||||
Commercial | Commercial and industrial | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Loans and leases | 49,834 | 48,121 | |||||
Commercial | Commercial real estate | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Loans and leases | 13,166 | 13,640 | |||||
Commercial | Lease financing | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Loans and leases | 5,143 | 5,252 | |||||
Consumer | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Loans and leases | 53,082 | 52,510 | |||||
Allowance for loan and lease losses | (694) | $ (685) | (697) | $ (732) | $ (504) | $ (568) | |
Accrued interest receivable | 195 | 186 | |||||
Consumer | Residential mortgage | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Loans and leases | 23,138 | 22,226 | |||||
Consumer | Automobile | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Loans and leases | 12,819 | 13,154 | |||||
Consumer | Home equity | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Loans and leases | 10,135 | 10,375 | |||||
Consumer | RV and marine | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Loans and leases | 5,640 | 5,376 | |||||
Consumer | Other consumer | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Loans and leases | $ 1,350 | $ 1,379 | |||||
[1] Amounts represent loans for which Huntington has elected the fair value option. See Note 12 “ Fair Values of Assets and Liabilities ”. |
LOANS AND LEASES - Direct Finan
LOANS AND LEASES - Direct Financing Leases (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Carrying value of residual values guaranteed | $ 483 | $ 483 | $ 466 | ||
Future lease rental payments due on sales-type and direct financing leases | 4,800 | 4,800 | |||
Future lease rental payments due on sales-type and direct financing leases, year one | 856 | 856 | |||
Future lease rental payments due on sales-type and direct financing leases, year two | 853 | 853 | |||
Future lease rental payments due on sales-type and direct financing leases, year three | 764 | 764 | |||
Future lease rental payments due on sales-type and direct financing leases, year four | 784 | 784 | |||
Future lease rental payments due on sales-type and direct financing leases, year five | 747 | 747 | |||
Future lease rental payments due on sales-type and direct financing leases, after year five | 826 | 826 | |||
Direct financing leases, interest income | 70 | $ 39 | 138 | $ 77 | |
Commercial | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Lease payments receivable | 4,830 | 4,830 | 4,916 | ||
Estimated residual value of leased assets | 797 | 797 | 788 | ||
Gross investment in lease financing receivables | 5,627 | 5,627 | 5,704 | ||
Deferred origination costs | 52 | 52 | 46 | ||
Deferred fees, unearned income and other | (536) | (536) | (498) | ||
Total lease financing receivables | $ 5,143 | $ 5,143 | $ 5,252 |
LOANS AND LEASES - Nonaccrual L
LOANS AND LEASES - Nonaccrual Loans by Loan Class (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual loans and leases with no ACL | $ 81 | $ 112 |
Total nonaccrual loans and leases | 510 | 569 |
Commercial | Commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual loans and leases with no ACL | 49 | 49 |
Total nonaccrual loans and leases | 267 | 288 |
Commercial | Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual loans and leases with no ACL | 32 | 63 |
Total nonaccrual loans and leases | 75 | 92 |
Commercial | Lease financing | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual loans and leases with no ACL | 0 | 0 |
Total nonaccrual loans and leases | 15 | 18 |
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 | 73 | 90 |
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 | 4 |
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 | 75 | 76 |
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, 2023 | Dec. 31, 2022 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases | [1] | $ 121,225 | $ 119,523 |
Loans Accounted for Under FVO | 175 | 185 | |
90 or more days past due and accruing | 169 | 207 | |
Total | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases | 1,003 | 1,083 | |
30-59 Days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases | 452 | 509 | |
60-89 Days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases | 158 | 165 | |
90 or more days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases | 393 | 409 | |
Current | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases | 120,047 | 118,255 | |
Commercial and industrial | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases | 49,834 | 48,121 | |
Loans Accounted for Under FVO | 0 | 0 | |
90 or more days past due and accruing | 7 | 23 | |
Commercial and industrial | Total | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases | 149 | 180 | |
Commercial and industrial | 30-59 Days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases | 42 | 53 | |
Commercial and industrial | 60-89 Days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases | 21 | 19 | |
Commercial and industrial | 90 or more days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases | 86 | 108 | |
Commercial and industrial | Current | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases | 49,685 | 47,941 | |
Commercial real estate | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases | 13,166 | 13,640 | |
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 | 36 | 12 | |
Commercial real estate | 30-59 Days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases | 1 | 2 | |
Commercial real estate | 60-89 Days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases | 0 | 1 | |
Commercial real estate | 90 or more days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases | 35 | 9 | |
Commercial real estate | Current | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases | 13,130 | 13,628 | |
Lease financing | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases | 5,143 | 5,252 | |
Loans Accounted for Under FVO | 0 | 0 | |
90 or more days past due and accruing | 12 | 9 | |
Lease financing | Total | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases | 63 | 64 | |
Lease financing | 30-59 Days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases | 28 | 36 | |
Lease financing | 60-89 Days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases | 17 | 18 | |
Lease financing | 90 or more days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases | 18 | 10 | |
Lease financing | Current | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases | 5,080 | 5,188 | |
Residential mortgage | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases | 23,138 | 22,226 | |
Loans Accounted for Under FVO | 174 | 184 | |
90 or more days past due and accruing | 121 | 146 | |
Residential mortgage | Total | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases | 467 | 514 | |
Residential mortgage | 30-59 Days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases | 229 | 246 | |
Residential mortgage | 60-89 Days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases | 71 | 69 | |
Residential mortgage | 90 or more days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases | 167 | 199 | |
Residential mortgage | Current | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases | 22,497 | 21,528 | |
Automobile | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases | 12,819 | 13,154 | |
Loans Accounted for Under FVO | 0 | 0 | |
90 or more days past due and accruing | 6 | 9 | |
Automobile | Total | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases | 103 | 119 | |
Automobile | 30-59 Days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases | 75 | 88 | |
Automobile | 60-89 Days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases | 19 | 20 | |
Automobile | 90 or more days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases | 9 | 11 | |
Automobile | Current | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases | 12,716 | 13,035 | |
Home equity | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases | 10,135 | 10,375 | |
Loans Accounted for Under FVO | 1 | 1 | |
90 or more days past due and accruing | 18 | 15 | |
Home equity | Total | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases | 150 | 152 | |
Home equity | 30-59 Days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases | 54 | 56 | |
Home equity | 60-89 Days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases | 23 | 30 | |
Home equity | 90 or more days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases | 73 | 66 | |
Home equity | Current | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases | 9,984 | 10,222 | |
RV and marine | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases | 5,640 | 5,376 | |
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 | 19 | 23 | |
RV and marine | 30-59 Days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases | 13 | 15 | |
RV and marine | 60-89 Days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases | 4 | 5 | |
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 | 5,621 | 5,353 | |
Other consumer | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases | 1,350 | 1,379 | |
Loans Accounted for Under FVO | 0 | 0 | |
90 or more days past due and accruing | 3 | 2 | |
Other consumer | Total | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases | 16 | 19 | |
Other consumer | 30-59 Days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases | 10 | 13 | |
Other consumer | 60-89 Days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases | 3 | 3 | |
Other consumer | 90 or more days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases | 3 | 3 | |
Other consumer | Current | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases | $ 1,334 | $ 1,360 | |
[1] Amounts represent loans for which Huntington has elected the fair value option. See Note 12 “ Fair Values of Assets and Liabilities ”. |
LOANS AND LEASES - Vintage and
LOANS AND LEASES - Vintage and Credit Quality (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 | |
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans and leases | [1] | $ 121,225 | $ 119,523 |
Commercial and industrial | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans and leases | 49,834 | 48,121 | |
Automobile | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans and leases | 12,819 | 13,154 | |
Home equity | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans and leases | 10,135 | 10,375 | |
RV and marine | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans and leases | 5,640 | 5,376 | |
Other consumer | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans and leases | 1,350 | 1,379 | |
Commercial | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans and leases | 68,143 | 67,013 | |
Commercial | Commercial and industrial | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Financing receivable, current fiscal year | 10,309 | 18,568 | |
Financing receivable, year before current fiscal year | 13,072 | 7,064 | |
Financing receivable, two years before current fiscal year | 5,086 | 3,607 | |
Financing receivable, three years before current fiscal year | 2,797 | 2,340 | |
Financing receivable, four years before current fiscal year | 1,689 | 1,347 | |
Financing receivable, more than five years before current fiscal year | 2,015 | 1,469 | |
Revolver Total at Amortized Cost Basis | 14,862 | 13,723 | |
Revolver Total Converted to Term Loans | 4 | 3 | |
Loans and leases | 49,834 | 48,121 | |
Commercial | Commercial and industrial | Pass | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Financing receivable, current fiscal year | 9,983 | 18,092 | |
Financing receivable, year before current fiscal year | 12,540 | 6,742 | |
Financing receivable, two years before current fiscal year | 4,863 | 3,332 | |
Financing receivable, three years before current fiscal year | 2,602 | 2,107 | |
Financing receivable, four years before current fiscal year | 1,552 | 1,156 | |
Financing receivable, more than five years before current fiscal year | 1,701 | 1,186 | |
Revolver Total at Amortized Cost Basis | 14,156 | 13,060 | |
Revolver Total Converted to Term Loans | 4 | 3 | |
Loans and leases | 47,401 | 45,678 | |
Commercial | Commercial and industrial | OLEM | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Financing receivable, current fiscal year | 107 | 108 | |
Financing receivable, year before current fiscal year | 214 | 139 | |
Financing receivable, two years before current fiscal year | 79 | 72 | |
Financing receivable, three years before current fiscal year | 16 | 21 | |
Financing receivable, four years before current fiscal year | 7 | 49 | |
Financing receivable, more than five years before current fiscal year | 25 | 26 | |
Revolver Total at Amortized Cost Basis | 159 | 113 | |
Revolver Total Converted to Term Loans | 0 | 0 | |
Loans and leases | 607 | 528 | |
Commercial | Commercial and industrial | Substandard | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Financing receivable, current fiscal year | 219 | 368 | |
Financing receivable, year before current fiscal year | 318 | 183 | |
Financing receivable, two years before current fiscal year | 144 | 203 | |
Financing receivable, three years before current fiscal year | 179 | 212 | |
Financing receivable, four years before current fiscal year | 130 | 142 | |
Financing receivable, more than five years before current fiscal year | 288 | 256 | |
Revolver Total at Amortized Cost Basis | 547 | 550 | |
Revolver Total Converted to Term Loans | 0 | 0 | |
Loans and leases | 1,825 | 1,914 | |
Commercial | Commercial and industrial | 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 | 0 | |
Financing receivable, four years before current fiscal year | 0 | 0 | |
Financing receivable, more than five years before current fiscal year | 1 | 1 | |
Revolver Total at Amortized Cost Basis | 0 | 0 | |
Revolver Total Converted to Term Loans | 0 | 0 | |
Loans and leases | 1 | 1 | |
Commercial real estate | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Financing receivable, current fiscal year | 1,171 | 4,314 | |
Financing receivable, year before current fiscal year | 4,165 | 3,284 | |
Financing receivable, two years before current fiscal year | 2,612 | 1,655 | |
Financing receivable, three years before current fiscal year | 1,287 | 1,779 | |
Financing receivable, four years before current fiscal year | 1,528 | 919 | |
Financing receivable, more than five years before current fiscal year | 1,763 | 1,169 | |
Revolver Total at Amortized Cost Basis | 640 | 520 | |
Revolver Total Converted to Term Loans | 0 | 0 | |
Loans and leases | 13,166 | 13,640 | |
Commercial real estate | Pass | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Financing receivable, current fiscal year | 972 | 4,022 | |
Financing receivable, year before current fiscal year | 3,794 | 3,115 | |
Financing receivable, two years before current fiscal year | 2,451 | 1,562 | |
Financing receivable, three years before current fiscal year | 1,247 | 1,662 | |
Financing receivable, four years before current fiscal year | 1,330 | 829 | |
Financing receivable, more than five years before current fiscal year | 1,556 | 1,020 | |
Revolver Total at Amortized Cost Basis | 638 | 519 | |
Revolver Total Converted to Term Loans | 0 | 0 | |
Loans and leases | 11,988 | 12,729 | |
Commercial real estate | OLEM | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Financing receivable, current fiscal year | 35 | 61 | |
Financing receivable, year before current fiscal year | 243 | 53 | |
Financing receivable, two years before current fiscal year | 71 | 1 | |
