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FAIR VALUES OF ASSETS AND LIABILITIES (Tables)

9 Months Ended

Sep. 30, 2025

Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following tables present our assets and liabilities measured at fair value on a recurring basis, including instruments where we have elected the fair value option.


	Fair Value Measurements at Reporting Date Using						Netting Adjustments (1)		Total
(dollar amounts in millions)	Level 1		Level 2		Level 3
At September 30, 2025
Assets



Trading account securities	$	2	$	79	$	—	$	—	$	81
Available-for-sale securities:
U.S. Treasury securities	5,410		—		—		—		5,410
Residential MBS	—		9,675		—		—		9,675
Residential CMO	—		4,442		—		—		4,442
Commercial MBS	—		1,782		—		—		1,782
Other agencies	—		113		—		—		113
Municipal securities	—		25		4,090		—		4,115
Corporate debt	—		175		—		—		175
Asset-backed securities	—		221		38		—		259
Private-label CMO	—		81		23		—		104
Other securities/sovereign debt	—		10		—		—		10
Total available-for-sale securities	5,410		16,524		4,151		—		26,085
Other securities	30		2		—		—		32
Loans held for sale	—		817		—		—		817
Loans held for investment	—		108		63		—		171
MSRs	—		—		576		—		576
Other assets:
Derivative assets	—		493		9		(291)		211
Assets held in trust for deferred compensation plans	211		—		—		—		211
Liabilities
Short-term borrowings (2)	57		12		—		—		69
Long-term debt	—		1,299		—		—		1,299


Derivative liabilities	—		502		6		(163)		345

(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)Includes debt and equity securities held by our broker dealer in its trading inventory and securities sold short as a hedging strategy for purposes of supporting client trading activities. Level 1 fair value positions are determined by quoted market prices available in an active market for identical securities. When quoted market prices are not available, fair values are classified as Level 2 and are determined using quoted prices for similar assets in active markets.


	Fair Value Measurements at Reporting Date Using						Netting Adjustments (1)		Total
(dollar amounts in millions)	Level 1		Level 2		Level 3
At December 31, 2024
Assets



Trading account securities	$	1	$	52	$	—	$	—	$	53
Available-for-sale securities:
U.S. Treasury securities	6,556		—		—		—		6,556
Residential MBS	—		10,017		—		—		10,017
Residential CMO	—		3,345		—		—		3,345
Commercial MBS	—		1,752		—		—		1,752
Other agencies	—		130		—		—		130
Municipal securities	—		34		3,954		—		3,988
Corporate debt	—		1,055		—		—		1,055
Asset-backed securities	—		262		49		—		311
Private-label CMO	—		88		21		—		109
Other securities/sovereign debt	—		10		—		—		10
Total available-for-sale securities	6,556		16,693		4,024		—		27,273
Other securities	29		2		—		—		31
Loans held for sale	—		652		—		—		652
Loans held for investment	—		112		61		—		173
MSRs	—		—		573		—		573
Other assets:
Derivative assets	—		606		4		(344)		266
Assets held in trust for deferred compensation plans	191		—		—		—		191
Liabilities
Long-term debt	—		821		—		—		821
Derivative liabilities	—		666		2		(90)		578

Rollforward of Financial Instruments Measured on a Recurring Basis and Classified as Level 3

The following table presents 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
Three months ended September 30, 2025
Opening balance	$	567	$	7	$	4,067	$	21	$	38		$	62
Transfers into Level 3	—		—		—		—		—			3
Transfers out of Level 3 (1)	—		(14)		—		—		—			—
Total gains (losses) for the period:
Included in earnings:

Mortgage banking income	(1)		12		—		—		—			—

Other noninterest income	—		(4)		—		—		—			—

Included in OCI	—		—		35		—		—			—
Purchases/originations	27		—		160		—		—			—

Repayments	—		—		—		—		—			(2)

Settlements	(17)		2		(172)		2		—			—
Closing balance	$	576	$	3	$	4,090	$	23	$	38		$	63
Change in unrealized gains or losses for the period included in earnings for assets held at end of the reporting date	$	(1)	$	(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	—		—		34		—		—			—
Three months ended September 30, 2024
Opening balance	$	543	$	1	$	3,341	$	20	$	35		$	60
Transfers into Level 3	—		—		—		—		—			3
Transfers out of Level 3 (1)	—		(8)		—		—		—			—
Total gains (losses) for the period:
Included in earnings:

