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INVESTMENT SECURITIES AND OTHER SECURITIES
 6 Months Ended
Jun. 30, 2022
Investments, Debt and Equity Securities [Abstract]  
INVESTMENT SECURITIES AND OTHER SECURITIES INVESTMENT SECURITIES AND OTHER SECURITIES
Debt securities purchased in which Huntington has the intent and ability to hold to their maturity are classified as held-to-maturity securities. All other debt and equity securities are classified as either available-for-sale or other securities.
The following tables provide amortized cost, fair value, and gross unrealized gains and losses by investment category at June 30, 2022 and December 31, 2021:
Unrealized
(dollar amounts in millions)
Amortized
Cost (1)(2)
Gross
Gains		Gross
Losses		Fair Value
June 30, 2022
Available-for-sale securities:
U.S. Treasury$5 $— $— $5 
Federal agencies:
Residential CMO3,217 — (216)3,001 
Residential MBS14,478 1 (1,532)12,947 
Commercial MBS2,365 1 (384)1,982 
Other agencies215 — (6)209 
Total U.S. Treasury, federal agency and other agency securities20,280 2 (2,138)18,144 
Municipal securities3,604 1 (183)3,422 
Private-label CMO158 — (6)152 
Asset-backed securities392 — (31)361 
Corporate debt2,539 99 (344)2,294 
Other securities/Sovereign debt4 — — 4 
Total available-for-sale securities$26,977 $102 $(2,702)$24,377 
Held-to-maturity securities:
Federal agencies:
Residential CMO$4,896 $— $(383)$4,513 
Residential MBS10,509 2 (930)9,581 
Commercial MBS1,792 1 (124)1,669 
Other agencies156 — (5)151 
Total federal agency and other agency securities17,353 3 (1,442)15,914 
Municipal securities2 — — 2 
Total held-to-maturity securities$17,355 $3 $(1,442)$15,916 
Other securities, at cost:
Non-marketable equity securities:
Federal Home Loan Bank stock$187 $— $— $187 
Federal Reserve Bank stock514 — — 514 
Equity securities9 — — 9 
Other securities, at fair value:
Mutual funds50 — — 50 
Equity securities3 — — 3 
Total other securities$763 $— $— $763 
(1)Amortized cost amounts excludes accrued interest receivable, which is recorded within accrued income and other receivables on the Consolidated Balance Sheets. At June 30, 2022, accrued interest receivable on available-for-sale securities and held-to-maturity securities totaled $62 million and $38 million, respectively.
(2)Excluded from the amortized cost are portfolio level basis adjustments for securities designated in fair value hedges under the portfolio layer method. The basis adjustments totaled $608 million and represent a reduction to the amortized cost of the securities being hedged. The securities being hedged under the portfolio layer method are primarily Residential CMO and Residential MBS securities.
Unrealized
(dollar amounts in millions)Amortized
Cost (1)		Gross
Gains		Gross
Losses		Fair Value
December 31, 2021
Available-for-sale securities:
U.S. Treasury$5 $— $— $5 
Federal agencies:
Residential CMO4,649 40 (40)4,649 
Residential MBS15,533 135 (160)15,508 
Commercial MBS1,896 7 (38)1,865 
Other agencies248 1 (1)248 
Total U.S. Treasury, federal agency and other agency securities22,331 183 (239)22,275 
Municipal securities3,497 62 (33)3,526 
Private-label CMO106 1 (1)106 
Asset-backed securities385 1 (4)382 
Corporate debt2,183 22 (38)2,167 
Other securities/Sovereign debt4 — — 4 
Total available-for-sale securities$28,506 $269 $(315)$28,460 
Held-to-maturity securities:
Federal agencies:
Residential CMO$2,602 $35 $(20)$2,617 
Residential MBS7,475 41 (59)7,457 
Commercial MBS2,175 45 (5)2,215 
Other agencies193 5 — 198 
Total federal agency and other agency securities12,445 126 (84)12,487 
Municipal securities2 — — 2 
Total held-to-maturity securities$12,447 $126 $(84)$12,489 
Other securities, at cost:
Non-marketable equity securities:
Federal Home Loan Bank stock$52 $— $— $52 
Federal Reserve Bank stock512 — — 512 
Equity securities12 — — 12 
Other securities, at fair value:
Mutual funds65 — — 65 
Equity securities6 1 — 7 
Total other securities$647 $1 $— $648 
(1)Amortized cost amounts excludes accrued interest receivable, which is recorded within accrued income and other receivables on the Consolidated Balance Sheets. At December 31, 2021, accrued interest receivable on available-for-sale securities and held-to-maturity securities totaled $62 million and $26 million, respectively.
The following table provides the amortized cost and fair value of securities by contractual maturity at June 30, 2022 and December 31, 2021. Expected maturities may differ from contractual maturities as issuers may have the right to call or prepay obligations with or without incurring penalties.