Financing receivable, three years before current fiscal year | 17 | 43 | |
Financing receivable, four years before current fiscal year | 47 | 6 | |
Financing receivable, more than five years before current fiscal year | 24 | 9 | |
Revolver Total at Amortized Cost Basis | 0 | 0 | |
Revolver Total Converted to Term Loans | 0 | 0 | |
Loans and leases | 437 | 173 | |
Commercial real estate | Substandard | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Financing receivable, current fiscal year | 164 | 231 | |
Financing receivable, year before current fiscal year | 128 | 116 | |
Financing receivable, two years before current fiscal year | 90 | 92 | |
Financing receivable, three years before current fiscal year | 23 | 74 | |
Financing receivable, four years before current fiscal year | 151 | 84 | |
Financing receivable, more than five years before current fiscal year | 183 | 140 | |
Revolver Total at Amortized Cost Basis | 2 | 1 | |
Revolver Total Converted to Term Loans | 0 | 0 | |
Loans and leases | 741 | 738 | |
Lease financing | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Financing receivable, current fiscal year | 969 | 2,027 | |
Financing receivable, year before current fiscal year | 1,697 | 1,337 | |
Financing receivable, two years before current fiscal year | 1,101 | 1,041 | |
Financing receivable, three years before current fiscal year | 791 | 489 | |
Financing receivable, four years before current fiscal year | 371 | 201 | |
Financing receivable, more than five years before current fiscal year | 214 | 157 | |
Revolver Total at Amortized Cost Basis | 0 | 0 | |
Revolver Total Converted to Term Loans | 0 | 0 | |
Loans and leases | 5,143 | 5,252 | |
Lease financing | Pass | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Financing receivable, current fiscal year | 948 | 1,930 | |
Financing receivable, year before current fiscal year | 1,631 | 1,291 | |
Financing receivable, two years before current fiscal year | 1,057 | 952 | |
Financing receivable, three years before current fiscal year | 757 | 447 | |
Financing receivable, four years before current fiscal year | 341 | 186 | |
Financing receivable, more than five years before current fiscal year | 197 | 143 | |
Revolver Total at Amortized Cost Basis | 0 | 0 | |
Revolver Total Converted to Term Loans | 0 | 0 | |
Loans and leases | 4,931 | 4,949 | |
Lease financing | OLEM | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Financing receivable, current fiscal year | 13 | 32 | |
Financing receivable, year before current fiscal year | 20 | 9 | |
Financing receivable, two years before current fiscal year | 11 | 15 | |
Financing receivable, three years before current fiscal year | 20 | 18 | |
Financing receivable, four years before current fiscal year | 10 | 6 | |
Financing receivable, more than five years before current fiscal year | 7 | 3 | |
Revolver Total at Amortized Cost Basis | 0 | 0 | |
Revolver Total Converted to Term Loans | 0 | 0 | |
Loans and leases | 81 | 83 | |
Lease financing | Substandard | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Financing receivable, current fiscal year | 8 | 65 | |
Financing receivable, year before current fiscal year | 46 | 37 | |
Financing receivable, two years before current fiscal year | 32 | 74 | |
Financing receivable, three years before current fiscal year | 14 | 24 | |
Financing receivable, four years before current fiscal year | 20 | 9 | |
Financing receivable, more than five years before current fiscal year | 10 | 11 | |
Revolver Total at Amortized Cost Basis | 0 | 0 | |
Revolver Total Converted to Term Loans | 0 | 0 | |
Loans and leases | 130 | 220 | |
Lease financing | Commercial and industrial | Doubtful | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Financing receivable, current fiscal year | 0 | ||
Financing receivable, year before current fiscal year | 0 | ||
Financing receivable, two years before current fiscal year | 1 | ||
Financing receivable, three years before current fiscal year | 0 | ||
Financing receivable, four years before current fiscal year | 0 | ||
Financing receivable, more than five years before current fiscal year | 0 | ||
Revolver Total at Amortized Cost Basis | 0 | ||
Revolver Total Converted to Term Loans | 0 | ||
Loans and leases | 1 | ||
Consumer | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans and leases | 53,082 | 52,510 | |
Consumer | Residential mortgage | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Financing receivable, current fiscal year | 1,593 | 5,109 | |
Financing receivable, year before current fiscal year | 5,151 | 7,514 | |
Financing receivable, two years before current fiscal year | 7,334 | 4,244 | |
Financing receivable, three years before current fiscal year | 4,054 | 1,152 | |
Financing receivable, four years before current fiscal year | 1,086 | 696 | |
Financing receivable, more than five years before current fiscal year | 3,746 | 3,327 | |
Revolver Total at Amortized Cost Basis | 0 | 0 | |
Revolver Total Converted to Term Loans | 0 | 0 | |
Loans and leases | 22,964 | 22,042 | |
Consumer | Residential mortgage | 750+ | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Financing receivable, current fiscal year | 1,127 | 3,666 | |
Financing receivable, year before current fiscal year | 3,953 | 6,274 | |
Financing receivable, two years before current fiscal year | 6,215 | 3,566 | |
Financing receivable, three years before current fiscal year | 3,442 | 846 | |
Financing receivable, four years before current fiscal year | 791 | 469 | |
Financing receivable, more than five years before current fiscal year | 2,375 | 2,070 | |
Revolver Total at Amortized Cost Basis | 0 | 0 | |
Revolver Total Converted to Term Loans | 0 | 0 | |
Loans and leases | 17,903 | 16,891 | |
Consumer | Residential mortgage | 650-749 | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Financing receivable, current fiscal year | 459 | 1,394 | |
Financing receivable, year before current fiscal year | 1,137 | 1,172 | |
Financing receivable, two years before current fiscal year | 1,054 | 617 | |
Financing receivable, three years before current fiscal year | 547 | 211 | |
Financing receivable, four years before current fiscal year | 208 | 137 | |
Financing receivable, more than five years before current fiscal year | 837 | 777 | |
Revolver Total at Amortized Cost Basis | 0 | 0 | |
Revolver Total Converted to Term Loans | 0 | 0 | |
Loans and leases | 4,242 | 4,308 | |
Consumer | Residential mortgage | Less than 650 | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Financing receivable, current fiscal year | 7 | 49 | |
Financing receivable, year before current fiscal year | 61 | 68 | |
Financing receivable, two years before current fiscal year | 65 | 61 | |
Financing receivable, three years before current fiscal year | 65 | 95 | |
Financing receivable, four years before current fiscal year | 87 | 90 | |
Financing receivable, more than five years before current fiscal year | 534 | 480 | |
Revolver Total at Amortized Cost Basis | 0 | 0 | |
Revolver Total Converted to Term Loans | 0 | 0 | |
Loans and leases | 819 | 843 | |
Consumer | Automobile | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Financing receivable, current fiscal year | 2,325 | 5,021 | |
Financing receivable, year before current fiscal year | 4,257 | 4,072 | |
Financing receivable, two years before current fiscal year | 3,342 | 2,099 | |
Financing receivable, three years before current fiscal year | 1,629 | 1,259 | |
Financing receivable, four years before current fiscal year | 894 | 518 | |
Financing receivable, more than five years before current fiscal year | 372 | 185 | |
Revolver Total at Amortized Cost Basis | 0 | 0 | |
Revolver Total Converted to Term Loans | 0 | 0 | |
Loans and leases | 12,819 | 13,154 | |
Consumer | Automobile | 750+ | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Financing receivable, current fiscal year | 1,417 | 2,770 | |
Financing receivable, year before current fiscal year | 2,330 | 2,212 | |
Financing receivable, two years before current fiscal year | 1,885 | 1,243 | |
Financing receivable, three years before current fiscal year | 988 | 777 | |
Financing receivable, four years before current fiscal year | 558 | 289 | |
Financing receivable, more than five years before current fiscal year | 198 | 98 | |
Revolver Total at Amortized Cost Basis | 0 | 0 | |
Revolver Total Converted to Term Loans | 0 | 0 | |
Loans and leases | 7,376 | 7,389 | |
Consumer | Automobile | 650-749 | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Financing receivable, current fiscal year | 819 | 1,944 | |
Financing receivable, year before current fiscal year | 1,616 | 1,508 | |
Financing receivable, two years before current fiscal year | 1,153 | 683 | |
Financing receivable, three years before current fiscal year | 498 | 367 | |
Financing receivable, four years before current fiscal year | 250 | 162 | |
Financing receivable, more than five years before current fiscal year | 112 | 52 | |
Revolver Total at Amortized Cost Basis | 0 | 0 | |
Revolver Total Converted to Term Loans | 0 | 0 | |
Loans and leases | 4,448 | 4,716 | |
Consumer | Automobile | Less than 650 | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Financing receivable, current fiscal year | 89 | 307 | |
Financing receivable, year before current fiscal year | 311 | 352 | |
Financing receivable, two years before current fiscal year | 304 | 173 | |
Financing receivable, three years before current fiscal year | 143 | 115 | |
Financing receivable, four years before current fiscal year | 86 | 67 | |
Financing receivable, more than five years before current fiscal year | 62 | 35 | |
Revolver Total at Amortized Cost Basis | 0 | 0 | |
Revolver Total Converted to Term Loans | 0 | 0 | |
Loans and leases | 995 | 1,049 | |
Consumer | Home equity | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Financing receivable, current fiscal year | 297 | 597 | |
Financing receivable, year before current fiscal year | 569 | 664 | |
Financing receivable, two years before current fiscal year | 621 | 682 | |
Financing receivable, three years before current fiscal year | 638 | 34 | |
Financing receivable, four years before current fiscal year | 29 | 30 | |
Financing receivable, more than five years before current fiscal year | 442 | 474 | |
Revolver Total at Amortized Cost Basis | 6,939 | 7,251 | |
Revolver Total Converted to Term Loans | 599 | 642 | |
Loans and leases | 10,134 | 10,374 | |
Consumer | Home equity | 750+ | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Financing receivable, current fiscal year | 223 | 463 | |
Financing receivable, year before current fiscal year | 458 | 573 | |
Financing receivable, two years before current fiscal year | 547 | 611 | |
Financing receivable, three years before current fiscal year | 574 | 23 | |
Financing receivable, four years before current fiscal year | 19 | 20 | |
Financing receivable, more than five years before current fiscal year | 282 | 301 | |
Revolver Total at Amortized Cost Basis | 4,541 | 4,787 | |
Revolver Total Converted to Term Loans | 233 | 252 | |
Loans and leases | 6,877 | 7,030 | |
Consumer | Home equity | 650-749 | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Financing receivable, current fiscal year | 74 | 131 | |
Financing receivable, year before current fiscal year | 108 | 88 | |
Financing receivable, two years before current fiscal year | 71 | 68 | |
Financing receivable, three years before current fiscal year | 60 | 9 | |
Financing receivable, four years before current fiscal year | 8 | 8 | |
Financing receivable, more than five years before current fiscal year | 111 | 122 | |
Revolver Total at Amortized Cost Basis | 2,051 | 2,129 | |
Revolver Total Converted to Term Loans | 238 | 261 | |
Loans and leases | 2,721 | 2,816 | |
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 | 3 | 3 | |
Financing receivable, two years before current fiscal year | 3 | 3 | |
Financing receivable, three years before current fiscal year | 4 | 2 | |
Financing receivable, four years before current fiscal year | 2 | 2 | |
Financing receivable, more than five years before current fiscal year | 49 | 51 | |
Revolver Total at Amortized Cost Basis | 347 | 335 | |
Revolver Total Converted to Term Loans | 128 | 129 | |
Loans and leases | 536 | 528 | |
Consumer | RV and marine | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Financing receivable, current fiscal year | 810 | 1,443 | |
Financing receivable, year before current fiscal year | 1,331 | 1,364 | |
Financing receivable, two years before current fiscal year | 1,237 | 946 | |
Financing receivable, three years before current fiscal year | 842 | 496 | |
Financing receivable, four years before current fiscal year | 442 | 484 | |
Financing receivable, more than five years before current fiscal year | 978 | 643 | |
Revolver Total at Amortized Cost Basis | 0 | 0 | |
Revolver Total Converted to Term Loans | 0 | 0 | |
Loans and leases | 5,640 | 5,376 | |
Consumer | RV and marine | 750+ | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Financing receivable, current fiscal year | 683 | 1,148 | |
Financing receivable, year before current fiscal year | 1,052 | 1,031 | |
Financing receivable, two years before current fiscal year | 945 | 731 | |
Financing receivable, three years before current fiscal year | 651 | 361 | |
Financing receivable, four years before current fiscal year | 326 | 354 | |
Financing receivable, more than five years before current fiscal year | 693 | 438 | |
Revolver Total at Amortized Cost Basis | 0 | 0 | |
Revolver Total Converted to Term Loans | 0 | 0 | |
Loans and leases | 4,350 | 4,063 | |
Consumer | RV and marine | 650-749 | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Financing receivable, current fiscal year | 126 | 290 | |
Financing receivable, year before current fiscal year | 270 | 315 | |
Financing receivable, two years before current fiscal year | 271 | 200 | |
Financing receivable, three years before current fiscal year | 173 | 118 | |
Financing receivable, four years before current fiscal year | 101 | 113 | |
Financing receivable, more than five years before current fiscal year | 237 | 169 | |
Revolver Total at Amortized Cost Basis | 0 | 0 | |
Revolver Total Converted to Term Loans | 0 | 0 | |
Loans and leases | 1,178 | 1,205 | |
Consumer | RV and marine | Less than 650 | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Financing receivable, current fiscal year | 1 | 5 | |
Financing receivable, year before current fiscal year | 9 | 18 | |
Financing receivable, two years before current fiscal year | 21 | 15 | |
Financing receivable, three years before current fiscal year | 18 | 17 | |
Financing receivable, four years before current fiscal year | 15 | 17 | |
Financing receivable, more than five years before current fiscal year | 48 | 36 | |
Revolver Total at Amortized Cost Basis | 0 | 0 | |
Revolver Total Converted to Term Loans | 0 | 0 | |
Loans and leases | 112 | 108 | |
Consumer | Other consumer | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Financing receivable, current fiscal year | 170 | 281 | |
Financing receivable, year before current fiscal year | 159 | 97 | |
Financing receivable, two years before current fiscal year | 76 | 49 | |
Financing receivable, three years before current fiscal year | 34 | 52 | |
Financing receivable, four years before current fiscal year | 34 | 18 | |
Financing receivable, more than five years before current fiscal year | 73 | 68 | |
Revolver Total at Amortized Cost Basis | 775 | 781 | |
Revolver Total Converted to Term Loans | 29 | 33 | |
Loans and leases | 1,350 | 1,379 | |
