FAIR VALUES OF ASSETS AND LIABILITIES (Tables)

12 Months Ended

Dec. 31, 2022

Fair Value Disclosures [Abstract]

Assets and liabilities measured at fair value on a recurring basis

	Fair Value Measurements at Reporting Date Using						Netting Adjustments (1)		At December 31, 2022
(dollar amounts in millions)	Level 1		Level 2		Level 3
Assets
Trading account securities:
Municipal securities	$	—	$	19	$	—	$	—	$	19
Available-for-sale securities:
U.S. Treasury securities	103		—		—		—		103
Residential CMO	—		2,914		—		—		2,914
Residential MBS	—		12,263		—		—		12,263
Commercial MBS	—		1,953		—		—		1,953
Other agencies	—		182		—		—		182
Municipal securities	—		42		3,248		—		3,290
Private-label CMO	—		108		20		—		128
Asset-backed securities	—		298		74		—		372
Corporate debt	—		2,214		—		—		2,214
Other securities/sovereign debt	—		4		—		—		4
Total available-for-sale securities	103		19,978		3,342		—		23,423
Other securities	31		1		—		—		32
Loans held for sale	—		520		—		—		520
Loans held for investment	—		169		16		—		185
MSRs	—		—		494		—		494
Other assets:
Derivative assets	—		2,161		3		(1,808)		356
Assets held in trust for deferred compensation plans	155		—		—		—		155
Liabilities
Derivative liabilities	—		2,332		5		(1,345)		992

	Fair Value Measurements at Reporting Date Using						Netting Adjustments (1)		At 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 securities	5		—		—		—		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 securities	5		24,888		3,567		—		28,460
Other securities	65		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 plans	156		—		—		—		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.

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
					Available-for-sale securities						Loans held for investment
(dollar amounts in millions)	MSRs		Derivative instruments		Municipal securities		Private- label CMO		Asset- backed securities
Year Ended December 31, 2022
Opening balance	$	351	$	4	$	3,477	$	20	$	70	$	19
Transfers out of Level 3 (1)	—		(3)		—		—		—		—
Total gains/losses for the period:
Included in earnings:
Mortgage banking income	114		(3)		—		—		—		1
Interest and fee income	—		—		(5)		(3)		—		—
Provision for credit losses	—		—		(4)		—		—		—
Included in OCI	—		—		(262)		—		(1)		—
Purchases/originations	85		—		1,087		4		31		—
Repayments	—		—		—		—		—		(4)
Settlements	(56)		—		(1,045)		(1)		(26)		—
Closing balance	$	494	$	(2)	$	3,248	$	20	$	74	$	16
Change in unrealized gains or losses for the period included in earnings for assets held at end of the reporting date	$	114	$	(8)	$	—	$	—	$	—	$	—
Change in unrealized gains or losses for the period included in other comprehensive income for assets held at the end of the reporting period	—		—		(257)		—		(1)		—

	Level 3 Fair Value Measurements
					Available-for-sale securities						Loans held for investment
(dollar amounts in millions)	MSRs		Derivative instruments		Municipal securities		Private- label CMO		Asset- backed securities
Year Ended December 31, 2021
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 income	27		88		—		—		—		—
Interest and fee income	—		—		(1)		(2)		—		—
Included in OCI	—		—		(46)		—		—		—
Purchases/originations/acquisitions	194		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
					Available-for-sale securities						Loans held for investment
(dollar amounts in millions)	MSRs		Derivative instruments		Municipal securities		Private label CMO		Asset- backed securities
Year Ended December 31, 2020
Opening balance	$	7	$	6	$	2,999	$	2	$	48	$	26
Fair value election for servicing assets previously measured using the amortized method	205		—		—		—		—		—
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/originations	102		—		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		—		—		—

(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
					Available-for-sale securities						Loans held for investment
(dollar amounts in millions)	MSRs		Derivative instruments		Municipal securities		Private- label CMO		Asset- backed securities
Year Ended December 31, 2022
Opening balance	$	351	$	4	$	3,477	$	20	$	70	$	19
Transfers out of Level 3 (1)	—		(3)		—		—		—		—
Total gains/losses for the period:
Included in earnings:
Mortgage banking income	114		(3)		—		—		—		1
Interest and fee income	—		—		(5)		(3)		—		—
Provision for credit losses	—		—		(4)		—		—		—
Included in OCI	—		—		(262)		—		(1)		—
Purchases/originations	85		—		1,087		4		31		—
Repayments	—		—		—		—		—		(4)
Settlements	(56)		—		(1,045)		(1)		(26)		—
Closing balance	$	494	$	(2)	$	3,248	$	20	$	74	$	16
Change in unrealized gains or losses for the period included in earnings for assets held at end of the reporting date	$	114	$	(8)	$	—	$	—	$	—	$	—
Change in unrealized gains or losses for the period included in other comprehensive income for assets held at the end of the reporting period	—		—		(257)		—		(1)		—

