Annual report pursuant to Section 13 and 15(d)

FAIR VALUES OF ASSETS AND LIABILITIES (Tables)

v3.25.0.1
FAIR VALUES OF ASSETS AND LIABILITIES (Tables)
 12 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
Assets and Liabilities Measured at Fair Value on a Recurring Basis
The following table presents 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 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 
Fair Value Measurements at Reporting Date Using Netting Adjustments (1)
Total
(dollar amounts in millions) Level 1 Level 2 Level 3
At December 31, 2023
Assets
Trading account securities:
U.S. Treasury securities $ 91  $ —  $ —  $ —  $ 91 
Other trading account securities —  34  —  —  34 
Total trading account securities
 91  34  —  —  125 
Available-for-sale securities:
U.S. Treasury securities 2,856  —  —  —  2,856 
Residential MBS —  11,382  —  —  11,382 
Residential CMO —  3,184  —  —  3,184 
Commercial MBS —  1,827  —  —  1,827 
Other agencies —  155  —  —  155 
Municipal securities —  38  3,335  —  3,373 
Corporate debt —  2,043  —  —  2,043 
Asset-backed securities —  281  75  —  356 
Private-label CMO —  99  20  —  119 
Other securities/sovereign debt —  10  —  —  10 
Total available-for-sale securities 2,856  19,019  3,430  —  25,305 
Other securities 30  2  —  —  32 
Loans held for sale —  506  —  —  506 
Loans held for investment —  120  54  —  174 
MSRs —  —  515  —  515 
Other assets:
Derivative assets —  1,720  3  (1,330) 393 
Assets held in trust for deferred compensation plans 177  —  —  —  177 
Liabilities
Derivative liabilities —  1,416  5  (751) 670 
(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.
Roll Forward of Assets Measured on a Recurring Basis and Classified as Level 3
The following tables present 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
Year Ended December 31, 2024
Opening balance $ 515  $ (2) $ 3,335  $ 20  $ 75  $ 54 
Transfers into Level 3 —  —  —  —  —  13 
Transfers out of Level 3 (1) —  (25) —  —  —  — 
Total gains/losses for the period:
Included in earnings:
Interest and fee income —  —  (1) (1) —  (1)
Provision for credit losses —  —  (2) —  —  — 
Mortgage banking income 60  24  —  —  —  — 
Other noninterest income —  (13) —  —  —  — 
Included in OCI —  —  33  —  —  — 
Purchases/originations 54  —  1,256  —  15  — 
Repayments —  —  —  —  —  (5)
Settlements (56) 18  (667) 2  (41) — 
Closing balance $ 573  $ 2  $ 3,954  $ 21  $ 49  $ 61 
Change in unrealized gains or losses for the period included in earnings for assets held at end of the reporting date $ 60  $ (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 —  —  27  —  —  — 
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
Year Ended December 31, 2023
Opening balance $ 494  $ (2) $ 3,248  $ 20  $ 74  $ 16 
Transfers into Level 3 —  —  —  —  —  41 
Transfers out of Level 3 (1) —  (23) —  —  —  — 
Total gains/losses for the period:
Included in earnings:
Interest and fee income —  —  (2) (1) —  (3)
Mortgage banking income 7  25  —  —  —  — 
Other noninterest income —  (2) —  —  —  — 
Included in OCI —  —  73  —  1  — 
Purchases/originations 63  —  928  1  —  — 
Sales (1) —  —  —  —  — 
Settlements (48) —  (912) —  —  — 
Closing balance $ 515  $ (2) $ 3,335  $ 20  $ 75  $ 54 
Change in unrealized gains or losses for the period included in earnings for assets held at end of the reporting date $ 7  $ (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 —  —  47  —  1  — 
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
Year Ended December 31, 2022
Opening balance $ 351  $ 4  $ 3,477  $ 20  $ 70  $ 19 
Transfers out of Level 3 (1) —  (3) —  —  —  — 
Total gains/losses for the period:
Included in earnings:
Interest and fee income —  —  (5) (3) —  — 
Provision for credit losses —  —  (4) —  —  — 
Mortgage banking income 114  (3) —  —  —  1 
Included in OCI —  —  (262) —  (1) — 
Purchases/originations 85  —  1,087  4  31  — 
Repayments —  —  —  —  —  (4)
Settlements (56) —  (1,045) (1) (26) — 
Closing balance $ 494  $ (2) $ 3,248  $ 20  $ 74  $ 16 
Change in unrealized gains or losses for the period included in earnings (or changes in net assets) for assets held at end of the reporting date $ 114  $ (8) $ —  $ —  $ —  $ — 
Change in unrealized gains or losses for the period included in other comprehensive income for assets held at the end of the reporting period —  —  (257) —  (1) — 
(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.
Roll Forward of Assets Measured on a Recurring Basis and Classified as Level 3
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
Year Ended December 31, 2024
Opening balance $ 515  $ (2) $ 3,335  $ 20  $ 75  $ 54 
Transfers into Level 3 —  —  —  —  —  13 
Transfers out of Level 3 (1) —  (25) —  —  —  — 
Total gains/losses for the period:
Included in earnings:
Interest and fee income —  —  (1) (1) —  (1)
Provision for credit losses —  —  (2) —  —  — 
Mortgage banking income 60  24  —  —  —  — 
Other noninterest income —  (13) —  —  —  — 
Included in OCI —  —  33  —  —  — 
Purchases/originations 54  —  1,256  —  15  — 
Repayments —  —  —  —  —  (5)
Settlements (56) 18  (667) 2  (41) — 
Closing balance $ 573  $ 2  $ 3,954  $ 21  $ 49  $ 61 
Change in unrealized gains or losses for the period included in earnings for assets held at end of the reporting date $ 60  $ (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 —  —  27  —  —  — 
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
Year Ended December 31, 2023
Opening balance $ 494  $ (2) $ 3,248  $ 20  $ 74  $ 16 
Transfers into Level 3 —  —  —  —  —  41 
Transfers out of Level 3 (1) —  (23) —  —  —  — 
Total gains/losses for the period:
Included in earnings:
Interest and fee income —  —  (2) (1) —  (3)
Mortgage banking income 7  25  —  —  —  — 
Other noninterest income —  (2) —  —  —  — 
Included in OCI —  —  73  —  1  — 
Purchases/originations 63  —  928  1  —  — 
Sales (1) —  —  —  —  — 
Settlements (48) —  (912) —  —  — 
Closing balance $ 515  $ (2) $ 3,335  $ 20  $ 75  $ 54 
Change in unrealized gains or losses for the period included in earnings for assets held at end of the reporting date $ 7  $ (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 —  —  47  —  1  — 
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
Year Ended December 31, 2022
Opening balance $ 351  $ 4  $ 3,477  $ 20  $ 70  $ 19 
Transfers out of Level 3 (1) —  (3) —  —  —  — 
Total gains/losses for the period:
Included in earnings:
Interest and fee income —  —  (5) (3) —  — 
Provision for credit losses —  —  (4) —  —  — 
Mortgage banking income 114  (3) —  —  —  1 
Included in OCI —  —  (262) —  (1) — 
Purchases/originations 85  —  1,087  4  31  — 
Repayments —  —  —  —  —  (4)
Settlements (56) —  (1,045) (1) (26) — 
Closing balance $ 494  $ (2) $ 3,248  $ 20  $ 74  $ 16 
Change in unrealized gains or losses for the period included in earnings (or changes in net assets) for assets held at end of the reporting date $ 114  $ (8) $ —  $ —  $ —  $ — 
Change in unrealized gains or losses for the period included in other comprehensive income for assets held at the end of the reporting period —  —  (257) —  (1) — 
(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 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 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)
At December 31, 2023
Assets
Loans held for sale $ 506  $ 489  $ 17  $ —  $ —  $ — 
Loans held for investment 174  184  $ (10) 2  3  (1)
The following table presents the net (losses) gains from fair value changes.
 
