Quarterly report pursuant to Section 13 or 15(d)

SHAREHOLDERS' EQUITY

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SHAREHOLDERS' EQUITY
 9 Months Ended
Sep. 30, 2024
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) Issuance Date
Shares Outstanding
 Dividend Rate
Earliest Redemption Date (1)
Carrying Amount
Series At September 30, 2024 At December 31, 2023
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  405 
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  317 
Total 881,587  $ 2,394  $ 2,394 
(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.
On October 15, 2024, all 4,086.75 outstanding shares of Series E Preferred Stock, consisting of 408,675 depositary shares each representing a 1/100th interest in a share of Huntington’s 5.7000% Series E Non-Cumulative Perpetual Preferred Stock, par value $0.01 per share, were redeemed. The depositary shares were redeemed at par plus declared and unpaid dividends of $21.5765 per depositary share (equivalent to $2,157.65 per share of Series E Preferred Stock) for the period beginning on July 15, 2024 to, but not including, October 15, 2024. Effective October 15, 2024, all dividends on the shares of Series E Preferred Stock ceased to accrue.
The following table presents the dividends declared for each series of Preferred shares.
Three Months Ended Nine Months Ended
(amounts in millions, except per share data) September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023
Cash Dividend Declared Per Share Cash Dividend Declared Per Share Cash Dividend Declared Per Share Cash Dividend Declared Per Share
Preferred Series Amount ($) Amount ($) Amount ($) Amount ($)
Series B $ 20.66  $ 1  $ 20.67  $ 1  $ 62.08  $ 2  $ 59.39  $ 2 
Series E 2,157.65  9  2,112.39  11  6,412.62  26  5,572.46  28 
Series F 1,406.25  7  1,406.25  7  4,218.75  21  4,218.75  21 
Series G 1,112.50  6  1,112.50  5  3,337.50  17  3,337.50  17 
Series H 11.25  5  11.25  5  33.75  17  33.75  17 
Series I 356.25  2  356.25  2  1,068.75  7  1,068.75  7 
Series J 17.19  6  17.19  6  51.57  17  41.83  14 
Total $ 36  $ 37  $ 107  $ 106