Quarterly report pursuant to Section 13 or 15(d)

SHAREHOLDERS' EQUITY

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SHAREHOLDERS' EQUITY
 3 Months Ended
Mar. 31, 2022
Equity [Abstract]  
SHAREHOLDERS' EQUITY SHAREHOLDERS’ EQUITY
Preferred Stock
The following is a summary of Huntington’s non-cumulative, non-voting, perpetual preferred stock outstanding.
(dollar amounts in millions)
Carrying Amount
Series Issuance Date
Shares Outstanding
 Dividend Rate
Earliest Redemption Date (1)
 March 31,
2022		 December 31, 2021
Series B (2) 12/28/2011 35,500 
3-mo. LIBOR + 270 bps
 1/15/2017 $ 23  $ 23 
Series E (3) 2/27/2018 5,000  5.70  4/15/2023 495  495 
Series F (3) 5/27/2020 5,000  5.625  7/15/2030 494  494 
Series G (3) 8/3/2020 5,000  4.45  10/15/2027 494  494 
Series H (2) 2/2/2021 500,000  4.50  4/15/2026 486  486 
Series I (3) 6/9/2021 7,000  5.70  12/01/2022 175  175 
Total 557,500  $ 2,167  $ 2,167 
(1) Denotes earliest option redemption date. Earlier redemption is solely at Huntington’s option, subject to prior approval of FRB.
(2) Series B and H of preferred stock have a liquidation value and redemption price per share of $1,000, plus any declared and unpaid dividends.
(3) Series E, F, G and I preferred stock have a liquidation value and redemption price per share of $100,000, plus any declared and unpaid dividends.
The following table presents the dividends declared for each series of Preferred shares for the three-month periods ended March 31, 2022 and 2021:
Three Months Ended March 31,
(amounts in millions, except per share data) 2022 2021
Cash Dividend Declared Per Share Cash Dividend Declared Per Share
Preferred Series Amount ($) Amount ($)
Series B $ 9.36  $ —  $ 7.35  $ — 
Series C —  —  14.69  (2)
Series D —  —  15.63  (9)
Series E 1,425.00  (7) 1,425.00  (7)
Series F 1,406.25  (7) 1,406.25  (7)
Series G 1,112.50  (6) 1,112.50  (6)
Series H 11.25  (6) —  — 
Series I 356.25  (2) —  — 
Total $ (28) $ (31)
Share Repurchases
On July 21, 2021, the Board authorized the repurchase of up to $800 million of common shares within the four quarter period from the third quarter of 2021 through the second quarter of 2022. Purchases of common stock under the authorization may include open market purchases, privately negotiated transactions, and accelerated share repurchase programs. During the 2022 first quarter, Huntington repurchased no shares of common stock. As of March 31, 2022, Huntington has completed $650 million of the current share repurchase authorization.
Treasury shares
Treasury shares includes shares held for deferred compensation plans, at cost, of $78 million at March 31, 2022 and $79 million at December 31, 2021.
Non-controlling Interest in Subsidiaries
Through the acquisition of TCF, Huntington acquired a joint venture in which Huntington maintains a 55% ownership interest. As Huntington has a controlling financial interest, its financial results are consolidated in Huntington's financial statements and the other party’s 45% ownership interest is reported as a non-controlling interest within equity.