Quarterly report pursuant to Section 13 or 15(d)

LOANS AND LEASES (Tables)

v3.24.2
LOANS AND LEASES (Tables)
6 Months Ended
Jun. 30, 2024
Receivables [Abstract]  
Loan and Lease Portfolio
The following table provides a detailed listing of Huntington’s loan and lease portfolio.
(dollar amounts in millions) At June 30, 2024 At December 31, 2023
Commercial loan and lease portfolio:
Commercial and industrial $ 52,307  $ 50,657 
Commercial real estate 11,933  12,422 
Lease financing 5,202  5,228 
Total commercial loan and lease portfolio 69,442  68,307 
Consumer loan portfolio:
Residential mortgage 24,069  23,720 
Automobile 13,233  12,482 
Home equity 10,076  10,113 
RV and marine 6,042  5,899 
Other consumer 1,560  1,461 
Total consumer loan portfolio 54,980  53,675 
Total loans and leases (1)(2) 124,422  121,982 
Allowance for loan and lease losses (2,304) (2,255)
Net loans and leases $ 122,118  $ 119,727 
(1)Loans and leases are reported at principal amount outstanding including unamortized purchase premiums and discounts, unearned income, and net direct fees and costs associated with originating and acquiring loans and leases. The aggregate amount of these loan and lease adjustments was a net discount of $354 million and $323 million at June 30, 2024 and December 31, 2023, respectively.
(2)The total amount of accrued interest recorded for these loans and leases at June 30, 2024 was $325 million and $221 million of commercial and consumer loan and lease portfolios, respectively, and at December 31, 2023 was $333 million and $220 million of commercial and consumer loan and lease portfolios, respectively. Accrued interest is presented in accrued income and other receivables within the Unaudited Consolidated Balance Sheets.
Direct Financing Lease, Lease Income
The following table presents net investments in lease financing receivables by category.
(dollar amounts in millions) At June 30, 2024 At December 31, 2023
Lease payments receivable $ 4,976  $ 4,980 
Estimated residual value of leased assets 813  804 
Gross investment in lease financing receivables 5,789  5,784 
Deferred origination costs 54  54 
Deferred fees, unearned income and other (641) (610)
Total lease financing receivables $ 5,202  $ 5,228 
NALs and Past Due Loans
The following table presents NALs by class.
At June 30, 2024 At December 31, 2023
(dollar amounts in millions) Nonaccrual loans and leases with no ACL Total nonaccrual loans and leases Nonaccrual loans and leases with no ACL Total nonaccrual loans and leases
Commercial and industrial $ 68  $ 346  $ 66  $ 344 
Commercial real estate 69  194  64  140 
Lease financing —  13  14 
Residential mortgage —  80  —  72 
Automobile —  — 
Home equity —  95  —  91 
RV and marine —  — 
Total nonaccrual loans and leases $ 137  $ 733  $ 133  $ 667 
Aging analysis of loans and leases
The following tables present an aging analysis of loans and leases, by class.
Past Due (1)  Loans Accounted for Under FVO Total Loans
and Leases
90 or
more days
past due
and accruing
(dollar amounts in millions) 30-59
 Days
60-89
 Days
90 or 
more days
Total Current
At June 30, 2024
Commercial and industrial $ 80  $ 35  $ 141  $ 256  $ 52,051  $ —  $ 52,307  $
(2)
Commercial real estate 10  94  108  11,825  —  11,933  — 
Lease financing 40  12  57  5,145  —  5,202 
Residential mortgage 218  79  187  484  23,410  175  24,069  138  (3)
Automobile 88  20  11  119  13,114  —  13,233 
Home equity 65  29  80  174  9,902  —  10,076  18 
RV and marine 19  28  6,014  —  6,042 
Other consumer 13  22  1,538  —  1,560 
Total loans and leases $ 527  $ 195  $ 526  $ 1,248  $ 122,999  $ 175  $ 124,422  $ 175 
At December 31, 2023
Commercial and industrial $ 90  $ 48  $ 90  $ 228  $ 50,429  $ —  $ 50,657  $
(2)
Commercial real estate 28  20  32  80  12,342  —  12,422  — 
Lease financing 35  15  59  5,169  —  5,228 
Residential mortgage 205  88  193  486  23,060  174  23,720  146  (3)
Automobile 89  23  12  124  12,358  —  12,482 
Home equity 66  32  83  181  9,932  —  10,113  22 
RV and marine 17  26  5,873  —  5,899 
Other consumer 13  21  1,440  —  1,461 
Total loans and leases $ 543  $ 235  $ 427  $ 1,205  $ 120,603  $ 174  $ 121,982  $ 189 
(1)NALs are included in this aging analysis based on the loan’s past due status.
