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FAIR VALUES OF ASSETS AND LIABILITIES (Tables)
 12 Months Ended
Dec. 31, 2021
Fair Value Disclosures [Abstract]  
Assets and liabilities measured at fair value on a recurring basis
Assets and liabilities measured at fair value on a recurring basis are summarized in the following tables:
Fair Value Measurements at Reporting Date UsingNetting Adjustments (1)December 31, 2021
(dollar amounts in millions)Level 1Level 2Level 3
Assets
Trading account securities:
Municipal securities$— $46 $— $— $46 
Available-for-sale securities:
U.S. Treasury securities5 — — — 5 
Residential CMOs— 4,649 — — 4,649 
Residential MBS— 15,508 — — 15,508 
Commercial MBS— 1,865 — — 1,865 
Other agencies— 248 — — 248 
Municipal securities— 49 3,477 — 3,526 
Private-label CMO— 86 20 — 106 
Asset-backed securities— 312 70 — 382 
Corporate debt— 2,167 — — 2,167 
Other securities/sovereign debt— 4 — — 4 
5 24,888 3,567 — 28,460 
Other securities65 7 — — 72 
Loans held for sale— 1,270 — — 1,270 
Loans held for investment— 152 19 — 171 
MSRs— — 351 — 351 
Other assets:
Derivative assets— 1,055 10 (465)600 
Assets held in trust for deferred compensation plans156 — — — 156 
Liabilities
Derivative liabilities— 737 6 (624)119 
Fair Value Measurements at Reporting Date UsingNetting Adjustments (1)December 31, 2020
(dollar amounts in millions)Level 1Level 2Level 3
Assets
Trading account securities:
Municipal securities$— $62 $— $— $62 
Available-for-sale securities:
U.S. Treasury securities5 — — — 5 
Residential CMOs— 3,666 — — 3,666 
Residential MBS— 7,935 — — 7,935 
Commercial MBS— 1,163 — — 1,163 
Other agencies— 62 — — 62 
Municipal securities— 53 2,951 — 3,004 
Private-label CMO— — 9 — 9 
Asset-backed securities— 182 10 — 192 
Corporate debt— 445 — — 445 
Other securities/sovereign debt— 4 — — 4 
5 13,510 2,970 — 16,485 
Other securities59 — — — 59 
Loans held for sale— 1,198 — — 1,198 
Loans held for investment— 71 23 — 94 
MSRs— — 210 — 210 
Other assets:
Derivative assets— 1,903 43 (889)1,057 
Assets held in trust for deferred compensation plans73 — — — 73 
Liabilities
Derivative liabilities— 1,031 2 (917)116 
(1)Amounts represent the impact of legally enforceable master netting agreements that allow the Company to settle positive and negative positions and cash collateral held or placed with the same counterparties.
Roll forward of derivatives measured on a recurring basis and classified as Level 3
The following tables present a rollforward of the balance sheet amounts measured at fair value on a recurring basis and classified as Level 3. The classification of an item as Level 3 is based on the significance of the unobservable inputs to the overall fair value measurement. However, Level 3 measurements may also include observable components of value that can be validated externally. Accordingly, the gains and losses in the table below include changes in fair value due in part to observable factors that are part of the valuation methodology.