Consumer | Other consumer | 750+ | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Financing receivable, current fiscal year | 118 | 207 | |
Financing receivable, year before current fiscal year | 99 | 64 | |
Financing receivable, two years before current fiscal year | 51 | 35 | |
Financing receivable, three years before current fiscal year | 25 | 34 | |
Financing receivable, four years before current fiscal year | 24 | 13 | |
Financing receivable, more than five years before current fiscal year | 56 | 52 | |
Revolver Total at Amortized Cost Basis | 388 | 393 | |
Revolver Total Converted to Term Loans | 3 | 3 | |
Loans and leases | 764 | 801 | |
Consumer | Other consumer | 650-749 | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Financing receivable, current fiscal year | 50 | 71 | |
Financing receivable, year before current fiscal year | 55 | 30 | |
Financing receivable, two years before current fiscal year | 21 | 12 | |
Financing receivable, three years before current fiscal year | 8 | 15 | |
Financing receivable, four years before current fiscal year | 8 | 4 | |
Financing receivable, more than five years before current fiscal year | 16 | 14 | |
Revolver Total at Amortized Cost Basis | 354 | 355 | |
Revolver Total Converted to Term Loans | 14 | 16 | |
Loans and leases | 526 | 517 | |
Consumer | Other consumer | Less than 650 | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Financing receivable, current fiscal year | 2 | 3 | |
Financing receivable, year before current fiscal year | 5 | 3 | |
Financing receivable, two years before current fiscal year | 4 | 2 | |
Financing receivable, three years before current fiscal year | 1 | 3 | |
Financing receivable, four years before current fiscal year | 2 | 1 | |
Financing receivable, more than five years before current fiscal year | 1 | 2 | |
Revolver Total at Amortized Cost Basis | 33 | 33 | |
Revolver Total Converted to Term Loans | 12 | 14 | |
Loans and leases | $ 60 | $ 61 | |
[1] Amounts represent loans for which Huntington has elected the fair value option. See Note 12 “ Fair Values of Assets and Liabilities ”. |
LOANS AND LEASES - Gross Charge
LOANS AND LEASES - Gross Charge-offs of Loans and Leases (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Financing receivable, term loans gross charge-offs, current fiscal year | $ 3 | $ 5 | ||
Financing receivable, term loans gross charge-offs, year before current fiscal year | 17 | 42 | ||
Financing receivable, term loans gross charge-offs, two years before current fiscal year | 22 | 55 | ||
Financing receivable, term loans gross charge-offs, three years before current fiscal year | 4 | 14 | ||
Financing receivable, term loans gross charge-offs, four years before current fiscal year | 17 | 24 | ||
Financing receivable, term loans gross charge-offs, five years before current fiscal year | 21 | 30 | ||
Financing receivable, revolver gross charge-offs | 0 | 5 | ||
Financing receivable, revolver converted to term loans gross charge-offs | 8 | 16 | ||
Financing receivable, term loans gross charge-offs | 92 | $ 52 | 191 | $ 133 |
Consumer | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Financing receivable, term loans gross charge-offs | 39 | 40 | 86 | 89 |
Commercial | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Financing receivable, term loans gross charge-offs | 53 | $ 12 | 105 | $ 44 |
Commercial and industrial | Commercial | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Financing receivable, term loans gross charge-offs, current fiscal year | 1 | 2 | ||
Financing receivable, term loans gross charge-offs, year before current fiscal year | 4 | 18 | ||
Financing receivable, term loans gross charge-offs, two years before current fiscal year | 14 | 17 | ||
Financing receivable, term loans gross charge-offs, three years before current fiscal year | 0 | 6 | ||
Financing receivable, term loans gross charge-offs, four years before current fiscal year | 8 | 12 | ||
Financing receivable, term loans gross charge-offs, five years before current fiscal year | 10 | 10 | ||
Financing receivable, revolver gross charge-offs | 0 | 4 | ||
Financing receivable, revolver converted to term loans gross charge-offs | 1 | 1 | ||
Financing receivable, term loans gross charge-offs | 38 | 70 | ||
Commercial real estate | Commercial | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Financing receivable, term loans gross charge-offs, current fiscal year | 0 | 0 | ||
Financing receivable, term loans gross charge-offs, year before current fiscal year | 3 | 3 | ||
Financing receivable, term loans gross charge-offs, two years before current fiscal year | 0 | 19 | ||
Financing receivable, term loans gross charge-offs, three years before current fiscal year | 0 | 0 | ||
Financing receivable, term loans gross charge-offs, four years before current fiscal year | 5 | 5 | ||
Financing receivable, term loans gross charge-offs, five years before current fiscal year | 5 | 5 | ||
Financing receivable, revolver gross charge-offs | 0 | 0 | ||
Financing receivable, revolver converted to term loans gross charge-offs | 0 | 0 | ||
Financing receivable, term loans gross charge-offs | 13 | 32 | ||
Lease financing | Commercial | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Financing receivable, term loans gross charge-offs, current fiscal year | 0 | 0 | ||
Financing receivable, term loans gross charge-offs, year before current fiscal year | 1 | 1 | ||
Financing receivable, term loans gross charge-offs, two years before current fiscal year | 1 | 1 | ||
Financing receivable, term loans gross charge-offs, three years before current fiscal year | 0 | 0 | ||
Financing receivable, term loans gross charge-offs, four years before current fiscal year | 0 | 0 | ||
Financing receivable, term loans gross charge-offs, five years before current fiscal year | 0 | 1 | ||
Financing receivable, revolver gross charge-offs | 0 | 0 | ||
Financing receivable, revolver converted to term loans gross charge-offs | 0 | 0 | ||
Financing receivable, term loans gross charge-offs | 2 | 3 | ||
Residential mortgage | Consumer | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Financing receivable, term loans gross charge-offs, current fiscal year | 0 | 0 | ||
Financing receivable, term loans gross charge-offs, year before current fiscal year | 0 | 0 | ||
Financing receivable, term loans gross charge-offs, two years before current fiscal year | 0 | 1 | ||
Financing receivable, term loans gross charge-offs, three years before current fiscal year | 0 | 0 | ||
Financing receivable, term loans gross charge-offs, four years before current fiscal year | 0 | 0 | ||
Financing receivable, term loans gross charge-offs, five years before current fiscal year | 1 | 2 | ||
Financing receivable, revolver gross charge-offs | 0 | 0 | ||
Financing receivable, revolver converted to term loans gross charge-offs | 0 | 0 | ||
Financing receivable, term loans gross charge-offs | 1 | 3 | ||
Automobile | Consumer | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Financing receivable, term loans gross charge-offs, current fiscal year | 0 | 0 | ||
Financing receivable, term loans gross charge-offs, year before current fiscal year | 3 | 6 | ||
Financing receivable, term loans gross charge-offs, two years before current fiscal year | 4 | 8 | ||
Financing receivable, term loans gross charge-offs, three years before current fiscal year | 2 | 4 | ||
Financing receivable, term loans gross charge-offs, four years before current fiscal year | 2 | 3 | ||
Financing receivable, term loans gross charge-offs, five years before current fiscal year | 0 | 2 | ||
Financing receivable, revolver gross charge-offs | 0 | 0 | ||
Financing receivable, revolver converted to term loans gross charge-offs | 0 | 0 | ||
Financing receivable, term loans gross charge-offs | 11 | 23 | ||
Home equity | Consumer | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Financing receivable, term loans gross charge-offs, current fiscal year | 0 | 0 | ||
Financing receivable, term loans gross charge-offs, year before current fiscal year | 0 | 0 | ||
Financing receivable, term loans gross charge-offs, two years before current fiscal year | 0 | 0 | ||
Financing receivable, term loans gross charge-offs, three years before current fiscal year | 0 | 0 | ||
Financing receivable, term loans gross charge-offs, four years before current fiscal year | 0 | 0 | ||
Financing receivable, term loans gross charge-offs, five years before current fiscal year | 1 | 1 | ||
Financing receivable, revolver gross charge-offs | 0 | 1 | ||
Financing receivable, revolver converted to term loans gross charge-offs | 1 | 2 | ||
Financing receivable, term loans gross charge-offs | 2 | 4 | ||
RV and marine | Consumer | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Financing receivable, term loans gross charge-offs, current fiscal year | 0 | 0 | ||
Financing receivable, term loans gross charge-offs, year before current fiscal year | 1 | 1 | ||
Financing receivable, term loans gross charge-offs, two years before current fiscal year | 0 | 1 | ||
Financing receivable, term loans gross charge-offs, three years before current fiscal year | 0 | 1 | ||
Financing receivable, term loans gross charge-offs, four years before current fiscal year | 0 | 1 | ||
Financing receivable, term loans gross charge-offs, five years before current fiscal year | 3 | 4 | ||
Financing receivable, revolver gross charge-offs | 0 | 0 | ||
Financing receivable, revolver converted to term loans gross charge-offs | 0 | 0 | ||
Financing receivable, term loans gross charge-offs | 4 | 8 | ||
Other consumer | Consumer | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Financing receivable, term loans gross charge-offs, current fiscal year | 2 | 3 | ||
Financing receivable, term loans gross charge-offs, year before current fiscal year | 5 | 13 | ||
Financing receivable, term loans gross charge-offs, two years before current fiscal year | 3 | 8 | ||
Financing receivable, term loans gross charge-offs, three years before current fiscal year | 2 | 3 | ||
Financing receivable, term loans gross charge-offs, four years before current fiscal year | 2 | 3 | ||
Financing receivable, term loans gross charge-offs, five years before current fiscal year | 1 | 5 | ||
Financing receivable, revolver gross charge-offs | 0 | 0 | ||
Financing receivable, revolver converted to term loans gross charge-offs | 6 | 13 | ||
Financing receivable, term loans gross charge-offs | $ 21 | $ 48 |
LOANS AND LEASES - Modification
LOANS AND LEASES - Modifications (Details) $ in Millions | 3 Months Ended | 6 Months Ended |
Jun. 30, 2023 USD ($) | Jun. 30, 2023 USD ($) | |
Financing Receivable, Modified [Line Items] | ||
Total | $ 297 | $ 439 |
% of total loan class | 0.24% | 0.36% |
Amortized cost basis | $ 439 | $ 439 |
30-59 Days | ||
Financing Receivable, Modified [Line Items] | ||
Amortized cost basis | 10 | 10 |
60-89 Days | ||
Financing Receivable, Modified [Line Items] | ||
Amortized cost basis | 4 | 4 |
90 or more days | ||
Financing Receivable, Modified [Line Items] | ||
Amortized cost basis | 4 | 4 |
Total | ||
Financing Receivable, Modified [Line Items] | ||
Amortized cost basis | 18 | 18 |
Current | ||
Financing Receivable, Modified [Line Items] | ||
Amortized cost basis | 421 | 421 |
Commercial | Commercial and industrial | ||
Financing Receivable, Modified [Line Items] | ||
Total | $ 138 | $ 236 |
% of total loan class | 0.28% | 0.47% |
Amortized cost basis | $ 236 | $ 236 |
Commercial | Commercial and industrial | 30-59 Days | ||
Financing Receivable, Modified [Line Items] | ||
Amortized cost basis | 1 | 1 |
Commercial | Commercial and industrial | 60-89 Days | ||
Financing Receivable, Modified [Line Items] | ||
Amortized cost basis | 1 | 1 |
Commercial | Commercial and industrial | 90 or more days | ||
Financing Receivable, Modified [Line Items] | ||
Amortized cost basis | 0 | 0 |
Commercial | Commercial and industrial | Total | ||
Financing Receivable, Modified [Line Items] | ||
Amortized cost basis | 2 | 2 |
Commercial | Commercial and industrial | Current | ||
Financing Receivable, Modified [Line Items] | ||
Amortized cost basis | 234 | 234 |
Commercial | Commercial real estate | ||
Financing Receivable, Modified [Line Items] | ||
Total | $ 134 | $ 148 |
% of total loan class | 1.02% | 1.12% |
Amortized cost basis | $ 148 | $ 148 |
Commercial | Commercial real estate | 30-59 Days | ||
Financing Receivable, Modified [Line Items] | ||
Amortized cost basis | 0 | 0 |
Commercial | Commercial real estate | 60-89 Days | ||
Financing Receivable, Modified [Line Items] | ||
Amortized cost basis | 0 | 0 |
Commercial | Commercial real estate | 90 or more days | ||
Financing Receivable, Modified [Line Items] | ||
Amortized cost basis | 0 | 0 |
Commercial | Commercial real estate | Total | ||
Financing Receivable, Modified [Line Items] | ||
Amortized cost basis | 0 | 0 |
Commercial | Commercial real estate | Current | ||
Financing Receivable, Modified [Line Items] | ||
Amortized cost basis | 148 | 148 |
Consumer | Residential mortgage | ||
Financing Receivable, Modified [Line Items] | ||
Total | $ 15 | $ 39 |
% of total loan class | 0.06% | 0.17% |
Amortized cost basis | $ 39 | $ 39 |
Consumer | Residential mortgage | 30-59 Days | ||
Financing Receivable, Modified [Line Items] | ||
Amortized cost basis | 7 | 7 |
Consumer | Residential mortgage | 60-89 Days | ||
Financing Receivable, Modified [Line Items] | ||
Amortized cost basis | 3 | 3 |
Consumer | Residential mortgage | 90 or more days | ||
Financing Receivable, Modified [Line Items] | ||
Amortized cost basis | 4 | 4 |
Consumer | Residential mortgage | Total | ||
Financing Receivable, Modified [Line Items] | ||
Amortized cost basis | 14 | 14 |
Consumer | Residential mortgage | Current | ||
Financing Receivable, Modified [Line Items] | ||
Amortized cost basis | 25 | 25 |
Consumer | Automobile | ||
Financing Receivable, Modified [Line Items] | ||
Total | $ 5 | $ 8 |
% of total loan class | 0.04% | 0.06% |
Amortized cost basis | $ 8 | $ 8 |
Consumer | Automobile | 30-59 Days | ||
Financing Receivable, Modified [Line Items] | ||
Amortized cost basis | 1 | 1 |
Consumer | Automobile | 60-89 Days | ||
Financing Receivable, Modified [Line Items] | ||
Amortized cost basis | 0 | 0 |
Consumer | Automobile | 90 or more days | ||
Financing Receivable, Modified [Line Items] | ||
Amortized cost basis | 0 | 0 |
Consumer | Automobile | Total | ||
Financing Receivable, Modified [Line Items] | ||
Amortized cost basis | 1 | 1 |
Consumer | Automobile | Current | ||
Financing Receivable, Modified [Line Items] | ||
Amortized cost basis | 7 | 7 |
Consumer | Home equity | ||
Financing Receivable, Modified [Line Items] | ||
Total | $ 4 | $ 6 |
% of total loan class | 0.04% | 0.06% |
Amortized cost basis | $ 6 | $ 6 |
Consumer | Home equity | 30-59 Days | ||
Financing Receivable, Modified [Line Items] | ||
Amortized cost basis | 1 | 1 |
Consumer | Home equity | 60-89 Days | ||
Financing Receivable, Modified [Line Items] | ||
Amortized cost basis | 0 | 0 |
Consumer | Home equity | 90 or more days | ||
Financing Receivable, Modified [Line Items] | ||
Amortized cost basis | 0 | 0 |
Consumer | Home equity | Total | ||
Financing Receivable, Modified [Line Items] | ||
Amortized cost basis | 1 | 1 |
Consumer | Home equity | Current | ||
Financing Receivable, Modified [Line Items] | ||
Amortized cost basis | 5 | 5 |
Consumer | RV and marine | ||
Financing Receivable, Modified [Line Items] | ||
Total | $ 1 | |
% of total loan class | 0.02% | |
Amortized cost basis | 1 | $ 1 |
Consumer | RV and marine | 30-59 Days | ||