(2)Amounts include SBA loans and leases.
(3)Amounts include mortgage loans insured by U.S. government agencies.
Loan and lease balances by credit quality indicator
The following tables present the amortized cost basis of loans and leases by vintage and credit quality indicator.
At June 30, 2024
Term Loans Amortized Cost Basis by Origination Year Revolver Total at Amortized Cost Basis Revolver Total Converted to Term Loans
(dollar amounts in millions) 2024 2023 2022 2021 2020 Prior Total
Commercial and industrial
Credit Quality Indicator (1):
Pass $ 8,164  $ 10,077  $ 7,883  $ 2,992  $ 1,870  $ 2,137  $ 15,943  $ $ 49,071 
OLEM 66  242  123  53  17  30  259  —  790 
Substandard 205  372  495  176  101  197  900  —  2,446 
Total Commercial and industrial $ 8,435  $ 10,691  $ 8,501  $ 3,221  $ 1,988  $ 2,364  $ 17,102  $ $ 52,307 
Commercial real estate
Credit Quality Indicator (1):
Pass $ 625  $ 1,246  $ 3,119  $ 1,490  $ 1,058  $ 2,134  $ 531  $ —  $ 10,203 
OLEM 25  25  387  173  81  60  —  752 
Substandard 126  174  249  174  23  217  15  —  978 
Total Commercial real estate $ 776  $ 1,445  $ 3,755  $ 1,837  $ 1,082  $ 2,432  $ 606  $ —  $ 11,933 
Lease financing
Credit Quality Indicator (1):
Pass $ 851  $ 1,804  $ 1,072  $ 674  $ 449  $ 221  $ —  $ —  $ 5,071 
OLEM 14  16  —  —  49 
Substandard 17  34  12  11  —  —  82 
Total Lease financing $ 853  $ 1,835  $ 1,122  $ 689  $ 462  $ 241  $ —  $ —  $ 5,202 
Residential mortgage
Credit Quality Indicator (2):
750+ $ 802  $ 2,379  $ 4,048  $ 5,872  $ 3,167  $ 2,771  $ —  $ —  $ 19,039 
650-749 343  651  809  840  462  855  —  —  3,960 
<650 21  43  98  102  64  567  —  —  895 
Total Residential mortgage
$ 1,166  $ 3,073  $ 4,955  $ 6,814  $ 3,693  $ 4,193  $ —  $ —  $ 23,894 
Automobile
Credit Quality Indicator (2):
750+ $ 2,155  $ 1,997  $ 1,683  $ 1,230  $ 532  $ 246  $ —  $ —  $ 7,843 
650-749 1,078  1,302  947  639  246  117  —  —  4,329 
<650 114  259  279  245  99  65  —  —  1,061 
Total Automobile
$ 3,347  $ 3,558  $ 2,909  $ 2,114  $ 877  $ 428  $ —  $ —  $ 13,233 
Home equity
Credit Quality Indicator (2):
750+ $ 99  $ 376  $ 405  $ 483  $ 502  $ 228  $ 4,487  $ 227  $ 6,807 
650-749 41  102  86  54  48  89  2,019  223  2,662 
<650 43  409  131  607 
Total Home equity $ 141  $ 483  $ 500  $ 542  $ 554  $ 360  $ 6,915  $ 581  $ 10,076 
RV and marine
Credit Quality Indicator (2):
750+ $ 605  $ 1,010  $ 897  $ 784  $ 529  $ 799  $ —  $ —  $ 4,624 
650-749 117  317  216  224  136  258  —  —  1,268 
<650 16  20  32  22  59  —  —  150 
Total RV and marine $ 723  $ 1,343  $ 1,133  $ 1,040  $ 687  $ 1,116  $ —  $ —  $ 6,042 
Other consumer
Credit Quality Indicator (2):
750+ $ 160  $ 126  $ 65  $ 30  $ 14  $ 54  $ 435  $ —  $ 884 
650-749 66  72  30  12  12  393  11  599 
<650 41  14  77 