Level 3 Fair Value Measurements
Year Ended December 31, 2021
Available-for-sale securitiesLoans held for investment
(dollar amounts in millions)MSRsDerivative
instruments		Municipal
securities		Private-
label
CMO		Asset-
backed
securities
Opening balance$210 $41 $2,951 $9 $10 $23 
Transfers out of Level 3 (1)— (132)— — — — 
Total gains/losses for the period:
Included in earnings:
Mortgage banking income27 88 — — — — 
Interest and fee income— — (1)(2)— — 
Included in OCI— — (46)— — — 
Purchases/originations/acquisitions194 7 1,835 11 115 — 
Sales— — (369)— — — 
Repayments— — — — — (4)
Settlements(80)— (893)2 (55)— 
Closing balance$351 $4 $3,477 $20 $70 $19 
Change in unrealized gains or losses for the period included in earnings for assets held at end of the reporting date$27 $(41)$— $— $— $— 
Change in unrealized gains or losses for the period included in other comprehensive income for assets held at the end of the reporting period $— $— $(47)$— $— $— 
Level 3 Fair Value Measurements
Year Ended December 31, 2020
Available-for-sale securitiesLoans held for investment
(dollar amounts in millions)MSRs
Derivative
instruments
Municipal
securities
Private-
label
CMO
Asset-
backed
securities
Opening balance$7 $6 $2,999 $2 $48 $26 
Fair value election for serving assets previously measured using the amortized method205 — — — — 
Transfers out of Level 3 (1)— (198)— — — — 
Total gains/losses for the period:
Included in earnings:
Mortgage banking income(104)233 — — — — 
Interest and fee income— — (2)— — — 
Included in OCI— — 65 — — — 
Purchases/originations102 — 623 7 28 — 
Repayments— — — — — (3)
Settlements— — (734)— (66)— 
Closing balance$210 $41 $2,951 $9 $10 $23 
Change in unrealized gains or losses for the period included in earnings (or changes in net assets) for assets held at end of the reporting date$(104)$34 $— $— $— $— 
Change in unrealized gains or losses for the period included in other comprehensive income for assets held at the end of the reporting period$— $— $68 $— $— $— 
Level 3 Fair Value Measurements
Year Ended December 31, 2019
   Available-for-sale securitiesLoans held for investment
(dollar amounts in millions)MSRs
Derivative
instruments
Municipal
securities
Private
label CMO
Asset-
backed
securities
Opening balance$10 $2 $3,165 $— $— $30 
Transfers out of Level 3 (1)— (62)— — — — 
Total gains/losses for the period:
Included in earnings:
Mortgage banking income(3)66 — — — — 
Interest and fee income— — (1)— — 1 
Included in OCI— — 77 — — — 
Purchases/originations— — 254 2 55 — 
Sales— — — — — — 
Repayments— — — — — (5)
Settlements— — (496)— (7)— 
Closing balance$7 $6 $2,999 $2 $48 $26 
Change in unrealized gains or losses for the period included in earnings (or changes in net assets) for assets held at end of the reporting date$(3)$3 $— $— $— $— 
Change in unrealized gains or losses for the period included in other comprehensive income for assets held at the end of the reporting period$— $— $74 $— $— $— 
(1)     Transfers out of Level 3 represent the settlement value of the derivative instruments (i.e. interest rate lock agreements) that are transferred to loans held for sale, which is classified as Level 2.
Roll forward of assets measured on a recurring basis and classified as Level 3
Level 3 Fair Value Measurements
Year Ended December 31, 2021
Available-for-sale securitiesLoans held for investment
(dollar amounts in millions)MSRsDerivative
instruments		Municipal
securities		Private-
label
CMO		Asset-
backed
securities
Opening balance$210 $41 $2,951 $9 $10 $23 
Transfers out of Level 3 (1)— (132)— — — — 
Total gains/losses for the period:
Included in earnings:
Mortgage banking income27 88 — — — — 
Interest and fee income— — (1)(2)— — 
Included in OCI— — (46)— — — 
Purchases/originations/acquisitions194 7 1,835 11 115 — 
Sales— — (369)— — — 
Repayments— — — — — (4)
Settlements(80)— (893)2 (55)— 
Closing balance$351 $4 $3,477 $20 $70 $19 
Change in unrealized gains or losses for the period included in earnings for assets held at end of the reporting date$27 $(41)$— $— $— $— 
Change in unrealized gains or losses for the period included in other comprehensive income for assets held at the end of the reporting period $— $— $(47)$— $— $— 
Level 3 Fair Value Measurements
Year Ended December 31, 2020
Available-for-sale securitiesLoans held for investment
(dollar amounts in millions)MSRs
Derivative
instruments
Municipal
securities
Private-
label
CMO
Asset-
backed
securities
Opening balance$7 $6 $2,999 $2 $48 $26 
Fair value election for serving assets previously measured using the amortized method205 — — — — 
