XML 46 R35.htm IDEA: XBRL DOCUMENT v3.22.1
FAIR VALUES OF ASSETS AND LIABILITIES (Tables)
 3 Months Ended
Mar. 31, 2022
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
Fair Value Measurements at Reporting Date UsingNetting Adjustments (1)March 31, 2022
(dollar amounts in millions)Level 1Level 2Level 3
Assets
Trading account securities:
Municipal securities$— $74 $— $— $74 
Available-for-sale securities:
U.S. Treasury securities5 — — — 5 
Residential CMOs— 2,916 — — 2,916 
Residential MBS— 13,901 — — 13,901 
Commercial MBS— 1,850 — — 1,850 
Other agencies— 225 — — 225 
Municipal securities— 47 3,282 — 3,329 
Private-label CMO— 126 19 — 145 
Asset-backed securities— 334 62 — 396 
Corporate debt— 2,381 — — 2,381 
Other securities/sovereign debt— 4 — — 4 
Total available-for-sale securities
5 21,784 3,363 — 25,152 
Other securities60 6 — — 66 
Loans held for sale— 835 — — 835 
Loans held for investment— 154 18 — 172 
MSRs— — 416 — 416 
Other assets:
Derivative assets— 1,557 3 (859)701 
Assets held in trust for deferred compensation plans140 — — — 140 
Liabilities
Derivative liabilities— 1,216 13 (684)545 
Fair Value Measurements at Reporting Date Using
Netting Adjustments (1)
December 31, 2021
(dollar amounts in millions)
Level 1
Level 2
Level 3
Assets
Trading account securities:
Municipal securities$— $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 
Total available-for-sale securities5 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 
(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.
Rollforward of financial instruments 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
Three Months Ended March 31, 2022
Available-for-sale securitiesLoans held for investment
(dollar amounts in millions)MSRs
Derivative
instruments
Municipal
securities
Private-
label CMO
Asset-backed
securities
Three Months Ended March 31, 2022
Opening balance$351 $4 $3,477 $20 $70 $19 
Transfers out of Level 3 (1)— (7)— — — — 
Total gains/losses for the period:
Included in earnings:
Mortgage banking income51 (7)— — — — 
Interest and fee income— — (2)(1)— — 
Provision for credit losses— — (4)— — — 
Included in OCI— — (120)— (1)— 
Purchases/originations29 — 172 — — — 
Sales— — — — — — 
Repayments— — — — — (1)
Settlements(15)— (241)— (7)— 
Closing balance$416 $(10)$3,282 $19 $62 $18 
Change in unrealized gains or losses for the period included in earnings for assets held at end of the reporting date$51 $(16)$— $— $— $— 
Change in unrealized gains or losses for the period included in other comprehensive income for assets held at the end of the reporting period— — (118)— (1)— 
Three Months Ended March 31, 2021
Opening balance210 41 2,951 9 10 23 
Transfers out of Level 3 (1)— (39)— — — — 
Total gains/losses for the period:
Included in earnings:
Mortgage banking income51 8 — — — — 
Included in OCI— — (4)— — — 
Purchases/originations33 — 209 2 37 — 
Repayments— — — — — (1)
Settlements(20)— (86)— — — 
Closing balance274 10 3,070 11 47 22 
Change in unrealized gains or losses for the period included in earnings for assets held at end of the reporting date$51 $(26)$— $— $— $— 
Change in unrealized gains or losses for the period included in other comprehensive income for assets held at the end of the reporting period— — (5)— — — 
(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 tables present the fair value and aggregate principal balance of certain assets and liabilities under the fair value option:
(dollar amounts in millions)Total LoansLoans that are 90 or more days past due
Fair value
carrying
amount
Aggregate
unpaid
principal
Difference
Fair value
carrying
amount
Aggregate
unpaid
principal
Difference
March 31, 2022
Assets
Loans held for sale$835 $846 $(11)$— $— $— 
Loans held for investment172 177 (5)5 5 — 
December 31, 2021
Assets
Loans held for sale$1,270 $1,237 $33 $— $— $— 
Loans held for investment171 177 (6)4 4 — 

The following table presents the net gains (losses) from fair value changes.