Total Other consumer $ 228  $ 207  $ 101  $ 44  $ 18  $ 68  $ 869  $ 25  $ 1,560 
At December 31, 2023
Term Loans Amortized Cost Basis by Origination Year Revolver Total at Amortized Cost Basis Revolver Total Converted to Term Loans
(dollar amounts in millions) 2023 2022 2021 2020 2019 Prior Total
Commercial and industrial
Credit Quality Indicator (1):
Pass $ 14,677  $ 9,889  $ 3,673  $ 2,151  $ 1,187  $ 1,431  $ 14,563  $ $ 47,574 
OLEM 213  239  64  20  12  20  462  —  1,030 
Substandard 393  305  188  150  83  184  750  —  2,053 
Total Commercial and industrial $ 15,283  $ 10,433  $ 3,925  $ 2,321  $ 1,282  $ 1,635  $ 15,775  $ $ 50,657 
Commercial real estate
Credit Quality Indicator (1):
Pass $ 1,395  $ 3,253  $ 1,774  $ 1,063  $ 1,152  $ 1,288  $ 585  $ —  $ 10,510 
OLEM 163  406  112  65  32  54  60  —  892 
Substandard 164  404  176  10  137  114  15  —  1,020 
Total Commercial real estate $ 1,722  $ 4,063  $ 2,062  $ 1,138  $ 1,321  $ 1,456  $ 660  $ —  $ 12,422 
Lease financing
Credit Quality Indicator (1):
Pass $ 1,973  $ 1,284  $ 828  $ 583  $ 243  $ 106  $ —  $ —  $ 5,017 
OLEM 16  22  —  —  60 
Substandard 20  66  31  16  13  —  —  151 
Total Lease financing $ 2,009  $ 1,372  $ 865  $ 604  $ 258  $ 120  $ —  $ —  $ 5,228 
Residential mortgage
Credit Quality Indicator (2):
750+ $ 2,077  $ 3,963  $ 6,028  $ 3,292  $ 749  $ 2,191  $ —  $ —  $ 18,300 
650-749 950  1,024  964  510  186  775  —  —  4,409 
<650 24  79  82  64  85  503  —  —  837 
Total Residential mortgage $ 3,051  $ 5,066  $ 7,074  $ 3,866  $ 1,020  $ 3,469  $ —  $ —  $ 23,546 
Automobile
Credit Quality Indicator (2):
750+ $ 2,624  $ 1,964  $ 1,525  $ 740  $ 367  $ 85  $ —  $ —  $ 7,305 
650-749 1,438  1,305  907  370  168  53  —  —  4,241 
<650 170  281  266  118  64  37  —  —  936 
Total Automobile $ 4,232  $ 3,550  $ 2,698  $ 1,228  $ 599  $ 175  $ —  $ —  $ 12,482 
Home equity
Credit Quality Indicator (2):
750+ $ 381  $ 429  $ 512  $ 534  $ 17  $ 244  $ 4,454  $ 233  $ 6,804 
650-749 136  100  65  57  101  2,083  230  2,779 
<650 43  344  127  530 
Total Home equity $ 519  $ 535  $ 580  $ 594  $ 26  $ 388  $ 6,881  $ 590  $ 10,113 
RV and marine
Credit Quality Indicator (2):
750+ $ 1,206  $ 971  $ 867  $ 588  $ 295  $ 612  $ —  $ —  $ 4,539 
650-749 289  248  252  158  91  210  —  —  1,248 
<650 12  21  18  14  43  —  —  112 
Total RV and marine $ 1,499  $ 1,231  $ 1,140  $ 764  $ 400  $ 865  $ —  $ —  $ 5,899 
Other consumer
Credit Quality Indicator (2):
750+ $ 186  $ 80  $ 39  $ 19  $ 17  $ 48  $ 424  $ $ 816 
650-749 98  43  17  12  383  13  577 
<650 39  14  68 
Total Other consumer $ 288  $ 128  $ 59  $ 26  $ 23  $ 61  $ 846  $ 30  $ 1,461 
(1)Consistent with the credit quality disclosures, indicators for the Commercial portfolio are based on internally defined categories of credit grades.
