Quarterly report pursuant to Section 13 or 15(d)

SHAREHOLDERS' EQUITY (Tables)

v3.23.3
SHAREHOLDERS' EQUITY (Tables)
 9 Months Ended
Sep. 30, 2023
Equity [Abstract]  
Schedule of 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)
 At September 30, 2023 At December 31, 2022
Series B (2) 12/28/2011 35,500  Variable (3) 1/15/2017 $ 23  $ 23 
Series E (4) 2/27/2018 5,000  Variable (5) 4/15/2023 495  495 
Series F (4) 5/27/2020 5,000  5.625  7/15/2030 494  494 
Series G (4) 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 (6) 6/9/2021 7,000  5.70  12/01/2022 175  175 
Series J (2) 3/6/2023 325,000  6.875  4/15/2028 317  — 
Total 882,500  $ 2,484  $ 2,167 
(1)     Redeemable at Huntington’s option on the date stated or on a quarterly basis thereafter.
(2)     Series B, H, and J preferred stock have a liquidation value and redemption price per share of $1,000, plus any declared and unpaid dividends.
(3)    Series B dividend rate converted to 3-month CME Term SOFR + 26 bps LIBOR spread adjustment + 270 bps effective July 15, 2023. Prior to July 15, 2023, the dividend rate was 3-mo. LIBOR + 270 bps.
(4)     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.
(5)    Series E dividend rate converted to 3-month CME Term SOFR + 26 bps LIBOR spread adjustment + 288 bps effective July 15, 2023. Prior to July 15, 2023, the dividend rate was 3-mo. LIBOR +288 bps.
(6)     Series I preferred stock has a liquidation value and redemption price per share of $25,000, plus any declared and unpaid dividends.
The following table presents the dividends declared for each series of Preferred shares for the three-month and nine-month periods ended September 30, 2023 and 2022:
Three months ended September 30, Nine months ended September 30,
(amounts in millions, except per share data) 2023 2022 2023 2022
Cash Dividend Declared Per Share Cash Dividend Declared Per Share Cash Dividend Declared Per Share Cash Dividend Declared Per Share
Preferred Series Amount ($) Amount ($) Amount ($) Amount ($)
Series B $ 20.67  $ (1) $ 16.95  $ —  $ 59.39  $ (2) $ 39.34  $ — 
Series E 2,112.39  (11) 1,425.00  (7) 5,572.46  (28) 4,275.00  (21)
Series F 1,406.25  (7) 1,406.25  (7) 4,218.75  (21) 4,218.75  (21)
Series G 1,112.50  (5) 1,112.50  (6) 3,337.50  (17) 3,337.50  (18)
Series H 11.25  (5) 11.25  (6) 33.75  (17) 33.75  (18)
Series I 356.25  (2) 356.25  (3) 1,068.75  (7) 1,068.75  (7)
Series J 17.19  (6) —  —  41.83  (14) —  — 
Total $ (37) $ (29) $ (106) $ (85)