Quarterly report [Sections 13 or 15(d)]

FAIR VALUES OF ASSETS AND LIABILITIES (Tables)

v3.25.1
FAIR VALUES OF ASSETS AND LIABILITIES (Tables)
 3 Months Ended
Mar. 31, 2025
Fair Value Disclosures [Abstract]  
Assets and Liabilities Measured at Fair Value on a Recurring Basis
The following tables present our assets and liabilities measured at fair value on a recurring basis, including instruments we have elected the fair value option.
Fair Value Measurements at Reporting Date Using Netting Adjustments (1)
Total
(dollar amounts in millions) Level 1 Level 2 Level 3
At March 31, 2025
Assets
Trading account securities:
U.S. Treasury securities $ 348  $ —  $ —  $ —  $ 348 
Other trading account securities —  129  —  —  129 
Total trading account securities
 348  129  —  —  477 
Available-for-sale securities:
U.S. Treasury securities 6,639  —  —  —  6,639 
Residential MBS —  10,029  —  —  10,029 
Residential CMO —  3,822  —  —  3,822 
Commercial MBS —  1,795  —  —  1,795 
Other agencies —  123  —  —  123 
Municipal securities —  33  3,929  —  3,962 
Corporate debt —  1,052  —  —  1,052 
Asset-backed securities —  251  47  —  298 
Private-label CMO —  87  22  —  109 
Other securities/sovereign debt —  10  —  —  10 
Total available-for-sale securities
 6,639  17,202  3,998  —  27,839 
Other securities 29  2  —  —  31 
Loans held for sale —  555  —  —  555 
Loans held for investment —  112  63  —  175 
MSRs —  —  564  —  564 
Other assets:
Derivative assets —  500  7  (359) 148 
Assets held in trust for deferred compensation plans 187  —  —  —  187 
Liabilities
Short-term borrowings (2) 514  10  —  —  524 
Long-term debt —  1,143  —  —  1,143 
Derivative liabilities —  594  4  (145) 453 
(1)Amounts represent the impact of legally enforceable master netting agreements that allow the Company to settle positive and negative positions and cash collateral held or placed with the same counterparties.
(2)Includes debt and equity securities held by our broker dealer in its trading inventory and securities sold short as a hedging strategy for purposes of supporting client trading activities. Level 1 fair value positions are determined by quoted market prices available in an active market for identical securities. When quoted market prices are not available, fair values are classified as Level 2 and are determined using quoted prices for similar assets in active markets.
Fair Value Measurements at Reporting Date Using
Netting Adjustments (1)
Total
(dollar amounts in millions)
Level 1
Level 2
Level 3
At December 31, 2024
Assets
Trading account securities:
U.S. Treasury securities $ 1  $ —  $ —  $ —  $ 1 
Other trading account securities —  52  —  —  52 
Total trading account securities 1  52  —  —  53 
Available-for-sale securities:
U.S. Treasury securities 6,556  —  —  —  6,556 
Residential MBS —  10,017  —  —  10,017 
Residential CMO —  3,345  —  —  3,345 
Commercial MBS —  1,752  —  —  1,752 
Other agencies —  130  —  —  130 
Municipal securities —  34  3,954  —  3,988 
Corporate debt —  1,055  —  —  1,055 
Asset-backed securities —  262  49  —  311 
Private-label CMO —  88  21  —  109 
Other securities/sovereign debt —  10  —  —  10 
Total available-for-sale securities 6,556  16,693  4,024  —  27,273 
Other securities 29  2  —  —  31 
Loans held for sale —  652  —  —  652 
Loans held for investment —  112  61  —  173 
MSRs —  —  573  —  573 
Other assets:
Derivative assets —  606  4  (344) 266 
Assets held in trust for deferred compensation plans 191  —  —  —  191 
Liabilities
Long-term debt
 —  821  —  —  821 
Derivative liabilities —  666  2  (90) 578 
(1)Amounts represent the impact of legally enforceable master netting agreements that allow the Company to settle positive and negative positions and cash collateral held or placed with the same counterparties.
Rollforward of Financial Instruments Measured on a Recurring Basis and Classified as Level 3
The following table presents a rollforward of the balance sheet amounts measured at fair value on a recurring basis and classified as Level 3. The classification of an item as Level 3 is based on the significance of the unobservable inputs to the overall fair value measurement. However, Level 3 measurements may also include observable components of value that can be validated externally. Accordingly, the gains and losses in the table below include changes in fair value due in part to observable factors that are part of the valuation methodology.
