Annual report pursuant to Section 13 and 15(d)

SHAREHOLDERS' EQUITY

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SHAREHOLDERS' EQUITY
 12 Months Ended
Dec. 31, 2023
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 Optional Redemption Date (1) December 31, 2023 December 31, 2022
Series B (2) 12/28/2011 35,500  Variable (3) 1/15/2017 $ 23  $ 23 
Series E (4) 2/27/2018 4,087  Variable (5) 4/15/2023 405  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 881,587  $ 2,394  $ 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-month 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-month LIBOR + 288 bps.
(6)Series I preferred stock has a liquidation value and redemption price per share of $25,000, plus any declared and unpaid dividends.
The following table presents the dividends declared for each series of Preferred shares.
Year Ended December 31,
2023 2022 2021
(amounts in millions, except per share data) Cash Dividend Declared Per Share Cash Dividend Declared Per Share Cash Dividend Declared Per Share
Preferred Series Amount ($) Amount ($) Amount ($)
Series B $ 80.28  $ (3) $ 46.68  $ (2) $ 28.69  $ (1)
Series C —  —  —  —  44.07  (4)
Series D —  —  —  —  31.25  (18)
Series E 7,753.75  (37) 5,700.00  (29) 5,700.00  (29)
Series F 5,625.00  (28) 5,625.00  (28) 5,625.00  (28)
Series G 4,450.00  (22) 4,450.00  (22) 4,450.00  (23)
Series H 45.00  (23) 45.00  (22) 42.00  (21)
Series I 1,425.00  (10) 1,425.00  (10) 1,068.75  (7)
Series J 59.02  (19) —  —  —  — 
Total $ (142) $ (113) $ (131)
During the fourth quarter of 2023, $90 million of outstanding Series E Non-Cumulative Perpetual Preferred Stock, par value $0.01 per share, was repurchased.
On October 15, 2021, all $100 million of outstanding Series C Non-Cumulative Perpetual Preferred Stock, par value $0.01 per share, was redeemed.
On July 15, 2021, all $600 million of outstanding Series D Non-Cumulative Perpetual Preferred Stock, par value $0.01 per share, was redeemed.