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FAIR VALUES OF ASSETS AND LIABILITIES
 12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
FAIR VALUES OF ASSETS AND LIABILITIES FAIR VALUES OF ASSETS AND LIABILITIES
Following is a description of the valuation methodologies used for instruments measured at fair value, as well as the general classification of such instruments pursuant to the valuation hierarchy. Assets and liabilities measured at fair value rarely transfer between Level 1 and Level 2 measurements. There were no such transfers during the years ended December 31, 2025 and 2024.
Loans held for sale
Huntington has elected to apply the FVO for mortgage loans originated with the intent to sell which are included in loans held for sale. Mortgage loans held for sale are classified as Level 2 and are estimated using security prices for similar product types.
Loans held for investment
Certain mortgage loans originated with the intent to sell for which the FVO was elected have been reclassified to loans held for investment. These loans continue to be measured at fair value. The fair value of loans held for investment classified as Level 2 are estimated using security prices for similar product types similar to loans held for sale. The fair value of loans held for investment classified as Level 3 is determined using fair value of similar mortgage-backed securities adjusted for loan specific variables.
Available-for-sale and trading account securities
Securities accounted for at fair value include both the available-for-sale and trading account portfolios. Huntington determines the fair value of securities utilizing quoted market prices obtained for identical or similar assets, third-party pricing services, third-party valuation specialists and other observable inputs such as recent trade observations. AFS and trading securities classified as Level 1 use quoted market prices (unadjusted) in active markets for identical securities at the measurement date. Level 1 positions in these portfolios consist of U.S. Treasury securities. When quoted market prices are not available, fair values are classified as Level 2 using quoted prices for similar assets in active markets, quoted prices of identical or similar assets in markets that are not active, and inputs that are observable for the asset, either directly or indirectly, for substantially the full term of the financial instrument. Level 2 positions in these portfolios consist of U.S. Government and agency debt securities, agency mortgage backed securities, private-label asset-backed securities, certain municipal securities, and other securities. For Level 2 securities Huntington primarily uses prices obtained from third-party pricing services to determine the fair value of securities. Huntington independently evaluates and corroborates the fair value received from pricing services through various methods and techniques, including references to dealer or other market quotes, by reviewing valuations of comparable instruments, and by comparing the prices realized on the sale of similar securities. If relevant market prices are limited or unavailable, valuations may require significant management judgment or estimation to determine fair value, in which case the fair values are classified as Level 3. The Level 3 positions predominantly consist of direct purchase municipal securities. A significant change in the unobservable inputs for these securities may result in a significant change in the ending fair value measurement of these securities.
Direct purchase municipal securities, in addition to certain private-label CMOs and asset-backed securities, are classified as Level 3 and require estimates to determine fair value which results in greater subjectivity. The fair value is determined by utilizing a discounted cash flow valuation technique employed by a third-party valuation specialist. The third-party specialist uses assumptions related to yield, prepayment speed, conditional default rates and loss severity based on certain factors such as credit worthiness of the counterparty, prevailing market rates, and analysis of similar securities. Huntington evaluates the fair values provided by the third-party specialist for reasonableness.
Derivative assets and liabilities
Derivatives classified as Level 2 primarily consist of interest rate contracts, which are valued using a discounted cash flow method that incorporates current market interest rates. In addition, Level 2 includes foreign exchange and commodity contracts, which are valued using exchange traded swaps, exchange traded options, and futures market data. Level 2 also includes exchange traded options and forward commitments to deliver mortgage-backed securities, which are valued using quoted prices.
Derivatives classified as Level 3 consist of interest rate lock agreements related to mortgage loan commitments, the Visa® share swap, and credit default swaps.
MSRs
MSRs are accounted for using the fair value method and are classified as Level 3. Refer to Note 7 - “Mortgage Loan Sales and Servicing Rights” for information on valuation methodology.
Short-term borrowings
Short-term borrowings accounted for at fair value include 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.
Long-term debt
Huntington has elected to apply the fair value option for CLNs structured as long-term debt. CLNs are classified as Level 2 using quoted prices for similar liabilities in active markets, quoted prices of similar liabilities in markets that are not active, and inputs that are observable for the assets, either directly or indirectly, for substantially the full term of the financial instrument.