Mortgage banking income	(25)		10		—		—		—			—
Other noninterest income	—		(16)		—		—		—			—


Included in OCI	—		—		70		—		—			—
Purchases/originations	12		—		390		—		—			—

Repayments	—		—		—		—		—			(3)

Settlements	(15)		4		(190)		2		(1)			—
Closing balance	$	515	$	(9)	$	3,611	$	22	$	34		$	60
Change in unrealized gains or losses for the period included in earnings for assets held at end of the reporting date	$	(25)	$	2	$	—	$	—	$	—		$	—
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.



	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, 2025
Opening balance	$	573	$	2	$	3,954	$	21	$	49	$	61
Transfers into Level 3	—		—		—		—		—		7
Transfers out of Level 3 (1)	—		(31)		—		—		—		—
Total gains (losses) for the period:
Included in earnings:
Interest and fee income	—		—		(1)		—		—		—
Mortgage banking income	(16)		34		—		—		—		—

Other noninterest income	—		(10)		—		—		—		—

Included in OCI	—		—		52		—		—		—
Purchases/originations	67		—		799		—		—		—
Repayments	—		—		—		—		—		(5)
Settlements	(48)		8		(714)		2		(11)		—
Closing balance	$	576	$	3	$	4,090	$	23	$	38	$	63
Change in unrealized gains or losses for the period included in earnings for assets held at end of the reporting date	$	(16)	$	4	$	—	$	—	$	—	$	—
Change in unrealized gains or losses for the period included in other comprehensive income for assets held at the end of the reporting period	—		—		48		—		—		—
Nine months ended September 30, 2024
Opening balance	$	515	$	(2)	$	3,335	$	20	$	75	$	54
Transfers into Level 3	—		—		—		—		—		11
Transfers out of Level 3 (1)	—		(19)		—		—		—		—
Total gains (losses) for the period:
Included in earnings:
Interest and fee income	—		—		(1)		(1)		—		(1)
Mortgage banking income	7		21		—		—		—		—

Other noninterest income	—		(24)		—		—		—		—
Provision for credit losses	—		—		(2)		—		—		—
Included in OCI	—		—		56		—		—		—
Purchases/originations	33		—		690				—		—

Repayments	—		—		—		—		—		(4)

Settlements	(40)		15		(467)		3		(41)		—
Closing balance	$	515	$	(9)	$	3,611	$	22	$	34	$	60
Change in unrealized gains or losses for the period included in earnings for assets held at end of the reporting date	$	7	$	2	$	—	$	—	$	—	$	—
Change in unrealized gains or losses for the period included in other comprehensive income for assets held at the end of the reporting period	—		—		52		—		—		—
(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 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 September 30, 2025
Assets
Loans held for sale	$	817	$	789	$	28	$	—	$	—	$	—
Loans held for investment	171		183		(12)		3		4		(1)
Liabilities
Long-term debt	1,299		1,290		(9)
At December 31, 2024
Assets
Loans held for sale	$	652	$	640	$	12	$	—	$	—	$	—
Loans held for investment	173		184		(11)		4		4		—
Liabilities
Long-term debt	821		817		(4)

The following table presents the net gains (losses) from fair value changes.



		Three Months Ended				Nine Months Ended
(dollar amounts in millions)	Classification	September 30, 2025		September 30, 2024		September 30, 2025		September 30, 2024
Loans held for sale	Mortgage banking income	$	1	$	5	$	16	$	2
Loans held for investment	Mortgage banking income	—		—		(1)		(1)
Long-term debt	Other noninterest income	—		(3)		(5)		(5)

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				Nine Months Ended
(dollar amounts in millions)	At September 30, 2025		At December 31, 2024		September 30, 2025		September 30, 2024		September 30, 2025		September 30, 2024

Collateral-dependent loans	$	37	$	192	$	(14)	$	(4)	$	(57)	$	(45)

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.


