Quarterly report pursuant to Section 13 or 15(d)

INVESTMENT SECURITIES AND OTHER SECURITIES

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INVESTMENT SECURITIES AND OTHER SECURITIES
 3 Months Ended
Mar. 31, 2024
Investments, Debt and Equity Securities [Abstract]  
INVESTMENT SECURITIES AND OTHER SECURITIES INVESTMENT SECURITIES AND OTHER SECURITIES
Debt securities purchased in which Huntington has the intent and ability to hold to their maturity are classified as held-to-maturity securities. All other debt and equity securities are classified as either available-for-sale or other securities. The following tables provide amortized cost, fair value, and gross unrealized gains and losses by investment category.
Unrealized
(dollar amounts in millions)
Amortized
Cost (1)(2)
 Gross
Gains		 Gross
Losses		 Fair Value
At March 31, 2024
Available-for-sale securities:
U.S. Treasury $ 5,027  $ —  $ —  $ 5,027 
Federal agencies:
Residential CMO 3,519  —  (444) 3,075 
Residential MBS 12,893  1  (1,964) 10,930 
Commercial MBS 2,530  —  (735) 1,795 
Other agencies 154  —  (7) 147 
Total U.S. Treasury, federal agency, and other agency securities
 24,123  1  (3,150) 20,974 
Municipal securities 3,475  13  (157) 3,331 
Private-label CMO 128  1  (12) 117 
Asset-backed securities 379  —  (28) 351 
Corporate debt 2,179  89  (250) 2,018 
Other securities/Sovereign debt 10  —  —  10 
Total available-for-sale securities $ 30,294  $ 104  $ (3,597) $ 26,801 
Held-to-maturity securities:
Federal agencies:
Residential CMO $ 4,664  $ 1  $ (706) $ 3,959 
Residential MBS 9,175  —  (1,301) 7,874 
Commercial MBS 1,482  —  (232) 1,250 
Other agencies 93  —  (7) 86 
Total federal agency and other agency securities 15,414  1  (2,246) 13,169 
Municipal securities 2  —  —  2 
Total held-to-maturity securities $ 15,416  $ 1  $ (2,246) $ 13,171 
Other securities, at cost:
Non-marketable equity securities:
Federal Home Loan Bank stock $ 159  $ —  $ —  $ 159 
Federal Reserve Bank stock 518  —  —  518 
Equity securities 18  —  —  18 
Other securities, at fair value:
Mutual funds 31  —  —  31 
Equity securities 1  —  —  1 
Total other securities $ 727  $ —  $ —  $ 727 
(1)Amortized cost amounts exclude accrued interest receivable, which is recorded within accrued income and other receivables on the Unaudited Consolidated Balance Sheets. At March 31, 2024, accrued interest receivable on available-for-sale securities and held-to-maturity securities totaled $72 million and $35 million, respectively.
(2)Excluded from the amortized cost are portfolio level basis adjustments for securities designated in fair value hedges under the portfolio layer method. The basis adjustments totaled $680 million and represent a reduction to the amortized cost of the securities being hedged. The securities being hedged under the portfolio layer method are primarily Residential CMO and Residential MBS securities.
Unrealized
(dollar amounts in millions) Amortized
Cost (1)(2)		 Gross
Gains		 Gross
Losses		 Fair Value
At December 31, 2023
Available-for-sale securities:
U.S. Treasury $ 2,855  $ 1  $ —  $ 2,856 
Federal agencies:
Residential CMO 3,592  —  (408) 3,184 
Residential MBS 13,155  3  (1,776) 11,382 
Commercial MBS 2,536  —  (709) 1,827 
Other agencies 161  —  (6) 155 
Total U.S. Treasury, federal agency, and other agency securities 22,299  4  (2,899) 19,404 
Municipal securities 3,536  2  (165) 3,373 
Private-label CMO 131  —  (12) 119 
Asset-backed securities 387  —  (31) 356 
Corporate debt 2,202  79  (238) 2,043 
Other securities/Sovereign debt 10  —  —  10 
Total available-for-sale securities $ 28,565  $ 85  $ (3,345) $ 25,305 
Held-to-maturity securities:
Federal agencies:
Residential CMO $ 4,770  $ 6  $ (664) $ 4,112 
Residential MBS 9,368  1  (1,145) 8,224 
Commercial MBS 1,509  —  (224) 1,285 
Other agencies 101  —  (6) 95 
Total federal agency and other agency securities 15,748  7  (2,039) 13,716 
Municipal securities 2  —  —  2 
Total held-to-maturity securities $ 15,750  $ 7  $ (2,039) $ 13,718 
Other securities, at cost:
Non-marketable equity securities:
Federal Home Loan Bank stock $ 169  $ —  $ —  $ 169 
Federal Reserve Bank stock 507  —  —  507 
Other non-marketable equity securities 17  —  —  17 
Other securities, at fair value:
Mutual funds 30  —  —  30 
Equity securities 1  1  —  2 
Total other securities $ 724  $ 1  $ —  $ 725 
(1)Amortized cost amounts exclude accrued interest receivable, which is recorded within accrued income and other receivables on the Unaudited Consolidated Balance Sheets. At December 31, 2023, accrued interest receivable on available-for-sale securities and held-to-maturity securities totaled $61 million and $36 million, respectively.
(2)Excluded from the amortized cost are portfolio level basis adjustments for securities designated in fair value hedges under the portfolio layer method. The basis adjustments totaled $619 million and represent a reduction to the amortized cost of the securities being hedged. The securities being hedged under the portfolio layer method are primarily Residential CMO and Residential MBS securities.