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 UsingNetting Adjustments (1)
Total
(dollar amounts in millions)Level 1Level 2Level 3
At December 31, 2025
Assets
Trading account securities
$— $63 $— $— $63 
Available-for-sale securities:
U.S. Treasury4,635 — — — 4,635 
Residential MBS— 9,669 — — 9,669 
Residential CMO— 5,197 — — 5,197 
Commercial MBS— 1,831 — — 1,831 
Other agencies— 150 — — 150 
Municipal securities— 82 4,061 — 4,143 
Corporate debt— 178 — — 178 
Asset-backed securities— 193 28 — 221 
Private-label CMO— 79 19 — 98 
Other securities/sovereign debt— 10 — — 10 
Total available-for-sale securities4,635 17,389 4,108 — 26,132 
Other securities30 12 — — 42 
Loans held for sale— 885 — — 885 
Loans held for investment— 105 62 — 167 
MSRs— — 593 — 593 
Other assets:
Derivative assets— 499 8 (260)247 
Assets held in trust for deferred compensation plans216 — — — 216 
Liabilities
Short-term borrowings131 7 — — 138 
Long-term debt— 1,161 — — 1,161 
Derivative liabilities— 514 5 (169)350 
(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.
Fair Value Measurements at Reporting Date UsingNetting Adjustments (1)
Total
(dollar amounts in millions)Level 1Level 2Level 3
At December 31, 2024
Assets
Trading account securities
$1 $52 $— $— $53 
Available-for-sale securities:
U.S. Treasury6,556 — — — 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 securities6,556 16,693 4,024 — 27,273 
Other securities29 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 plans191 — — — 191 
Liabilities
Long-term debt— 821 — — 821 
Derivative liabilities— 666 2 (90)578 
(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.
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 securities
(dollar amounts in millions)MSRsDerivative
instruments		Municipal
securities		Private-
label
CMO		Asset-
backed
securities		Loans held for investment
Year Ended December 31, 2025
Opening balance$573 $2 $3,954 $21 $49 $61 
Transfers into Level 3— — — — — 9 
Transfers out of Level 3 (1)— (42)— — — — 
Total gains (losses) for the period:
Included in earnings:
Interest and fee income— — (1)— — — 
Mortgage banking income(4)45 — — — — 
Other noninterest income— (11)— — — — 
Included in OCI— — 60 — — — 
Purchases/originations93 — 1,196 — — — 
Sales— — (4)— — 
Repayments— — — — — (8)
Settlements(69)9 (1,148)2 (21)— 
Closing balance$593 $3 $4,061 $19 $28 $62 
Change in unrealized gains (losses) for the period included in earnings for assets held at end of the reporting date$(4)$3 $— $— $— $— 
Change in unrealized gains (losses) for the period included in other comprehensive income for assets held at the end of the reporting period— — 53 — — — 
Level 3 Fair Value Measurements
Available-for-sale securities
(dollar amounts in millions)MSRsDerivative
instruments		Municipal
securities		Private-
label
CMO		Asset-
backed
securities		Loans held for investment
Year Ended December 31, 2024
Opening balance$515 $(2)$3,335 $20 $75 $54 
Transfers into Level 3— — — — — 13 
Transfers out of Level 3 (1)— (25)— — — — 
Total gains (losses) for the period:
Included in earnings:
Interest and fee income— — (1)(1)— (1)
Provision for credit losses— — (2)— — — 
Mortgage banking income60 24 — — — — 
Other noninterest income— (13)— — — — 
Included in OCI— — 33 — — — 
Purchases/originations54 — 1,256 — 15 — 
Repayments— — — — — (5)
Settlements(56)18 (667)2 (41)— 
Closing balance$573 $2 $3,954 $21 $49 $61 
Change in unrealized gains (losses) for the period included in earnings for assets held at end of the reporting date$60 $(1)$— $— $— $— 
Change in unrealized gains (losses) for the period included in other comprehensive income for assets held at the end of the reporting period— — 27 — — — 
Level 3 Fair Value Measurements
   Available-for-sale securities
(dollar amounts in millions)MSRsDerivative
instruments		Municipal
securities		Private-
label CMO		Asset-
backed
securities		Loans held for investment
Year Ended December 31, 2023
Opening balance$494 $(2)$3,248 $20 $74 $16 
Transfers into Level 3— — — — — 41 
Transfers out of Level 3 (1)— (23)— — — — 
Total gains (losses) for the period:
Included in earnings:
Interest and fee income— — (2)(1)— (3)
Mortgage banking income7 25 — — — — 
Other noninterest income— (2)— — — — 
Included in OCI— — 73 — 1 — 
