| OTHER COMPREHENSIVE INCOME |
OTHER COMPREHENSIVE INCOME The components of Huntington’s OCI for the three-month periods ended March 31, 2023 and 2022, were as follows:
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| (dollar amounts in millions) |
Pretax |
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Tax (expense) benefit |
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After-tax |
| Three Months Ended March 31, 2023 |
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| Unrealized gains (losses) on available-for-sale securities arising during the period |
$ |
379 |
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$ |
(87) |
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$ |
292 |
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| Reclassification adjustment for realized net losses included in net income |
3 |
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(1) |
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2 |
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| Total unrealized gains (losses) on available-for-sale securities |
382 |
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(88) |
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294 |
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| Net impact of fair value hedges on available-for-sale securities |
(182) |
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42 |
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(140) |
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| Unrealized gains (losses) on cash flow hedges during the period |
231 |
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(53) |
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178 |
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| Reclassification adjustment for cash flow hedges included in net income |
12 |
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(1) |
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11 |
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| Net change related to cash flow hedges on loans |
243 |
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(54) |
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189 |
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| Other comprehensive income (loss) |
$ |
443 |
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$ |
(100) |
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$ |
343 |
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| Three Months Ended March 31, 2022 |
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| Unrealized gains (losses) on available-for-sale securities arising during the period |
$ |
(1,540) |
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$ |
354 |
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$ |
(1,186) |
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| Reclassification adjustment for realized net losses included in net income |
9 |
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(2) |
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7 |
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| Total unrealized gains (losses) on available-for-sale securities |
(1,531) |
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352 |
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(1,179) |
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| Net impact of fair value hedges on available-for-sale securities |
431 |
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(99) |
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332 |
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| Net change related to cash flow hedges on loans |
(310) |
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70 |
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(240) |
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| Foreign currency translation adjustment (1) |
2 |
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— |
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2 |
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| Net unrealized gains (losses) on net investment hedges |
(2) |
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— |
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(2) |
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| Translation adjustments, net of hedges (1) |
— |
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— |
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— |
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| Change in accumulated unrealized gains for pension and other post-retirement obligations |
3 |
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(1) |
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2 |
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| Other comprehensive income (loss) |
$ |
(1,407) |
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$ |
322 |
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$ |
(1,085) |
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(1)Foreign investments are deemed to be permanent in nature and, therefore, Huntington does not provide for taxes on foreign currency translation adjustments.
Activity in accumulated OCI for the three-month periods ended March 31, 2023 and 2022, were as follows:
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| (dollar amounts in millions) |
Unrealized
gains (losses) on
available-for-sale securities (1)
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Net impact of fair value hedges on available-for-sale securities |
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Net change related to cash flow hedges on loans |
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Translation adjustments, net of hedges |
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Unrealized
gains
(losses) for
pension and
other post-
retirement
obligations
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Total |
| Three Months Ended March 31, 2023 |
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| Balance, beginning of period |
$ |
(3,002) |
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$ |
754 |
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$ |
(632) |
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$ |
(8) |
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$ |
(210) |
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$ |
(3,098) |
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| Other comprehensive income (loss) before reclassifications |
292 |
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(140) |
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178 |
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— |
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— |
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330 |
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| Amounts reclassified from accumulated OCI to earnings |
2 |
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— |
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11 |
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— |
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— |
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13 |
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| Period change |
294 |
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(140) |
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189 |
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— |
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— |
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343 |
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| Balance, end of period |
$ |
(2,708) |
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$ |
614 |
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$ |
(443) |
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$ |
(8) |
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$ |
(210) |
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$ |
(2,755) |
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| Three Months Ended March 31, 2022 |
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| Balance, beginning of period |
$ |
(153) |
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$ |
89 |
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$ |
63 |
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$ |
(3) |
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$ |
(225) |
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$ |
(229) |
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| Other comprehensive income (loss) before reclassifications |
(1,186) |
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332 |
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(240) |
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— |
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— |
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(1,094) |
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| Amounts reclassified from accumulated OCI to earnings |
7 |
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— |
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— |
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— |
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2 |
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9 |
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| Period change |
(1,179) |
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332 |
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(240) |
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— |
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2 |
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(1,085) |
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| Balance, end of period |
$ |
(1,332) |
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$ |
421 |
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$ |
(177) |
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$ |
(3) |
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$ |
(223) |
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$ |
(1,314) |
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(1)AOCI amounts at March 31, 2023 and March 31, 2022 include $64 million and $78 million, respectively, of net unrealized losses (after-tax) on securities transferred from the available-for-sale securities portfolio to the held-to-maturity securities portfolio. The net unrealized losses will be recognized in earnings over the remaining life of the security using the effective interest method.
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