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FAIR VALUES OF ASSETS AND LIABILITIES (Tables)
 3 Months Ended
Mar. 31, 2023
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)At March 31, 2023
(dollar amounts in millions)Level 1Level 2Level 3
Assets
Trading account securities:
Municipal securities$— $18 $— $— $18 
Available-for-sale securities:
U.S. Treasury securities5 — — — 5 
Residential CMO— 3,450 — — 3,450 
Residential MBS— 12,333 — — 12,333 
Commercial MBS— 1,967 — — 1,967 
Other agencies— 176 — — 176 
Municipal securities— 42 3,339 — 3,381 
Private-label CMO— 110 20 — 130 
Asset-backed securities— 301 74 — 375 
Corporate debt— 2,265 — — 2,265 
Other securities/sovereign debt— 4 — — 4 
Total available-for-sale securities
5 20,648 3,433 — 24,086 
Other securities32 1 — — 33 
Loans held for sale— 446 — — 446 
Loans held for investment— 172 15 — 187 
MSRs— — 485 — 485 
Other assets:
Derivative assets— 1,984 6 (1,564)426 
Assets held in trust for deferred compensation plans164 — — — 164 
Liabilities
Derivative liabilities— 1,595 3 (861)737 
Fair Value Measurements at Reporting Date Using
Netting Adjustments (1)
At December 31, 2022
(dollar amounts in millions)
Level 1
Level 2
Level 3
Assets
Trading account securities:
Municipal securities$— $19 $— $— $19 
Available-for-sale securities:
U.S. Treasury securities103 — — — 103 
Residential CMOs— 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 securities103 19,978 3,342 — 23,423 
Other securities31 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 plans155 — — — 155 
Liabilities
Derivative liabilities— 2,332 5 (1,345)992 
(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
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, 2023
Opening balance$494 $(2)$3,248 $20 $74 $16 
Transfers out of Level 3 (1)— (2)— — — — 
Total gains/losses for the period:
Included in earnings:
Mortgage banking income(12)7 — — — — 
Interest and fee income— — — (1)— — 
Included in OCI— — 3 — — — 
Purchases/originations13 — 177 — — — 
Repayments— — — — — (1)
Settlements(10)— (89)1 — — 
Closing balance$485 $3 $3,339 $20 $74 $15 
Change in unrealized gains or losses for the period included in earnings for assets held at end of the reporting date$(12)$5 $— $— $— $— 
Change in unrealized gains or losses for the period included in other comprehensive income for assets held at the end of the reporting period— — 3 — — — 
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 — — — 
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)— 
(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
At March 31, 2023
Loans held for sale$446 $439 $7 $— $— $— 
Loans held for investment187 192 (5)3 3 — 
At December 31, 2022
Loans held for sale$520 $513 $7 $— $— $— 
Loans held for investment185 190 (5)11 11 — 
The following table presents the net gains (losses) from fair value changes.
Three Months Ended March 31,
(dollar amounts in millions)20232022
Loans held for sale (1)$— $(44)
Loans held for investment— 1 
(1)The net gains (losses) from fair value changes are included in Mortgage banking income on the Unaudited 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 Losses
Three Months Ended March 31,
(dollar amounts in millions)At March 31, 2023At December 31, 202220232022
Collateral-dependent loans$30 $16 $(6)$(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, 2023 (1)
At December 31, 2022 (1)
(dollar amounts in millions)Valuation TechniqueSignificant Unobservable InputRange Weighted AverageRangeWeighted Average
Measured at fair value on a recurring basis:
MSRsDiscounted cash flowConstant prepayment rate5 %-27%8 %5 %-40%7 %
Spread over forward interest rate swap rates5 %-13%6 %5 %-13%6 %
Municipal securities and asset-backed securities Discounted cash flowDiscount rate4 %-5%5 %5 %-5%5 %
Cumulative default— %-64%8 %— %-64%7 %
Loss given default20 %-20%20 %20 %-20%20 %
(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
At March 31, 2023
Financial Assets
Cash and short-term assets$10,572 $— $— $10,572 $10,572 
Trading account securities— — 18 18 18 
Available-for-sale securities— — 24,086 24,086 24,086 
Held-to-maturity securities16,977 — — 16,977 14,939 
Other securities1,266 — 33 1,299 1,299 
Loans held for sale— 11 446 457 457 
Net loans and leases (1)118,850 — 187 119,037 115,020 
Derivative assets— — 426 426 426 
Assets held in trust for deferred compensation plans— — 164 164 164 
Financial Liabilities
Deposits145,278 — — 145,278 145,179 
Short-term borrowings6,898 — — 6,898 6,898 
Long-term debt13,072 — — 13,072 12,591 
Derivative liabilities— — 737 737 737 
At December 31, 2022
Financial Assets
Cash and short-term assets$6,918 $— $— $6,918 $6,918 
Trading account securities— — 19 19 19 
Available-for-sale securities— — 23,423 23,423 23,423 
Held-to-maturity securities17,052 — — 17,052 14,754 
Other securities822 — 32 854 854 
Loans held for sale— 9 520 529 529 
Net loans and leases (1)117,217 — 185 117,402 112,591 
Derivative assets— — 356 356 356 
Assets held in trust for deferred compensation plans— — 155 155 155 
Financial Liabilities
Deposits147,914 — — 147,914 147,796 
Short-term borrowings2,027 — — 2,027 2,027 
Long-term debt9,686 — — 9,686 9,564 
Derivative liabilities— — 992 992 992 
(1)Includes collateral-dependent loans.
The following table presents the level in the fair value hierarchy for the estimated fair values at March 31, 2023 and December 31, 2022:
Estimated Fair Value Measurements at Reporting Date UsingNetting Adjustments (1) Presented Balance
(dollar amounts in millions)Level 1Level 2Level 3
At March 31, 2023
Financial Assets
Trading account securities$— $18 $— $18 
Available-for-sale securities5 20,648 3,433 24,086 
Held-to-maturity securities— 14,939 — 14,939 
Other securities (2)32 1 — 33 
Loans held for sale— 446 11 457 
Net loans and leases— 172 114,848 115,020 
Derivative assets— 1,984 6 $(1,564)426 
Financial Liabilities
Deposits— 136,712 8,467 145,179 
Short-term borrowings— 6,898 — 6,898 
Long-term debt— 8,205 4,386 12,591 
Derivative liabilities— 1,595 3 (861)737 
At December 31, 2022
Financial Assets
Trading account securities$— $19 $— $19 
Available-for-sale securities103 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 
(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.