Purchases/originations63 — 928 1 — — 
Sales(1)— — — — — 
Settlements(48)— (912)— — — 
Closing balance$515 $(2)$3,335 $20 $75 $54 
Change in unrealized gains (losses) for the period included in earnings for assets held at end of the reporting date$7 $(3)$— $— $— $— 
Change in unrealized gains (losses) for the period included in other comprehensive income for assets held at the end of the reporting period— — 47 — 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 December 31, 2025
Assets
Loans held for sale$885 $855 $30 $— $— $— 
Loans held for investment167 179 (12)3 4 (1)
Liabilities
Long-term debt1,161 1,151 (10)
At December 31, 2024
Assets
Loans held for sale$652 $640 $12 $— $— $— 
Loans held for investment173 184 (11)4 4 — 
Liabilities
Long-term debt821 817 (4)
The following table presents the net (losses) gains from fair value changes.
 
Year Ended December 31,
(dollar amounts in millions)Classification202520242023
Loans held for sale Mortgage banking income$18 $(5)$10 
Loans held for investmentMortgage banking income(1)(1)(5)
Long-term debt Other noninterest income(6)(4)— 
Assets and Liabilities measured at fair value on a nonrecurring basis
Certain assets and liabilities may be required to be measured at fair value on a nonrecurring basis in periods subsequent to their initial recognition. These assets and liabilities are not measured at fair value on an ongoing basis; however, they are subject to fair value adjustments in certain circumstances, for example, when there is evidence of impairment. The gains (losses) represent the amounts recorded during the period regardless of whether the asset is still held at period end.
The amounts measured at fair value on a nonrecurring basis were as follows.
Fair Value Measurements Using Significant Unobservable Inputs (Level 3)Total Losses Year Ended
(dollar amounts in millions)December 31, 2025December 31, 2024December 31, 2025December 31, 2024December 31, 2023
Collateral-dependent loans$74 $192 $(86)$(122)$(21)
Huntington records nonrecurring adjustments of collateral-dependent loans held for investment. Such amounts are generally based on the fair value of the underlying collateral supporting the loan. Appraisals are generally obtained to support the fair value of the collateral and incorporate measures such as recent sales prices for comparable properties and cost of construction. Periodically, in cases where the carrying value exceeds the fair value of the collateral less cost to sell, an impairment charge is recognized in the form of a charge-off.
Significant unobservable inputs for assets and liabilities measured at fair value
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 December 31, 2025At December 31, 2024
(dollar amounts in millions)Valuation TechniqueSignificant Unobservable InputRangeWeighted AverageRangeWeighted Average
Measured at fair value on a recurring basis:
MSRsDiscounted cash flowConstant prepayment rate6 %-61 %8 %6 %-43 %8 %
Spread over forward interest rate swap rates5 %-11 %5 %5 %-10 %6 %
Municipal securities and asset-backed securities Discounted cash flowDiscount rate4 %-4 %4 %4 %-5 %5 %
Cumulative default— %-64 %3 %— %-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.

The following provides a general description of the impact of a change in an unobservable input on the fair value measurement and the interrelationship between unobservable inputs, where relevant/significant. Interrelationships may also exist between observable and unobservable inputs.
Components of credit loss estimates including probability of default, constant default, cumulative default, loss given default, cure given deferral, and loss severity, are driven by the ability of the borrowers to pay their loans and the value of the underlying collateral and are impacted by changes in macroeconomic conditions, typically increasing when economic conditions worsen and decreasing when conditions improve. An increase in the estimated prepayment rate typically results in a decrease in estimated credit losses and vice versa. Higher credit loss estimates generally result in lower fair values. Credit spreads generally increase when liquidity risks and market volatility increase and decrease when liquidity conditions and market volatility improve.
