Annual report pursuant to Section 13 and 15(d)

BORROWINGS (Tables)

v3.24.0.1
BORROWINGS (Tables)
 12 Months Ended
Dec. 31, 2023
Debt Disclosure [Abstract]  
Schedule of Short-term Debt
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 
Schedule of Long-Term Debt
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.
Schedule of Maturities of Long-term Debt
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