	Quantitative Information about Level 3 Fair Value Measurements (1)
			At September 30, 2025							At December 31, 2024
(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	7	%	-	59	%	9	%	6	%	-	43	%	8	%
		Spread over forward interest rate swap rates	5	%	-	10	%	6	%	5	%	-	10	%	6	%






Municipal securities and asset-backed securities	Discounted cash flow	Discount rate	4	%	-	4	%	4	%	4	%	-	5	%	5	%
		Cumulative default	—	%	-	64	%	4	%	—	%	-	39	%	4	%
		Loss given default (2)						20	%						20	%

(1) Certain disclosures related to quantitative level 3 fair value measurements do not include those deemed to be immaterial.

(2) The range is not meaningful for this unobservable input.

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 Cost		Lower of Cost or Market		Fair Value or Fair Value Option		Total Carrying Amount		Estimated Fair Value
At September 30, 2025
Financial Assets
Cash and short-term assets	$	13,232	$	—	$	—	$	13,232	$	13,232
Trading account securities	—		—		81		81		81
Available-for-sale securities	—		—		26,085		26,085		26,085
Held-to-maturity securities	15,597		—		—		15,597		13,869
Other securities	838		—		32		870		870
Loans held for sale	—		6		817		823		823
Net loans and leases (1)	135,411		—		171		135,582		134,953
Derivative assets	—		—		211		211		211
Assets held in trust for deferred compensation plans	—		—		211		211		211
Financial Liabilities
Deposits (2)	165,212		—		—		165,212		165,212
Short-term borrowings	183		—		69		252		252
Long-term debt	16,016		—		1,299		17,315		17,571
Derivative liabilities	—		—		345		345		345
At December 31, 2024
Financial Assets
Cash and short-term assets	$	13,332	$	—	$	—	$	13,332	$	13,332
Trading account securities	—		—		53		53		53
Available-for-sale securities	—		—		27,273		27,273		27,273
Held-to-maturity securities	16,368		—		—		16,368		14,086
Other securities	792		—		31		823		823
Loans held for sale	—		2		652		654		654
Net loans and leases (1)	127,625		—		173		127,798		125,557
Derivative assets	—		—		266		266		266
Assets held in trust for deferred compensation plans	—		—		191		191		191
Financial Liabilities
Deposits (2)	162,448		—		—		162,448		162,455
Short-term borrowings	199		—		—		199		199
Long-term debt	15,553		—		821		16,374		16,573
Derivative liabilities	—		—		578		578		578

(1)Includes collateral-dependent loans.

(2)Includes $1.3 billion and $1.5 billion in time deposits in excess of the FDIC insurance coverage limit at September 30, 2025 and December 31, 2024, respectively.

The following table presents the level in the fair value hierarchy for the estimated fair values.


	Estimated Fair Value Measurements at Reporting Date Using						Netting Adjustments (1)		Estimated Fair Value
(dollar amounts in millions)	Level 1		Level 2		Level 3
At September 30, 2025
Financial Assets
Trading account securities	$	2	$	79	$	—	$	—	$	81
Available-for-sale securities	5,410		16,524		4,151		—		26,085
Held-to-maturity securities	2,354		11,515		—		—		13,869
Other securities (2)	30		2		—		—		32
Loans held for sale	—		817		6		—		823
Net loans and leases	—		108		134,845		—		134,953
Derivative assets	—		493		9		(291)		211
Financial Liabilities
Deposits	—		151,413		13,799		—		165,212
Short-term borrowings	57		195		—		—		252
Long-term debt	—		12,415		5,156		—		17,571
Derivative liabilities	—		502		6		(163)		345
At December 31, 2024
Financial Assets
Trading account securities	$	1	$	52	$	—	$	—	$	53
Available-for-sale securities	6,556		16,693		4,024		—		27,273
Held-to-maturity securities	2,023		12,063		—		—		14,086
Other securities (2)	29		2		—		—		31
Loans held for sale	—		652		2		—		654
Net loans and leases	—		113		125,444		—		125,557
Derivative assets	—		606		4		(344)		266
Financial Liabilities
Deposits	—		147,045		15,410		—		162,455
Short-term borrowings	—		199		—		—		199
Long-term debt	—		11,242		5,331		—		16,573
Derivative liabilities	—		666		2		(90)		578

(2)Excludes securities without readily determinable fair values.

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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