June 30, 2022December 31, 2021
(dollar amounts in millions)
Amortized
Cost
Fair
Value
Amortized
Cost
Fair
Value
Available-for-sale securities:
Under 1 year$476 $471 $377 $374 
After 1 year through 5 years2,347 2,203 1,888 1,880 
After 5 years through 10 years3,215 2,950 3,166 3,180 
After 10 years20,939 18,753 23,075 23,026 
Total available-for-sale securities$26,977 $24,377 $28,506 $28,460 
Held-to-maturity securities:
Under 1 year$1 $1 $2 $2 
After 1 year through 5 years85 83 162 164 
After 5 years through 10 years42 41 44 45 
After 10 years17,227 15,791 12,239 12,278 
Total held-to-maturity securities$17,355 $15,916 $12,447 $12,489 
The following tables provide detail on investment securities with unrealized losses aggregated by investment category and the length of time the individual securities have been in a continuous loss position at June 30, 2022 and December 31, 2021:
Less than 12 MonthsOver 12 MonthsTotal
(dollar amounts in millions)Fair
Value		Gross Unrealized
Losses		Fair
Value		Gross Unrealized
Losses		Fair
Value		Gross Unrealized
Losses
June 30, 2022
Available-for-sale securities:
Federal agencies:
Residential CMO$2,671 $(182)$170 $(34)$2,841 $(216)
Residential MBS9,122 (977)3,730 (555)12,852 (1,532)
Commercial MBS1,584 (270)377 (114)1,961 (384)
Other agencies80 (6)— — 80 (6)
Total federal agency and other agency securities13,457 (1,435)4,277 (703)17,734 (2,138)
Municipal securities2,866 (161)311 (22)3,177 (183)
Private-label CMO122(6)——122(6)
Asset-backed securities319 (26)42 (5)361 (31)
Corporate debt1,951 (274)339 (70)2,290 (344)
Total temporarily impaired available-for-sale securities$18,715 $(1,902)$4,969 $(800)$23,684 $(2,702)
Held-to-maturity securities:
Federal agencies:
Residential CMO$4,501 $(382)$8 $(1)$4,509 $(383)
Residential MBS8,552 (826)735 (104)9,287 (930)
Commercial MBS1,661 (124)— — 1,661 (124)
Other agencies151 (5)— — 151 (5)
Total federal agency and other agency securities14,865 (1,337)743 (105)15,608 (1,442)
Total temporarily impaired held-to-maturity securities$14,865 $(1,337)$743 $(105)$15,608 $(1,442)
Less than 12 MonthsOver 12 MonthsTotal
(dollar amounts in millions)Fair
Value		Gross Unrealized
Losses		Fair
Value		Gross Unrealized
Losses		Fair
Value		Gross Unrealized
Losses
December 31, 2021
Available-for-sale securities:
Federal agencies:
Residential CMO$2,925 $(40)$— $— $2,925 $(40)
Residential MBS13,491 (160)— — 13,491 (160)
Commercial MBS1,251 (38)— — 1,251 (38)
Other agencies140 (1)— — 140 (1)
Total federal agency and other agency securities17,807 (239)— — 17,807 (239)
Municipal securities859 (22)319 (11)1,178 (33)
Private-label CMO78 (1)— — 78 (1)
Asset-backed securities237 (4)— — 237 (4)
Corporate debt1,766 (38)— — 1,766 (38)
Total temporarily impaired available-for-sale securities$20,747 $(304)$319 $(11)$21,066 $(315)
Held-to-maturity securities:
Federal agencies:
Residential CMO$1,453 $(20)$— $— $1,453 $(20)
Residential MBS5,837 (59)— — 5,837 (59)
Commercial MBS318 (5)— — 318 (5)
Total federal agency and other agency securities7,608 (84)— — 7,608 (84)
Total temporarily impaired held-to-maturity securities$7,608 $(84)$— $— $7,608 $(84)
During the 2022 first quarter, Huntington transferred $4.2 billion of securities from the AFS portfolio to the HTM portfolio. At the time of the transfer, AOCI included $58 million of net unrealized losses (after-tax) attributed to these securities. This loss will be amortized into interest income over the remaining life of the securities.
At June 30, 2022 and December 31, 2021, the carrying value of investment securities pledged to secure public and trust deposits, trading account liabilities, U.S. Treasury demand notes, security repurchase agreements and to support borrowing capacity totaled $28.7 billion and $21.7 billion, respectively. There were no securities of a single issuer, which were not governmental or government-sponsored, that exceeded 10% of shareholders’ equity at either June 30, 2022 or December 31, 2021. At June 30, 2022, all HTM debt securities are considered AAA rated. In addition, there were no HTM debt securities considered past due at June 30, 2022.
Based on an evaluation of available information including security type, counterparty credit quality, past events, current conditions, and reasonable and supportable forecasts that are relevant to collectability of cash flows, as of June 30, 2022, Huntington has concluded that except for one municipal bond classified as an AFS debt security for which a charge-off of $4 million was recognized during the 2022 first quarter, it expects to receive all contractual cash flows from each security held in its AFS and HTM debt securities portfolio. There was no allowance related to investment securities as of June 30, 2022 or December 31, 2021.