Annual report pursuant to Section 13 and 15(d)

BORROWINGS (Tables)

v3.22.4
BORROWINGS (Tables)
 12 Months Ended
Dec. 31, 2022
Debt Instruments [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) 2022 2021
Federal funds purchased and securities sold under agreements to repurchase $ 253  $ 320 
FHLB advances 1,700  — 
Other borrowings 74  14 
Total short-term borrowings $ 2,027  $ 334 
Schedule of Long-Term Debt
Huntington’s long-term debt consisted of the following:
  At December 31,
(dollar amounts in millions) 2022 2021
The Parent Company:
Senior Notes:
2.67% Huntington Bancshares Incorporated senior notes due 2024
 $ 762  $ 812 
4.05% Huntington Bancshares Incorporated senior notes due 2025
 481  527 
4.51% Huntington Bancshares Incorporated senior notes due 2028
 704  — 
2.60% Huntington Bancshares Incorporated senior notes due 2030
 679  744 
5.08% Huntington Bancshares Incorporated senior notes due 2033
 379  — 
Subordinated Notes:
3.55% Huntington Bancshares Incorporated subordinated notes due 2023
 225  227 
Huntington Capital I Trust Preferred 5.47% junior subordinated debentures due 2027 (1) (8)
 69  69 
Huntington Capital II Trust Preferred 5.39% junior subordinated debentures due 2028 (2) (8)
 32  32 
Sky Financial Capital Trust III 6.17% junior subordinated debentures due 2036 (3) (8)
 72  72 
Sky Financial Capital Trust IV 6.17% junior subordinated debentures due 2036 (3) (8)
 74  74 
2.49% Huntington Bancshares Incorporated subordinated notes due 2036
 1  554 
2.53% Huntington Bancshares Incorporated subordinated notes due 2036
 502  — 
Total notes issued by the parent
 3,980  3,111 
The Bank:
Senior Notes:
2.55% Huntington National Bank senior notes due 2022
 —  703 
3.16% Huntington National Bank senior notes due 2022
 —  500 
1.83% Huntington National Bank senior notes due 2023
 —  483 
3.60% Huntington National Bank senior notes due 2023
735  748 
5.42% Huntington National Bank senior notes due 2025
 299  — 
4.11% Huntington National Bank senior notes due 2025
 486  — 
5.70% Huntington National Bank senior notes due 2025
 1,094  — 
4.55% Huntington National Bank senior notes due 2028
 766  — 
5.76% Huntington National Bank senior notes due 2030
 892  — 
Subordinated Notes:
0.64% Huntington National Bank subordinated notes due 2022
 —  113 
0.96% Huntington National Bank subordinated notes due 2025
 129  142 
3.86% Huntington National Bank subordinated notes due 2026
 218  226 
3.03% Huntington National Bank subordinated notes due 2029
 153  161 
3.75% Huntington National Bank subordinated notes due 2030
 151  169 
Total notes issued by the bank
 4,923  3,245 
FHLB Advances:
1.04% weighted average rate, varying maturities greater than one year
 211  215 
Other:
Huntington Technology Finance nonrecourse debt, 3.93% weighted average interest rate, varying maturities
 337  287 
2.09% Huntington Preferred Capital II - Class F securities
 —  75 
6.65% Huntington Preferred Capital II - Class G securities (4)
 50  50 
6.77% Huntington Preferred Capital II - Class I securities (5)
 50  50 
6.90% Huntington Preferred Capital II - Class J securities (6)
 75  75 
7.40% Huntington Preferred Capital II - Class L Securities (7)
 60  — 
Total long-term debt $ 9,686  $ 7,108 
(1)Variable effective rate at December 31, 2022, based on three-month LIBOR +0.70%.
(2)Variable effective rate at December 31, 2022, based on three-month LIBOR +0.625%.
(3)Variable effective rate at December 31, 2022, based on three-month LIBOR +1.40%.
(4)Variable effective rate at December 31, 2022, based on three-month LIBOR +1.88%.
(5)Variable effective rate at December 31, 2022, based on three-month LIBOR +2.00%.
(6)Variable effective rate at December 31, 2022, based on three-month SOFR +2.60%.
(7)Variable effective rate at December 31, 2022 based on three-month SOFR +3.10%.
(8)Represents the outstanding amount of debentures issued to each trust and related trust-preferred securities. Refer to Note 21 “Variable Interest Entity” for trust-preferred securities details.
Schedule of Maturities of Long-term Debt
Long-term debt maturities for the next five years and thereafter are as follows:
(dollar amounts in millions) 2023 2024 2025 2026 2027 Thereafter Total
The Parent Company:
Senior notes $ —  $ 800  $ 500  $ —  $ —  $ 1,900  $ 3,200 
Subordinated notes 225  —  —  —  70  739  1,034 
The Bank:
Senior notes 724  —  1,900  —  —  1,700  4,324 
Subordinated notes —  —  130  239  —  300  669 
FHLB Advances 1  —  200  —  —  1  202 
Other 85  106  97  137  143  5  573 
Total $ 1,035  $ 906  $ 2,827  $ 376  $ 213  $ 4,645  $ 10,002