Year Ended December 31,
(dollar amounts in millions)
Classification
 2024 2023 2022
Loans held for sale
Mortgage banking income
 $ (5) $ 10  $ (26)
Loans held for investment
Mortgage banking income
 (1) (5) 1 
Long-term debt
Other noninterest income
 (4) —  — 
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 Year Ended
(dollar amounts in millions) December 31, 2024 December 31, 2023 December 31, 2024 December 31, 2023 December 31, 2022
Collateral-dependent loans $ 192  $ 40  $ (122) $ (21) $ (1)
Quantitative Information About Significant Unobservable Level 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 December 31, 2024 At December 31, 2023
(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 6  % - 43  % 8  % 4  % - 37  % 9  %
Spread over forward interest rate swap rates 5  % - 10  % 6  % 5  % - 13  % 5  %
Municipal securities and asset-backed securities Discounted cash flow Discount rate 4  % - 5  % 5  % 4  % - 6  % 5  %
Cumulative default —  % - 39  % 4  % —  % - 64  % 6  %
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.
Fair Value by Balance Sheet Grouping
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 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 
At December 31, 2023
Financial Assets
Cash and short-term assets $ 10,323  $ —  $ —  $ 10,323  $ 10,323 
Trading account securities —  —  125  125  125 
Available-for-sale securities —  —  25,305  25,305  25,305 
Held-to-maturity securities 15,750  —  —  15,750  13,718 
Other securities 693  —  32  725  725 
Loans held for sale —  10  506  516  516 
Net loans and leases (1) 119,553  —  174  119,727  116,781 
Derivative assets —  —  393  393  393 
Assets held in trust for deferred compensation plans —  —  177  177  177 
Financial Liabilities
Deposits (2) 151,230  —  —  151,230  151,183 
Short-term borrowings 620  —  —  620  620 
Long-term debt 12,394  —  —  12,394  12,276 
Derivative liabilities —  —  670  670  670 
(1)Includes collateral-dependent loans.
(2)Includes $1.5 billion and $1.4 billion in time deposits in excess of the FDIC insurance coverage limit at December 31, 2024 and December 31, 2023, respectively.
The following table presents the level in the fair value hierarchy for estimated fair values.
Estimated Fair Value Measurements at Reporting Date Using Netting
Estimated Fair Value
(dollar amounts in millions) Level 1 Level 2 Level 3 Adjustments (1)
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 
At December 31, 2023
Financial Assets
Trading account securities $ 91  $ 34  $ —  $ —  $ 125 
Available-for-sale securities 2,856  19,019  3,430  —  25,305 
Held-to-maturity securities —  13,718  —  —  13,718 
Other securities (2) 30  2  —  —  32 
Loans held for sale —  506  10  —  516 
Net loans and leases —  120  116,661  —  116,781 
Derivative assets —  1,720  3  (1,330) 393 
Financial Liabilities
Deposits —  135,627  15,556  —  151,183 
Short-term borrowings —  620  —  —  620 
Long-term debt —  8,929  3,347  —  12,276 
Derivative liabilities —  1,416  5  (751) 670 
(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.