(2)Consistent with the credit quality disclosures, indicators for the Consumer portfolio are based on updated customer credit scores refreshed at least quarterly.
The following tables present the gross charge-offs of loans and leases by vintage.
Term Loans Gross Charge-offs by Origination Year
Revolver Gross Charge-offs
Revolver Converted to Term Loans Gross Charge-offs
(dollar amounts in millions) 2024 2023 2022 2021 2020 Prior Total
Three months ended June 30, 2024
Commercial and industrial $ —  $ $ 19  $ $ —  $ $ 10  $ —  $ 43 
Commercial real estate 21  —  18  —  —  50 
Lease financing
—  —  —  —  —  — 
Residential mortgage —  —  —  —  —  —  — 
Automobile —  —  —  14 
Home equity —  —  —  —  —  — 
RV and marine —  —  —  — 
Other consumer —  27 
Total $ 11  $ 17  $ 49  $ 14  $ $ 30  $ 11  $ 10  $ 145 
Six months ended June 30, 2024
Commercial and industrial $ —  $ 10  $ 30  $ 22  $ 11  $ $ 20  $ $ 98 
Commercial real estate
30  —  24  —  —  67 
Lease financing
—  —  —  — 
Residential mortgage —  —  —  —  —  —  — 
Automobile
—  —  —  29 
Home equity —  —  —  —  —  — 
RV and marine —  —  —  14 
Other consumer 13  —  18  55 
Total $ 12  $ 35  $ 80  $ 39  $ 18  $ 46  $ 21  $ 22  $ 273 
Term Loans Gross Charge-offs by Origination Year
Revolver Gross Charge-offs Revolver Converted to Term Loans Gross Charge-offs
(dollar amounts in millions) 2023 2022 2021 2020 2019
Prior
Total
Three months ended June 30, 2023
Commercial and industrial $ $ $ 14  $ —  $ $ 10  $ —  $ $ 38 
Commercial real estate —  —  —  —  —  13 
Lease Financing —  —  —  —  —  — 
Residential mortgage —  —  —  —  —  —  — 
Automobile —  —  —  —  11 
Home equity —  —  —  —  —  — 
RV and marine —  —  —  —  —  — 
Other consumer —  21 
Total $ $ 17  $ 22  $ $ 17  $ 21  $ —  $ $ 92 
Six months ended June 30, 2023
Commercial and industrial $ $ 18  $ 17  $ $ 12  $ 10  $ $ $ 70 
Commercial real estate
—  19  —  —  —  32 
Lease financing
—  —  —  —  — 
Residential mortgage
—  —  —  —  —  — 
Automobile
—  —  —  23 
Home equity
—  —  —  —  — 
RV and marine —  —  — 
Other consumer 13  —  13  48 
Total $ $ 42  $ 55  $ 14  $ 24  $ 30  $ $ 16  $ 191 
Summary of modifications
The following table summarizes the amortized cost basis of loans modified during the reporting period to borrowers experiencing financial difficulty, disaggregated by class of financing receivable and type of modification.