Financing Receivable, Modified [Line Items] | ||
Amortized cost basis | 0 | 0 |
Consumer | RV and marine | 60-89 Days | ||
Financing Receivable, Modified [Line Items] | ||
Amortized cost basis | 0 | 0 |
Consumer | RV and marine | 90 or more days | ||
Financing Receivable, Modified [Line Items] | ||
Amortized cost basis | 0 | 0 |
Consumer | RV and marine | Total | ||
Financing Receivable, Modified [Line Items] | ||
Amortized cost basis | 0 | 0 |
Consumer | RV and marine | Current | ||
Financing Receivable, Modified [Line Items] | ||
Amortized cost basis | 1 | 1 |
Consumer | Other consumer | ||
Financing Receivable, Modified [Line Items] | ||
Total | $ 1 | $ 1 |
% of total loan class | 0.07% | 0.07% |
Amortized cost basis | $ 1 | $ 1 |
Consumer | Other consumer | 30-59 Days | ||
Financing Receivable, Modified [Line Items] | ||
Amortized cost basis | 0 | 0 |
Consumer | Other consumer | 60-89 Days | ||
Financing Receivable, Modified [Line Items] | ||
Amortized cost basis | 0 | 0 |
Consumer | Other consumer | 90 or more days | ||
Financing Receivable, Modified [Line Items] | ||
Amortized cost basis | 0 | 0 |
Consumer | Other consumer | Total | ||
Financing Receivable, Modified [Line Items] | ||
Amortized cost basis | 0 | 0 |
Consumer | Other consumer | Current | ||
Financing Receivable, Modified [Line Items] | ||
Amortized cost basis | 1 | 1 |
Interest rate reduction | ||
Financing Receivable, Modified [Line Items] | ||
Total | 1 | 36 |
Interest rate reduction | Commercial | Commercial and industrial | ||
Financing Receivable, Modified [Line Items] | ||
Total | $ 0 | $ 35 |
Interest rate reduction | Commercial | Commercial and industrial | Minimum | ||
Financing Receivable, Modified [Line Items] | ||
Weighted-average contractual interest rate | 7.68% | |
Interest rate reduction | Commercial | Commercial and industrial | Maximum | ||
Financing Receivable, Modified [Line Items] | ||
Weighted-average contractual interest rate | 6.94% | |
Interest rate reduction | Commercial | Commercial real estate | ||
Financing Receivable, Modified [Line Items] | ||
Total | $ 0 | $ 0 |
Interest rate reduction | Consumer | Residential mortgage | ||
Financing Receivable, Modified [Line Items] | ||
Total | $ 0 | $ 0 |
Interest rate reduction | Consumer | Residential mortgage | Minimum | ||
Financing Receivable, Modified [Line Items] | ||
Weighted-average contractual interest rate | 5.55% | 5.54% |
Interest rate reduction | Consumer | Residential mortgage | Maximum | ||
Financing Receivable, Modified [Line Items] | ||
Weighted-average contractual interest rate | 4.42% | 4.29% |
Interest rate reduction | Consumer | Automobile | ||
Financing Receivable, Modified [Line Items] | ||
Total | $ 0 | $ 0 |
Interest rate reduction | Consumer | Automobile | Minimum | ||
Financing Receivable, Modified [Line Items] | ||
Weighted-average contractual interest rate | 6.58% | 6.59% |
Interest rate reduction | Consumer | Automobile | Maximum | ||
Financing Receivable, Modified [Line Items] | ||
Weighted-average contractual interest rate | 6.22% | 6.24% |
Interest rate reduction | Consumer | Home equity | ||
Financing Receivable, Modified [Line Items] | ||
Total | $ 0 | $ 0 |
Interest rate reduction | Consumer | Home equity | Minimum | ||
Financing Receivable, Modified [Line Items] | ||
Weighted-average contractual interest rate | 8.55% | 8.37% |
Interest rate reduction | Consumer | Home equity | Maximum | ||
Financing Receivable, Modified [Line Items] | ||
Weighted-average contractual interest rate | 6.05% | 5.86% |
Interest rate reduction | Consumer | RV and marine | ||
Financing Receivable, Modified [Line Items] | ||
Total | $ 0 | |
Interest rate reduction | Consumer | Other consumer | ||
Financing Receivable, Modified [Line Items] | ||
Total | $ 1 | 1 |
Term extension | ||
Financing Receivable, Modified [Line Items] | ||
Total | 289 | 390 |
Term extension | Commercial | Commercial and industrial | ||
Financing Receivable, Modified [Line Items] | ||
Total | $ 138 | $ 198 |
Weighted-average years added to the life | 8 months 12 days | 10 months 24 days |
Term extension | Commercial | Commercial real estate | ||
Financing Receivable, Modified [Line Items] | ||
Total | $ 134 | $ 148 |
Weighted-average years added to the life | 6 months | 6 months |
Term extension | Consumer | Residential mortgage | ||
Financing Receivable, Modified [Line Items] | ||
Total | $ 12 | $ 35 |
Weighted-average years added to the life | 8 years 9 months 18 days | 7 years 2 months 12 days |
Term extension | Consumer | Automobile | ||
Financing Receivable, Modified [Line Items] | ||
Total | $ 4 | $ 7 |
Weighted-average years added to the life | 2 years | 2 years |
Term extension | Consumer | Home equity | ||
Financing Receivable, Modified [Line Items] | ||
Total | $ 1 | $ 1 |
Weighted-average years added to the life | 14 years 7 months 6 days | 15 years 6 months |
Term extension | Consumer | RV and marine | ||
Financing Receivable, Modified [Line Items] | ||
Total | $ 1 | |
Term extension | Consumer | Other consumer | ||
Financing Receivable, Modified [Line Items] | ||
Total | $ 0 | 0 |
Payment deferral | ||
Financing Receivable, Modified [Line Items] | ||
Total | 2 | 2 |
Payment deferral | Commercial | Commercial and industrial | ||
Financing Receivable, Modified [Line Items] | ||
Total | 0 | 0 |
Payment deferral | Commercial | Commercial real estate | ||
Financing Receivable, Modified [Line Items] | ||
Total | 0 | 0 |
Payment deferral | Consumer | Residential mortgage | ||
Financing Receivable, Modified [Line Items] | ||
Total | 2 | 2 |
Payment deferral | Consumer | Automobile | ||
Financing Receivable, Modified [Line Items] | ||
Total | 0 | 0 |
Payment deferral | Consumer | Home equity | ||
Financing Receivable, Modified [Line Items] | ||
Total | 0 | 0 |
Payment deferral | Consumer | RV and marine | ||
Financing Receivable, Modified [Line Items] | ||
Total | 0 | |
Payment deferral | Consumer | Other consumer | ||
Financing Receivable, Modified [Line Items] | ||
Total | 0 | 0 |
Combo - interest rate reduction and term extension | ||
Financing Receivable, Modified [Line Items] | ||
Total | 5 | 11 |
Combo - interest rate reduction and term extension | Commercial | Commercial and industrial | ||
Financing Receivable, Modified [Line Items] | ||
Total | 0 | 3 |
Combo - interest rate reduction and term extension | Commercial | Commercial real estate | ||
Financing Receivable, Modified [Line Items] | ||
Total | 0 | 0 |
Combo - interest rate reduction and term extension | Consumer | Residential mortgage | ||
Financing Receivable, Modified [Line Items] | ||
Total | 1 | 2 |
Combo - interest rate reduction and term extension | Consumer | Automobile | ||
Financing Receivable, Modified [Line Items] | ||
Total | 1 | 1 |
Combo - interest rate reduction and term extension | Consumer | Home equity | ||
Financing Receivable, Modified [Line Items] | ||
Total | 3 | 5 |
Combo - interest rate reduction and term extension | Consumer | RV and marine | ||
Financing Receivable, Modified [Line Items] | ||
Total | 0 | |
Combo - interest rate reduction and term extension | Consumer | Other consumer | ||
Financing Receivable, Modified [Line Items] | ||
Total | $ 0 | $ 0 |
LOANS AND LEASES - TDRs (Detail
LOANS AND LEASES - TDRs (Details) $ in Millions | 3 Months Ended | 6 Months Ended |
Jun. 30, 2022 USD ($) contract | Jun. 30, 2022 USD ($) contract | |
Financing Receivable, Modified [Line Items] | ||
Number of Contracts | contract | 927 | 1,829 |
Total | $ 112 | $ 163 |
Interest rate reduction | ||
Financing Receivable, Modified [Line Items] | ||
Total | 56 | 67 |
Amortization or maturity date change | ||
Financing Receivable, Modified [Line Items] | ||
Total | 50 | 87 |
Chapter 7 bankruptcy | ||
Financing Receivable, Modified [Line Items] | ||
Total | 5 | 8 |
Other | ||
Financing Receivable, Modified [Line Items] | ||
Total | $ 1 | |
Commercial real estate | Other | ||
Financing Receivable, Modified [Line Items] | ||
Total | $ 1 | |
Commercial | Commercial and industrial | ||
Financing Receivable, Modified [Line Items] | ||
Number of Contracts | contract | 88 | 46 |
Total | $ 32 | $ 46 |
Commercial | Commercial and industrial | Interest rate reduction | ||
Financing Receivable, Modified [Line Items] | ||
Total | 19 | 30 |
Commercial | Commercial and industrial | Amortization or maturity date change | ||
Financing Receivable, Modified [Line Items] | ||
Total | 12 | 15 |
Commercial | Commercial and industrial | Chapter 7 bankruptcy | ||
Financing Receivable, Modified [Line Items] | ||
Total | 0 | 0 |
Commercial | Commercial and industrial | Other | ||
Financing Receivable, Modified [Line Items] | ||
Total | $ 1 | $ 1 |
Commercial | Commercial real estate | ||
Financing Receivable, Modified [Line Items] | ||
Number of Contracts | contract | 4 | 5 |
Total | $ 37 | $ 37 |
Commercial | Commercial real estate | Interest rate reduction | ||
Financing Receivable, Modified [Line Items] | ||
Total | 37 | 37 |
Commercial | Commercial real estate | Amortization or maturity date change | ||
Financing Receivable, Modified [Line Items] | ||
Total | 0 | 0 |
Commercial | Commercial real estate | Chapter 7 bankruptcy | ||
Financing Receivable, Modified [Line Items] | ||
Total | 0 | 0 |
Commercial | Commercial real estate | Other | ||
Financing Receivable, Modified [Line Items] | ||
Total | $ 0 | $ 0 |
Consumer | Residential mortgage | ||
Financing Receivable, Modified [Line Items] | ||
Number of Contracts | contract | 238 | 445 |
Total | $ 35 | $ 64 |
Consumer | Residential mortgage | Interest rate reduction | ||
Financing Receivable, Modified [Line Items] | ||
Total | 0 | 0 |
Consumer | Residential mortgage | Amortization or maturity date change | ||
Financing Receivable, Modified [Line Items] | ||
Total | 32 | 60 |
Consumer | Residential mortgage | Chapter 7 bankruptcy | ||
Financing Receivable, Modified [Line Items] | ||
Total | 3 | 4 |
Consumer | Residential mortgage | Other | ||
Financing Receivable, Modified [Line Items] | ||
Total | $ 0 | $ 0 |
Consumer | Automobile | ||
Financing Receivable, Modified [Line Items] | ||
Number of Contracts | contract | 469 | 1,094 |
Total | $ 3 | $ 8 |
Consumer | Automobile | Interest rate reduction | ||
Financing Receivable, Modified [Line Items] | ||
Total | 0 | 0 |
Consumer | Automobile | Amortization or maturity date change | ||
Financing Receivable, Modified [Line Items] | ||
Total | 3 | 7 |
Consumer | Automobile | Chapter 7 bankruptcy | ||
Financing Receivable, Modified [Line Items] | ||
Total | 0 | 1 |
Consumer | Automobile | Other | ||
Financing Receivable, Modified [Line Items] | ||
Total | $ 0 | $ 0 |
Consumer | Home equity | ||
Financing Receivable, Modified [Line Items] | ||
Number of Contracts | contract | 70 | 112 |
Total | $ 5 | $ 7 |
Consumer | Home equity | Interest rate reduction | ||
Financing Receivable, Modified [Line Items] | ||
Total | 0 | 0 |
Consumer | Home equity | Amortization or maturity date change | ||
Financing Receivable, Modified [Line Items] | ||
Total | 3 | 4 |
Consumer | Home equity | Chapter 7 bankruptcy | ||
Financing Receivable, Modified [Line Items] | ||
Total | 2 | 3 |
Consumer | Home equity | Other | ||
Financing Receivable, Modified [Line Items] | ||
Total | $ 0 | $ 0 |
Consumer | RV and marine | ||
Financing Receivable, Modified [Line Items] | ||
Number of Contracts | contract | 35 | 74 |
Total | $ 0 | $ 1 |
Consumer | RV and marine | Interest rate reduction | ||
Financing Receivable, Modified [Line Items] | ||
Total | 0 | 0 |
Consumer | RV and marine | Amortization or maturity date change | ||
Financing Receivable, Modified [Line Items] | ||
Total | 0 | 1 |
Consumer | RV and marine | Chapter 7 bankruptcy | ||
Financing Receivable, Modified [Line Items] | ||
Total | 0 | 0 |
Consumer | RV and marine | Other | ||
Financing Receivable, Modified [Line Items] | ||
Total | $ 0 | $ 0 |
Consumer | Other consumer | ||
Financing Receivable, Modified [Line Items] | ||
Number of Contracts | contract | 23 | 53 |
Total | $ 0 | $ 0 |
Consumer | Other consumer | Interest rate reduction | ||
Financing Receivable, Modified [Line Items] | ||
Total | 0 | 0 |
Consumer | Other consumer | Amortization or maturity date change | ||
Financing Receivable, Modified [Line Items] | ||
Total | 0 | 0 |
Consumer | Other consumer | Chapter 7 bankruptcy | ||
Financing Receivable, Modified [Line Items] | ||
Total | 0 | 0 |
Consumer | Other consumer | Other | ||
Financing Receivable, Modified [Line Items] | ||
Total | $ 0 | $ 0 |
ALLOWANCE FOR CREDIT LOSSES - A
ALLOWANCE FOR CREDIT LOSSES - Allowance Roll-forward (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||
ALLL balance, beginning of period | $ 2,142 | $ 2,018 | $ 2,121 | $ 2,030 | |
Loan and lease charge-offs | (92) | (52) | (191) | (133) | |
Recoveries of loans and leases previously charged-off | 43 | 44 | 85 | 106 | |
Provision for loan and lease losses | 84 | 64 | 162 | 71 | |
ALLL balance, end of period | 2,177 | 2,074 | 2,177 | 2,074 | |
AULC balance, beginning of period | 157 | 91 | 150 | 77 | |
Provision (benefit) for unfunded lending commitments | 8 | 3 | 15 | 17 | |
AULC balance, end of period | 165 | 94 | 165 | 94 | |
ACL balance, end of period | 2,342 | 2,168 | 2,342 | 2,168 | $ 71 |
Commercial | |||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||
ALLL balance, beginning of period | 1,457 | 1,514 | 1,424 | 1,462 | |
Loan and lease charge-offs | (53) | (12) | (105) | (44) | |
Recoveries of loans and leases previously charged-off | 26 | 24 | 49 | 65 | |
Provision for loan and lease losses | 53 | (184) | 115 | (141) | |
ALLL balance, end of period | 1,483 | 1,342 | 1,483 | 1,342 | |
AULC balance, beginning of period | 75 | 57 | 71 | 41 | |
Provision (benefit) for unfunded lending commitments | 3 | (4) | 7 | 12 | |
AULC balance, end of period | 78 | 53 | 78 | 53 | |
ACL balance, end of period | 1,561 | 1,395 | 1,561 | 1,395 | 1,500 |
Consumer | |||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||
ALLL balance, beginning of period | 685 | 504 | 697 | 568 | |
Loan and lease charge-offs | (39) | (40) | (86) | (89) | |
Recoveries of loans and leases previously charged-off | 17 | 20 | 36 | 41 | |
Provision for loan and lease losses | 31 | 248 | 47 | 212 | |
ALLL balance, end of period | 694 | 732 | 694 | 732 | |
AULC balance, beginning of period | 82 | 34 | 79 | 36 | |
Provision (benefit) for unfunded lending commitments | 5 | 7 | 8 | 5 | |
AULC balance, end of period | 87 | 41 | 87 | 41 | |
ACL balance, end of period | $ 781 | $ 773 | $ 781 | $ 773 | $ 776 |
ALLOWANCE FOR CREDIT LOSSES - N
ALLOWANCE FOR CREDIT LOSSES - Narrative (Details) - USD ($) $ in Millions | 6 Months Ended | ||
Jun. 30, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
ACL balance, end of period | $ 2,342 | $ 71 | $ 2,168 |
Commercial | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
ACL balance, end of period | 1,561 | 1,500 | 1,395 |
ACL, period increase (decrease) | 66 | ||
Consumer | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
ACL balance, end of period | $ 781 | $ 776 | $ 773 |
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, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Servicing Asset at Amortized Cost [Line Items] | ||||
Loans sold with servicing retained | $ 1,117 | $ 1,313 | $ 1,979 | $ 3,247 |
Pretax gains resulting from above loan sales | $ 15 | $ 40 | $ 22 | $ 99 |
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, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Servicing Asset at Fair Value, Amount [Roll Forward] | ||||
Fair value, beginning of period | $ 485 | $ 416 | $ 494 | $ 351 |
