| BORROWINGS
Borrowings with original maturities of one year or less are classified as short-term and were comprised of the following at December 31, 2021 and 2020, respectively:
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At December 31, |
| (dollar amounts in millions) |
2021 |
|
2020 |
| Federal funds purchased and securities sold under agreements to repurchase |
$ |
320 |
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|
$ |
71 |
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|
| Other borrowings |
14 |
|
|
112 |
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| Total short-term borrowings |
$ |
334 |
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|
$ |
183 |
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Huntington’s long-term debt consisted of the following:
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At December 31, |
| (dollar amounts in millions) |
2021 |
|
2020 |
| The Parent Company: |
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|
| Senior Notes: |
|
|
|
3.19% Huntington Bancshares Incorporated medium-term notes due 2021 |
$ |
— |
|
|
$ |
802 |
|
2.33% Huntington Bancshares Incorporated senior notes due 2022 |
— |
|
|
699 |
|
2.67% Huntington Bancshares Incorporated senior notes due 2024 |
812 |
|
|
838 |
|
4.05% Huntington Bancshares Incorporated senior notes due 2025 |
527 |
|
|
553 |
|
2.60% Huntington Bancshares Incorporated senior notes due 2030 |
744 |
|
|
743 |
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| Subordinated Notes: |
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3.55% Huntington Bancshares Incorporated subordinated notes due 2023 |
227 |
|
|
256 |
|
Huntington Capital I Trust Preferred 0.91% junior subordinated debentures due 2027 (1) |
69 |
|
|
69 |
|
Huntington Capital II Trust Preferred 0.83% junior subordinated debentures due 2028 (2) |
32 |
|
|
32 |
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Sky Financial Capital Trust III 1.61% junior subordinated debentures due 2036 (3) |
72 |
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|
72 |
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Sky Financial Capital Trust IV 1.61% junior subordinated debentures due 2036 (3) |
74 |
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|
74 |
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2.54% Huntington Bancshares Incorporated subordinated notes due 2036 |
554 |
|
|
— |
|
Camco Financial Statutory Trust I 1.57% due 2037 |
— |
|
|
4 |
|
Total notes issued by the parent |
3,111 |
|
|
4,142 |
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The Bank: |
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|
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| Senior Notes: |
|
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0.79% Huntington National Bank senior notes due 2021 |
— |
|
|
298 |
|
3.33% Huntington National Bank senior notes due 2021 |
— |
|
|
752 |
|
2.55% Huntington National Bank senior notes due 2022 |
703 |
|
|
710 |
|
3.16% Huntington National Bank senior notes due 2022 |
500 |
|
|
511 |
|
1.83% Huntington National Bank senior notes due 2023 |
483 |
|
|
489 |
|
3.60% Huntington National Bank senior notes due 2023 |
748 |
|
|
773 |
|
|
|
|
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| Subordinated Notes: |
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|
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0.64% Huntington National Bank subordinated notes due 2022 |
113 |
|
|
— |
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0.96% Huntington National Bank subordinated notes due 2025 |
142 |
|
|
— |
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3.86% Huntington National Bank subordinated notes due 2026 |
226 |
|
|
233 |
|
3.03% Huntington National Bank subordinated notes due 2029 |
161 |
|
|
— |
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3.75% Huntington National Bank subordinated notes due 2030 |
169 |
|
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— |
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Total notes issued by the bank |
3,245 |
|
|
3,766 |
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| FHLB Advances: |
|
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|
1.04% weighted average rate, varying maturities greater than one year |
215 |
|
|
3 |
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| Other: |
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Huntington Technology Finance nonrecourse debt, 3.15% weighted average interest rate, varying maturities |
287 |
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|
266 |
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2.09% Huntington Preferred Capital II - Class F securities (4) |
75 |
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|
75 |
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2.09% Huntington Preferred Capital II - Class G securities (4) |
50 |
|
|
50 |
|
2.21% Huntington Preferred Capital II - Class I securities (5) |
50 |
|
|
50 |
|
2.65% Huntington Preferred Capital II - Class J Securities (6) |
75 |
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— |
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| Total long-term debt |
$ |
7,108 |
|
|
$ |
8,352 |
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(1)Variable effective rate at December 31, 2021, based on three-month LIBOR +0.70%
(2)Variable effective rate at December 31, 2021, based on three-month LIBOR +0.625%
(3)Variable effective rate at December 31, 2021, based on three-month LIBOR +1.40%
(4)Variable effective rate at December 31, 2021, based on three-month LIBOR +1.88%
(5)Variable effective rate at December 31, 2021, based on three-month LIBOR +2.00%
(6)Variable effective rate at December 31, 2021 based on three-month SOFR +2.60%
Amounts above are net of unamortized discounts and adjustments related to hedging with derivative financial instruments. We use interest rate swaps to hedge interest rate risk of certain fixed-rate debt by converting the debt to a variable rate. See Note 20 - “Derivative Financial Instruments“ for more information regarding such financial instruments.
Long-term debt maturities for the next five years and thereafter are as follows:
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| (dollar amounts in millions) |
2022 |
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2023 |
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2024 |
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2025 |
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2026 |
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Thereafter |
|
Total |
| The Parent Company: |
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| Senior notes |
$ |
— |
|
|
$ |
— |
|
|
$ |
800 |
|
|
$ |
500 |
|
|
$ |
— |
|
|
$ |
750 |
|
|
$ |
2,050 |
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| Subordinated notes |
— |
|
|
225 |
|
|
— |
|
|
— |
|
|
— |
|
|
809 |
|
|
1,034 |
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| The Bank: |
|
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| Senior notes |
1,198 |
|
|
1,202 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
2,400 |
|
| Subordinated notes |
110 |
|
|
— |
|
|
— |
|
|
130 |
|
|
239 |
|
|
300 |
|
|
779 |
|
| FHLB Advances |
1 |
|
|
1 |
|
|
— |
|
|
200 |
|
|
— |
|
|
1 |
|
|
203 |
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| Other |
106 |
|
|
128 |
|
|
116 |
|
|
57 |
|
|
127 |
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|
3 |
|
|
537 |
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| Total |
$ |
1,415 |
|
|
$ |
1,556 |
|
|
$ |
916 |
|
|
$ |
887 |
|
|
$ |
366 |
|
|
$ |
1,863 |
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|
$ |
7,003 |
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These maturities are based upon the par values of the long-term debt.
The terms of certain long-term debt obligations contain various restrictive covenants including limitations on the acquisition of additional debt, dividend payments, and the disposition of subsidiaries. As of December 31, 2021, Huntington was in compliance with all such covenants.
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