| OTHER COMPREHENSIVE INCOME |
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 September 30, 2024 |
|
|
|
|
|
|
|
|
|
|
|
| Unrealized gains on available-for-sale securities arising during the period, net of hedges |
$ |
573 |
|
|
$ |
(131) |
|
|
$ |
442 |
|
| Reclassification adjustment for realized net losses included in net income |
4 |
|
|
(1) |
|
|
3 |
|
| Total unrealized gains on available-for-sale securities, net of hedges |
577 |
|
|
(132) |
|
|
445 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Unrealized gains on cash flow hedges during the period |
412 |
|
|
(95) |
|
|
317 |
|
| Reclassification adjustment for cash flow hedges included in net income |
55 |
|
|
(12) |
|
|
43 |
|
| Net change related to cash flow hedges on loans |
467 |
|
|
(107) |
|
|
360 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Translation adjustments, net of hedges (1) |
2 |
|
|
— |
|
|
2 |
|
| Change in accumulated unrealized gains for pension and other post-retirement obligations |
1 |
|
|
(1) |
|
|
— |
|
| Other comprehensive income |
$ |
1,047 |
|
|
$ |
(240) |
|
|
$ |
807 |
|
| Three months ended September 30, 2023 |
|
|
|
|
|
|
|
|
|
|
|
| Unrealized losses on available-for-sale securities arising during the period, net of hedges |
$ |
(739) |
|
|
$ |
170 |
|
|
$ |
(569) |
|
| Reclassification adjustment for realized net losses included in net income |
3 |
|
|
— |
|
|
3 |
|
| Total unrealized losses on available-for-sale securities, net of hedges |
(736) |
|
|
170 |
|
|
(566) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Unrealized losses on cash flow hedges during the period |
(119) |
|
|
28 |
|
|
(91) |
|
| Reclassification adjustment for cash flow hedges included in net income |
67 |
|
|
(26) |
|
|
41 |
|
| Net change related to cash flow hedges on loans |
(52) |
|
|
2 |
|
|
(50) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Translation adjustments, net of hedges (1) |
(1) |
|
|
— |
|
|
(1) |
|
| Change in accumulated unrealized gains for pension and other post-retirement obligations |
1 |
|
|
— |
|
|
1 |
|
| Other comprehensive loss |
$ |
(788) |
|
|
$ |
172 |
|
|
$ |
(616) |
|
| Nine months ended September 30, 2024 |
|
|
|
|
|
|
|
|
|
|
|
| Unrealized gains on available-for-sale securities arising during the period, net of hedges |
$ |
310 |
|
|
$ |
(70) |
|
|
$ |
240 |
|
| Reclassification adjustment for realized net losses included in net income |
9 |
|
|
(2) |
|
|
7 |
|
| Total unrealized gains on available-for-sale securities, net of hedges |
319 |
|
|
(72) |
|
|
247 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Unrealized gains on cash flow hedges during the period |
231 |
|
|
(53) |
|
|
178 |
|
| Reclassification adjustment for cash flow hedges included in net income |
190 |
|
|
(44) |
|
|
146 |
|
| Net change related to cash flow hedges on loans |
421 |
|
|
(97) |
|
|
324 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Change in accumulated unrealized gains for pension and other post-retirement obligations |
2 |
|
|
(1) |
|
|
1 |
|
| Other comprehensive income |
$ |
742 |
|
|
$ |
(170) |
|
|
$ |
572 |
|
| Nine months ended September 30, 2023 |
|
|
|
|
|
|
|
|
|
|
|
| Unrealized losses on available-for-sale securities arising during the period, net of hedges |
$ |
(685) |
|
|
$ |
158 |
|
|
$ |
(527) |
|
| Reclassification adjustment for realized net losses included in net income |
41 |
|
|
(9) |
|
|
32 |
|
| Total unrealized losses on available-for-sale securities |
(644) |
|
|
149 |
|
|
