Annual report pursuant to Section 13 and 15(d)

BORROWINGS (Tables)

v3.25.0.1
BORROWINGS (Tables)
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Schedule of Short-term Debt
Borrowings with original maturities of one year or less are classified as short-term and were comprised of the following. 
  At December 31,
(dollar amounts in millions) 2024 2023
Securities sold under agreements to repurchase $ 142  $ 618 
Other borrowings 57  2 
Total short-term borrowings $ 199  $ 620 
Schedule of Long-Term Debt
Huntington’s long-term debt, which consists of borrowings with an initial maturity of greater than one year, is included in the following table. The interest rate disclosed represents the contractual rate as of the most recent period end.
  At December 31,
(dollar amounts in millions) 2024 2023
The Parent Company:
Senior Notes:
2.63% Huntington Bancshares Incorporated senior notes due 2024
 $ —  $ 719 
4.00% Huntington Bancshares Incorporated senior notes due 2025
 465  457 
4.44% Huntington Bancshares Incorporated senior notes due 2028
 718  716 
6.21% Huntington Bancshares Incorporated senior notes due 2029
 1,237  1,266 
2.55% Huntington Bancshares Incorporated senior notes due 2030
 685  692 
5.27% Huntington Bancshares Incorporated senior notes due 2031
 1,138  — 
5.02% Huntington Bancshares Incorporated senior notes due 2033
 371  383 
5.71% Huntington Bancshares Incorporated senior notes due 2035
 1,222  — 
Subordinated Notes:
Huntington Capital I Trust Preferred 5.55% junior subordinated debentures due 2027 (1)
 70  69 
Huntington Capital II Trust Preferred 5.25% junior subordinated debentures due 2028 (2)
 32  32 
Sky Financial Capital Trust III 5.99% junior subordinated debentures due 2036 (3)
 72  72 
Sky Financial Capital Trust IV 6.25% junior subordinated debentures due 2036 (3)
 74  74 
2.49% Huntington Bancshares Incorporated subordinated notes due 2036
 501  513 
6.14% Huntington Bancshares Incorporated subordinated notes due 2039
 592  — 
Total notes issued by the Parent Company
 7,177  4,993 
The Bank:
Senior Notes:
6.59% Huntington National Bank senior notes due 2025
 —  278 
4.01% Huntington National Bank senior notes due 2025
 —  467 
5.70% Huntington National Bank senior notes due 2025
 —  1,060 
4.55% Huntington National Bank senior notes due 2028
 776  776 
5.65% Huntington National Bank senior notes due 2030
 878  899 
Subordinated Notes:
4.60% Huntington National Bank subordinated notes due 2025
 130  129 
4.27% Huntington National Bank subordinated notes due 2026
 224  223 
4.13% Huntington National Bank subordinated notes due 2029
 —  156 
5.50% Huntington National Bank subordinated notes due 2030
 161  154 
Total notes issued by the Bank
 2,169  4,142 
FHLB Advances:
4.64% weighted average rate, varying maturities
 4,696  2,731 
Auto Loan Securitization Trust (4)
1,023  — 
Credit Linked Notes (5)
821  — 
Other:
Huntington Technology Finance nonrecourse debt, 5.96% weighted average interest rate, varying maturities
 353  343 
7.64% Huntington Preferred Capital II - Class I securities (6)
 —  50 
7.19% Huntington Preferred Capital II - Class J securities (7)
 75  75 
7.69% Huntington Preferred Capital II - Class L securities (8)
 60  60 
Total long-term debt $ 16,374  $ 12,394 
(1)Variable effective rate at December 31, 2024, based on three-month SOFR +0.96%.
(2)Variable effective rate at December 31, 2024, based on three-month SOFR +0.886%.
(3)Variable effective rate at December 31, 2024, based on three-month SOFR +1.66%.
(4)Represents secured borrowings collateralized by auto loans with a weighted average rate of 5.31% due through 2029. See Note 20 - “Variable Interest Entities” for additional information.
(5)See details of credit linked notes in the following table.
(6)Variable effective rate at December 31, 2024, based on three-month SOFR +2.00%.
(7)Variable effective rate at December 31, 2024, based on three-month SOFR +2.60%.
(8)Variable effective rate at December 31, 2024, based on three-month SOFR +3.10%.
Schedule of Credit Linked Notes Additional information about Huntington’s CLN issuances is as follows.
At December 31, 2024
(dollar amounts in millions)
Weighted Average Interest Rate
Reference Pool Net Balance
Principal Outstanding
CLN 2024-1 due 2032 (1) 6.66  % $ 3,014  $ 366 
CLN 2024-2 due 2032 (2) 6.03  3,740  451
Total
 $ 6,754  $ 817 
Fair value adjustment 4
Carrying value
 $ 821 
(1)Consists of multiple classes of loans. One note class bears interest at a fixed rate of 6.15% and the remaining four note classes bear interest at SOFR plus a spread rate that ranges from 1.40% to 8.25% (weighted average spread of 3.04%).
(2)Consists of multiple classes of loans. One note class bears interest at a fixed rate of 5.44% and the remaining four note classes bear interest at SOFR plus a spread rate that ranges from 1.35% to 7.50% (weighted average spread of 2.99%).
Schedule of Maturities of Long-term Debt
Long-term debt maturities, based upon the par values and contractual maturities of the long-term debt, for the next five years and thereafter are as follows.
(dollar amounts in millions) 2025 2026 2027 2028 2029 Thereafter Total
The Parent Company:
Senior notes $ 468  $ —  $ —  $ 750  $ 1,250  $ 3,550  $ 6,018 
Subordinated notes —  —  70  32  —  1,307  1,409 
The Bank:
Senior notes —  —  —  800  —  900  1,700 
Subordinated notes 130  —  239  —  —  150  519 
FHLB advances 200  3,500  500  500  —  1  4,701 
Auto loan securitization trust (1)
 —  —  349  —  678  —  1,027 
Credit linked notes (1)
 —  —  —  —  —  817  817 
Other 28  52  139  163  99  7  488 
Total $ 826  $ 3,552  $ 1,297  $ 2,245  $ 2,027  $ 6,732  $ 16,679 
(1)     The contractual maturities are in the years presented, however, the underlying loans will pay down through the contractual maturities. In addition, there is an optional redemption date in which Huntington has the right to redeem the notes after the period in which the aggregate principal balance is less than or equal to 10% of the original principal balance.