Annual report pursuant to Section 13 and 15(d)

BORROWINGS

v3.22.0.1
BORROWINGS
12 Months Ended
Dec. 31, 2021
Debt Instruments [Abstract]  
Borrowings BORROWINGS
Borrowings with original maturities of one year or less are classified as short-term and were comprised of the following at December 31, 2021 and 2020, respectively: 
  At December 31,
(dollar amounts in millions) 2021 2020
Federal funds purchased and securities sold under agreements to repurchase $ 320  $ 71 
Other borrowings 14  112 
Total short-term borrowings $ 334  $ 183 
Huntington’s long-term debt consisted of the following:
  At December 31,
(dollar amounts in millions) 2021 2020
The Parent Company:
Senior Notes:
3.19% Huntington Bancshares Incorporated medium-term notes due 2021
$ —  $ 802 
2.33% Huntington Bancshares Incorporated senior notes due 2022
—  699 
2.67% Huntington Bancshares Incorporated senior notes due 2024
812  838 
4.05% Huntington Bancshares Incorporated senior notes due 2025
527  553 
2.60% Huntington Bancshares Incorporated senior notes due 2030
744  743 
Subordinated Notes:
3.55% Huntington Bancshares Incorporated subordinated notes due 2023
227  256 
Huntington Capital I Trust Preferred 0.91% junior subordinated debentures due 2027 (1)
69  69 
Huntington Capital II Trust Preferred 0.83% junior subordinated debentures due 2028 (2)
32  32 
Sky Financial Capital Trust III 1.61% junior subordinated debentures due 2036 (3)
72  72 
Sky Financial Capital Trust IV 1.61% junior subordinated debentures due 2036 (3)
74  74 
2.54% Huntington Bancshares Incorporated subordinated notes due 2036
554  — 
Camco Financial Statutory Trust I 1.57% due 2037
— 
Total notes issued by the parent
3,111  4,142 
The Bank:
Senior Notes:
0.79% Huntington National Bank senior notes due 2021
—  298 
3.33% Huntington National Bank senior notes due 2021
—  752 
2.55% Huntington National Bank senior notes due 2022
703  710 
3.16% Huntington National Bank senior notes due 2022
500  511 
1.83% Huntington National Bank senior notes due 2023
483  489 
3.60% Huntington National Bank senior notes due 2023
748  773 
Subordinated Notes:
0.64% Huntington National Bank subordinated notes due 2022
113  — 
0.96% Huntington National Bank subordinated notes due 2025
142  — 
3.86% Huntington National Bank subordinated notes due 2026
226  233 
3.03% Huntington National Bank subordinated notes due 2029
161  — 
3.75% Huntington National Bank subordinated notes due 2030
169  — 
Total notes issued by the bank
3,245  3,766 
FHLB Advances:
1.04% weighted average rate, varying maturities greater than one year
215 
Other:
Huntington Technology Finance nonrecourse debt, 3.15% weighted average interest rate, varying maturities
287  266 
2.09% Huntington Preferred Capital II - Class F securities (4)
75  75 
2.09% Huntington Preferred Capital II - Class G securities (4)
50  50 
2.21% Huntington Preferred Capital II - Class I securities (5)
50  50 
2.65% Huntington Preferred Capital II - Class J Securities (6)
75  — 
Total long-term debt $ 7,108  $ 8,352 
(1)Variable effective rate at December 31, 2021, based on three-month LIBOR +0.70%
(2)Variable effective rate at December 31, 2021, based on three-month LIBOR +0.625%
(3)Variable effective rate at December 31, 2021, based on three-month LIBOR +1.40%
(4)Variable effective rate at December 31, 2021, based on three-month LIBOR +1.88%
(5)Variable effective rate at December 31, 2021, based on three-month LIBOR +2.00%
(6)Variable effective rate at December 31, 2021 based on three-month SOFR +2.60%
Amounts above are net of unamortized discounts and adjustments related to hedging with derivative financial instruments. We use interest rate swaps to hedge interest rate risk of certain fixed-rate debt by converting the debt to a variable rate. See Note 20 - “Derivative Financial Instruments“ for more information regarding such financial instruments.
Long-term debt maturities for the next five years and thereafter are as follows:
(dollar amounts in millions) 2022 2023 2024 2025 2026 Thereafter Total
The Parent Company:
Senior notes $ —  $ —  $ 800  $ 500  $ —  $ 750  $ 2,050 
Subordinated notes —  225  —  —  —  809  1,034 
The Bank:
Senior notes 1,198  1,202  —  —  —  —  2,400 
Subordinated notes 110  —  —  130  239  300  779 
FHLB Advances —  200  —  203 
Other 106  128  116  57  127  537 
Total $ 1,415  $ 1,556  $ 916  $ 887  $ 366  $ 1,863  $ 7,003 
These maturities are based upon the par values of the long-term debt.
The terms of certain long-term debt obligations contain various restrictive covenants including limitations on the acquisition of additional debt, dividend payments, and the disposition of subsidiaries. As of December 31, 2021, Huntington was in compliance with all such covenants.