(495) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Unrealized losses on cash flow hedges during the period |
(154) |
|
|
40 |
|
|
(114) |
|
| Reclassification adjustment for cash flow hedges included in net income |
113 |
|
|
(29) |
|
|
84 |
|
| Net change related to cash flow hedges on loans |
(41) |
|
|
11 |
|
|
(30) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Change in accumulated unrealized gains for pension and other post-retirement obligations |
1 |
|
|
— |
|
|
1 |
|
| Other comprehensive loss |
$ |
(684) |
|
|
$ |
160 |
|
|
$ |
(524) |
|
(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 September 30, 2024 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Balance, beginning of period |
$ |
(2,292) |
|
|
|
|
$ |
(399) |
|
|
|
|
|
|
$ |
(8) |
|
|
$ |
(212) |
|
|
$ |
(2,911) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Other comprehensive income before reclassifications |
442 |
|
|
|
|
317 |
|
|
|
|
|
|
2 |
|
|
— |
|
|
761 |
|
| Amounts reclassified from accumulated OCI to earnings |
3 |
|
|
|
|
43 |
|
|
|
|
|
|
— |
|
|
— |
|
|
46 |
|
| Period change |
445 |
|
|
|
|
360 |
|
|
|
|
|
|
2 |
|
|
— |
|
|
807 |
|
| Balance, end of period |
$ |
(1,847) |
|
|
|
|
$ |
(39) |
|
|
|
|
|
|
$ |
(6) |
|
|
$ |
(212) |
|
|
$ |
(2,104) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Three months ended September 30, 2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Balance, beginning of period |
$ |
(2,177) |
|
|
|
|
$ |
(612) |
|
|
|
|
|
|
$ |
(7) |
|
|
$ |
(210) |
|
|
$ |
(3,006) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Other comprehensive loss before reclassifications |
(569) |
|
|
|
|
(91) |
|
|
|
|
|
|
(1) |
|
|
— |
|
|
(661) |
|
| Amounts reclassified from accumulated OCI to earnings |
3 |
|
|
|
|
41 |
|
|
|
|
|
|
— |
|
|
1 |
|
|
45 |
|
| Period change |
(566) |
|
|
|
|
(50) |
|
|
|
|
|
|
(1) |
|
|
1 |
|
|
(616) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Balance, end of period |
$ |
(2,743) |
|
|
|
|
$ |
(662) |
|
|
|
|
|
|
$ |
(8) |
|
|
$ |
(209) |
|
|
$ |
(3,622) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Nine months ended September 30, 2024 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Balance, beginning of period |
$ |
(2,094) |
|
|
|
|
$ |
(363) |
|
|
|
|
|
|
$ |
(6) |
|
|
$ |
(213) |
|
|
$ |
(2,676) |
|
| Other comprehensive income before reclassifications |
240 |
|
|
|
|
178 |
|
|
|
|
|
|
— |
|
|
— |
|
|
418 |
|
| Amounts reclassified from accumulated OCI to earnings |
7 |
|
|
|
|
146 |
|
|
|
|
|
|
— |
|
|
1 |
|
|
154 |
|
| Period change |
247 |
|
|
|
|
324 |
|
|
|
|
|
|
— |
|
|
1 |
|
|
572 |
|
| Balance, end of period |
$ |
(1,847) |
|
|
|
|
$ |
(39) |
|
|
|
|
|
|
$ |
(6) |
|
|
$ |
(212) |
|
|
$ |
(2,104) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Nine months ended September 30, 2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Balance, beginning of period |
$ |
(2,248) |
|
|
|
|
$ |
(632) |
|
|
|
|
|
|
$ |
(8) |
|
|
$ |
(210) |
|
|
$ |
(3,098) |
|
| Other comprehensive loss before reclassifications |
(527) |
|
|
|
|
(114) |
|
|
|
|
|
|
— |
|
|
— |
|
|
(641) |
|
| Amounts reclassified from accumulated OCI to earnings |
32 |
|
|
|
|
84 |
|
|
|
|
|
|
— |
|
|
1 |
|
|
117 |
|
| Period change |
(495) |
|
|
|
|
(30) |
|
|
|
|
|
|
— |
|
|
1 |
|
|
(524) |
|
| Balance, end of period |
$ |
(2,743) |
|
|
|
|
$ |
(662) |
|
|
|
|
|
|
$ |
(8) |
|
|
$ |
(209) |
|
|
$ |
(3,622) |
|
(1)AOCI amounts at September 30, 2024 and September 30, 2023 include $52 million and $60 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.
|