The following table provides the amortized cost and fair value of securities by contractual maturity. Expected maturities may differ from contractual maturities as issuers may have the right to call or prepay obligations with or without incurring penalties.
At March 31, 2024 At December 31, 2023
(dollar amounts in millions) Amortized
Cost		 Fair
Value		 Amortized
Cost		 Fair
Value
Available-for-sale securities:
Under 1 year $ 5,093  $ 5,084  $ 3,380  $ 3,372 
After 1 year through 5 years 2,995  2,842  2,484  2,338 
After 5 years through 10 years 2,312  2,192  2,392  2,255 
After 10 years 19,894  16,683  20,309  17,340 
Total available-for-sale securities $ 30,294  $ 26,801  $ 28,565  $ 25,305 
Held-to-maturity securities:
Under 1 year $ —  $ —  $ 1  $ 1 
After 1 year through 5 years 42  40  48  46 
After 5 years through 10 years 66  62  69  66 
After 10 years 15,308  13,069  15,632  13,605 
Total held-to-maturity securities $ 15,416  $ 13,171  $ 15,750  $ 13,718 
The following tables provide detail on investment securities with unrealized losses aggregated by investment category and the length of time the individual securities have been in a continuous loss position.
Less than 12 Months Over 12 Months Total
(dollar amounts in millions) Fair
Value		 Gross Unrealized
Losses		 Fair
Value		 Gross Unrealized
Losses		 Fair
Value		 Gross Unrealized
Losses
At March 31, 2024
Available-for-sale securities:
Federal agencies:
Residential CMO $ 364  $ (4) $ 2,711  $ (440) $ 3,075  $ (444)
Residential MBS 238  (2) 10,554  (1,962) 10,792  (1,964)
Commercial MBS —  —  1,795  (735) 1,795  (735)
Other agencies —  —  78  (7) 78  (7)
Total federal agency and other agency securities 602  (6) 15,138  (3,144) 15,740  (3,150)
Municipal securities 613  (14) 2,522  (143) 3,135  (157)
Private-label CMO —  —  96  (12) 96  (12)
Asset-backed securities —  —  279  (28) 279  (28)
Corporate debt —  —  2,018  (250) 2,018  (250)
Total temporarily impaired available-for-sale securities $ 1,215  $ (20) $ 20,053  $ (3,577) $ 21,268  $ (3,597)
Held-to-maturity securities:
Federal agencies:
Residential CMO $ 159  $ (2) $ 3,532  $ (704) $ 3,691  $ (706)
Residential MBS —  —  7,778  (1,301) 7,778  (1,301)
Commercial MBS —  —  1,250  (232) 1,250  (232)
Other agencies —  —  86  (7) 86  (7)
Total federal agency and other agency securities 159  (2) 12,646  (2,244) 12,805  (2,246)
Total temporarily impaired held-to-maturity securities $ 159  $ (2) $ 12,646  $ (2,244) $ 12,805  $ (2,246)
Less than 12 Months Over 12 Months Total
(dollar amounts in millions) Fair
Value		 Gross Unrealized
Losses		 Fair
Value		 Gross Unrealized
Losses		 Fair
Value		 Gross Unrealized
Losses
At December 31, 2023
Available-for-sale securities:
Federal agencies:
Residential CMO $ 543  $ (7) $ 2,641  $ (401) $ 3,184  $ (408)
Residential MBS 207  (2) 10,913  (1,774) 11,120  (1,776)
Commercial MBS —  —  1,827  (709) 1,827  (709)
Other agencies —  —  81  (6) 81  (6)
Total federal agency and other agency securities 750  (9) 15,462  (2,890) 16,212  (2,899)
Municipal securities 625  (19) 2,496  (146) 3,121  (165)
Private-label CMO —  —  99  (12) 99  (12)
Asset-backed securities —  —  281  (31) 281  (31)
Corporate debt —  —  2,043  (238) 2,043  (238)
Total temporarily impaired available-for-sale securities $ 1,375  $ (28) $ 20,381  $ (3,317) $ 21,756  $ (3,345)
Held-to-maturity securities:
Federal agencies:
Residential CMO $ 156  $ (1) $ 3,542  $ (663) $ 3,698  $ (664)
Residential MBS —  —  8,108  (1,145) 8,108  (1,145)
Commercial MBS —  —  1,285  (224) 1,285  (224)
Other agencies —  —  95  (6) 95  (6)
Total federal agency and other agency securities 156  (1) 13,030  (2,038) 13,186  (2,039)
Total temporarily impaired held-to-maturity securities $ 156  $ (1) $ 13,030  $ (2,038) $ 13,186  $ (2,039)
At March 31, 2024 and December 31, 2023, the carrying value of investment securities pledged to secure certain public trust deposits, trading account liabilities, U.S. Treasury demand notes, security repurchase agreements and to support borrowing capacity totaled $36.2 billion and $35.1 billion, respectively. There were no securities of a single issuer, which were not governmental or government-sponsored, that exceeded 10% of shareholders’ equity at either March 31, 2024 or December 31, 2023. At March 31, 2024, all HTM debt securities are comprised of securities issued by government sponsored entities or are explicitly guaranteed by the U.S. government. In addition, there were no HTM debt securities considered past due at March 31, 2024.
Based on an evaluation of available information including security type, counterparty credit quality, past events, current conditions, and reasonable and supportable forecasts that are relevant to collectability of cash flows, as of March 31, 2024, Huntington has concluded that it expects to receive all contractual cash flows from each security held in its AFS and HTM debt securities portfolio. There was no allowance related to investment securities as of March 31, 2024 or December 31, 2023.