Annual report pursuant to Section 13 and 15(d)

BORROWINGS

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BORROWINGS
 12 Months Ended
Dec. 31, 2023
Debt Disclosure [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) 2023 2022
Federal funds purchased and securities sold under agreements to repurchase $ 618  $ 253 
FHLB advances —  1,700 
Other borrowings 2  74 
Total short-term borrowings $ 620  $ 2,027 
As of December 31, 2023, the carrying value of assets pledged as collateral against repurchase agreements totaled $840 million. Assets pledged as collateral are reported in available-for-sale securities and held-to-maturity securities on the Consolidated Balance Sheets. The repurchase agreements have maturities within 60 days. No amounts have been offset against the agreements.
Huntington’s long-term debt consisted of the following:
  At December 31,
(dollar amounts in millions) 2023 2022
The Parent Company:
Senior Notes:
2.67% Huntington Bancshares Incorporated senior notes due 2024
 $ 719  $ 762 
4.05% Huntington Bancshares Incorporated senior notes due 2025
 457  481 
4.51% Huntington Bancshares Incorporated senior notes due 2028
 716  704 
6.29% Huntington Bancshares Incorporated senior notes due 2029
 1,266  — 
2.60% Huntington Bancshares Incorporated senior notes due 2030
 692  679 
5.08% Huntington Bancshares Incorporated senior notes due 2033
 383  379 
Subordinated Notes:
3.55% Huntington Bancshares Incorporated subordinated notes due 2023
 —  225 
Huntington Capital I Trust Preferred 6.34% junior subordinated debentures due 2027 (1) (7)
 69  69 
Huntington Capital II Trust Preferred 6.27% junior subordinated debentures due 2028 (2) (7)
 32  32 
Sky Financial Capital Trust III 7.04% junior subordinated debentures due 2036 (3) (7)
 72  72 
Sky Financial Capital Trust IV 7.04% junior subordinated debentures due 2036 (3) (7)
 74  74 
2.49% Huntington Bancshares Incorporated subordinated notes due 2036
 1  1 
2.53% Huntington Bancshares Incorporated subordinated notes due 2036
 512  502 
Total notes issued by the parent 4,993  3,980 
The Bank:
Senior Notes:
3.60% Huntington National Bank senior notes due 2023
—  735 
6.66% Huntington National Bank senior notes due 2025
 278  299 
4.11% Huntington National Bank senior notes due 2025
 467  486 
5.81% Huntington National Bank senior notes due 2025
 1,060  1,094 
4.55% Huntington National Bank senior notes due 2028
 776  766 
5.76% Huntington National Bank senior notes due 2030
 899  892 
Subordinated Notes:
0.96% Huntington National Bank subordinated notes due 2025
 129  129 
3.86% Huntington National Bank subordinated notes due 2026
 223  218 
3.03% Huntington National Bank subordinated notes due 2029
 156  153 
3.75% Huntington National Bank subordinated notes due 2030
 154  151 
Total notes issued by the bank 4,142  4,923 
FHLB Advances:
4.21% weighted average rate, varying maturities greater than one year
 2,731  211 
Other:
Huntington Technology Finance nonrecourse debt, 5.38% weighted average interest rate, varying maturities
 343  337 
6.65% Huntington Preferred Capital II - Class G securities
 —  50 
7.64% Huntington Preferred Capital II - Class I securities (4)
 50  50 
8.24% Huntington Preferred Capital II - Class J securities (5)
 75  75 
8.74% Huntington Preferred Capital II - Class L securities (6)
 60  60 
Total long-term debt $ 12,394  $ 9,686 
(1)Variable effective rate at December 31, 2023, based on three-month SOFR +0.96%.
(2)Variable effective rate at December 31, 2023, based on three-month SOFR +0.866%.
(3)Variable effective rate at December 31, 2023, based on three-month SOFR +1.66%.
(4)Variable effective rate at December 31, 2023, based on three-month SOFR +2.00%.
(5)Variable effective rate at December 31, 2023, based on three-month SOFR +2.60%.
(6)Variable effective rate at December 31, 2023, based on three-month SOFR +3.10%.
(7)Represents the outstanding amount of debentures issued to each trust and related trust-preferred securities. Refer to Note 21 - “Variable Interest Entities” 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.
During the 2023 third quarter, Huntington issued $1.3 billion of fixed-to-floating senior notes. The fixed-to-floating senior notes are due August 21, 2029 and bear an initial fixed interest rate of 6.208%. Commencing August 21, 2028, the interest rate will reset to a floating rate equal to a benchmark rate based on the Compounded SOFR Index Rate plus 202 basis points.
On January 26, 2024, Huntington issued $1.3 billion of fixed-to-floating senior notes. The fixed-to-floating senior notes are due February 2, 2035 and bear an initial fixed interest rate of 5.709%. Commencing February 2, 2034, the interest rate will reset to a floating rate equal to a benchmark rate based on the Compounded SOFR Index Rate plus 187 basis points.
Long-term debt maturities, based upon the par values of the long-term debt, for the next five years and thereafter are as follows:
(dollar amounts in millions) 2024 2025 2026 2027 2028 Thereafter Total
The Parent Company:
Senior notes $ 734  $ 468  $ —  $ —  $ 750  $ 2,400  $ 4,352 
Subordinated notes —  —  —  70  32  707  809 
The Bank:
Senior notes —  1,817  —  —  800  900  3,517 
Subordinated notes —  130  239  —  —  300  669 
FHLB Advances —  200  1,500  500  500  1  2,701 
Other 70  75  151  125  106  1  528 
Total $ 804  $ 2,690  $ 1,890  $ 695  $ 2,188  $ 4,309  $ 12,576 
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, 2023, Huntington was in compliance with all such covenants.