OTHER COMPREHENSIVE INCOME (Tables)

6 Months Ended

Jun. 30, 2023

Components of other comprehensive income

The components of Huntington’s OCI for the three-month and six-month periods ended June 30, 2023 and 2022, were as follows:


(dollar amounts in millions)	Pretax		Tax (expense) benefit		After-tax
Three months ended June 30, 2023

Unrealized gains (losses) on available-for-sale securities arising during the period	$	(282)	$	65	$	(217)
Reclassification adjustment for realized net losses included in net income	35		(8)		27
Total unrealized gains (losses) on available-for-sale securities	(247)		57		(190)

Net impact of fair value hedges on available-for-sale securities	139		(32)		107
Unrealized gains (losses) on cash flow hedges during the period	(266)		65		(201)
Reclassification adjustment for cash flow hedges included in net income	34		(2)		32
Net change related to cash flow hedges on loans	(232)		63		(169)


Translation adjustments, net of hedges (1)	1		—		1

Other comprehensive income (loss)	$	(339)	$	88	$	(251)
Three months ended June 30, 2022

Unrealized gains (losses) on available-for-sale securities arising during the period	$	(1,147)	$	264	$	(883)
Reclassification adjustment for realized net losses included in net income	82		(19)		63
Total unrealized gains (losses) on available-for-sale securities	(1,065)		245		(820)



Net impact of fair value hedges on available-for-sale securities	161		(38)		123
Net change related to cash flow hedges on loans	(111)		25		(86)


Translation adjustments, net of hedges (1)	(2)		—		(2)
Change in accumulated unrealized gains for pension and other post-retirement obligations	2		(1)		1
Other comprehensive income (loss)	$	(1,015)	$	231	$	(784)
Six months ended June 30, 2023

Unrealized gains (losses) on available-for-sale securities arising during the period	$	97	$	(22)	$	75
Reclassification adjustment for realized net losses included in net income	38		(9)		29
Total unrealized gains (losses) on available-for-sale securities	135		(31)		104

Net impact of fair value hedges on available-for-sale securities	(43)		10		(33)
Unrealized gains (losses) on cash flow hedging relationships arising during the period	(35)		12		(23)
Reclassification adjustment for cash flow hedges included in net income	46		(3)		43
Net change related to cash flow hedges	11		9		20


Translation adjustments, net of hedges (1)	1		—		1

Other comprehensive income (loss)	$	104	$	(12)	$	92
Six months ended June 30, 2022

Unrealized gains (losses) on available-for-sale securities arising during the period	$	(2,687)	$	618	$	(2,069)
Reclassification adjustment for realized net losses included in net income	91		(21)		70
Total unrealized gains (losses) on available-for-sale securities	(2,596)		597		(1,999)

Net impact of fair value hedges on available-for-sale securities	592		(137)		455


Net change related to cash flow hedges	(421)		95		(326)


Translation adjustments, net of hedges (1)	(2)		—		(2)
Change in accumulated unrealized gains for pension and other post-retirement obligations	5		(2)		3
Other comprehensive income (loss)	$	(2,422)	$	553	$	(1,869)

(1)Foreign investments are deemed to be permanent in nature and, therefore, Huntington does not provide for taxes on foreign currency translation adjustments.

Activity in accumulated other comprehensive income, net of tax

Activity in accumulated OCI for the three-month and six-month periods ended June 30, 2023 and 2022, were as follows:


(dollar amounts in millions)	Unrealized gains (losses) on available-for-sale securities (1)		Net impact of fair value hedges on available-for-sale securities		Net change related to cash flow hedges on loans		Translation adjustments, net of hedges		Unrealized gains (losses) for pension and other post- retirement obligations		Total
Three months ended June 30, 2023
Balance, beginning of period	$	(2,708)	$	614	$	(443)	$	(8)	$	(210)	$	(2,755)

Other comprehensive income (loss) before reclassifications	(217)		107		(201)		1		—		(310)
Amounts reclassified from accumulated OCI to earnings	27		—		32		—		—		59
Period change	(190)		107		(169)		1		—		(251)
Balance, end of period	$	(2,898)	$	721	$	(612)	$	(7)	$	(210)	$	(3,006)

Three months ended June 30, 2022
Balance, beginning of period	$	(1,332)	$	421	$	(177)	$	(3)	$	(223)	$	(1,314)

Other comprehensive income (loss) before reclassifications	(883)		123		(86)		(2)		—		(848)
Amounts reclassified from accumulated OCI to earnings	63		—		—		—		1		64
Period change	(820)		123		(86)		(2)		1		(784)

Balance, end of period	$	(2,152)	$	544	$	(263)	$	(5)	$	(222)	$	(2,098)

Six months ended June 30, 2023
Balance, beginning of period	$	(3,002)	$	754	$	(632)	$	(8)	$	(210)	$	(3,098)
Other comprehensive income (loss) before reclassifications	75		(33)		(23)		1		—		20
Amounts reclassified from accumulated OCI to earnings	29				43		—		—		72
Period change	104		(33)		20		1		—		92
Balance, end of period	$	(2,898)	$	721	$	(612)	$	(7)	$	(210)	$	(3,006)

Six months ended June 30, 2022
Balance, beginning of period	$	(153)	$	89	$	63	$	(3)	$	(225)	$	(229)
Other comprehensive income (loss) before reclassifications	(2,069)		455		(326)		(2)		—		(1,942)
Amounts reclassified from accumulated OCI to earnings	70		—		—		—		3		73
Period change	(1,999)		455		(326)		(2)		3		(1,869)
Balance, end of period	$	(2,152)	$	544	$	(263)	$	(5)	$	(222)	$	(2,098)

(1)AOCI amounts at June 30, 2023 and June 30, 2022 include $62 million and $73 million, respectively, of net unrealized losses (after-tax) on securities transferred from the available-for-sale securities portfolio to the held-to-maturity securities portfolio. The net unrealized losses will be recognized in earnings over the remaining life of the security using the effective interest method.