(dollar amounts in millions)Three Months Ended March 31,
Assets20222021
Loans held for sale (1)$(44)$(34)
Loans held for investment1 — 
(1)The net gains (losses) from fair value changes are included in Mortgage banking income on the Unaudited Condensed 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 Significant Other Unobservable Inputs (Level 3)Total Gains (Losses)
Three Months Ended March 31,
(dollar amounts in millions)March 31, 2022December 31, 202120222021
Collateral-dependent loans$17 $39 $(1)$(1)
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 March 31, 2022 (1)At December 31, 2021 (1)
(dollar amounts in millions)Valuation TechniqueSignificant Unobservable InputRange Weighted AverageRangeWeighted Average
Measured at fair value on a recurring basis:
MSRsDiscounted cash flowConstant prepayment rate6 %-26%9 %8 %—%23 %12 %
Spread over forward interest rate swap rates4 %-11%5 %3 %—%11 %5 %
Derivative assetsConsensus PricingNet market price(11)%-6%(2)%(4)%—%8 %1 %
Estimated pull through %10 %-100%91 %6 %—%100 %92 %
Municipal securitiesDiscounted cash flowDiscount rate1 %-3%3 %— %—%2 %1 %
Asset-backed securitiesCumulative default— %-64%5 %— %—%64 %5 %
Loss given default5 %-60%24 %5 %—%80 %23 %
(1)     Certain disclosures related to quantitative level 3 fair value measurements do not include those deemed to be immaterial.
Carrying amounts and estimated fair values of financial instruments
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
March 31, 2022
Financial Assets
Cash and short-term assets$4,622 $— $— $4,622 $4,622 
Trading account securities— — 74 74 74 
Available-for-sale securities— — 25,152 25,152 25,152 
Held-to-maturity securities17,190 — — 17,190 16,413 
Other securities990 — 66 1,056 1,056 
Loans held for sale— 235 835 1,070 1,069 
Net loans and leases (1)110,627 — 172 110,799 109,138 
Derivative assets— — 701 701 701 
Assets held in trust for deferred compensation plans— — 140 140 140 
Financial Liabilities
Deposits146,965 — — 146,965 147,313 
Short-term borrowings652 — — 652 652 
Long-term debt6,508 — — 6,508 6,799 
Derivative liabilities— — 545 545 545 
December 31, 2021
Financial Assets
Cash and short-term assets$5,914 $— $— $5,914 $5,914 
Trading account securities— — 46 46 46 
Available-for-sale securities— — 28,460 28,460 28,460 
Held-to-maturity securities12,447 — — 12,447 12,489 
Other securities576 — 72 648 648 
Loans held for sale— 406 1,270 1,676 1,621 
Net loans and leases (1)109,066 — 171 109,237 109,695 
Derivative assets— — 600 600 600 
Assets held in trust for deferred compensation plans— — 156 156 156 
Financial Liabilities
Deposits143,263 — — 143,263 143,574 
Short-term borrowings334 — — 334 334 
Long-term debt7,108 — — 7,108 7,319 
Derivative liabilities— — 119 119 119 
(1)Includes collateral-dependent loans.
The following table presents the level in the fair value hierarchy for the estimated fair values at March 31, 2022 and December 31, 2021:
Estimated Fair Value Measurements at Reporting Date UsingNetting Adjustments (1) Presented Balance
(dollar amounts in millions)Level 1Level 2Level 3
March 31, 2022
Financial Assets
Trading account securities$— $74 $— $74 
Available-for-sale securities5 21,784 3,363 25,152 
Held-to-maturity securities— 16,413 — 16,413 
Other securities (2)60 6 — 66 
Loans held for sale— 835 234 1,069 
Net loans and leases— 154 108,984 109,138 
Derivative assets— 1,557 3 $(859)701 
Financial Liabilities
Deposits— 143,324 3,989 147,313 
Short-term borrowings— 652 — 652 
Long-term debt— 5,933 866 6,799 
Derivative liabilities— 1,216 13 (684)545 
December 31, 2021
Financial Assets
Trading account securities$— $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— 152 109,543 109,695 
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 
(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.