Quarterly report pursuant to Section 13 or 15(d)

SHAREHOLDERS' EQUITY

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SHAREHOLDERS' EQUITY
 6 Months Ended
Jun. 30, 2021
Equity [Abstract]  
SHAREHOLDERS' EQUITY SHAREHOLDERS’ EQUITY
Preferred Stock
The following is a summary of Huntington’s non-cumulative, non-voting, perpetual preferred stock outstanding as of June 30, 2021.
(dollar amounts in millions)
Series Issuance Date Total Shares Outstanding Carrying Amount Dividend Rate Earliest Redemption Date
Series B 12/28/2011 35,500  $ 23  3-mo. LIBOR + 270 bps 1/15/2017
Series D 3/21/2016 400,000  386  6.25  % 4/15/2021
Series D 5/5/2016 200,000  199  6.25  % 4/15/2021
Series C 8/16/2016 100,000  100  5.875  % 10/15/2021
Series E 2/27/2018 5,000  495  5.700  % 4/15/2023
Series F 5/27/2020 5,000  494  5.625  % 7/15/2030
Series G 8/3/2020 5,000  494  4.450  % 10/15/2027
Series H 2/2/2021 500,000  485  4.500  % 4/15/2026
Series I 6/9/2021 7,000  175  5.700  % 12/01/2022
Total 1,257,500  $ 2,851 
Series B, D, C and H of preferred stock have a liquidation value and redemption price per share of $1,000, plus any declared and unpaid dividends. Series E, F, G, and I stock have a liquidation value and redemption price per share of $100,000, plus any declared and unpaid dividends. All preferred stock has no stated maturity and redemption is solely at Huntington’s option. Under current rules, any redemption of the preferred stock is subject to prior approval of the FRB.
On July 15, 2021, all 24,000,000 outstanding depositary shares, each representing a 1/40th interest in a share of Huntington’s 6.250% Series D Non-Cumulative Perpetual Preferred Stock, par value $0.01 per share, were redeemed. The depositary shares were redeemed at a price of $25.00 per depositary share (equivalent to $1,000 per share of Series D Preferred Stock) plus declared and unpaid dividends of $0.390625 per depositary share (equivalent to $15.625 per share of Series D Preferred Stock) for the period beginning on April 15, 2021 to, but not including, July 15, 2021. All dividends on the shares of Series D Preferred Stock will cease to accrue.
Preferred Series I Stock issued and outstanding
On June 9, 2021, each share of TCF Financial Corporation 5.70% Series C Non-Cumulative Perpetual Preferred Stock, $0.01 par value per share, outstanding immediately prior to the acquisition of TCF Financial Corporation was converted into the right to receive a share of the newly created Huntington 5.70% Series I Non-Cumulative Perpetual Preferred Stock, par value $0.01 per share.
The following table presents the dividends declared for each series of Preferred shares for the three-month and six-month periods ended June 30, 2021 and 2020:
Three Months Ended June 30, Six months ended June 30,
(amounts in millions, except per share data) 2021 2020 2021 2020
Cash Dividend Declared Per Share Cash Dividend Declared Per Share Cash Dividend Declared Per Share Cash Dividend Declared Per Share
Preferred Series Amount ($) Amount ($) Amount ($) Amount ($)
Series B 7.21  $ —  9.80  $ —  14.56  $ —  21.13  $ (1)
Series C 14.69  (1) 14.69  (2) 29.38  (3) 29.38  (3)
Series D 15.63  (9) 15.63  (10) 31.25  (18) 31.25  (19)
Series E 1,425.00  (7) 1,425.00  (7) 2,850.00  (14) 2,850.00  (14)
Series F 1,406.25  (7) —  —  2,812.50  (14) —  — 
Series G 1,112.50  (6) —  —  2,225.00  (12) —  — 
Series H 19.50  (10) —  —  19.50  (10) —  — 
Series I 356.25  (3) —  —  356.25  (3) —  — 
Total $ (43) $ (19) $ (74) $ (37)
Change in Common Shares Authorized
During the second quarter of 2021, Huntington amended its charter to increase the number of authorized shares of common stock from 1.5 billion shares to 2.25 billion shares.
Treasury shares
Treasury shares includes shares held for deferred compensation plans, at cost, of $(105) million at June 30, 2021 and $(59) million at December 31, 2020.
Non-controlling Interest in Subsidiaries
Through the acquisition of TCF, Huntington acquired a joint venture with The Toro Company ("Toro") called Red Iron Acceptance, LLC ("Red Iron"). Red Iron provides U.S. distributors and dealers and select Canadian distributors of the Toro and Exmark branded products with sources of financing. Huntington and Toro maintain a 55% and 45% ownership interest, respectively, in Red Iron. As Huntington has a controlling financial interest in Red Iron, its financial results are consolidated in Huntington's financial statements. Toro's interest is reported as a non-controlling interest within equity.