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FAIR VALUES OF ASSETS AND LIABILITIES (Tables)
 3 Months Ended
Mar. 31, 2024
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, 2024
(dollar amounts in millions)Level 1Level 2Level 3
Assets
Trading account securities:
U.S. Treasury securities$92 $— $— $— $92 
Municipal securities— 51 — — 51 
Corporate debt— 24 — — 24 
Total trading account securities
92 75 — — 167 
Available-for-sale securities:
U.S. Treasury securities5,027 — — — 5,027 
Residential CMO— 3,075 — — 3,075 
Residential MBS— 10,930 — — 10,930 
Commercial MBS— 1,795 — — 1,795 
Other agencies— 147 — — 147 
Municipal securities— 38 3,293 — 3,331 
Private-label CMO— 97 20 — 117 
Asset-backed securities— 279 72 — 351 
Corporate debt— 2,018 — — 2,018 
Other securities/sovereign debt— 10 — — 10 
Total available-for-sale securities
5,027 18,389 3,385 — 26,801 
Other securities31 1 — — 32 
Loans held for sale— 487 — — 487 
Loans held for investment— 117 58 — 175 
MSRs— — 534 — 534 
Other assets:
Derivative assets— 1,734 6 (1,399)341 
Assets held in trust for deferred compensation plans186 — — — 186 
Liabilities
Derivative liabilities— 1,624 2 (872)754 
Fair Value Measurements at Reporting Date Using
Netting Adjustments (1)
At December 31, 2023
(dollar amounts in millions)
Level 1
Level 2
Level 3
Assets
Trading account securities:
U.S. Treasury securities$91 $— $— $— $91 
Other agencies— 2 — — 2 
Municipal securities— 32 — — 32 
Total trading account securities91 34 — — 125 
Available-for-sale securities:
U.S. Treasury securities2,856 — — — 2,856 
Residential CMOs— 3,184 — — 3,184 
Residential MBS— 11,382 — — 11,382 
Commercial MBS— 1,827 — — 1,827 
Other agencies— 155 — — 155 
Municipal securities— 38 3,335 — 3,373 
Private-label CMO— 99 20 — 119 
Asset-backed securities— 281 75 — 356 
Corporate debt— 2,043 — — 2,043 
Other securities/sovereign debt— 10 — — 10 
Total available-for-sale securities2,856 19,019 3,430 — 25,305 
Other securities30 2 — — 32 
Loans held for sale— 506 — — 506 
Loans held for investment— 120 54 — 174 
MSRs— — 515 — 515 
Other assets:
Derivative assets— 1,720 3 (1,330)393 
Assets held in trust for deferred compensation plans177 — — — 177 
Liabilities
Derivative liabilities— 1,416 5 (751)670 
(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, 2024
Opening balance$515 $(2)$3,335 $20 $75 $54 
Transfers into Level 3— — — — — 4 
Transfers out of Level 3 (1)— (5)— — — — 
Total gains/losses for the period:
Included in earnings:
Mortgage banking income20 7 — — — — 
Noninterest income— (2)— — — — 
Included in OCI— — 19 — — — 
Purchases/originations10 — 72 — — — 
Settlements(11)6 (133)— (3)— 
Closing balance$534 $4 $3,293 $20 $72 $58 
Change in unrealized gains or losses for the period included in earnings for assets held at end of the reporting date$20 $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— — 18 — — — 
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 — — — 
(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, 2024
Loans held for sale$487 $477 $10 $— $— $— 
Loans held for investment175 186 (11)3 3 — 
At December 31, 2023
Loans held for sale$506 $489 $17 $— $— $— 
Loans held for investment174 184 (10)2 3 (1)
The following table presents the net gains (losses) from fair value changes:
Three Months Ended
(dollar amounts in millions)March 31, 2024March 31, 2023
Loans held for sale (1)$(7)$— 
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 Unobservable Inputs (Level 3)Total Losses
Three Months Ended
(dollar amounts in millions)At March 31, 2024At December 31, 2023March 31, 2024March 31, 2023
