|9 Months Ended|
Sep. 30, 2021
|Debt Disclosure [Abstract]|
Borrowings with original maturities of one year or less are classified as short-term and were comprised of the following at September 30, 2021 and December 31, 2020, respectively:
Huntington’s long-term debt consisted of the following at September 30, 2021 and December 31, 2020, respectively:
As a result of the TCF acquisition, Huntington assumed long-term debt totaling $1.5 billion, of which a FHLB advance of $213 million and subordinated notes of $598 million remain outstanding at September 30, 2021. The assumed long-term FHLB advance has a maturity date in 2025 and carried interest rate of 1.03% at September 30, 2021. The assumed subordinated notes included $8 million of parent company obligations due in 2034 carrying variable interest rates based on three-month LIBOR plus 2.85% and $590 million of Bank obligations due in 2022 to 2030 carrying interest rates ranging from 0.64% to 3.75% outstanding at September 30, 2021.
During the 2021 third quarter, Huntington issued $558 million of fixed-to-fixed rate subordinated notes at par (the “2036 Notes”). The fixed-to-fixed rate subordinated notes, maturing on August 15, 2036, bear an initial fixed interest rate of 2.487% per annum, payable semi-annually in arrears on February 15 and August 15, commencing on February 15, 2022. Commencing August 15, 2031 (the “Reset Date”), the interest rate will reset to an annual interest rate equal to the five-year U.S. Treasury Rate as of the day falling two business days prior to the Reset Date, plus 1.170%.Also during the 2021 third quarter, Huntington completed the exchange of the Parent Company’s 4.350% subordinated notes due 2023 and the Bank’s 6.250% subordinated notes due 2022, 4.60% subordinated notes due 2025, and the 4.270% subordinated notes due 2026 utilizing a portion of the 2036 Notes.
The entire disclosure for long-term debt.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef