| OTHER COMPREHENSIVE INCOME The components of Huntington’s OCI were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (dollar amounts in millions) |
Pretax |
|
Tax (expense) benefit |
|
After-tax |
| Three months ended March 31, 2024 |
|
|
|
|
|
|
|
|
|
|
|
| Unrealized losses on available-for-sale securities arising during the period, net of hedges |
$ |
(170) |
|
|
$ |
40 |
|
|
$ |
(130) |
|
| Reclassification adjustment for realized net losses included in net income |
3 |
|
|
(1) |
|
|
2 |
|
| Total unrealized losses on available-for-sale securities, net of hedges |
(167) |
|
|
39 |
|
|
(128) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Unrealized losses on cash flow hedges during the period |
(161) |
|
|
37 |
|
|
(124) |
|
| Reclassification adjustment for cash flow hedges included in net income |
67 |
|
|
(16) |
|
|
51 |
|
| Net change related to cash flow hedges on loans |
(94) |
|
|
21 |
|
|
(73) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Translation adjustments, net of hedges (1) |
(2) |
|
|
— |
|
|
(2) |
|
|
|
|
|
|
|
| Other comprehensive loss |
$ |
(263) |
|
|
$ |
60 |
|
|
$ |
(203) |
|
| Three months ended March 31, 2023 |
|
|
|
|
|
|
|
|
|
|
|
| Unrealized gains on available-for-sale securities arising during the period, net of hedges |
$ |
197 |
|
|
$ |
(45) |
|
|
$ |
152 |
|
| Reclassification adjustment for realized net losses included in net income |
3 |
|
|
(1) |
|
|
2 |
|
| Total unrealized gains on available-for-sale securities, net of hedges |
200 |
|
|
(46) |
|
|
154 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Unrealized gains on cash flow hedges during the period |
231 |
|
|
(53) |
|
|
178 |
|
| Reclassification adjustment for cash flow hedges included in net income |
12 |
|
|
(1) |
|
|
11 |
|
| Net change related to cash flow hedges on loans |
243 |
|
|
(54) |
|
|
189 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Other comprehensive income |
$ |
443 |
|
|
$ |
(100) |
|
|
$ |
343 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 was as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (dollar amounts in millions) |
Unrealized gains (losses) on available-for-sale securities, net of hedges (1) |
|
|
|
Net change related to cash flow hedges on loans |
|
|
|
|
|
Translation adjustments, net of hedges |
|
Unrealized losses for pension and other post-retirement obligations |
|
Total |
| Three months ended March 31, 2024 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Balance, beginning of period |
$ |
(2,094) |
|
|
|
|
$ |
(363) |
|
|
|
|
|
|
$ |
(6) |
|
|
$ |
(213) |
|
|
$ |
(2,676) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Other comprehensive loss before reclassifications |
(130) |
|
|
|
|
(124) |
|
|
|
|
|
|
(2) |
|
|
— |
|
|
(256) |
|
| Amounts reclassified from accumulated OCI to earnings |
2 |
|
|
|
|
51 |
|
|
|
|
|
|
— |
|
|
— |
|
|
53 |
|
| Period change |
(128) |
|
|
|
|
(73) |
|
|
|
|
|
|
(2) |
|
|
— |
|
|
(203) |
|
| Balance, end of period |
$ |
(2,222) |
|
|
|
|
$ |
(436) |
|
|
|
|
|
|
$ |
(8) |
|
|
$ |
(213) |
|
|
$ |
(2,879) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Three months ended March 31, 2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Balance, beginning of period |
$ |
(2,248) |
|
|
|
|
$ |
(632) |
|
|
|
|
|
|
$ |
(8) |
|
|
$ |
(210) |
|
|
$ |
(3,098) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Other comprehensive income before reclassifications |
152 |
|
|
|
|
178 |
|
|
|
|
|
|
— |
|
|
— |
|
|
330 |
|
| Amounts reclassified from accumulated OCI to earnings |
2 |
|
|
|
|
11 |
|
|
|
|
|
|
— |
|
|
— |
|
|
13 |
|
| Period change |
154 |
|
|
|
|
189 |
|
|
|
|
|
|
— |
|
|
— |
|
|
343 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Balance, end of period |
$ |
(2,094) |
|
|
|
|
$ |
(443) |
|
|
|
|
|
|
$ |
(8) |
|
|
$ |
(210) |
|
|
$ |
(2,755) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)AOCI amounts at March 31, 2024 and March 31, 2023 include $56 million and $64 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.
|