Annual report pursuant to Section 13 and 15(d)

BORROWINGS (Tables)

v3.22.0.1
BORROWINGS (Tables)
 12 Months Ended
Dec. 31, 2021
Debt Instruments [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 December 31, 2021 and 2020, respectively: 
  At December 31,
(dollar amounts in millions) 2021 2020
Federal funds purchased and securities sold under agreements to repurchase $ 320  $ 71 
Other borrowings 14  112 
Total short-term borrowings $ 334  $ 183 
Schedule of Long-Term Debt
Huntington’s long-term debt consisted of the following:
  At December 31,
(dollar amounts in millions) 2021 2020
The Parent Company:
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 
Subordinated Notes:
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 
Sky Financial Capital Trust III 1.61% junior subordinated debentures due 2036 (3)
 72  72 
Sky Financial Capital Trust IV 1.61% junior subordinated debentures due 2036 (3)
 74  74 
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 
The Bank:
Senior Notes:
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 
Subordinated Notes:
0.64% Huntington National Bank subordinated notes due 2022
 113  — 
0.96% Huntington National Bank subordinated notes due 2025
 142  — 
3.86% Huntington National Bank subordinated notes due 2026
 226  233 
3.03% Huntington National Bank subordinated notes due 2029
 161  — 
3.75% Huntington National Bank subordinated notes due 2030
 169  — 
Total notes issued by the bank
 3,245  3,766 
FHLB Advances:
1.04% weighted average rate, varying maturities greater than one year
 215  3 
Other:
Huntington Technology Finance nonrecourse debt, 3.15% weighted average interest rate, varying maturities
 287  266 
2.09% Huntington Preferred Capital II - Class F securities (4)
 75  75 
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  — 
Total long-term debt $ 7,108  $ 8,352 
(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%
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, 2021 follows:
(dollar amounts in millions) Rate
Principal amount of
subordinated note/
debenture issued to trust (1)
Investment in
unconsolidated
subsidiary
Huntington Capital I 0.91  % (2) $ 70  $ 7 
Huntington Capital II 0.83  (3) 32  3 
Sky Financial Capital Trust III 1.61  (4) 72  2 
Sky Financial Capital Trust IV 1.61  (4) 74  2 
Total $ 248  $ 14 
(1)Represents the principal amount of debentures issued to each trust, including unamortized original issue discount.
(2)Variable effective rate at December 31, 2021, based on three-month LIBOR + 0.70%.
(3)Variable effective rate at December 31, 2021, based on three-month LIBOR + 0.625%.
(4)Variable effective rate at December 31, 2021, based on three-month LIBOR + 1.40%.
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) 2022 2023 2024 2025 2026 Thereafter Total
The Parent Company:
Senior notes $ —  $ —  $ 800  $ 500  $ —  $ 750  $ 2,050 
Subordinated notes —  225  —  —  —  809  1,034 
The Bank:
Senior notes 1,198  1,202  —  —  —  —  2,400 
Subordinated notes 110  —  —  130  239  300  779 
FHLB Advances 1  1  —  200  —  1  203 
Other 106  128  116  57  127  3  537 
Total $ 1,415  $ 1,556  $ 916  $ 887  $ 366  $ 1,863  $ 7,003