Quarterly report pursuant to Section 13 or 15(d)

VARIABLE INTEREST ENTITIES (Tables)

v3.24.3
VARIABLE INTEREST ENTITIES (Tables)
9 Months Ended
Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Carrying Amount and Classification of the Trusts Assets and Liabilities
The following table provides a summary of the assets and liabilities of VIEs carried on Huntington’s Unaudited Consolidated Balance Sheets.
(dollar amounts in millions) At September 30, 2024 At December 31, 2023
Assets
Net loans and leases $ 1,252  $ — 
Other assets 267  82 
Total assets $ 1,519  $ 82 
Liabilities
Long-term borrowings $ 1,142  $ — 
Other liabilities 121  57 
Total liabilities $ 1,263  $ 57 
The following tables provide a summary of the assets and liabilities included in Huntington’s Unaudited Consolidated Financial Statements, as well as the maximum exposure to losses, associated with its interests related to unconsolidated VIEs for which Huntington holds an interest in, but is not the primary beneficiary.
(dollar amounts in millions) Total Assets Total Liabilities Maximum Exposure to Loss
At September 30, 2024
Affordable Housing Tax Credit Partnerships $ 2,269  $ 1,040  $ 2,269 
Trust Preferred Securities 14  248  — 
Other Investments 896  173  896 
Total $ 3,179  $ 1,461  $ 3,165 
At December 31, 2023
Affordable Housing Tax Credit Partnerships $ 2,297  $ 1,279  $ 2,297 
Trust Preferred Securities 14  248  — 
Other Investments 894  140  894 
Total $ 3,205  $ 1,667  $ 3,191 
Affordable housing tax credit investments
The following table presents the balances of Huntington’s affordable housing tax credit investments and related unfunded commitments.
(dollar amounts in millions) At September 30, 2024 At December 31, 2023
Affordable housing tax credit investments $ 3,491  $ 3,335 
Less: amortization (1,222) (1,038)
Net affordable housing tax credit investments $ 2,269  $ 2,297 
Unfunded commitments $ 1,040  $ 1,279 
The following table presents other information relating to Huntington’s affordable housing tax credit investments.
Three Months Ended Nine Months Ended
(dollar amounts in millions) September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023
Tax credits and other tax benefits recognized $ 78  $ 66  $ 230  $ 197 
Proportional amortization expense included in provision for income taxes 63  55  189  164