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FAIR VALUES OF ASSETS AND LIABILITIES (Tables)
 9 Months Ended
Sep. 30, 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 September 30, 2023
(dollar amounts in millions)Level 1Level 2Level 3
Assets
Trading account securities:
U.S. Treasury securities$90 $— $— $— $90 
Municipal securities— 20 — — 20 
Corporate debt— 11 — — 11 
Total trading account securities
90 31 — — 121 
Available-for-sale securities:
U.S. Treasury securities5 — — — 5 
Residential CMO— 3,131 — — 3,131 
Residential MBS— 10,916 — — 10,916 
Commercial MBS— 1,729 — — 1,729 
Other agencies— 159 — — 159 
Municipal securities— 40 3,437 — 3,477 
Private-label CMO— 98 20 — 118 
Asset-backed securities— 276 75 — 351 
Corporate debt— 1,973 — — 1,973 
Other securities/sovereign debt— 4 — — 4 
Total available-for-sale securities
5 18,326 3,532 — 21,863 
Other securities29 1 — — 30 
Loans held for sale— 601 — — 601 
Loans held for investment— 122 53 — 175 
MSRs— — 547 — 547 
Other assets:
Derivative assets— 2,383 4 (1,923)464 
Assets held in trust for deferred compensation plans161 — — — 161 
Liabilities
Derivative liabilities— 2,232 5 (1,160)1,077 
Fair Value Measurements at Reporting Date Using
Netting Adjustments (1)
At December 31, 2022
(dollar amounts in millions)
Level 1
Level 2
Level 3
Assets
Trading account securities:
Municipal securities$— $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 September 30, 2023
Opening balance$505 $(2)$3,496 $20 $75 $33 
Transfers into Level 3— — — — — 21 
Transfers out of Level 3 (1)— (8)— — — — 
Total gains/losses for the period:
Included in earnings:
Mortgage banking income37 9 — — — — 
Interest and fee income— — (2)— — (3)
Included in OCI— — 17 — — — 
Purchases/originations18 — 160 — — — 
Repayments— — — — — 2 
Settlements(13)— (234)— — — 
Closing balance$547 $(1)$3,437 $20 $75 $53 
Change in unrealized gains or losses for the period included in earnings for assets held at end of the reporting date$37 $(3)$— $— $— $— 
Change in unrealized gains or losses for the period included in other comprehensive income for assets held at the end of the reporting period— — 12 — — — 
Three months ended September 30, 2022
Opening balance$463 $(5)$3,377 $22 $44 $17 
Transfers out of Level 3 (1)— (6)— — — — 
Total gains/losses for the period:
Included in earnings:
Mortgage banking income17 2 — — — — 
Included in OCI— — (66)— — — 
Purchases/originations20 — 309 — 26 — 
Repayments— — — — — (1)
Settlements(14)— (288)(1)— — 
Closing balance$486 $(9)$3,332 $21 $70 $16 
Change in unrealized gains or losses for the period included in earnings for assets held at end of the reporting date$17 $(8)$— $— $— $— 
Change in unrealized gains or losses for the period included in other comprehensive income for assets held at the end of the reporting period— — (69)— (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.
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
Nine months ended September 30, 2023
Opening balance$494 $(2)$3,248 $20 $74 $16 
Transfers into Level 3— — — — — 40 
Transfers out of Level 3 (1)— (18)— — — — 
Total gains/losses for the period:
Included in earnings:
Mortgage banking income40 19 — — — — 
Interest and fee income— — (2)(1)— (3)
Included in OCI— — 13 — 1 — 
Purchases/originations49 — 715 1 — — 
Settlements(36)— (537)— — — 
Closing balance$547 $(1)$3,437 $20 $75 $53 
Change in unrealized gains or losses for the period included in earnings for assets held at end of the reporting date$40 $1 $— $— $— $— 
Change in unrealized gains or losses for the period included in other comprehensive income for assets held at the end of the reporting period— — 2 — — — 
Nine months ended September 30, 2022
Opening balance$351 $4 $3,477 $20 $71 $19 
Transfers out of Level 3 (1)— (6)— — — — 
Total gains/losses for the period:
Included in earnings
Mortgage banking income112 (7)— — — — 
Interest and fee income— — (2)(2)— — 
Provision for credit losses— — (4)— — — 
Included in OCI— — (274)— (1)— 
Purchases/originations68 — 867 4 26 — 
Repayments— — — — — (3)
Settlements(45)— (732)(1)(26)— 
Closing balance$486 $(9)$3,332 $21 $70 $16 
Change in unrealized gains or losses for the period included in earnings for assets held at end of the reporting date$112 $(17)$— $— $— $— 
Change in unrealized gains or losses for the period included in other comprehensive income for assets held at the end of the reporting period— — (274)— (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 September 30, 2023
Loans held for sale$601 $598 $3 $— $— $— 
Loans held for investment175 185 (10)3 3 — 
At December 31, 2022
Loans held for sale$520 $513 $7 $— $— $— 
Loans held for investment185 190 (5)11 11 — 
The following table presents the net gains (losses) from fair value changes.
Three months ended September 30,Nine months ended September 30,
(dollar amounts in millions)2023202220232022
Loans held for sale (1)$(4)$(22)$(4)$(56)
Loans held for investment(2)— (5)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 September 30,Nine months ended September 30,
(dollar amounts in millions)At September 30, 2023At December 31, 20222023202220232022
Collateral-dependent loans$24 $16 $6 $— $13 $(1)
Loans held for sale— — — 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 September 30, 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 rate4 %-33 %7 %5 %-40 %7 %
Spread over forward interest rate swap rates5 %-13 %6 %5 %-13 %6 %
Municipal securities and asset-backed securities Discounted cash flowDiscount rate5 %-6 %6 %5 %-5 %5 %
Cumulative default— %-64 %7 %— %-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 September 30, 2023
Financial Assets
Cash and short-term assets$11,693 $— $— $11,693 $11,693 
Trading account securities— — 121 121 121 
Available-for-sale securities— — 21,863 21,863 21,863 
Held-to-maturity securities16,148 — — 16,148 13,309 
Other securities688 — 30 718 718 
Loans held for sale— 2 601 603 603 
Net loans and leases (1)118,470 — 175 118,645 114,540 
Derivative assets— — 464 464 464 
Assets held in trust for deferred compensation plans— — 161 161 161 
Financial Liabilities
Deposits148,867 — — 148,867 148,771 
Short-term borrowings681 — — 681 681 
Long-term debt12,822 — — 12,822 12,584 
Derivative liabilities— — 1,077 1,077 1,077 
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 September 30, 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 September 30, 2023
Financial Assets
Trading account securities$90 $31 $— $121 
Available-for-sale securities5 18,326 3,532 21,863 
Held-to-maturity securities— 13,309 — 13,309 
Other securities (2)29 1 — 30 
Loans held for sale— 603 — 603 
Net loans and leases— 122 114,418 114,540 
Derivative assets— 2,383 4 $(1,923)464 
Financial Liabilities
Deposits— 134,529 14,242 148,771 
Short-term borrowings— 681 — 681 
Long-term debt— 9,275 3,309 12,584 
Derivative liabilities— 2,232 5 (1,160)1,077 
At December 31, 2022
Financial Assets
Trading account securities$— $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.