Transfers out of Level 3 (1)— (198)— — — — 
Total gains/losses for the period:
Included in earnings:
Mortgage banking income(104)233 — — — — 
Interest and fee income— — (2)— — — 
Included in OCI— — 65 — — — 
Purchases/originations102 — 623 7 28 — 
Repayments— — — — — (3)
Settlements— — (734)— (66)— 
Closing balance$210 $41 $2,951 $9 $10 $23 
Change in unrealized gains or losses for the period included in earnings (or changes in net assets) for assets held at end of the reporting date$(104)$34 $— $— $— $— 
Change in unrealized gains or losses for the period included in other comprehensive income for assets held at the end of the reporting period$— $— $68 $— $— $— 
Level 3 Fair Value Measurements
Year Ended December 31, 2019
   Available-for-sale securitiesLoans held for investment
(dollar amounts in millions)MSRs
Derivative
instruments
Municipal
securities
Private
label CMO
Asset-
backed
securities
Opening balance$10 $2 $3,165 $— $— $30 
Transfers out of Level 3 (1)— (62)— — — — 
Total gains/losses for the period:
Included in earnings:
Mortgage banking income(3)66 — — — — 
Interest and fee income— — (1)— — 1 
Included in OCI— — 77 — — — 
Purchases/originations— — 254 2 55 — 
Sales— — — — — — 
Repayments— — — — — (5)
Settlements— — (496)— (7)— 
Closing balance$7 $6 $2,999 $2 $48 $26 
Change in unrealized gains or losses for the period included in earnings (or changes in net assets) for assets held at end of the reporting date$(3)$3 $— $— $— $— 
Change in unrealized gains or losses for the period included in other comprehensive income for assets held at the end of the reporting period$— $— $74 $— $— $— 
(1)     Transfers out of Level 3 represent the settlement value of the derivative instruments (i.e. interest rate lock agreements) that are transferred to loans held for sale, which is classified as Level 2.
Assets and liabilities under the fair value option
The following table presents the fair value and aggregate principal balance of certain assets and liabilities under the fair value option:
Total LoansLoans that are 90 or more days past due
(dollar amounts in millions)Fair value
carrying
amount		Aggregate
unpaid
principal		DifferenceFair value
carrying
amount		Aggregate
unpaid
principal		Difference
December 31, 2021
Assets
Loans held for sale$1,270 $1,237 $33 $— $— $— 
Loans held for investment171 177 (6)4 4 — 
December 31, 2020
Assets
Loans held for sale$1,198 $1,134 $64 $2 $2 $— 
Loans held for investment94 99 $(5)7 8 (1)

The following table presents the net (losses) gains from fair value changes:
 Net (losses) gains from fair value
changes Year Ended December 31,
(dollar amounts in millions)202120202019
Assets
Loans held for sale (1)
$(31)$38 $7 
Loans held for investment(1)1 1 
(1)The net (losses) gains from fair value changes are included in Mortgage banking income on the Consolidated Statements of Income.
Assets measured at fair value on a nonrecurring basis
The amounts measured at fair value on a nonrecurring basis were as follows:
Fair Value Measurements Using
(dollar amounts in millions)Fair Value
Quoted Prices
In Active
Markets for
Identical Assets
(Level 1)
Significant
Other
Observable
Inputs
(Level 2)
Significant
Other
Unobservable
Inputs
(Level 3)
Total
Gains/(Losses)
 Year Ended
December 31, 2021
Collateral-dependent loans$39 $— $— $39 $(4)
December 31, 2020
Collateral-dependent loans144 — — 144 (43)
Loans held for sale124 — — 124 (63)
Quantitative information about significant unobservable level 3 fair value measurement inputs
The table below presents quantitative information about the significant unobservable inputs for assets and liabilities measured at fair value on a recurring and nonrecurring basis:
Quantitative Information about Level 3 Fair Value Measurements
At December 31, 2021(1)At December 31, 2020(1)
(dollar amounts in millions)Valuation TechniqueSignificant Unobservable  InputRange
Weighted
 Average
Range
Weighted
 Average
Measured at fair value on a recurring basis:
MSRsDiscounted cash flowConstant prepayment rate8 %-23 %12 %8 %-24 %17 %
Spread over forward interest rate swap rates3 %-11 %5 %4 %-11 %5 %
Derivative assetsConsensus PricingNet market price(4)%-8 %1 %(4)%-11 %3 %
Estimated pull through %6 %-100 %92 %1 %-100 %88 %
Municipal securitiesDiscounted cash flowDiscount rate— %-2 %1 %— %-1 %1 %
Asset-backed securitiesCumulative default— %-64 %5 %— %-39 %4 %
Loss given default5 %-80 %23 %5 %-80 %25 %
(1)     Certain disclosures related to quantitative level 3 fair value measurements do not include those deemed to be immaterial.