	Level 3 Fair Value Measurements
					Available-for-sale securities						Loans held for investment
(dollar amounts in millions)	MSRs		Derivative instruments		Municipal securities		Private- label CMO		Asset- backed securities
Year Ended December 31, 2021
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 income	27		88		—		—		—		—
Interest and fee income	—		—		(1)		(2)		—		—
Included in OCI	—		—		(46)		—		—		—
Purchases/originations/acquisitions	194		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
					Available-for-sale securities						Loans held for investment
(dollar amounts in millions)	MSRs		Derivative instruments		Municipal securities		Private label CMO		Asset- backed securities
Year Ended December 31, 2020
Opening balance	$	7	$	6	$	2,999	$	2	$	48	$	26
Fair value election for servicing assets previously measured using the amortized method	205		—		—		—		—		—
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/originations	102		—		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		—		—		—

(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 Loans						Loans that are 90 or more days past due
(dollar amounts in millions)	Fair value carrying amount		Aggregate unpaid principal		Difference		Fair value carrying amount		Aggregate unpaid principal		Difference
At December 31, 2022
Assets
Loans held for sale	$	520	$	513	$	7	$	—	$	—	$	—
Loans held for investment	185		190		(5)		11		11		—
At December 31, 2021
Assets
Loans held for sale	$	1,270	$	1,237	$	33	$	—	$	—	$	—
Loans held for investment	171		177		$	(6)	4		4		—

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)	2022		2021		2020
Assets
Loans held for sale (1)	$	(26)	$	(31)	$	38
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 Significant Other Unobservable Inputs (Level 3)				Total Gains/(Losses) Year Ended
(dollar amounts in millions)	December 31, 2022		December 31, 2021		December 31, 2022		December 31, 2021		December 31, 2020
Collateral-dependent loans	$	16	$	39	$	(1)	$	(4)	$	(43)
Loans held for sale	—		—		—		—		(63)

Quantitative information about significant unobservable level 3 fair value measurement inputs

The following table 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, 2022(1)							At December 31, 2021(1)
(dollar amounts in millions)	Valuation Technique	Significant Unobservable Input	Range					Weighted  Average		Range					Weighted  Average
Measured at fair value on a recurring basis:
MSRs	Discounted cash flow	Constant prepayment rate	5	%	-	40	%	7	%	8	%	-	23	%	12	%
		Spread over forward interest rate swap rates	5	%	-	13	%	6	%	3	%	-	11	%	5	%
Municipal securities and asset-backed securities	Discounted cash flow	Discount rate	5	%	-	5	%	5	%	—	%	-	2	%	1	%
		Cumulative default	—	%	-	64	%	7	%	—	%	-	64	%	5	%
		Loss given default	20	%	-	20	%	20	%	5	%	-	80	%	23	%

(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 Cost		Lower of Cost or Market		Fair Value or Fair Value Option		Total Carrying Amount		Estimated Fair Value
At December 31, 2022
Financial Assets
Cash and short-term assets	$	6,918	$	—	$	—	$	6,918	$	6,918
Trading account securities	—		—		19		19		19
Available-for-sale securities	—		—		23,423		23,423		23,423
Held-to-maturity securities	17,052		—		—		17,052		14,754
Other securities	822		—		32		854		854
Loans held for sale	—		9		520		529		529
Net loans and leases (1)	117,217		—		185		117,402		112,591
Derivative assets	—		—		356		356		356
Assets held in trust for deferred compensation plans	—		—		155		155		155
Financial Liabilities
Deposits	147,914		—		—		147,914		147,796
Short-term borrowings	2,027		—		—		2,027		2,027
Long-term debt	9,686		—		—		9,686		9,564
Derivative liabilities	—		—		992		992		992
At 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 securities	12,447		—		—		12,447		12,489
Other securities	576		—		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
Deposits	143,263		—		—		143,263		143,574
Short-term borrowings	334		—		—		334		334
Long-term debt	7,108		—		—		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 estimated fair values:

	Estimated Fair Value Measurements at Reporting Date Using						Netting		Presented Balance
(dollar amounts in millions)	Level 1		Level 2		Level 3		Adjustments (1)
At December 31, 2022
Financial Assets
Trading account securities	$	—	$	19	$	—	$	—	$	19
Available-for-sale securities	103		19,978		3,342		—		23,423
Held-to-maturity securities	—		14,754		—		—		14,754
Other securities (2)	31		1		—		—		32
Loans held for sale	—		520		9		—		529
Net loans and leases	—		169		112,422		—		112,591
Derivative assets	—		2,161		3		(1,808)		356
Financial Liabilities
Deposits	—		142,081		5,715		—		147,796
Short-term borrowings	—		2,027		—		—		2,027
Long-term debt	—		8,680		884		—		9,564
Derivative liabilities	—		2,332		5		(1,345)		992
At December 31, 2021
Financial Assets
Trading account securities	$	—	$	46	$	—	$	—	$	46
Available-for-sale securities	5		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.