Annual report pursuant to Section 13 and 15(d)

LONG-TERM DEBT (Tables)

v3.20.4
LONG-TERM DEBT (Tables)
 12 Months Ended
Dec. 31, 2020
Debt Instruments [Abstract]  
Schedule of Long-Term Debt
Huntington’s long-term debt consisted of the following:
  At December 31,
(dollar amounts in millions) 2020 2019
The Parent Company:
Senior Notes:
3.19% Huntington Bancshares Incorporated medium-term notes due 2021
 $ 802  $ 993 
2.33% Huntington Bancshares Incorporated senior notes due 2022
 699  972 
2.67% Huntington Bancshares Incorporated senior notes due 2024
 838  798 
4.05% Huntington Bancshares Incorporated senior notes due 2025
 553  528 
2.60% Huntington Bancshares Incorporated senior notes due 2030
 743  — 
Subordinated Notes:
7.00% Huntington Bancshares Incorporated subordinated notes due 2020
 —  305 
3.55% Huntington Bancshares Incorporated subordinated notes due 2023
 256  247 
Huntington Capital I Trust Preferred 0.94% junior subordinated debentures due 2027 (1)
 69  70 
Huntington Capital II Trust Preferred 0.86% junior subordinated debentures due 2028 (2)
 32  32 
Sky Financial Capital Trust III 1.64% junior subordinated debentures due 2036 (3)
 72  72 
Sky Financial Capital Trust IV 1.64% junior subordinated debentures due 2036 (3)
 74  74 
Camco Financial Statutory Trust I 1.57% due 2037 (4)
 4  4 
Total notes issued by the parent
 4,142  4,095 
The Bank:
Senior Notes:
2.47% Huntington National Bank senior notes due 2020
 —  699 
2.42% Huntington National Bank senior notes due 2020 (5)
 —  300 
2.43% Huntington National Bank senior notes due 2020
 —  500 
2.97% Huntington National Bank senior notes due 2020
 —  499 
0.79% Huntington National Bank senior notes due 2021 (6)
 298  299 
3.33% Huntington National Bank senior notes due 2021
 752  759 
2.55% Huntington National Bank senior notes due 2022
 710  691 
3.16% Huntington National Bank senior notes due 2022
 511  507 
1.83% Huntington National Bank senior notes due 2023
 489  — 
3.60% Huntington National Bank senior notes due 2023
 773  778 
Subordinated Notes:
3.86% Huntington National Bank subordinated notes due 2026
 233  231 
Total notes issued by the bank
 3,766  5,263 
FHLB Advances:
1.54% weighted average rate, varying maturities greater than one year
 3  5 
Other:
Huntington Technology Finance nonrecourse debt, 3.63% weighted average interest rate, varying maturities
 266  312 
2.12% Huntington Preferred Capital II - Class F securities (7)
 75  74 
2.12% Huntington Preferred Capital II - Class G securities (7)
 50  50 
2.24% Huntington Preferred Capital II - Class I securities (8)
 50  50 
Total long-term debt $ 8,352  $ 9,849 
(1)Variable effective rate at December 31, 2020, based on three-month LIBOR +0.70%
(2)Variable effective rate at December 31, 2020, based on three-month LIBOR +0.625%
(3)Variable effective rate at December 31, 2020, based on three-month LIBOR +1.40%
(4)Variable effective rate at December 31, 2020, based on three-month LIBOR +1.33%
(5)Variable effective rate at December 31, 2019, based on three-month LIBOR +0.51%
(6)Variable effective rate at December 31, 2020, based onthree-month LIBOR +0.55%
(7)Variable effective rate at December 31, 2020, based on three-month LIBOR +1.88%
(8)Variable effective rate at December 31, 2020, based on three-month LIBOR +2.00%
The trust securities are the obligations of the trusts, and as such, are not consolidated within Huntington’s Consolidated Financial Statements.
A list of trust-preferred securities outstanding at December 31, 2020 follows:
(dollar amounts in millions) Rate
Principal amount of
subordinated note/
debenture issued to trust (1)
Investment in
unconsolidated
subsidiary
Huntington Capital I 0.94  % (2) $ 70  $ 6 
Huntington Capital II 0.86  (3) 32  3 
Sky Financial Capital Trust III 1.64  (4) 72  2 
Sky Financial Capital Trust IV 1.64  (4) 74  2 
Camco Financial Trust 1.57  (5) 4  1 
Total $ 252  $ 14 
(1)Represents the principal amount of debentures issued to each trust, including unamortized original issue discount.
(2)Variable effective rate at December 31, 2020, based on three-month LIBOR + 0.70%.
(3)Variable effective rate at December 31, 2020, based on three-month LIBOR + 0.625%.
(4)Variable effective rate at December 31, 2020, based on three-month LIBOR + 1.40%.
(5)Variable effective rate at December 31, 2020, based on three month LIBOR + 1.33%.
Schedule Of Debt Issuances
The following table presents senior notes issued during 2020:
Date of Issuance Issuer Amount % of face value Interest Rate Term Maturity
January 2020 Bank $ 500   million 99.916  % 1.80  % fixed February 3, 2023
January 2020 Parent 750   million 99.597  2.55  fixed February 4, 2030
Schedule of Maturities of Long-term Debt
Long-term debt maturities for the next five years and thereafter are as follows:
(dollar amounts in millions) 2021 2022 2023 2024 2025 Thereafter Total
The Parent Company:
Senior notes $ 800  $ 700  $ —  $ 800  $ 500  $ 750  $ 3,550 
Subordinated notes —  —  250  —  —  253  503 
The Bank:
Senior notes 1,044  1,198  1,202  —  —  —  3,444 
Subordinated notes —  —  —  —  —  250  250 
FHLB Advances —  1  1  —  —  1  3 
Other 22  141  136  103  39  —  441 
Total $ 1,866  $ 2,040  $ 1,589  $ 903  $ 539  $ 1,254  $ 8,191