Fair value by balance sheet grouping
The following table provides the carrying amounts and estimated fair values of Huntington’s financial instruments:
(dollar amounts in millions)Amortized CostLower of Cost or Market
Fair Value or
Fair Value Option
Total Carrying AmountEstimated Fair Value
December 31, 2021
Financial Assets
Cash and short-term assets$5,914 $— $— $5,914 $5,914 
Trading account securities— — 46 46 46 
Available-for-sale securities— — 28,460 28,460 28,460 
Held-to-maturity securities12,447 — — 12,447 12,489 
Other securities576 — 72 648 648 
Loans held for sale— 406 1,270 1,676 1,621 
Net loans and leases (1)109,719 — 171 109,890 110,342 
Derivative assets— — 600 600 600 
Assets held in trust for deferred compensation plans— — 156 156 156 
Financial Liabilities
Deposits143,263 — — 143,263 143,574 
Short-term borrowings334 — — 334 334 
Long-term debt7,108 — — 7,108 7,319 
Derivative liabilities— — 119 119 119 
December 31, 2020
Financial Assets
Cash and short-term assets$6,712 $— $— $6,712 $6,712 
Trading account securities— — 62 62 62 
Available-for-sale securities— — 16,485 16,485 16,485 
Held-to-maturity securities8,861 — — 8,861 9,255 
Other securities359 — 59 418 418 
Loans held for sale— 77 1,198 1,275 1,275 
Net loans and leases (1)79,700 — 94 79,794 80,477 
Derivative assets— — 1,057 1,057 1,057 
Assets held in trust for deferred compensation plans— — 73 73 73 
Financial Liabilities
Deposits98,948 — — 98,948 99,021 
Short-term borrowings183 — — 183 183 
Long-term debt8,352 — — 8,352 8,568 
Derivative liabilities— — 116 116 116 
(1)Includes collateral-dependent loans.
The following table presents the level in the fair value hierarchy for estimated fair values:
Estimated Fair Value Measurements at Reporting Date UsingNettingPresented Balance
(dollar amounts in millions)Level 1Level 2Level 3Adjustments (1)
December 31, 2021
Financial Assets
Trading account securities$— $46 $— $46 
Available-for-sale securities5 24,888 3,567 28,460 
Held-to-maturity securities— 12,489 — 12,489 
Other securities (2)65 7 — 72 
Loans held for sale— 1,270 351 1,621 
Net loans and leases— 152 110,190 110,342 
Derivative assets— 1,055 10 (465)600 
Financial Liabilities
Deposits— 139,047 4,527 143,574 
Short-term borrowings— 334 — 334 
Long-term debt— 6,441 878 7,319 
Derivative liabilities— 737 6 (624)119 
December 31, 2020
Financial Assets
Trading account securities$— $62 $— $62 
Available-for-sale securities5 13,510 2,970 16,485 
Held-to-maturity securities— 9,255 — 9,255 
Other securities (2)59 — — 59 
Loans held for sale— 1,198 77 1,275 
Net loans and leases— 71 80,406 80,477 
Derivative assets— 1,903 43 (889)1,057 
Financial Liabilities
Deposits— 96,656 2,365 99,021 
Short-term borrowings— 183 — 183 
Long-term debt— 7,999 569 8,568 
Derivative liabilities— 1,031 2 (917)116 
(1)Amounts represent the impact of legally enforceable master netting agreements that allow the Company to settle positive and negative positions and cash collateral held or placed with the same counterparties.
(2)Excludes securities without readily determinable fair values.