Quarterly report [Sections 13 or 15(d)]

BORROWINGS

v3.25.1
BORROWINGS
 3 Months Ended
Mar. 31, 2025
Debt Disclosure [Abstract]  
BORROWINGS BORROWINGS
Borrowings with original maturities of one year or less are classified as short-term and were comprised of the following.
(dollar amounts in millions) At March 31, 2025 At December 31, 2024
Securities sold under agreements to repurchase $ 132  $ 142 
Other borrowings 532  57 
Total short-term borrowings $ 664  $ 199 
The carrying value of assets pledged as collateral against repurchase agreements totaled $201 million and $224 million as of March 31, 2025 and December 31, 2024, respectively. Assets pledged as collateral are reported in available-for-sale securities and held-to-maturity securities on the Unaudited Consolidated Balance Sheets. The repurchase agreements have maturities within 60 days. No amounts have been offset against the agreements.
The following table summarizes the composition of Huntington’s long-term debt.
(dollar amounts in millions) At March 31, 2025 At December 31, 2024
The Parent Company:
Senior Notes $ 5,922  $ 5,836 
Subordinated Notes 1,361  1,341 
Total notes issued by the Parent Company
 7,283  7,177 
The Bank:
Senior Notes 3,172  1,654 
Subordinated Notes 389  515 
Total notes issued by the Bank
 3,561  2,169 
FHLB Advances
 4,707  4,696 
Auto Loan Securitization Trust (1)
911  1,023 
Credit Linked Notes (2)
1,143  821 
Other 491  488 
Total long-term debt $ 18,096  $ 16,374 
(1)     Represents secured borrowings collateralized by auto loans with a weighted average rate of 5.29% due through 2029. See Note 14 - “Variable Interest Entities” for additional information.
(2)    As of March 31, 2025, the weighted average contractual interest rate on the CLNs was 6.02%. Huntington has elected the fair value option for these notes. To the extent losses exceed certain thresholds, the principal and interest payable on the notes may be reduced by a portion of the Company's aggregate net losses on the reference pool of loans, with losses allocated to note classes in reverse order of payment priority.
During the first quarter of 2025, the Bank issued $1.0 billion of fixed-to-floating rate senior notes due April 12, 2028. These notes bear an initial fixed rate of 4.871% until April 12, 2027, at which time they will reset to a floating rate equal to a benchmark rate based on the Compounded SOFR Index Rate plus 72.6 basis points. The Bank also issued $500 million of floating interest rate senior notes due April 12, 2028, which bear a floating rate equal to a benchmark rate based on the Compounded SOFR Index Rate plus 72 basis points.
During the first quarter of 2025, the Bank completed a CLN transaction whereby it issued $415 million of unsecured credit linked notes to third-party investors. There are four classes of notes, each maturing in March 2033. One note class bears interest at a fixed rate of 4.957% and the remaining three note classes bear interest at SOFR plus a spread rate that ranges from 2.25% to 7.15% (weighted average spread of 4.28%). These notes transfer a portion of the risk of losses to third-party investors on an initial $3.5 billion reference pool of Huntington’s auto-secured loans.