Quarterly report pursuant to Section 13 or 15(d)

SHAREHOLDERS' EQUITY

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SHAREHOLDERS' EQUITY
 6 Months Ended
Jun. 30, 2022
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)
 June 30,
2022		 December 31, 2021
Series B (2) 12/28/2011 35,500 
3-mo. LIBOR + 270 bps
 1/15/2017 $ 23  $ 23 
Series E (3) 2/27/2018 5,000  5.70  4/15/2023 495  495 
Series F (3) 5/27/2020 5,000  5.625  7/15/2030 494  494 
Series G (3) 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 (4) 6/9/2021 7,000  5.70  12/01/2022 175  175 
Total 557,500  $ 2,167  $ 2,167 
(1) Denotes earliest option redemption date. Earlier redemption is solely at Huntington’s option, subject to prior approval of FRB.
(2) Series B and H preferred stock have a liquidation value and redemption price per share of $1,000, plus any declared and unpaid dividends.
(3) 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.
(4) Series I preferred stock has a liquidation value and redemption price per share of $25,000, plus any declared and unpaid dividends.
The following table presents the dividends declared for each series of Preferred shares for the three-month and six-month periods ended June 30, 2022 and 2021:
Three Months Ended June 30, Six months ended June 30,
(amounts in millions, except per share data) 2022 2021 2022 2021
Cash Dividend Declared Per Share Cash Dividend Declared Per Share Cash Dividend Declared Per Share Cash Dividend Declared Per Share
Preferred Series Amount ($) Amount ($) Amount ($) Amount ($)
Series B $ 13.03  $ —  $ 7.21  $ —  $ 22.39  $ —  $ 14.56  $ — 
Series C —  —  14.69  (1) —  —  29.38  (3)
Series D —  —  15.63  (9) —  —  31.25  (18)
Series E 1,425.00  (7) 1,425.00  (7) 2,850.00  (14) 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) 19.50  (10) 22.50  (12) 19.50  (10)
Series I 356.25  (2) 356.25  (3) 712.50  (4) 356.25  (3)
Total $ (28) $ (43) $ (56) $ (74)
Share Repurchases
On July 21, 2021, the Board authorized the repurchase of up to $800 million of common shares which began in the third quarter of 2021 and ended as of June 30, 2022. Purchases of common stock under the authorization may have included open market purchases, privately negotiated transactions, and accelerated share repurchase programs. During the first six months of 2022, Huntington repurchased no shares of common stock. As of June 30, 2022, Huntington completed $650 million of the share repurchase authorization.
Treasury shares
Treasury shares includes shares held for deferred compensation plans, at cost, of $85 million at June 30, 2022 and $79 million at December 31, 2021.
Non-controlling Interest in Subsidiaries
Through the acquisition of TCF, Huntington acquired a joint venture in which Huntington maintains a 55% ownership interest. As Huntington has a controlling financial interest, its financial results are consolidated in Huntington's financial statements and the other party’s 45% ownership interest is reported as a non-controlling interest within equity.