Amortized Cost
(dollar amounts in millions) Interest rate reduction Term extension Payment deferral Combo - interest rate reduction and term extension Total % of total loan class (1)
Three months ended June 30, 2024
Commercial and industrial $ 34  $ 116  $ —  $ 41  $ 191  0.37  %
Commercial real estate —  184  —  14  198  1.66 
Residential mortgage —  15  17  0.07 
Automobile —  —  —  0.03 
Home equity —  —  0.04 
Other consumer —  —  —  0.06 
Total loans to borrowers experiencing financial difficulty in which modifications were made $ 35  $ 321  $ $ 58  $ 415  0.33  %
Three months ended June 30, 2023
Commercial and industrial $ —  $ 138  $ —  $ —  $ 138  0.28  %
Commercial real estate —  134  —  —  134  1.02 
Residential mortgage —  12  15  0.06 
Automobile
—  —  0.04 
Home equity —  —  0.04 
Other consumer —  —  —  0.07 
Total loans to borrowers experiencing financial difficulty in which modifications were made $ $ 289  $ $ $ 297  0.26  %
Six months ended June 30, 2024
Commercial and industrial $ 84  $ 144  $ —  $ 42  $ 270  0.52  %
Commercial real estate —  198  —  14  212  1.78 
Residential mortgage
—  23  28  0.12 
Automobile —  —  0.06 
Home equity —  —  0.09 
Other consumer —  —  —  0.06 
Total loans to borrowers experiencing financial difficulty in which modifications were made $ 85  $ 375  $ $ 64  $ 528  0.42  %
Six months ended June 30, 2023
Commercial and industrial $ 35  $ 198  $ —  $ $ 236  0.47  %
Commercial real estate —  148  —  —  148  1.12 
Residential mortgage
—  35  39  0.17 
Automobile
—  —  0.06 
Home equity —  —  0.06 
RV and marine —  —  —  0.02 
Other consumer —  —  —  0.07 
Total loans to borrowers experiencing financial difficulty in which modifications were made $ 36  $ 390  $ $ 11  $ 439  0.38  %
(1)Represents the amortized cost of loans modified during the reporting period as a percentage of the period-end loan balance by class.
The following table describes the financial effect of the modification made to borrowers experiencing financial difficulty.
Interest Rate Reduction (1)
Term Extension (1)
Weighted-average contractual interest rate Weighted-average years added to the life
From To
Three months ended June 30, 2024
Commercial and industrial 8.46  % 8.21  % 0.7
Commercial real estate 7.98  % 7.85  % 0.4
Residential mortgage 7.4
Three months ended June 30, 2023
Commercial and industrial 0.7
Commercial real estate 0.5
Residential mortgage 8.8
Six months ended June 30, 2024
Commercial and industrial 8.40  % 7.57  % 0.8
Commercial real estate 7.98  % 7.85  % 0.4
Residential mortgage 7.6
Automobile 1.6
Home equity 9.28  % 6.69  % 12.9
Six months ended June 30, 2023
Commercial and industrial 7.68  % 6.94  % 0.9
Commercial real estate 0.5
Residential mortgage 7.2
Automobile 2.0
Home equity 8.37  % 5.86  % 15.5
(1)     Certain disclosures related to financial effects of modifications do not include those deemed to be immaterial.
The following table depicts the performance of loans that have been modified during the identified period.
Past Due
(dollar amounts in millions) 30-59
 Days
60-89
 Days
90 or 
more days
Total Current Total
At June 30, 2024
Commercial and industrial $ 16  $ $ $ 24  $ 396  $ 420 
Commercial real estate —  —  244  248 
Residential mortgage 23  29  52 
Automobile —  12  15 
Home equity 11  15 
RV and marine —  —  —  — 
Other consumer —  —  —  — 
Total loans to borrowers experiencing financial difficulty in which modifications were made in the twelve months ended June 30, 2024
$ 28  $ $ 21  $ 58  $ 695  $ 753 
At June 30, 2023 (1)
Commercial and industrial $ $ $ —  $ $ 234  $ 236 
Commercial real estate —  —  —  —  148  148 
Residential mortgage 14  25  39 
Automobile —  — 
Home equity —  — 
RV and marine —  —  —  — 
Other consumer
—  —  —  — 
Total loans to borrowers experiencing financial difficulty in which modifications were made in the six months ended June 30, 2023 (1)
$ 10  $ $ $ 18  $ 421  $ 439 
(1)     Huntington adopted ASU 2022-02 - Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures effective January 1, 2023, therefore, the June 30, 2023 presentation only includes loans since guidance became effective.