Annual report pursuant to Section 13 and 15(d)

SHAREHOLDERS' EQUITY

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SHAREHOLDERS' EQUITY
 12 Months Ended
Dec. 31, 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) Carrying Amount
Series Issuance Date Shares Outstanding Dividend Rate Earliest Optional Redemption Date (1) December 31, 2024 December 31, 2023
Series B (2) 12/28/2011 35,500  Variable (3) 1/15/2017 $ 23  $ 23 
Series E (4) 2/27/2018 —  Variable (5) 4/15/2023 —  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 877,500  $ 1,989  $ 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 LIBOR spread adjustment + 270 bps effective July 15, 2023. Prior to July 15, 2023, the dividend rate was 3-month 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 LIBOR spread adjustment + 288 bps effective July 15, 2023. Prior to July 15, 2023, the dividend rate was 3-month LIBOR + 288 bps.
(6)Liquidation value and redemption price per share of $25,000, plus any declared and unpaid dividends.
The following table presents the dividends declared for each series of Preferred shares.
Year Ended December 31,
2024 2023 2022
(amounts in millions, except per share data) Cash Dividend Declared Per Share Cash Dividend Declared Per Share Cash Dividend Declared Per Share
Preferred Series Amount ($) Amount ($) Amount ($)
Series B $ 81.10  $ (3) $ 80.28  $ (3) $ 46.68  $ (2)
Series E 6,412.62  (26) 7,753.75  (37) 5,700.00  (29)
Series F 5,625.00  (28) 5,625.00  (28) 5,625.00  (28)
Series G 4,450.00  (22) 4,450.00  (22) 4,450.00  (22)
Series H 45.00  (23) 45.00  (23) 45.00  (22)
Series I 1,425.00  (10) 1,425.00  (10) 1,425.00  (10)
Series J 68.76  (22) 59.02  (19) —  — 
Total $ (134) $ (142) $ (113)
During the fourth quarter of 2024, all remaining $405 million of outstanding Series E Preferred Stock, par value $0.01 per share, was redeemed. During the fourth quarter of 2023, $90 million of outstanding Series E Preferred Stock, par value $0.01 per share, was repurchased.