Level 3 Fair Value Measurements
Available-for-sale securities Loans held for investment
(dollar amounts in millions) MSRs
Derivative
instruments
Municipal
securities
 Private-
label CMO
Asset-backed
securities
Three months ended March 31, 2025
Opening balance $ 573  $ 2  $ 3,954  $ 21  $ 49  $ 61 
Transfers into Level 3 —  —  —  —  —  3 
Transfers out of Level 3 (1) —  (7) —  —  —  — 
Total gains/losses for the period:
Included in earnings:
Mortgage banking income (15) 10  —  —  —  — 
Other noninterest income —  (5) —  —  —  — 
Included in OCI —  —  5  —  —  — 
Purchases/originations 20  —  218  —  —  — 
Repayments —  —  —  —  —  (1)
Settlements (14) 3  (248) 1  (2) — 
Closing balance $ 564  $ 3  $ 3,929  $ 22  $ 47  $ 63 
Change in unrealized gains or losses for the period included in earnings for assets held at end of the reporting date $ (15) $ 3  $ —  $ —  $ —  $ — 
Change in unrealized gains or losses for the period included in other comprehensive income for assets held at the end of the reporting period —  —  4  —  —  — 
Three months ended March 31, 2024
Opening balance $ 515  $ (2) $ 3,335  $ 20  $ 75  $ 54 
Transfers into Level 3 —  —  —  —  —  4 
Transfers out of Level 3 (1) —  (5) —  —  —  — 
Total gains/losses for the period:
Included in earnings:
Mortgage banking income 20  7  —  —  —  — 
Other noninterest income —  (2) —  —  —  — 
Included in OCI —  —  19  —  —  — 
Purchases/originations 10  —  72  —  —  — 
Settlements (11) 6  (133) —  (3) — 
Closing balance $ 534  $ 4  $ 3,293  $ 20  $ 72  $ 58 
Change in unrealized gains or losses for the period included in earnings for assets held at end of the reporting date $ 20  $ 1  $ —  $ —  $ —  $ — 
Change in unrealized gains or losses for the period included in other comprehensive income for assets held at the end of the reporting period —  —  18  —  —  — 
(1)Transfers out of Level 3 represent the settlement value of the derivative instruments (i.e., interest rate lock agreements) that are transferred to loans held for sale, which is classified as Level 2.
Assets and Liabilities Under the Fair Value Option
The following table presents the fair value and aggregate principal balance of certain assets and liabilities under the fair value option.
Total
 Loans that are 90 or more days past due
(dollar amounts in millions) Fair value
carrying
amount		 Aggregate
unpaid
principal		 Difference Fair value
carrying
amount		 Aggregate
unpaid
principal		 Difference
At March 31, 2025
Assets
Loans held for sale $ 555  $ 537  $ 18  $ —  $ —  $ — 
Loans held for investment 175  187  (12) 4  5  (1)
Liabilities
Long-term debt 1,143  1,138  (5)
At December 31, 2024
Assets
Loans held for sale $ 652  $ 640  $ 12  $ —  $ —  $ — 
Loans held for investment 173  184  (11) 4  4  — 
Liabilities
Long-term debt 821  817  (4)
The following table presents the net gains (losses) from fair value changes.
Three Months Ended
(dollar amounts in millions)
Classification
 March 31, 2025 March 31, 2024
Loans held for sale Mortgage banking income $ 6  $ (7)
Loans held for investment
Mortgage banking income
 (1) (1)
Long-term debt
Other noninterest income
 (1) — 
Assets Measured at Fair Value on a Nonrecurring Basis
The amounts measured at fair value on a nonrecurring basis were as follows.
Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Total Losses
Three Months Ended
(dollar amounts in millions) At March 31, 2025 At December 31, 2024 March 31, 2025 March 31, 2024
Collateral-dependent loans $ 61  $ 192  $ (23) $ (25)
Quantitative Information About Significant Unobservable Kevel 3 Fair Value Measurement Inputs
The following table presents quantitative information about the significant unobservable inputs for assets and liabilities measured at fair value.
