| OTHER COMPREHENSIVE INCOME |
OTHER COMPREHENSIVE INCOME The components of Huntington’s OCI were as follows:
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| (dollar amounts in millions) |
Pretax |
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Tax (expense) benefit |
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After-tax |
| Three months ended June 30, 2024 |
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| Unrealized losses on available-for-sale securities arising during the period, net of hedges |
$ |
(93) |
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$ |
21 |
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$ |
(72) |
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| Reclassification adjustment for realized net losses included in net income |
2 |
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— |
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|
2 |
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| Total unrealized losses on available-for-sale securities, net of hedges |
(91) |
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21 |
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|
(70) |
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| Unrealized losses on cash flow hedges during the period |
(20) |
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5 |
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(15) |
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| Reclassification adjustment for cash flow hedges included in net income |
68 |
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(16) |
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52 |
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| Net change related to cash flow hedges on loans |
48 |
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(11) |
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37 |
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| Change in accumulated unrealized gains for pension and other post-retirement obligations |
1 |
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— |
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1 |
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| Other comprehensive loss |
$ |
(42) |
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$ |
10 |
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$ |
(32) |
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| Three months ended June 30, 2023 |
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| Unrealized losses on available-for-sale securities arising during the period, net of hedges |
$ |
(143) |
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$ |
33 |
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$ |
(110) |
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| Reclassification adjustment for realized net losses included in net income |
35 |
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|
(8) |
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27 |
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| Total unrealized losses on available-for-sale securities, net of hedges |
(108) |
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25 |
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(83) |
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| Unrealized losses on cash flow hedges during the period |
(266) |
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65 |
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(201) |
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| Reclassification adjustment for cash flow hedges included in net income |
34 |
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(2) |
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32 |
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| Net change related to cash flow hedges on loans |
(232) |
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63 |
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(169) |
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| Translation adjustments, net of hedges (1) |
1 |
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— |
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1 |
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| Other comprehensive loss |
$ |
(339) |
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$ |
88 |
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$ |
(251) |
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| Six months ended June 30, 2024 |
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| Unrealized losses on available-for-sale securities arising during the period, net of hedges |
$ |
(263) |
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$ |
61 |
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$ |
(202) |
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| Reclassification adjustment for realized net losses included in net income |
5 |
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|
(1) |
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4 |
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| Total unrealized losses on available-for-sale securities, net of hedges |
(258) |
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60 |
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(198) |
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| Unrealized losses on cash flow hedges during the period |
(181) |
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42 |
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(139) |
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| Reclassification adjustment for cash flow hedges included in net income |
135 |
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(32) |
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|
103 |
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| Net change related to cash flow hedges on loans |
(46) |
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10 |
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|
(36) |
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| Translation adjustments, net of hedges (1) |
(2) |
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— |
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|
(2) |
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| Change in accumulated unrealized gains for pension and other post-retirement obligations |
1 |
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— |
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|
1 |
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| Other comprehensive loss |
$ |
(305) |
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$ |
70 |
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$ |
(235) |
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| Six months ended June 30, 2023 |
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| Unrealized gains on available-for-sale securities arising during the period, net of hedges |
$ |
54 |
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$ |
(12) |
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$ |
42 |
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| Reclassification adjustment for realized net losses included in net income |
38 |
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|
(9) |
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29 |
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| Total unrealized gains on available-for-sale securities |
92 |
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(21) |
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71 |
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| Unrealized losses on cash flow hedges during the period |
(35) |
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12 |
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(23) |
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| Reclassification adjustment for cash flow hedges included in net income |
46 |
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(3) |
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43 |
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| Net change related to cash flow hedges on loans |
11 |
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9 |
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20 |
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| Translation adjustments, net of hedges (1) |
1 |
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— |
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1 |
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| Other comprehensive income |
$ |
104 |
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$ |
(12) |
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$ |
92 |
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(1)Foreign investments are deemed to be permanent in nature and, therefore, Huntington does not provide for taxes on foreign currency translation adjustments.
Activity in accumulated OCI was as follows:
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| (dollar amounts in millions) |
Unrealized gains (losses) on available-for-sale securities, net of hedges (1) |
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Net change related to cash flow hedges on loans |
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|
Translation adjustments, net of hedges |
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Unrealized losses for pension and other post-retirement obligations |
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Total |
| Three months ended June 30, 2024 |
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| Balance, beginning of period |
$ |
(2,222) |
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$ |
(436) |
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$ |
(8) |
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$ |
(213) |
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$ |
(2,879) |
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| Other comprehensive loss before reclassifications |
(72) |
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|
(15) |
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— |
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— |
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|
(87) |
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| Amounts reclassified from accumulated OCI to earnings |
2 |
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|
52 |
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— |
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1 |
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|
55 |
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| Period change |
(70) |
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37 |
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— |
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1 |
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(32) |
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| Balance, end of period |
$ |
(2,292) |
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$ |
(399) |
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$ |
(8) |
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$ |
(212) |
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$ |
(2,911) |
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| Three months ended June 30, 2023 |
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| Balance, beginning of period |
$ |
(2,094) |
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$ |
(443) |
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$ |
(8) |
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$ |
(210) |
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$ |
(2,755) |
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| Other comprehensive income (loss) before reclassifications |
(110) |
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|
(201) |
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|
1 |
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— |
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|
(310) |
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| Amounts reclassified from accumulated OCI to earnings |
27 |
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|
32 |
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— |
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— |
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|
59 |
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| Period change |
(83) |
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|
(169) |
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|
1 |
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— |
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|
(251) |
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| Balance, end of period |
$ |
(2,177) |
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$ |
(612) |
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$ |
(7) |
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$ |
(210) |
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$ |
(3,006) |
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| Six months ended June 30, 2024 |
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| Balance, beginning of period |
$ |
(2,094) |
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$ |
(363) |
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$ |
(6) |
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$ |
(213) |
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$ |
(2,676) |
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| Other comprehensive loss before reclassifications |
(202) |
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|
(139) |
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|
(2) |
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— |
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|
(343) |
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| Amounts reclassified from accumulated OCI to earnings |
4 |
|
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|
103 |
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|
— |
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|
1 |
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|
108 |
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| Period change |
(198) |
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|
(36) |
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|
(2) |
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1 |
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(235) |
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| Balance, end of period |
$ |
(2,292) |
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$ |
(399) |
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$ |
(8) |
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$ |
(212) |
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$ |
(2,911) |
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| Six months ended June 30, 2023 |
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| Balance, beginning of period |
$ |
(2,248) |
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$ |
(632) |
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$ |
(8) |
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$ |
(210) |
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$ |
(3,098) |
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| Other comprehensive income (loss) before reclassifications |
42 |
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|
(23) |
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|
1 |
|
|
— |
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|
20 |
|
| Amounts reclassified from accumulated OCI to earnings |
29 |
|
|
|
|
43 |
|
|
|
|
|
|
— |
|
|
— |
|
|
72 |
|
| Period change |
71 |
|
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|
20 |
|
|
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|
1 |
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|
— |
|
|
92 |
|
| Balance, end of period |
$ |
(2,177) |
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|
$ |
(612) |
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|
$ |
(7) |
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$ |
(210) |
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$ |
(3,006) |
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(1)AOCI amounts at June 30, 2024 and June 30, 2023 include $54 million and $62 million, respectively, of net unrealized losses (after-tax) on securities transferred from the available-for-sale securities portfolio to the held-to-maturity securities portfolio. The net unrealized losses will be recognized in earnings over the remaining life of the security using the effective interest method.
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