New servicing assets created | 18 | 18 | 31 | 47 |
Time decay | (6) | (5) | (12) | (10) |
Payoffs | (7) | (10) | (11) | (20) |
Changes in valuation inputs or assumptions | 15 | 44 | 3 | 95 |
Fair value, end of period | $ 505 | $ 463 | $ 505 | $ 463 |
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, 2023 | Dec. 31, 2022 | |
Servicing Assets at Fair Value [Line Items] | ||
Constant prepayment rate (annualized), actual | 7.60% | 7.05% |
Constant prepayment rate (annualized), 10% adverse change | $ (13) | $ (13) |
Constant prepayment rate (annualized), 20% adverse change | $ (25) | $ (25) |
Spread over forward interest rate swap rates, actual | 5.71% | 5.78% |
Spread over forward interest rate swap rates, 10% adverse change | $ (11) | $ (12) |
Spread over forward interest rate swap rates, 20% adverse change | $ (22) | $ (22) |
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, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Servicing Assets at Fair Value [Line Items] | |||||
Servicing income | $ 24 | $ 23 | $ 48 | $ 45 | |
Unpaid principal balance of third party serviced loans | $ 32,700 | $ 32,700 | $ 32,400 |
BORROWINGS - Schedule of Short-
BORROWINGS - Schedule of Short-Term Debt (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Short-term Debt [Line Items] | ||
Short-term borrowings | $ 1,680 | $ 2,027 |
Federal funds purchased and securities sold under agreements to repurchase | ||
Short-term Debt [Line Items] | ||
Short-term borrowings | 646 | 253 |
FHLB advances | ||
Short-term Debt [Line Items] | ||
Short-term borrowings | 1,000 | 1,700 |
Other borrowings | ||
Short-term Debt [Line Items] | ||
Short-term borrowings | $ 34 | $ 74 |
BORROWINGS - Schedule of Long-T
BORROWINGS - Schedule of Long-Term Debt and Debt Issuances (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Debt Instrument [Line Items] | ||
Long-term debt | $ 14,711 | $ 9,686 |
Federal Home Loan Bank advances | ||
Debt Instrument [Line Items] | ||
Long-term debt | 5,708 | 211 |
Other borrowings | ||
Debt Instrument [Line Items] | ||
Long-term debt | 547 | 572 |
Parent | ||
Debt Instrument [Line Items] | ||
Long-term debt | 3,659 | 3,980 |
Parent | Senior Notes | ||
Debt Instrument [Line Items] | ||
Long-term debt | 2,908 | 3,005 |
Parent | Subordinated Notes | ||
Debt Instrument [Line Items] | ||
Long-term debt | 751 | 975 |
Bank | ||
Debt Instrument [Line Items] | ||
Long-term debt | 4,797 | 4,923 |
Bank | Senior Notes | ||
Debt Instrument [Line Items] | ||
Long-term debt | 4,146 | 4,272 |
Bank | Subordinated Notes | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 651 | $ 651 |
OTHER COMPREHENSIVE INCOME - Ac
OTHER COMPREHENSIVE INCOME - Activity (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Pretax | ||||
Other comprehensive income (loss), pretax | $ (339) | $ (1,015) | $ 104 | $ (2,422) |
Tax (Expense) Benefit | ||||
Total other comprehensive income (loss), tax (expense) benefit | 88 | 231 | (12) | 553 |
After-tax | ||||
Other comprehensive income (loss), net of tax | (251) | (784) | 92 | (1,869) |
Period change | (251) | (784) | 92 | (1,869) |
Unrealized gains and (losses) on debt securities | ||||
Pretax | ||||
Unrealized gains (losses) on available-for-sale securities arising during the period | (282) | (1,147) | ||
Reclassification adjustment for realized net losses included in net income | 35 | 82 | ||
Other comprehensive income (loss), pretax | (247) | (1,065) | ||
Tax (Expense) Benefit | ||||
Unrealized gains (losses) on available-for-sale securities arising during the period | 65 | 264 | ||
Reclassification adjustment for realized net losses included in net income | (8) | (19) | ||
Total other comprehensive income (loss), tax (expense) benefit | 57 | 245 | ||
After-tax | ||||
Unrealized gains (losses) on available-for-sale securities arising during the period | (217) | (883) | ||
Reclassification adjustment for realized net losses included in net income | 27 | 63 | ||
Other comprehensive income (loss), net of tax | (190) | (820) | ||
Period change | (190) | (820) | 104 | (1,999) |
Unrealized gains and (losses) on debt securities | Debt Securities [Member] | ||||
Pretax | ||||
Unrealized gains (losses) on available-for-sale securities arising during the period | 97 | (2,687) | ||
Reclassification adjustment for realized net losses included in net income | 38 | 91 | ||
Other comprehensive income (loss), pretax | 135 | (2,596) | ||
Tax (Expense) Benefit | ||||
Unrealized gains (losses) on available-for-sale securities arising during the period | (22) | 618 | ||
Reclassification adjustment for realized net losses included in net income | (9) | (21) | ||
Total other comprehensive income (loss), tax (expense) benefit | (31) | 597 | ||
After-tax | ||||
Unrealized gains (losses) on available-for-sale securities arising during the period | 75 | (2,069) | ||
Reclassification adjustment for realized net losses included in net income | 29 | 70 | ||
Other comprehensive income (loss), net of tax | 104 | (1,999) | ||
Net change in unrealized gains (losses) on available-for-sale equity securities | ||||
Pretax | ||||
Other comprehensive income (loss), pretax | (35) | |||
Tax (Expense) Benefit | ||||
Total other comprehensive income (loss), tax (expense) benefit | 12 | |||
After-tax | ||||
Unrealized gains (losses) on available-for-sale securities arising during the period | (23) | |||
Net impact of fair value hedges on available-for-sale securities | ||||
Pretax | ||||
Other comprehensive income (loss), pretax | 139 | 161 | (43) | 592 |
Tax (Expense) Benefit | ||||
Total other comprehensive income (loss), tax (expense) benefit | (32) | (38) | 10 | (137) |
After-tax | ||||
Other comprehensive income (loss), net of tax | 107 | 123 | (33) | 455 |
Period change | 107 | 123 | (33) | 455 |
Net change related to cash flow hedges on loans | ||||
Pretax | ||||
Unrealized gains (losses) on available-for-sale securities arising during the period | (266) | 46 | ||
Reclassification adjustment for realized net losses included in net income | 34 | |||
Other comprehensive income (loss), pretax | (232) | (111) | 11 | (421) |
Tax (Expense) Benefit | ||||
Unrealized gains (losses) on available-for-sale securities arising during the period | 65 | (3) | ||
Reclassification adjustment for realized net losses included in net income | (2) | |||
Total other comprehensive income (loss), tax (expense) benefit | 63 | 25 | 9 | 95 |
After-tax | ||||
Unrealized gains (losses) on available-for-sale securities arising during the period | (201) | |||
Reclassification adjustment for realized net losses included in net income | 32 | 43 | ||
Other comprehensive income (loss), net of tax | (169) | (86) | 20 | (326) |
Accumulated foreign currency adjustment | ||||
Pretax | ||||
Translation adjustments, net of hedges | 1 | (2) | 1 | (2) |
Tax (Expense) Benefit | ||||
Other comprehensive income (loss), tax | 0 | 0 | 0 | 0 |
After-tax | ||||
Period change | 1 | (2) | 1 | (2) |
Unrealized gains (losses) for pension and other post-retirement obligations | ||||
Pretax | ||||
Other comprehensive income (loss), pretax | 2 | 5 | ||
Tax (Expense) Benefit | ||||
Total other comprehensive income (loss), tax (expense) benefit | (1) | (2) | ||
After-tax | ||||
Other comprehensive income (loss), net of tax | 1 | 3 | ||
Period change | $ 0 | $ 1 | $ 0 | $ 3 |
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, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Balance, beginning of period | $ 17,731 | |||
Other comprehensive income (loss) before reclassifications | $ (310) | $ (848) | 20 | $ (1,942) |
Net unrealized gains (losses) on net investment hedges | 59 | 64 | 72 | 73 |
Period change | (251) | (784) | 92 | (1,869) |
Balance, end of period | 18,788 | 18,788 | ||
Unrealized gains and (losses) on debt securities | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Balance, beginning of period | (2,708) | (1,332) | (3,002) | (153) |
Other comprehensive income (loss) before reclassifications | (217) | (883) | 75 | (2,069) |
Net unrealized gains (losses) on net investment hedges | 27 | 63 | 29 | 70 |
Period change | (190) | (820) | 104 | (1,999) |
Balance, end of period | (2,898) | (2,152) | (2,898) | (2,152) |
Net impact of fair value hedges on available-for-sale securities | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Balance, beginning of period | 614 | 421 | 754 | 89 |
Other comprehensive income (loss) before reclassifications | 107 | 123 | (33) | 455 |
Net unrealized gains (losses) on net investment hedges | 0 | 0 | 0 | |
Period change | 107 | 123 | (33) | 455 |
Balance, end of period | 721 | 544 | 721 | 544 |
Net change related to cash flow hedges on loans | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Balance, beginning of period | (443) | (177) | (632) | 63 |
Other comprehensive income (loss) before reclassifications | (201) | (86) | (23) | (326) |
Net unrealized gains (losses) on net investment hedges | 32 | 0 | 43 | 0 |
Period change | (169) | (86) | 20 | (326) |
Balance, end of period | (612) | (263) | (612) | (263) |
Translation adjustments, net of hedges | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Balance, beginning of period | (8) | (3) | (8) | (3) |
Other comprehensive income (loss) before reclassifications | 1 | (2) | 1 | (2) |
Net unrealized gains (losses) on net investment hedges | 0 | 0 | 0 | 0 |
Period change | 1 | (2) | 1 | (2) |
Balance, end of period | (7) | (5) | (7) | (5) |
Unrealized gains (losses) for pension and other post-retirement obligations | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Balance, beginning of period | (210) | (223) | (210) | (225) |
Other comprehensive income (loss) before reclassifications | 0 | 0 | 0 | 0 |
Net unrealized gains (losses) on net investment hedges | 0 | 1 | 0 | 3 |
Period change | 0 | 1 | 0 | 3 |
Balance, end of period | (210) | (222) | (210) | (222) |
AOCI | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Balance, beginning of period | (2,755) | (1,314) | (3,098) | (229) |
Balance, end of period | $ (3,006) | $ (2,098) | (3,006) | (2,098) |
Reclassification out of Accumulated Other Comprehensive Income | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Net unrealized loss on securities transfer | $ 62 | $ 73 |
SHAREHOLDERS' EQUITY (Details)
SHAREHOLDERS' EQUITY (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Jul. 15, 2023 | Dec. 31, 2022 | |
Class of Stock [Line Items] | ||||||
Shares Outstanding (in shares) | 882,500 | 882,500 | 557,500 | |||
Carrying Amount | $ 2,484 | $ 2,484 | $ 2,167 | |||
Amount ($) | (40) | $ (28) | (69) | $ (56) | ||
Retained Earnings | ||||||
Class of Stock [Line Items] | ||||||
Amount ($) | $ (40) | $ (28) | $ (69) | $ (56) | ||
Series B Preferred Stock | ||||||
Class of Stock [Line Items] | ||||||
Shares Outstanding (in shares) | 35,500 | 35,500 | ||||
Carrying Amount | $ 23 | $ 23 | 23 | |||
Cash Dividend Declared Per Share (in usd per share) | $ 19.90 | $ 13.03 | $ 38.72 | $ 22.39 | ||
Series B Preferred Stock | Retained Earnings | ||||||
Class of Stock [Line Items] | ||||||
Amount ($) | $ 0 | $ 0 | $ (1) | $ 0 | ||
Series E Preferred Stock | ||||||
Class of Stock [Line Items] | ||||||
Shares Outstanding (in shares) | 5,000 | 5,000 | ||||
Carrying Amount | $ 495 | $ 495 | 495 | |||
Cash Dividend Declared Per Share (in usd per share) | $ 2,035.07 | $ 1,425 | $ 3,460.07 | $ 2,850 | ||
Series E Preferred Stock | Retained Earnings | ||||||
Class of Stock [Line Items] | ||||||
Amount ($) | $ (10) | $ (7) | $ (17) | $ (14) | ||
Series F Preferred Stock | ||||||
Class of Stock [Line Items] | ||||||
Shares Outstanding (in shares) | 5,000 | 5,000 | ||||
Dividend Rate | 5.625% | |||||
Carrying Amount | $ 494 | $ 494 | 494 | |||
Cash Dividend Declared Per Share (in usd 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] | ||||||
Amount ($) | $ (7) | $ (7) | $ (14) | $ (14) | ||
Series G Preferred Stock | ||||||
Class of Stock [Line Items] | ||||||
Shares Outstanding (in shares) | 5,000 | 5,000 | ||||
Dividend Rate | 4.45% | |||||
Carrying Amount | $ 494 | $ 494 | 494 | |||
Cash Dividend Declared Per Share (in usd per share) | $ 1,112.5 | $ 1,112.5 | $ 2,225 | $ 2,225 | ||
Series G Preferred Stock | Retained Earnings | ||||||
Class of Stock [Line Items] | ||||||
Amount ($) | $ (6) | $ (6) | $ (12) | $ (12) | ||
Series H Preferred Stock | ||||||
Class of Stock [Line Items] | ||||||
Shares Outstanding (in shares) | 500,000 | 500,000 | ||||
Dividend Rate | 4.50% | |||||
Carrying Amount | $ 486 | $ 486 | 486 | |||
Cash Dividend Declared Per Share (in usd per share) | $ 11.25 | $ 11.25 | $ 22.50 | $ 22.50 | ||
Series H Preferred Stock | Retained Earnings | ||||||
Class of Stock [Line Items] | ||||||
Amount ($) | $ (6) | $ (6) | $ (12) | $ (12) | ||
Series I Preferred Stock | ||||||
Class of Stock [Line Items] | ||||||
Shares Outstanding (in shares) | 7,000 | 7,000 | ||||
Dividend Rate | 5.70% | |||||
Carrying Amount | $ 175 | $ 175 | 175 | |||
Redemption price (per share) | $ 25,000 | $ 25,000 | ||||
Cash Dividend Declared Per Share (in usd per share) | $ 356.25 | $ 356.25 | $ 712.50 | $ 712.50 | ||
Series I Preferred Stock | Retained Earnings | ||||||
Class of Stock [Line Items] | ||||||
Amount ($) | $ (3) | $ (2) | $ (5) | $ (4) | ||
Series J Preferred Stock | ||||||
Class of Stock [Line Items] | ||||||
Shares Outstanding (in shares) | 325,000 | 325,000 | ||||
Dividend Rate | 6.875% | |||||
Carrying Amount | $ 317 | $ 317 | $ 0 | |||
Cash Dividend Declared Per Share (in usd per share) | $ 24.64 | $ 0 | $ 24.64 | $ 0 | ||
Series J Preferred Stock | Retained Earnings | ||||||
Class of Stock [Line Items] | ||||||
Amount ($) | $ (8) | $ 0 | $ (8) | $ 0 | ||
Series B, H and J Preferred Stock | ||||||
Class of Stock [Line Items] | ||||||
Redemption price (per share) | $ 1,000 | $ 1,000 | ||||
Series E, F and G Preferred Stock | ||||||
Class of Stock [Line Items] | ||||||
Redemption price (per share) | $ 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% | ||||
London Interbank Offered Rate (LIBOR) | Series B Preferred Stock | Subsequent Event | ||||||
Class of Stock [Line Items] | ||||||
Preferred stock, variable rate basis spread | 2.70% | |||||
London Interbank Offered Rate (LIBOR) | Series E Preferred Stock | ||||||
Class of Stock [Line Items] | ||||||
Preferred stock, variable rate basis spread | 2.88% | 2.88% | ||||
London Interbank Offered Rate (LIBOR) | Series E Preferred Stock | Subsequent Event | ||||||
Class of Stock [Line Items] | ||||||
Preferred stock, variable rate basis spread | 2.88% | |||||
Secured Overnight Financing Rate (SOFR) | Series B Preferred Stock | Subsequent Event | ||||||
Class of Stock [Line Items] | ||||||
Preferred stock, variable rate basis spread | 2,600% | |||||
Secured Overnight Financing Rate (SOFR) | Series E Preferred Stock | Subsequent Event | ||||||
Class of Stock [Line Items] | ||||||
Preferred stock, variable rate basis spread | 2,600% |
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, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Basic earnings per common share: | ||||
Net income attributable to Huntington | $ 559 | $ 539 | $ 1,161 | $ 999 |
Dividends on preferred shares | 40 | 28 | 69 | 56 |
Net income available to common shareholders, basic | 519 | 511 | 1,092 | 943 |
Net income applicable to diluted earnings per share | $ 519 | $ 511 | $ 1,092 | $ 943 |
Average common shares issued and outstanding (in shares) | 1,446,372 | 1,441,200 | 1,444,820 | 1,439,814 |
Basic earnings per common share (in usd per share) | $ 0.36 | $ 0.35 | $ 0.76 | $ 0.65 |