Discount rates and spread over forward interest rate swap rates typically increase when market interest rates increase and/or credit and liquidity risks increase and decrease when market interest rates decline and/or credit and liquidity conditions improve. Higher discount rates and credit spreads generally result in lower fair market values.
Fair values of financial instruments
Many of the assets and liabilities subject to the disclosure requirements are not actively traded, requiring fair values to be estimated by management. These estimations necessarily involve the use of judgment about a wide variety of factors, including, but not limited to, relevancy of market prices of comparable instruments, expected future cash flows, and appropriate discount rates.
The short-term nature of certain assets and liabilities result in their carrying value approximating fair value. These include trading account securities, customers’ acceptance liabilities, short-term borrowings, bank acceptances outstanding, and cash and short-term assets, which include cash and due from banks and interest-earning deposits with banks. Loan commitments and letters-of-credit generally have short-term, variable-rate features and contain clauses that limit Huntington’s exposure to changes in customer credit quality. Accordingly, their carrying values, which are immaterial at the respective balance sheet dates, are reasonable estimates of fair value.
Certain assets, the most significant being operating lease assets, bank owned life insurance, and premises and equipment, do not meet the definition of a financial instrument and are excluded from this disclosure. Similarly, mortgage servicing rights and relationship intangibles are not considered financial instruments and are not included in the following tables. Accordingly, this fair value information is not intended to, and does not, represent Huntington’s underlying value.
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 MarketFair Value or Fair Value OptionTotal Carrying AmountEstimated Fair Value
At December 31, 2025
Financial Assets
Cash and short-term assets$14,078 $— $— $14,078 $14,078 
Trading account securities— — 63 63 63 
Available-for-sale securities— — 26,132 26,132 26,132 
Held-to-maturity securities15,258 — — 15,258 13,636 
Other securities952 — 42 994 994 
Loans held for sale— 530 885 1,415 1,420 
Net loans and leases (1)146,938 — 167 147,105 146,273 
Derivative assets— — 247 247 247 
Assets held in trust for deferred compensation plans— — 216 216 216 
Financial Liabilities
Deposits (2)176,610 — — 176,610 176,610 
Short-term borrowings1,123 — 138 1,261 1,261 
Long-term debt16,060 — 1,161 17,221 17,479 
Derivative liabilities— — 350 350 350 
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 securities16,368 — — 16,368 14,086 
Other securities792 — 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 borrowings199 — — 199 199 
Long-term debt15,553 — 821 16,374 16,573 
Derivative liabilities— — 578 578 578 
(1)Includes collateral-dependent loans.
(2)Includes $2.1 billion and $1.5 billion in time deposits in excess of the FDIC insurance coverage limit at December 31, 2025 and December 31, 2024, respectively.
The following table presents the level in the fair value hierarchy for estimated fair values.
Estimated Fair Value Measurements at Reporting Date UsingNetting
Estimated Fair Value
(dollar amounts in millions)Level 1Level 2Level 3Adjustments (1)
At December 31, 2025
Financial Assets
Trading account securities$— $63 $— $— $63 
Available-for-sale securities4,635 17,389 4,108 — 26,132 
Held-to-maturity securities2,368 11,268 — — 13,636 
Other securities (2)30 12 — — 42 
Loans held for sale— 885 535 — 1,420 
Net loans and leases— 105 146,168 — 146,273 
Derivative assets— 499 8 (260)247 
Financial Liabilities
Deposits — 158,472 18,138 — 176,610 
Short-term borrowings131 1,130 — — 1,261 
Long-term debt— 12,336 5,143 — 17,479 
Derivative liabilities— 514 5 (169)350 
At December 31, 2024
Financial Assets
Trading account securities$1 $52 $— $— $53 
Available-for-sale securities6,556 16,693 4,024 — 27,273 
Held-to-maturity securities2,023 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 
(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.