Quantitative Information about Level 3 Fair Value Measurements (1)
At March 31, 2025
At December 31, 2024
(dollar amounts in millions) Valuation Technique Significant Unobservable Input Range Weighted Average Range Weighted Average
Measured at fair value on a recurring basis:
MSRs Discounted cash flow Constant prepayment rate 7  % - 49  % 8  % 6  % - 43  % 8  %
Spread over forward interest rate swap rates 5  % - 10  % 6  % 5  % - 10  % 6  %
Municipal securities and asset-backed securities Discounted cash flow Discount rate 4  % - 5  % 5  % 4  % - 5  % 5  %
Cumulative default —  % - 64  % 4  % —  % - 39  % 4  %
Loss given default (2) 20  % 20  %
(1)     Certain disclosures related to quantitative level 3 fair value measurements do not include those deemed to be immaterial.
(2)     The range is not meaningful for this unobservable input.
Carrying Amounts and Estimated Fair Values of Financial Instruments
The following table provides the carrying amounts and estimated fair values of Huntington’s financial instruments.
(dollar amounts in millions) Amortized Cost Lower of Cost or Market
Fair Value or
Fair Value Option
 Total Carrying Amount Estimated Fair Value
At March 31, 2025
Financial Assets
Cash and short-term assets $ 15,928  $ —  $ —  $ 15,928  $ 15,928 
Trading account securities —  —  477  477  477 
Available-for-sale securities —  —  27,839  27,839  27,839 
Held-to-maturity securities 16,315  —  —  16,315  14,344 
Other securities 849  —  31  880  880 
Loans held for sale —  25  555  580  580 
Net loans and leases (1) 130,067  —  175  130,242  128,824 
Derivative assets —  —  148  148  148 
Assets held in trust for deferred compensation plans —  —  187  187  187 
Financial Liabilities
Deposits (2) 165,337  —  —  165,337  165,343 
Short-term borrowings 140  —  524  664  664 
Long-term debt 16,953  —  1,143  18,096  18,165 
Derivative liabilities —  —  453  453  453 
At December 31, 2024
Financial Assets
Cash and short-term assets $ 13,332  $ —  $ —  $ 13,332  $ 13,332 
Trading account securities —  —  53  53  53 
Available-for-sale securities —  —  27,273  27,273  27,273 
Held-to-maturity securities 16,368  —  —  16,368  14,086 
Other securities 792  —  31  823  823 
Loans held for sale —  2  652  654  654 
Net loans and leases (1) 127,625  —  173  127,798  125,557 
Derivative assets —  —  266  266  266 
Assets held in trust for deferred compensation plans —  —  191  191  191 
Financial Liabilities
Deposits (2) 162,448  —  —  162,448  162,455 
Short-term borrowings 199  —  —  199  199 
Long-term debt 15,553  —  821  16,374  16,573 
Derivative liabilities —  —  578  578  578 
(1)Includes collateral-dependent loans.
(2)Includes $1.4 billion and $1.5 billion in time deposits in excess of the FDIC insurance coverage limit at March 31, 2025 and December 31, 2024, respectively.
The following table presents the level in the fair value hierarchy for the estimated fair values.
Estimated Fair Value Measurements at Reporting Date Using Netting Adjustments (1) 
Estimated Fair Value
(dollar amounts in millions) Level 1 Level 2 Level 3
At March 31, 2025
Financial Assets
Trading account securities $ 348  $ 129  $ —  $ —  $ 477 
Available-for-sale securities 6,639  17,202  3,998  —  27,839 
Held-to-maturity securities 2,321  12,023  —  —  14,344 
Other securities (2) 29  2  —  —  31 
Loans held for sale —  555  25  —  580 
Net loans and leases —  112  128,712  —  128,824 
Derivative assets —  500  7  (359) 148 
Financial Liabilities
Deposits —  151,509  13,834  —  165,343 
Short-term borrowings 514  150  —  —  664 
Long-term debt —  12,814  5,351  —  18,165 
Derivative liabilities —  594  4  (145) 453 
At December 31, 2024
Financial Assets
Trading account securities $ 1  $ 52  $ —  $ —  $ 53 
Available-for-sale securities 6,556  16,693  4,024  —  27,273 
Held-to-maturity securities 2,023  12,063  —  —  14,086 
Other securities (2) 29  2  —  —  31 
Loans held for sale —  652  2  —  654 
Net loans and leases —  113  125,444  —  125,557 
Derivative assets —  606  4  (344) 266 
Financial Liabilities
Deposits —  147,045  15,410  —  162,455 
Short-term borrowings —  199  —  —  199 
Long-term debt —  11,242  5,331  —  16,573 
Derivative liabilities —  666  2  (90) 578 
(1)Amounts represent the impact of legally enforceable master netting agreements that allow the Company to settle positive and negative positions and cash collateral held or placed with the same counterparties.
(2)Excludes securities without readily determinable fair values.