Average dilutive potential common shares: | ||||
Stock options and restricted stock units and awards | 12,213 | 15,545 | 15,913 | 17,587 |
Shares held in deferred compensation plans | 7,136 | 6,548 | 6,767 | 6,409 |
Average dilutive potential common shares | 19,349 | 22,093 | 22,680 | 23,996 |
Total diluted average common shares issued and outstanding (in shares) | 1,465,720 | 1,463,293 | 1,467,500 | 1,463,810 |
Diluted earnings per common share (in usd per share) | $ 0.35 | $ 0.35 | $ 0.74 | $ 0.64 |
Employee Stock Option | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Anti-dilutive awards (in shares) | 15,413 | 11,550 | 12,226 | 6,333 |
NONINTEREST INCOME - Summary of
NONINTEREST INCOME - Summary of Noninterest Income (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Revenue from Contract with Customer [Abstract] | ||||
Noninterest income from contracts with customers | $ 332 | $ 322 | $ 709 | $ 630 |
Noninterest income within the scope of other GAAP topics | 163 | 163 | 298 | 354 |
Total noninterest income | $ 495 | $ 485 | $ 1,007 | $ 984 |
NONINTEREST INCOME - Disaggrega
NONINTEREST INCOME - Disaggregation by Segment (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Disaggregation of Revenue [Line Items] | ||||
Noninterest income from contracts with customers | $ 332 | $ 322 | $ 709 | $ 630 |
Noninterest income within the scope of other GAAP topics | 163 | 163 | 298 | 354 |
Noninterest income | 495 | 485 | 1,007 | 984 |
Service charges on deposit accounts | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income from contracts with customers | 87 | 105 | 170 | 202 |
Card and payment processing income | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income from contracts with customers | 96 | 89 | 182 | 169 |
Trust and investment management services | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income from contracts with customers | 68 | 63 | 130 | 128 |
Insurance income | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income from contracts with customers | 30 | 27 | 64 | 58 |
Capital markets fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income from contracts with customers | 24 | 11 | 53 | 17 |
Other noninterest income | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income from contracts with customers | 27 | 27 | 110 | 56 |
Operating Segments | Commercial Banking | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income from contracts with customers | 76 | 59 | 149 | 116 |
Noninterest income within the scope of other GAAP topics | 91 | 91 | 174 | 174 |
Noninterest income | 167 | 150 | 323 | 290 |
Operating Segments | Commercial Banking | Service charges on deposit accounts | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income from contracts with customers | 18 | 22 | 37 | 45 |
Operating Segments | Commercial Banking | Card and payment processing income | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income from contracts with customers | 7 | 5 | 13 | 11 |
Operating Segments | Commercial Banking | Trust and investment management services | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income from contracts with customers | 7 | 2 | 7 | 2 |
Operating Segments | Commercial Banking | Insurance income | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income from contracts with customers | 3 | 2 | 5 | 4 |
Operating Segments | Commercial Banking | Capital markets fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income from contracts with customers | 20 | 7 | 46 | 11 |
Operating Segments | Commercial Banking | Other noninterest income | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income from contracts with customers | 21 | 21 | 41 | 43 |
Operating Segments | Consumer & Regional Banking | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income from contracts with customers | 257 | 264 | 561 | 514 |
Noninterest income within the scope of other GAAP topics | 45 | 68 | 85 | 160 |
Noninterest income | 302 | 332 | 646 | 674 |
Operating Segments | Consumer & Regional Banking | Service charges on deposit accounts | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income from contracts with customers | 69 | 83 | 133 | 157 |
Operating Segments | Consumer & Regional Banking | Card and payment processing income | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income from contracts with customers | 89 | 84 | 169 | 158 |
Operating Segments | Consumer & Regional Banking | Trust and investment management services | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income from contracts with customers | 61 | 61 | 123 | 126 |
Operating Segments | Consumer & Regional Banking | Insurance income | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income from contracts with customers | 27 | 26 | 59 | 54 |
Operating Segments | Consumer & Regional Banking | Capital markets fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income from contracts with customers | 4 | 4 | 7 | 6 |
Operating Segments | Consumer & Regional Banking | Other noninterest income | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income from contracts with customers | 7 | 6 | 70 | 13 |
Treasury / Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income from contracts with customers | (1) | (1) | (1) | 0 |
Noninterest income within the scope of other GAAP topics | 27 | 4 | 39 | 20 |
Noninterest income | 26 | 3 | 38 | 20 |
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 | 0 | (1) | 0 | 0 |
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 | $ (1) | $ 0 | $ (1) | $ 0 |
FAIR VALUES OF ASSETS AND LIA_3
FAIR VALUES OF ASSETS AND LIABILITIES - Recurring Basis (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Assets measured at fair value on a recurring basis | ||
Available-for-sale securities | $ 23,233 | $ 23,423 |
Loans held for sale | 543 | 520 |
Loans Accounted for Under FVO | 175 | 185 |
Gross amounts of recognized assets | 2,164 | 2,164 |
Derivative assets netting | (1,715) | (1,808) |
Net amounts of assets presented in the condensed consolidated balance sheets | 449 | 356 |
Liabilities measured at fair value on a recurring basis | ||
Gross amounts of recognized liabilities | 2,046 | 2,337 |
Gross amounts offset in the condensed consolidated balance sheets | (1,111) | (1,345) |
Derivative liabilities | 935 | 992 |
U.S. Treasury | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale securities | 5 | 103 |
Municipal securities | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale securities | 3,536 | 3,290 |
Residential MBS | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale securities | 11,811 | 12,263 |
Commercial MBS | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale securities | 1,898 | 1,953 |
Other agencies | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale securities | 168 | 182 |
Private-label CMO | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale securities | 123 | 128 |
Asset-backed securities | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale securities | 369 | 372 |
Corporate debt | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale securities | 2,011 | 2,214 |
Fair Value, Measurements, Recurring | ||
Assets measured at fair value on a recurring basis | ||
Trading account securities | 128 | |
Available-for-sale securities | 23,233 | 23,423 |
Other securities | 33 | 32 |
Loans held for sale | 543 | 520 |
MSRs | 505 | 494 |
Derivative assets netting | (1,715) | (1,808) |
Net amounts of assets presented in the condensed consolidated balance sheets | 449 | 356 |
Restricted Assets, Fair Value Disclosure | 168 | 155 |
Liabilities measured at fair value on a recurring basis | ||
Gross amounts offset in the condensed consolidated balance sheets | (1,111) | (1,345) |
Derivative liabilities | 935 | 992 |
Fair Value, Measurements, Recurring | U.S. Treasury | ||
Assets measured at fair value on a recurring basis | ||
Trading account securities | 90 | |
Available-for-sale securities | 5 | 103 |
Fair Value, Measurements, Recurring | Municipal securities | ||
Assets measured at fair value on a recurring basis | ||
Trading account securities | 33 | 19 |
Available-for-sale securities | 3,536 | 3,290 |
Fair Value, Measurements, Recurring | Residential CMO | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale securities | 3,308 | 2,914 |
Fair Value, Measurements, Recurring | Residential MBS | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale securities | 11,811 | 12,263 |
Fair Value, Measurements, Recurring | Commercial MBS | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale securities | 1,898 | 1,953 |
Fair Value, Measurements, Recurring | Other agencies | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale securities | 168 | 182 |
Fair Value, Measurements, Recurring | Private-label CMO | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale securities | 123 | 128 |
Fair Value, Measurements, Recurring | Asset-backed securities | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale securities | 369 | 372 |
Fair Value, Measurements, Recurring | Corporate debt | ||
Assets measured at fair value on a recurring basis | ||
Trading account securities | 5 | |
Available-for-sale securities | 2,011 | 2,214 |
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 | ||
Trading account securities | 90 | |
Available-for-sale securities | 5 | 103 |
Other securities | 32 | 31 |
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 | 168 | 155 |
Liabilities measured at fair value on a recurring basis | ||
Gross amounts of recognized liabilities | 0 | 0 |
Fair Value, Measurements, Recurring | Level 1 | U.S. Treasury | ||
Assets measured at fair value on a recurring basis | ||
Trading account securities | 90 | |
Available-for-sale securities | 5 | 103 |
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 | Residential CMO | ||
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 | ||
Trading account securities | 0 | |
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 | ||
Trading account securities | 38 | |
Available-for-sale securities | 19,637 | 19,978 |
Other securities | 1 | 1 |
Loans held for sale | 543 | 520 |
Loans Accounted for Under FVO | 142 | 169 |
MSRs | 0 | 0 |
Gross amounts of recognized assets | 2,159 | 2,161 |
Restricted Assets, Fair Value Disclosure | 0 | 0 |
Liabilities measured at fair value on a recurring basis | ||
Gross amounts of recognized liabilities | 2,039 | 2,332 |
Fair Value, Measurements, Recurring | Level 2 | U.S. Treasury | ||
Assets measured at fair value on a recurring basis | ||
Trading account securities | 0 | |
Available-for-sale securities | 0 | 0 |
Fair Value, Measurements, Recurring | Level 2 | Municipal securities | ||
Assets measured at fair value on a recurring basis | ||
Trading account securities | 33 | 19 |
Available-for-sale securities | 40 | 42 |
Fair Value, Measurements, Recurring | Level 2 | Residential CMO | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale securities | 3,308 | 2,914 |
Fair Value, Measurements, Recurring | Level 2 | Residential MBS | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale securities | 11,811 | 12,263 |
Fair Value, Measurements, Recurring | Level 2 | Commercial MBS | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale securities | 1,898 | 1,953 |
Fair Value, Measurements, Recurring | Level 2 | Other agencies | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale securities | 168 | 182 |
Fair Value, Measurements, Recurring | Level 2 | Private-label CMO | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale securities | 103 | 108 |
Fair Value, Measurements, Recurring | Level 2 | Asset-backed securities | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale securities | 294 | 298 |
Fair Value, Measurements, Recurring | Level 2 | Corporate debt | ||
Assets measured at fair value on a recurring basis | ||
Trading account securities | 5 | |
Available-for-sale securities | 2,011 | 2,214 |
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 | ||
Trading account securities | 0 | |
Available-for-sale securities | 3,591 | 3,342 |
Other securities | 0 | 0 |
Loans held for sale | 0 | 0 |
Loans Accounted for Under FVO | 33 | 16 |
MSRs | 505 | 494 |
Gross amounts of recognized assets | 5 | 3 |
Restricted Assets, Fair Value Disclosure | 0 | 0 |
Liabilities measured at fair value on a recurring basis | ||
Gross amounts of recognized liabilities | 7 | 5 |
Fair Value, Measurements, Recurring | Level 3 | U.S. Treasury | ||
Assets measured at fair value on a recurring basis | ||
Trading account securities | 0 | |
Available-for-sale securities | 0 | 0 |
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 | 3,496 | 3,248 |
Fair Value, Measurements, Recurring | Level 3 | Residential CMO | ||
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 | 20 | 20 |
Fair Value, Measurements, Recurring | Level 3 | Asset-backed securities | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale securities | 75 | 74 |
Fair Value, Measurements, Recurring | Level 3 | Corporate debt | ||
Assets measured at fair value on a recurring basis | ||
Trading account securities | 0 | |
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_4
FAIR VALUES OF ASSETS AND LIABILITIES - Level 3 Roll Forward (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | |
Assets Level 3 Roll Forward: | ||||||||
Transfers into Level 3 | $ 0 | |||||||
Transfers out of Level 3 | (10) | |||||||
Total gains/losses for the period: | ||||||||
Repayments | 0 | $ 0 | ||||||
Derivative instruments | ||||||||
Opening balance | $ (2) | $ (5) | (2) | (5) | $ 3 | $ (2) | $ (10) | $ 4 |
Transfers into Level 3 | 0 | |||||||
Transfers out of Level 3 | (8) | 7 | ||||||
Included in OCI | 0 | 0 | 0 | 0 | ||||
Purchases/originations | 0 | 0 | 0 | 0 | ||||
Repayments | 0 | 0 | ||||||
Settlements | 0 | 0 | 0 | 0 | ||||
Closing balance | (2) | (5) | (2) | (5) | ||||
Change in unrealized gains or losses for the period included in earnings for assets held at end of the reporting date | (1) | 7 | 4 | (9) | ||||
Mortgage banking income | ||||||||
Derivative instruments | ||||||||
Included in earnings: | 3 | (2) | 10 | (9) | ||||
Interest and fee income | ||||||||
Derivative instruments | ||||||||
Included in earnings: | 0 | 0 | 0 | 0 | ||||
Provision for credit losses | ||||||||
Derivative instruments | ||||||||
Included in earnings: | 0 | |||||||
MSRs | ||||||||
Assets Level 3 Roll Forward: | ||||||||
Opening balance | 485 | 416 | 494 | 351 | ||||
Transfers into Level 3 | 0 | 0 | ||||||
Transfers out of Level 3 | 0 | 0 | 0 | |||||
Total gains/losses for the period: | ||||||||
Included in OCI | 0 | 0 | 0 | 0 | ||||
Purchases/originations | 18 | 18 | 31 | 48 | ||||
Repayments | 0 | 0 | 0 | 0 | ||||
Settlements | (13) | (15) | (23) | (31) | ||||
Closing balance | 505 | 463 | 505 | 463 | 485 | 494 | 416 | 351 |
Change in unrealized gains or losses for the period included in earnings for assets held at end of the reporting date | 15 | 44 | 3 | 95 | ||||
MSRs | Mortgage banking income | ||||||||
Total gains/losses for the period: | ||||||||
Included in earnings: | 15 | 44 | 3 | 95 | ||||
MSRs | Interest and fee income | ||||||||
Total gains/losses for the period: | ||||||||
Included in earnings: | 0 | 0 | 0 | 0 | ||||
MSRs | Provision for credit losses | ||||||||
Total gains/losses for the period: | ||||||||
Included in earnings: | 0 | |||||||
Municipal securities | ||||||||
Assets Level 3 Roll Forward: | ||||||||
Opening balance | 3,339 | 3,282 | 3,248 | 3,477 | ||||
Transfers into Level 3 | 0 | 0 | ||||||
Transfers out of Level 3 | 0 | 0 | 0 | |||||
Total gains/losses for the period: | ||||||||
