| SHAREHOLDERS' EQUITY Preferred Stock
The following is a summary of Huntington’s non-cumulative, non-voting, perpetual preferred stock outstanding.
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| (dollar amounts in millions) |
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Issuance Date |
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Shares Outstanding |
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Dividend Rate |
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Earliest Redemption Date (1) |
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Carrying Amount |
| Series |
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At June 30, 2024 |
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At December 31, 2023 |
| Series B (2) |
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12/28/2011 |
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35,500 |
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Variable (3) |
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1/15/2017 |
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$ |
23 |
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$ |
23 |
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| Series E (4) |
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2/27/2018 |
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4,087 |
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Variable (5) |
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4/15/2023 |
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405 |
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405 |
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| Series F (4) |
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5/27/2020 |
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5,000 |
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5.625 |
% |
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7/15/2030 |
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494 |
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494 |
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| Series G (4) |
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8/3/2020 |
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5,000 |
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4.45 |
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10/15/2027 |
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494 |
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494 |
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| Series H (2) |
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2/2/2021 |
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500,000 |
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4.50 |
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4/15/2026 |
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486 |
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486 |
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| Series I (6) |
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6/9/2021 |
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7,000 |
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5.70 |
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12/01/2022 |
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175 |
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175 |
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| Series J (2) |
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3/6/2023 |
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325,000 |
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6.875 |
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4/15/2028 |
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317 |
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317 |
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| Total |
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881,587 |
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$ |
2,394 |
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$ |
2,394 |
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(1) Redeemable at Huntington’s option on the date stated or on a quarterly basis thereafter.
(2) Liquidation value and redemption price per share of $1,000, plus any declared and unpaid dividends.
(3) Dividend rate converted to 3-month CME Term SOFR + 26 bps spread adjustment + 270 bps effective July 15, 2023. Prior to July 15, 2023, the dividend rate was 3-mo. LIBOR + 270 bps.
(4) Liquidation value and redemption price per share of $100,000, plus any declared and unpaid dividends.
(5) Dividend rate converted to 3-month CME Term SOFR + 26 bps spread adjustment + 288 bps effective July 15, 2023. Prior to July 15, 2023, the dividend rate was 3-mo. LIBOR +288 bps.
(6) Liquidation value and redemption price per share of $25,000, plus any declared and unpaid dividends.
The following table presents the dividends declared for each series of Preferred shares.
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Three Months Ended |
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Six Months Ended |
| (amounts in millions, except per share data) |
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June 30, 2024 |
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June 30, 2023 |
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June 30, 2024 |
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June 30, 2023 |
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Cash Dividend Declared Per Share |
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Cash Dividend Declared Per Share |
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Cash Dividend Declared Per Share |
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Cash Dividend Declared Per Share |
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| Preferred Series |
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Amount ($) |
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Amount ($) |
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Amount ($) |
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Amount ($) |
| Series B |
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$ |
20.73 |
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$ |
— |
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$ |
19.90 |
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$ |
— |
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$ |
41.42 |
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$ |
1 |
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$ |
38.72 |
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$ |
1 |
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| Series E |
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2,141.07 |
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9 |
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2,035.07 |
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10 |
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4,254.97 |
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17 |
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3,460.07 |
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17 |
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| Series F |
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1,406.25 |
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7 |
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1,406.25 |
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7 |
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2,812.50 |
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14 |
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2,812.50 |
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14 |
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| Series G |
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1,112.50 |
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5 |
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1,112.50 |
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6 |
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2,225.00 |
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11 |
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2,225.00 |
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12 |
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| Series H |
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11.25 |
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6 |
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11.25 |
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6 |
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22.50 |
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12 |
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22.50 |
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12 |
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| Series I |
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356.25 |
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3 |
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356.25 |
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3 |
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712.50 |
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5 |
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712.50 |
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5 |
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| Series J |
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17.19 |
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5 |
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24.64 |
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8 |
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34.38 |
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11 |
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24.64 |
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8 |
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| Total |
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$ |
35 |
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$ |
40 |
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$ |
71 |
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$ |
69 |
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