Quarterly report pursuant to Section 13 or 15(d)

VIEs (Tables)

v3.22.2
VIEs (Tables)
6 Months Ended
Jun. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Carrying amount and classification of the trusts assets and liabilities
The following tables provide a summary of the assets and liabilities included in Huntington’s Unaudited Condensed Consolidated Financial Statements, as well as the maximum exposure to losses, associated with its interests related to unconsolidated VIEs for which Huntington holds an interest in, but is not the primary beneficiary, of the VIE at June 30, 2022, and December 31, 2021:
June 30, 2022
(dollar amounts in millions)
Total Assets
Total Liabilities
Maximum Exposure to Loss
Affordable Housing Tax Credit Partnerships $ 1,721  $ 997  $ 1,721 
Trust Preferred Securities 179  — 
Other Investments
528  152  528 
Total
$ 2,257  $ 1,328  $ 2,249 
December 31, 2021
(dollar amounts in millions) Total Assets Total Liabilities Maximum Exposure to Loss
Affordable Housing Tax Credit Partnerships $ 1,652  $ 949  $ 1,652 
Trust Preferred Securities 14  248  — 
Other Investments 484  146  484 
Total $ 2,150  $ 1,343  $ 2,136 
Schedule of trust preferred securities
A list of trust preferred securities outstanding at June 30, 2022 follows:
(dollar amounts in millions) Rate
Principal amount of
subordinated note/
debenture issued to trust (1)
Investment in
unconsolidated
subsidiary
Huntington Capital II 2.91  (2) $ 32  $
Sky Financial Capital Trust III 3.69  (3) 72 
Sky Financial Capital Trust IV 3.69  (3) 75 
Total $ 179  $
(1)Represents the principal amount of debentures issued to each trust, including unamortized original issue discount.
(2)Variable effective rate at June 30, 2022, based on three-month LIBOR +0.625%.
(3)Variable effective rate at June 30, 2022, based on three-month LIBOR +1.40%.
Affordable housing tax credit investments
The following table presents the balances of Huntington’s affordable housing tax credit investments and related unfunded commitments at June 30, 2022 and December 31, 2021.
(dollar amounts in millions) June 30,
2022
December 31,
2021
Affordable housing tax credit investments $ 2,517  $ 2,376 
Less: amortization (796) (724)
Net affordable housing tax credit investments $ 1,721  $ 1,652 
Unfunded commitments $ 997  $ 949 
The following table presents other information relating to Huntington’s affordable housing tax credit investments for the three-month and six-month periods ended June 30, 2022 and 2021.
Three Months Ended
June 30,
Six Months Ended
June 30,
(dollar amounts in millions) 2022 2021 2022 2021
Tax credits and other tax benefits recognized $ 53  $ 44  $ 107  $ 77 
Proportional amortization expense included in provision for income taxes 44  30  86  58