Collateral-dependent loans$68 $40 $(25)$(6)
Quantitative information about significant unobservable level 3 fair value measurement inputs
Quantitative Information about Level 3 Fair Value Measurements (1)
At March 31, 2024
At December 31, 2023
(dollar amounts in millions)Valuation TechniqueSignificant Unobservable InputRange Weighted AverageRangeWeighted Average
Measured at fair value on a recurring basis:
MSRsDiscounted cash flowConstant prepayment rate4 %-41 %8 %4 %-37 %9 %
Spread over forward interest rate swap rates5 %-13 %6 %5 %-13 %5 %
Municipal securities and asset-backed securities Discounted cash flowDiscount rate5 %-6 %5 %4 %-6 %5 %
Cumulative default— %-64 %6 %— %-64 %6 %
Loss given default20 %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, 2024
Financial Assets
Cash and short-term assets$12,405 $— $— $12,405 $12,405 
Trading account securities— — 167 167 167 
Available-for-sale securities— — 26,801 26,801 26,801 
Held-to-maturity securities15,416 — — 15,416 13,171 
Other securities695 — 32 727 727 
Loans held for sale— 3 487 490 490 
Net loans and leases (1)120,312 — 175 120,487 117,441 
Derivative assets— — 341 341 341 
Assets held in trust for deferred compensation plans— — 186 186 186 
Financial Liabilities
Deposits (2)153,225 — — 153,225 153,175 
Short-term borrowings182 — — 182 182 
Long-term debt14,894 — — 14,894 14,906 
Derivative liabilities— — 754 754 754 
At December 31, 2023
Financial Assets
Cash and short-term assets$10,323 $— $— $10,323 $10,323 
Trading account securities— — 125 125 125 
Available-for-sale securities— — 25,305 25,305 25,305 
Held-to-maturity securities15,750 — — 15,750 13,718 
Other securities693 — 32 725 725 
Loans held for sale— 10 506 516 516 
Net loans and leases (1)119,553 — 174 119,727 116,781 
Derivative assets— — 393 393 393 
Assets held in trust for deferred compensation plans— — 177 177 177 
Financial Liabilities
Deposits (2)151,230 — — 151,230 151,183 
Short-term borrowings620 — — 620 620 
Long-term debt12,394 — — 12,394 12,276 
Derivative liabilities— — 670 670 670 
(1)Includes collateral-dependent loans.
(2)Includes $1.4 billion in time deposits in excess of the FDIC insurance coverage limit at both March 31, 2024 and December 31, 2023.
The following table presents the level in the fair value hierarchy for the estimated fair values.
Estimated Fair Value Measurements at Reporting Date UsingNetting Adjustments (1) Presented Balance
(dollar amounts in millions)Level 1Level 2Level 3
At March 31, 2024
Financial Assets
Trading account securities$92 $75 $— $— $167 
Available-for-sale securities5,027 18,389 3,385 — 26,801 
Held-to-maturity securities— 13,171 — — 13,171 
Other securities (2)31 1 — — 32 
Loans held for sale— 487 3 — 490 
Net loans and leases— 117 117,324 — 117,441 
Derivative assets— 1,734 6 (1,399)341 
Financial Liabilities
Deposits — 137,131 16,044 — 153,175 
Short-term borrowings— 182 — — 182 
Long-term debt— 11,583 3,323 — 14,906 
Derivative liabilities— 1,624 2 (872)754 
At December 31, 2023
Financial Assets
Trading account securities$91 $34 $— $— $125 
Available-for-sale securities2,856 19,019 3,430 — 25,305 
Held-to-maturity securities— 13,718 — — 13,718 
Other securities (2)30 2 — — 32 
Loans held for sale— 506 10 — 516 
Net loans and leases— 120 116,661 — 116,781 
Derivative assets— 1,720 3 (1,330)393 
Financial Liabilities
Deposits— 135,627 15,556 — 151,183 
Short-term borrowings— 620 — — 620 
Long-term debt— 8,929 3,347 — 12,276 
Derivative liabilities— 1,416 5 (751)670 
(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.