Included in OCI | (7) | (88) | (4) | (208) | ||||
Purchases/originations | 378 | 386 | 555 | 558 | ||||
Repayments | 0 | 0 | 0 | 0 | ||||
Settlements | (214) | (203) | (303) | (444) | ||||
Closing balance | 3,496 | 3,377 | 3,496 | 3,377 | 3,339 | 3,248 | 3,282 | 3,477 |
Change in unrealized gains or losses for the period included in other comprehensive income for assets held at the end of the reporting period | (13) | (90) | (10) | (205) | ||||
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 | 0 | 0 | (2) | ||||
Municipal securities | Provision for credit losses | ||||||||
Total gains/losses for the period: | ||||||||
Included in earnings: | (4) | |||||||
Private-label CMO | ||||||||
Assets Level 3 Roll Forward: | ||||||||
Opening balance | 20 | 19 | 20 | 20 | ||||
Transfers into Level 3 | 0 | 0 | ||||||
Transfers out of Level 3 | 0 | 0 | 0 | |||||
Total gains/losses for the period: | ||||||||
Included in OCI | 0 | 0 | 0 | 0 | ||||
Purchases/originations | 0 | 4 | 1 | 4 | ||||
Repayments | 0 | 0 | 0 | 0 | ||||
Settlements | 0 | 0 | 0 | 0 | ||||
Closing balance | 20 | 22 | 20 | 22 | 20 | 20 | 19 | 20 |
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 | 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: | 0 | (1) | (1) | (2) | ||||
Private-label CMO | Provision for credit losses | ||||||||
Total gains/losses for the period: | ||||||||
Included in earnings: | 0 | |||||||
Asset-backed securities | ||||||||
Assets Level 3 Roll Forward: | ||||||||
Opening balance | 74 | 62 | 74 | 70 | ||||
Transfers into Level 3 | 0 | 0 | ||||||
Transfers out of Level 3 | 0 | 0 | 0 | |||||
Total gains/losses for the period: | ||||||||
Included in OCI | 1 | 0 | 1 | (1) | ||||
Purchases/originations | 0 | 0 | 0 | 0 | ||||
Repayments | 0 | 0 | 0 | 0 | ||||
Settlements | 0 | (18) | 0 | (25) | ||||
Closing balance | 75 | 44 | 75 | 44 | 74 | 74 | 62 | 70 |
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 | 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 | 0 | 0 | ||||
Asset-backed securities | Provision for credit losses | ||||||||
Total gains/losses for the period: | ||||||||
Included in earnings: | 0 | |||||||
Loans held for investment | ||||||||
Assets Level 3 Roll Forward: | ||||||||
Opening balance | 15 | 18 | 16 | 19 | ||||
Transfers into Level 3 | 19 | 19 | ||||||
Transfers out of Level 3 | 0 | 0 | 0 | |||||
Total gains/losses for the period: | ||||||||
Included in OCI | 0 | 0 | 0 | 0 | ||||
Purchases/originations | 0 | 0 | 0 | 0 | ||||
Repayments | (1) | (1) | (2) | (2) | ||||
Settlements | 0 | 0 | 0 | 0 | ||||
Closing balance | 33 | 17 | 33 | 17 | $ 15 | $ 16 | $ 18 | $ 19 |
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 | $ 0 | 0 | ||||
Loans held for investment | Provision for credit losses | ||||||||
Total gains/losses for the period: | ||||||||
Included in earnings: | $ 0 |
FAIR VALUES OF ASSETS AND LIA_5
FAIR VALUES OF ASSETS AND LIABILITIES - Fair Value Option (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Loans held for sale, fair value | $ 543 | $ 520 |
Loans and leases, fair value | 175 | 185 |
Fair Value, Measurements, Recurring | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Loans held for sale, fair value | 543 | 520 |
Fair Value, Measurements, Recurring | Mortgages Held For Sale | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Loans held for sale, aggregate unpaid principal | 536 | 513 |
Difference | 7 | 7 |
Fair Value, Measurements, Recurring | Mortgages Held To Maturity | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Loans and leases, fair value | 175 | 185 |
Loans held for investment, aggregate unpaid principal | 183 | 190 |
Difference | (8) | (5) |
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 | 2 | 11 |
Loans held for investment, aggregate unpaid principal | 2 | 11 |
Difference | $ 0 | $ 0 |
FAIR VALUES OF ASSETS AND LIA_6
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, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Fair Value, Measurements, Recurring | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Net gains (losses) from fair value changes | $ 0 | $ 10 | $ 0 | $ (34) |
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 | $ (3) | $ 0 | $ (3) | $ 1 |
FAIR VALUES OF ASSETS AND LIA_7
FAIR VALUES OF ASSETS AND LIABILITIES - Non-Recurring Basis (Details) - Nonrecurring Basis - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Total Gains/(Losses) | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Collateral-dependent loans, gains (losses) | $ (1) | $ 0 | $ (7) | $ (1) | |
Level 3 | Fair Value | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Collateral-dependent loans | $ 35 | $ 35 | $ 16 |
FAIR VALUES OF ASSETS AND LIA_8
FAIR VALUES OF ASSETS AND LIABILITIES - Significant Unobservable Level 3 Inputs (Details) - Discounted cash flow - Level 3 - Fair Value, Measurements, Recurring | Jun. 30, 2023 | Dec. 31, 2022 |
Residential MBS | Minimum | Constant prepayment rate | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Servicing asset, measurement input | 0.05 | 0.05 |
Residential MBS | Minimum | Spread over forward interest rate swap rates | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Servicing asset, measurement input | 0.05 | 0.05 |
Residential MBS | Maximum | Constant prepayment rate | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Servicing asset, measurement input | 0.28 | 0.40 |
Residential MBS | Maximum | Spread over forward interest rate swap rates | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Servicing asset, measurement input | 0.13 | 0.13 |
Residential MBS | Weighted Average | Constant prepayment rate | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Servicing asset, measurement input | 0.08 | 0.07 |
Residential MBS | Weighted Average | Spread over forward interest rate swap rates | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Servicing asset, measurement input | 0.06 | 0.06 |
Corporate debt | Minimum | Discount rate | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Debt securities, available-for-sale, measurement input | 0.05 | 0.05 |
Corporate debt | Minimum | Cumulative default | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Debt securities, available-for-sale, measurement input | 0 | 0 |
Corporate debt | Minimum | Loss given default | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Debt securities, available-for-sale, measurement input | 0.20 | 0.20 |
Corporate debt | Maximum | Discount rate | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Debt securities, available-for-sale, measurement input | 0.06 | 0.05 |
Corporate debt | Maximum | Cumulative default | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Debt securities, available-for-sale, measurement input | 0.64 | 0.64 |
Corporate debt | Maximum | Loss given default | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Debt securities, available-for-sale, measurement input | 0.20 | 0.20 |
Corporate debt | Weighted Average | Discount rate | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Debt securities, available-for-sale, measurement input | 0.06 | 0.05 |
Corporate debt | Weighted Average | Cumulative default | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Debt securities, available-for-sale, measurement input | 0.07 | 0.07 |
Corporate debt | Weighted Average | Loss given default | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Debt securities, available-for-sale, measurement input | 0.20 | 0.20 |
FAIR VALUES OF ASSETS AND LIA_9
FAIR VALUES OF ASSETS AND LIABILITIES - Balance Sheet Location (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 | |
Financial Assets | |||
Available-for-sale securities | $ 23,233 | $ 23,423 | |
Held-to-maturity securities | 16,578 | 17,052 | |
Loans held for sale | [1] | 545 | 529 |
Net loans and leases | 119,048 | 117,402 | |
Derivative assets, gross | 2,164 | 2,164 | |
Derivative assets, netting adjustments | (1,715) | (1,808) | |
Derivative assets, net | 449 | 356 | |
Financial Liabilities | |||
Total deposits | 148,028 | 147,914 | |
Short-term borrowings | 1,680 | 2,027 | |
Long-term debt | 14,711 | 9,686 | |
Derivative liabilities, gross | 2,046 | 2,337 | |
Derivative liabilities, netting adjustments | (1,111) | (1,345) | |
Derivative liabilities, net | 935 | 992 | |
Reported Value Measurement | |||
Financial Assets | |||
Cash and short-term assets | 11,289 | 6,918 | |
Trading account securities | 128 | 19 | |
Available-for-sale securities | 23,233 | 23,423 | |
Held-to-maturity securities | 16,578 | 17,052 | |
Other securities | 975 | 854 | |
Loans held for sale | 545 | 529 | |
Net loans and leases | 119,048 | 117,402 | |
Derivative assets, net | 449 | 356 | |
Assets held in trust for deferred compensation plans | 168 | 155 | |
Financial Liabilities | |||
Total deposits | 148,028 | 147,914 | |
Short-term borrowings | 1,680 | 2,027 | |
Long-term debt | 14,711 | 9,686 | |
Derivative liabilities, net | 935 | 992 | |
Estimate of Fair Value Measurement | |||
Financial Assets | |||
Cash and short-term assets | 11,289 | 6,918 | |
Trading account securities | 128 | 19 | |
Available-for-sale securities | 23,233 | 23,423 | |
Held-to-maturity securities | 14,308 | 14,754 | |
Other securities | 975 | 854 | |
Other securities | 33 | 32 | |
Loans held for sale | 545 | 529 | |
Net loans and leases | 114,587 | 112,591 | |
Derivative assets, net | 449 | 356 | |
Assets held in trust for deferred compensation plans | 168 | 155 | |
Financial Liabilities | |||
Total deposits | 147,911 | 147,796 | |
Short-term borrowings | 1,680 | 2,027 | |
Long-term debt | 14,407 | 9,564 | |
Derivative liabilities, net | 935 | 992 | |
Estimate of Fair Value Measurement | Level 1 | |||
Financial Assets | |||
Trading account securities | 90 | 0 | |
Available-for-sale securities | 5 | 103 | |
Held-to-maturity securities | 0 | 0 | |
Other securities | 32 | 31 | |
Loans held for sale | 0 | 0 | |
Net loans and leases | 0 | 0 | |
Financial Liabilities | |||
Total deposits | 0 | 0 | |
Short-term borrowings | 0 | 0 | |
Long-term debt | 0 | 0 | |
Estimate of Fair Value Measurement | Level 2 | |||
Financial Assets | |||
Trading account securities | 38 | 19 | |
Available-for-sale securities | 19,637 | 19,978 | |
Held-to-maturity securities | 14,308 | 14,754 | |
Other securities | 1 | 1 | |
Loans held for sale | 545 | 520 | |
Net loans and leases | 142 | 169 | |
Derivative assets, gross | 2,159 | 2,161 | |
Financial Liabilities | |||
Total deposits | 135,562 | 142,081 | |
Short-term borrowings | 1,680 | 2,027 | |
Long-term debt | 8,048 | 8,680 | |
Derivative liabilities, gross | 2,039 | 2,332 | |
Estimate of Fair Value Measurement | Level 3 | |||
Financial Assets | |||
Trading account securities | 0 | 0 | |
Available-for-sale securities | 3,591 | 3,342 | |
Held-to-maturity securities | 0 | 0 | |
Other securities | 0 | 0 | |
Loans held for sale | 0 | 9 | |
Net loans and leases | 114,445 | 112,422 | |
Derivative assets, gross | 5 | 3 | |
Derivative assets, netting adjustments | (1,715) | (1,808) | |
Financial Liabilities | |||
Total deposits | 12,349 | 5,715 | |
Short-term borrowings | 0 | 0 | |
Long-term debt | 6,359 | 884 | |
Derivative liabilities, gross | 7 | 5 | |
Derivative liabilities, netting adjustments | (1,111) | (1,345) | |
Fair Value, Recurring | |||
Financial Assets | |||
Trading account securities | 128 | ||
Available-for-sale securities | 23,233 | 23,423 | |
Derivative assets, netting adjustments | (1,715) | (1,808) | |
Derivative assets, net | 449 | 356 | |
Financial Liabilities | |||
Derivative liabilities, netting adjustments | (1,111) | (1,345) | |
Derivative liabilities, net | 935 | 992 | |
Fair Value, Recurring | Level 1 | |||
Financial Assets | |||
Trading account securities | 90 | ||
Available-for-sale securities | 5 | 103 | |
Derivative assets, gross | 0 | 0 | |
Financial Liabilities | |||
Derivative liabilities, gross | 0 | 0 | |
Fair Value, Recurring | Level 2 | |||
Financial Assets | |||
Trading account securities | 38 | ||
Available-for-sale securities | 19,637 | 19,978 | |
Derivative assets, gross | 2,159 | 2,161 | |
Financial Liabilities | |||
Derivative liabilities, gross | 2,039 | 2,332 | |
Fair Value, Recurring | Level 3 | |||
Financial Assets | |||
Trading account securities | 0 | ||
Available-for-sale securities | 3,591 | 3,342 | |
Derivative assets, gross | 5 | 3 | |
Financial Liabilities | |||
Derivative liabilities, gross | 7 | 5 | |
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 | 11,289 | 6,918 | |
Held-to-maturity securities | 16,578 | 17,052 | |
Other securities | 942 | 822 | |
Net loans and leases | 118,873 | 117,217 | |
Financial Liabilities | |||
Total deposits | 148,028 | 147,914 | |
Short-term borrowings | 1,680 | 2,027 | |
Long-term debt | 14,711 | 9,686 | |
Fair Value or Fair Value Option | Reported Value Measurement | |||
Financial Assets | |||
Trading account securities | 128 | 19 | |
Available-for-sale securities | 23,233 | 23,423 | |
Other securities | 33 | 32 | |
Loans held for sale | 543 | 520 | |
Net loans and leases | 175 | 185 | |
Derivative assets, net | 449 | 356 | |
Assets held in trust for deferred compensation plans | 168 | 155 | |
Financial Liabilities | |||
Derivative liabilities, net | 935 | 992 | |
Lower of Cost or Market | Reported Value Measurement | |||
Financial Assets | |||
Loans held for sale | $ 2 | $ 9 | |
[1] Amounts represent loans for which Huntington has elected the fair value option. See Note 12 “ Fair Values of Assets and Liabilities ”. |
DERIVATIVE FINANCIAL INSTRUME_3
DERIVATIVE FINANCIAL INSTRUMENTS - Hedging Instruments (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Derivatives, Fair Value [Line Items] | ||
Notional Value | $ 58,104 | $ 42,636 |
Asset derivatives included in accrued income and other assets | ||
Total contracts | 2,164 | 2,164 |
Liability derivatives included in accrued expenses and other liabilities | ||
Total contracts | 2,046 | 2,337 |
Accrued income and other assets | ||
Asset derivatives included in accrued income and other assets | ||
Interest rate contracts not designated as hedging instruments | 992 | 968 |
Foreign exchange contracts not designated as hedging instruments | 69 | 68 |
Commodities contracts not designated as hedging instruments | 81 | 114 |
Derivative Instruments Not Designated as Hedging Instruments, Asset, at Fair Value | 0 | 4 |
Total contracts | 2,164 | 2,164 |
Accrued expenses and other liabilities | ||
Liability derivatives included in accrued expenses and other liabilities | ||
Interest rate contracts not designated as hedging instruments | 973 | 1,008 |
Foreign exchange contracts not designated as hedging instruments | 62 | 68 |
Commodities contracts not designated as hedging instruments | 78 | 113 |
Derivative Instruments Not Designated as Hedging Instruments, Liability, at Fair Value | 23 | 3 |
Total contracts | 2,046 | 2,337 |
Interest rate contracts | Accrued income and other assets | ||
Asset derivatives included in accrued income and other assets | ||
Interest rate contracts designated as hedging instruments | 1,020 | 1,008 |
Interest rate contracts | Accrued expenses and other liabilities | ||
Liability derivatives included in accrued expenses and other liabilities | ||
Interest rate contracts designated as hedging instruments | 910 | 1,145 |
Foreign exchange contracts | Accrued income and other assets | ||
Asset derivatives included in accrued income and other assets | ||
Interest rate contracts designated as hedging instruments | 2 | 2 |
Foreign exchange contracts | Accrued expenses and other liabilities | ||
Liability derivatives included in accrued expenses and other liabilities | ||
