Annual report pursuant to Section 13 and 15(d)

BORROWINGS

v3.22.4
BORROWINGS
 12 Months Ended
Dec. 31, 2022
Debt Instruments [Abstract]  
Borrowings BORROWINGS
Borrowings with original maturities of one year or less are classified as short-term and were comprised of the following: 
  At December 31,
(dollar amounts in millions) 2022 2021
Federal funds purchased and securities sold under agreements to repurchase $ 253  $ 320 
FHLB advances 1,700  — 
Other borrowings 74  14 
Total short-term borrowings $ 2,027  $ 334 
Huntington’s long-term debt consisted of the following:
  At December 31,
(dollar amounts in millions) 2022 2021
The Parent Company:
Senior Notes:
2.67% Huntington Bancshares Incorporated senior notes due 2024
 $ 762  $ 812 
4.05% Huntington Bancshares Incorporated senior notes due 2025
 481  527 
4.51% Huntington Bancshares Incorporated senior notes due 2028
 704  — 
2.60% Huntington Bancshares Incorporated senior notes due 2030
 679  744 
5.08% Huntington Bancshares Incorporated senior notes due 2033
 379  — 
Subordinated Notes:
3.55% Huntington Bancshares Incorporated subordinated notes due 2023
 225  227 
Huntington Capital I Trust Preferred 5.47% junior subordinated debentures due 2027 (1) (8)
 69  69 
Huntington Capital II Trust Preferred 5.39% junior subordinated debentures due 2028 (2) (8)
 32  32 
Sky Financial Capital Trust III 6.17% junior subordinated debentures due 2036 (3) (8)
 72  72 
Sky Financial Capital Trust IV 6.17% junior subordinated debentures due 2036 (3) (8)
 74  74 
2.49% Huntington Bancshares Incorporated subordinated notes due 2036
 1  554 
2.53% Huntington Bancshares Incorporated subordinated notes due 2036
 502  — 
Total notes issued by the parent
 3,980  3,111 
The Bank:
Senior Notes:
2.55% Huntington National Bank senior notes due 2022
 —  703 
3.16% Huntington National Bank senior notes due 2022
 —  500 
1.83% Huntington National Bank senior notes due 2023
 —  483 
3.60% Huntington National Bank senior notes due 2023
735  748 
5.42% Huntington National Bank senior notes due 2025
 299  — 
4.11% Huntington National Bank senior notes due 2025
 486  — 
5.70% Huntington National Bank senior notes due 2025
 1,094  — 
4.55% Huntington National Bank senior notes due 2028
 766  — 
5.76% Huntington National Bank senior notes due 2030
 892  — 
Subordinated Notes:
0.64% Huntington National Bank subordinated notes due 2022
 —  113 
0.96% Huntington National Bank subordinated notes due 2025
 129  142 
3.86% Huntington National Bank subordinated notes due 2026
 218  226 
3.03% Huntington National Bank subordinated notes due 2029
 153  161 
3.75% Huntington National Bank subordinated notes due 2030
 151  169 
Total notes issued by the bank
 4,923  3,245 
FHLB Advances:
1.04% weighted average rate, varying maturities greater than one year
 211  215 
Other:
Huntington Technology Finance nonrecourse debt, 3.93% weighted average interest rate, varying maturities
 337  287 
2.09% Huntington Preferred Capital II - Class F securities
 —  75 
6.65% Huntington Preferred Capital II - Class G securities (4)
 50  50 
6.77% Huntington Preferred Capital II - Class I securities (5)
 50  50 
6.90% Huntington Preferred Capital II - Class J securities (6)
 75  75 
7.40% Huntington Preferred Capital II - Class L Securities (7)
 60  — 
Total long-term debt $ 9,686  $ 7,108 
(1)Variable effective rate at December 31, 2022, based on three-month LIBOR +0.70%.
(2)Variable effective rate at December 31, 2022, based on three-month LIBOR +0.625%.
(3)Variable effective rate at December 31, 2022, based on three-month LIBOR +1.40%.
(4)Variable effective rate at December 31, 2022, based on three-month LIBOR +1.88%.
(5)Variable effective rate at December 31, 2022, based on three-month LIBOR +2.00%.
(6)Variable effective rate at December 31, 2022, based on three-month SOFR +2.60%.
(7)Variable effective rate at December 31, 2022 based on three-month SOFR +3.10%.
(8)Represents the outstanding amount of debentures issued to each trust and related trust-preferred securities. Refer to Note 21 “Variable Interest Entity” for trust-preferred securities details.
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:
(dollar amounts in millions) 2023 2024 2025 2026 2027 Thereafter Total
The Parent Company:
Senior notes $ —  $ 800  $ 500  $ —  $ —  $ 1,900  $ 3,200 
Subordinated notes 225  —  —  —  70  739  1,034 
The Bank:
Senior notes 724  —  1,900  —  —  1,700  4,324 
Subordinated notes —  —  130  239  —  300  669 
FHLB Advances 1  —  200  —  —  1  202 
Other 85  106  97  137  143  5  573 
Total $ 1,035  $ 906  $ 2,827  $ 376  $ 213  $ 4,645  $ 10,002 
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, 2022, Huntington was in compliance with all such covenants.