Interest rate contracts designated as hedging instruments | 0 | 0 |
Derivatives designated as Hedging Instruments | Interest rate contracts | Accrued income and other assets | ||
Derivatives, Fair Value [Line Items] | ||
Notional Value | 48,379 | 42,461 |
Derivatives designated as Hedging Instruments | Foreign exchange contracts | Accrued income and other assets | ||
Derivatives, Fair Value [Line Items] | ||
Notional Value | 215 | 202 |
Derivatives not designated as Hedging Instruments | Accrued income and other assets | ||
Derivatives, Fair Value [Line Items] | ||
Notional Value | 112,522 | 86,512 |
Derivatives not designated as Hedging Instruments | Interest rate contracts | Accrued income and other assets | ||
Derivatives, Fair Value [Line Items] | ||
Notional Value | 58,048 | 37,562 |
Derivatives not designated as Hedging Instruments | Foreign exchange contracts | Accrued income and other assets | ||
Derivatives, Fair Value [Line Items] | ||
Notional Value | 4,343 | 4,889 |
Derivatives not designated as Hedging Instruments | Commodities contracts | Accrued income and other assets | ||
Derivatives, Fair Value [Line Items] | ||
Notional Value | 828 | 762 |
Derivatives not designated as Hedging Instruments | Equity contracts | Accrued income and other assets | ||
Derivatives, Fair Value [Line Items] | ||
Notional Value | $ 709 | $ 636 |
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, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain or (Loss) Recognized in Income on Derivative | $ 38 | $ (10) | $ 66 | $ (35) |
Interest rate contracts | Capital markets fees | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain or (Loss) Recognized in Income on Derivative | 10 | 15 | 17 | 25 |
Interest rate contracts | Mortgage banking income | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain or (Loss) Recognized in Income on Derivative | 0 | (33) | 9 | (80) |
Interest rate swaptions | Other noninterest income | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain or (Loss) Recognized in Income on Derivative | 18 | 0 | ||
Interest rate swaptions | Other noninterest expense | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain or (Loss) Recognized in Income on Derivative | 17 | 0 | ||
Foreign exchange contracts | Capital markets fees | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain or (Loss) Recognized in Income on Derivative | 13 | 10 | 25 | 20 |
Commodities contracts | Capital markets fees | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain or (Loss) Recognized in Income on Derivative | 1 | 2 | 3 | 3 |
Equity contracts | Other noninterest expense | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain or (Loss) Recognized in Income on Derivative | $ (4) | $ (4) | $ (5) | $ (3) |
DERIVATIVE FINANCIAL INSTRUME_5
DERIVATIVE FINANCIAL INSTRUMENTS - Asset and Liability Management (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Notional Disclosures [Abstract] | |||||
Notional Value | $ 58,104 | $ 58,104 | $ 42,636 | ||
Increase (decrease) to net interest income due to derivative adjustment | (64) | $ 48 | (116) | $ 87 | |
Not Designated as Hedging Instrument, Economic Hedge | |||||
Notional Disclosures [Abstract] | |||||
Notional Value | 9,725 | 9,725 | 175 | ||
Fair Value Hedging | Derivatives designated as Hedging Instruments | |||||
Notional Disclosures [Abstract] | |||||
Notional Value | 28,529 | 28,529 | 18,136 | ||
Cash Flow Hedging | Derivatives designated as Hedging Instruments | |||||
Notional Disclosures [Abstract] | |||||
Notional Value | 19,850 | 19,850 | 24,325 | ||
Investment securities | |||||
Notional Disclosures [Abstract] | |||||
Notional Value | 29,177 | 29,177 | 10,407 | ||
Investment securities | Not Designated as Hedging Instrument, Economic Hedge | |||||
Notional Disclosures [Abstract] | |||||
Notional Value | 9,550 | 9,550 | 0 | ||
Investment securities | Fair Value Hedging | Derivatives designated as Hedging Instruments | |||||
Notional Disclosures [Abstract] | |||||
Notional Value | 19,627 | 19,627 | 10,407 | ||
Investment securities | Cash Flow Hedging | Derivatives designated as Hedging Instruments | |||||
Notional Disclosures [Abstract] | |||||
Notional Value | 0 | 0 | 0 | ||
Loans | |||||
Notional Disclosures [Abstract] | |||||
Notional Value | 20,025 | 20,025 | 24,500 | ||
Loans | Not Designated as Hedging Instrument, Economic Hedge | |||||
Notional Disclosures [Abstract] | |||||
Notional Value | 175 | 175 | 175 | ||
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 | 19,850 | 19,850 | 24,325 | ||
Long-term debt | |||||
Notional Disclosures [Abstract] | |||||
Notional Value | 8,902 | 8,902 | 7,729 | ||
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 | 8,902 | 8,902 | 7,729 | ||
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, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Cumulative basis adjustments associated with hedging relationships | $ 843 | $ 843 | $ 849 | ||
Fair value hedging adjustments | (71) | (70) | |||
Investment Securities | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Amortized Cost | 18,976 | 18,976 | 18,029 | ||
Cumulative Amount of Fair Value Hedging Adjustment To Hedged Items | (937) | (937) | (979) | ||
Amortized cost basis of the closed portfolios used in hedging relationships | 18,300 | 18,300 | |||
Cumulative basis adjustments associated with hedging relationships | (843) | (843) | |||
Designated hedged items | 18,300 | 18,300 | |||
Interest Rate Swap | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Designated hedged items | 1,300 | 1,300 | |||
Subordinated notes | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Amortized Cost | 6,998 | 6,998 | 7,175 | ||
Cumulative Amount of Fair Value Hedging Adjustment To Hedged Items | (278) | (278) | $ (256) | ||
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 | 138 | $ 168 | (44) | $ 586 | |
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 | (139) | (160) | 42 | (590) | |
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 | (138) | (38) | (22) | (136) | |
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 | $ 138 | $ 39 | $ 22 | $ 137 |
DERIVATIVE FINANCIAL INSTRUME_7
DERIVATIVE FINANCIAL INSTRUMENTS - Cash Flow Hedges (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2023 | Dec. 31, 2022 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional Value | $ 58,104 | $ 42,636 |
Net losses recognized in AOCI expected to be reclassed | (176) | |
Loans | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional Value | $ 20,025 | $ 24,500 |
DERIVATIVE FINANCIAL INSTRUME_8
DERIVATIVE FINANCIAL INSTRUMENTS - MSR Hedging Activities (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||
Remaining maturity | 1 year | 1 year | |||
Notional Value | $ 58,104 | $ 58,104 | $ 42,636 | ||
Derivative used in Mortgage Banking Activities | |||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||
Derivative, fair value, net | 12 | 12 | (3) | ||
Notional Value | 1,610 | 1,610 | 1,120 | ||
Trading assets | 3 | 3 | 4 | ||
Trading liabilities | (78) | (78) | (78) | ||
Trading losses | (15) | $ (33) | (6) | $ (80) | |
Commitments to sell loans | |||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||
Commitments to sell residential real estate loans | $ 1,200 | $ 1,200 | $ 766 |
DERIVATIVE FINANCIAL INSTRUME_9
DERIVATIVE FINANCIAL INSTRUMENTS - Derivatives Used In Customer Related Activities (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Derivative [Line Items] | ||
Credit risks from interest rate swaps used for trading purposes | $ 94 | $ 118 |
Derivative used in trading activity | ||
Derivative [Line Items] | ||
Net derivative asset (liability) | 58 | 59 |
Derivative financial instruments used by Huntington on behalf of customers including offsetting derivatives, notional value | $ 50,000 | $ 40,700 |
DERIVATIVE FINANCIAL INSTRUM_10
DERIVATIVE FINANCIAL INSTRUMENTS - Financial Assets And Liabilities That Are Offset (Details) $ in Millions | 6 Months Ended | |
Jun. 30, 2023 USD ($) group | Dec. 31, 2022 USD ($) | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Number of primary groups | group | 2 | |
Aggregate credit risk, net of collateral | $ 337 | $ 227 |
Investment securities and cash collateral pledged by Huntington | 226 | |
Investment securities and cash collateral pledged to Huntington | $ 858 |
DERIVATIVE FINANCIAL INSTRUM_11
DERIVATIVE FINANCIAL INSTRUMENTS - Offsetting Assets (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Offsetting Derivative Assets [Abstract] | ||
Gross amounts of recognized assets | $ 2,164 | $ 2,164 |
Gross amounts offset in the condensed consolidated balance sheets | 1,715 | 1,808 |
Net amounts of assets presented in the condensed consolidated balance sheets | 449 | 356 |
Gross amounts not offset in the condensed consolidated balance sheets, Financial instruments | (108) | (7) |
Gross amounts not offset in the condensed consolidated balance sheets, cash collateral received | (24) | (56) |
Net amount | $ 317 | $ 293 |
DERIVATIVE FINANCIAL INSTRUM_12
DERIVATIVE FINANCIAL INSTRUMENTS - Offsetting Liabilities (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Offsetting Derivative Liabilities [Abstract] | ||
Gross amounts of recognized liabilities | $ 2,046 | $ 2,337 |
Gross amounts offset in the condensed consolidated balance sheets | (1,111) | (1,345) |
Derivative liabilities | 935 | 992 |
Gross amounts not offset in the condensed consolidated balance sheets, Financial instruments | 0 | (79) |
Gross amounts not offset in the condensed consolidated balance sheets, Cash collateral received | (113) | (118) |
Net amount | $ 822 | $ 795 |
Variable Interest Entities - Un
Variable Interest Entities - Unconsolidated VIEs (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Variable Interest Entity [Line Items] | ||
Total Assets | $ 188,505 | $ 182,906 |
Total Liabilities | 169,667 | 165,137 |
Variable Interest Entity | ||
Variable Interest Entity [Line Items] | ||
Total Assets | 2,875 | 2,572 |
Total Liabilities | 1,698 | 1,649 |
Maximum Exposure to Loss | 2,861 | 2,558 |
Affordable Housing Tax Credit Partnerships | Variable Interest Entity | ||
Variable Interest Entity [Line Items] | ||
Total Assets | 2,186 | 2,036 |
Total Liabilities | 1,304 | 1,260 |
Maximum Exposure to Loss | 2,186 | 2,036 |
Trust Preferred Securities | Variable Interest Entity | ||
Variable Interest Entity [Line Items] | ||
Total Assets | 14 | 14 |
Total Liabilities | 248 | 248 |
Maximum Exposure to Loss | 0 | 0 |
Other Investments | Variable Interest Entity | ||
Variable Interest Entity [Line Items] | ||
Total Assets | 675 | 522 |
Total Liabilities | 146 | 141 |
Maximum Exposure to Loss | $ 675 | $ 522 |
Variable Interest Entities - Na
Variable Interest Entities - Narrative (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||
Affordable housing investments, impairment | $ 0 | $ 0 | $ 0 | $ 0 |
Variable Interest Entities - Lo
Variable Interest Entities - Low Income Housing Tax Credit Partnerships (Details) - Variable Interest Entity - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Affordable Housing Tax Credit Partnerships | |||||
Variable Interest Entity [Line Items] | |||||
Affordable housing tax credit investments | $ 3,142 | $ 3,142 | $ 2,891 | ||
Less: amortization | (956) | (956) | (855) | ||
Net affordable housing tax credit investments | 2,186 | 2,186 | 2,036 | ||
Unfunded commitments | 1,304 | 1,304 | $ 1,260 | ||
Tax credits and other tax benefits recognized | 65 | $ 53 | 131 | $ 107 | |
Proportional Amortization Method | |||||
Variable Interest Entity [Line Items] | |||||
Proportional amortization expense included in provision for income taxes | $ 54 | $ 44 | $ 109 | $ 86 |
COMMITMENTS AND CONTINGENT LI_3
COMMITMENTS AND CONTINGENT LIABILITIES - Commitments to Extend Credit (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Commercial | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Contract amount represents credit risk | $ 32,589 | $ 32,500 |
Consumer | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Contract amount represents credit risk | 19,496 | 19,064 |
Commercial real estate | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Contract amount represents credit risk | 2,929 | 3,393 |
Standby letters of credit | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Contract amount represents credit risk | 749 | 714 |
Commercial | Commercial letters of credit | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Contract amount represents credit risk | $ 10 | $ 15 |
COMMITMENTS AND CONTINGENT LI_4
COMMITMENTS AND CONTINGENT LIABILITIES - Narrative (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2023 | Dec. 31, 2022 | |
Loss Contingencies [Line Items] | ||
Bond expiration period | 2 years | |
Standby letters of credit | ||
Loss Contingencies [Line Items] | ||
Carrying amount of deferred revenue associated with guarantees | $ 22 | $ 27 |
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 | $ 20 |
SEGMENT REPORTING (Details)
SEGMENT REPORTING (Details) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 USD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2023 USD ($) segment | Jun. 30, 2022 USD ($) | Dec. 31, 2022 USD ($) | |
Segment Reporting Information [Line Items] | |||||
Number of reporting segments | segment | 2 | ||||
Net interest income | $ 1,346 | $ 1,261 | $ 2,755 | $ 2,407 | |
Provision for credit losses | 92 | 67 | 177 | 92 | |
Noninterest income | 495 | 485 | 1,007 | 984 | |
Noninterest expense | 1,050 | 1,018 | 2,136 | 2,071 | |
Provision (benefit) for income taxes | 134 | 120 | 278 | 225 | |
Income attributable to non-controlling interest | 6 | 2 | 10 | 4 | |
Net income attributable to Huntington | 559 | 539 | 1,161 | 999 | |
Total Assets | 188,505 | 188,505 | $ 182,906 | ||
Total deposits | 148,028 | 148,028 | 147,914 | ||
Operating Segments | Consumer & Business Banking | |||||
Segment Reporting Information [Line Items] | |||||
Net interest income | 1,192 | 710 | 2,358 | 1,341 | |
Provision for credit losses | 64 | 272 | 110 | 167 | |
Noninterest income | 302 | 332 | 646 | 674 | |
Noninterest expense | 765 | 714 | 1,519 | 1,452 | |
Provision (benefit) for income taxes | 140 | 13 | 289 | 83 | |
Income attributable to non-controlling interest | 0 | 0 | 0 | 0 | |
Net income attributable to Huntington | 525 | 43 | 1,086 | 313 | |
Total Assets | 71,423 | 71,423 | 70,268 | ||
Total deposits | 106,502 | 106,502 | 105,064 | ||
Operating Segments | Commercial Banking | |||||
Segment Reporting Information [Line Items] | |||||
Net interest income | 577 | 422 | 1,140 | 837 | |
Provision for credit losses | 28 | (205) | 67 | (75) | |
Noninterest income | 167 | 150 | 323 | 290 | |
Noninterest expense | 274 | 246 | 552 | 494 | |
Provision (benefit) for income taxes | 93 | 111 | 177 | 149 | |
Income attributable to non-controlling interest | 6 | 2 | 10 | 4 | |
Net income attributable to Huntington | 343 | 418 | 657 | 555 | |
Total Assets | 64,505 | 64,505 | 63,611 | ||
Total deposits | 36,459 | 36,459 | 36,807 | ||
Treasury / Other | |||||
Segment Reporting Information [Line Items] | |||||
Net interest income | (423) | 129 | (743) | 229 | |
Provision for credit losses | 0 | 0 | 0 | 0 | |
Noninterest income | 26 | 3 | 38 | 20 | |
Noninterest expense | 11 | 58 | 65 | 125 | |
Provision (benefit) for income taxes | (99) | (4) | (188) | (7) | |
Income attributable to non-controlling interest | 0 | 0 | 0 | 0 | |
Net income attributable to Huntington | (309) | $ 78 | (582) | $ 131 | |
Total Assets | 52,577 | 52,577 | 49,027 | ||
Total deposits | $ 5,067 | $ 5,067 | $ 6,043 |