10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2021

Huntington Bancshares Incorporated

(Exact name of registrant as specified in its charter)

Maryland	1-34073	31-0724920
(State or other jurisdiction of incorporation or organization)	(Commission File Number)	(I.R.S. Employer Identification No.)

Registrant’s address: 41 South High Street, Columbus, Ohio 43287

Registrant’s telephone number, including area code: (614) 480-2265

Securities registered pursuant to Section 12(b) of the Act

Title of class	Trading Symbol(s)	Name of exchange on which registered
Depositary Shares (each representing a 1/40th interest in a share of 5.875% Series C Non-Cumulative, perpetual preferred stock)	HBANN	NASDAQ
Depositary Shares (each representing a 1/40th interest in a share of 6.250% Series D Non-Cumulative, perpetual preferred stock)	HBANO	NASDAQ
Depositary Shares (each representing a 1/40th interest in a share of 4.500% Series H Non-Cumulative, perpetual preferred stock)	HBANP	NASDAQ
Common Stock—Par Value $0.01 per Share	HBAN	NASDAQ

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months and (2) has been subject to such filing requirements for the past 90 days.     x  Yes    ☐  No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).     x  Yes    ☐  No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer	x	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).     ☐  Yes    x  No

There were 1,018,052,923 shares of the registrant’s common stock ($0.01 par value) outstanding on March 31, 2021.

HUNTINGTON BANCSHARES INCORPORATED

INDEX

PART I. FINANCIAL INFORMATION
Item 1. Financial Statements (Unaudited)	41
Condensed Consolidated Balance Sheets at March 31, 2021 and December 31, 2020	41
Condensed Consolidated Statements of Income for the three months ended March 31, 2021 and 2020	42
Condensed Consolidated Statements of Comprehensive Income for the three months ended March 31, 2021 and 2020	43
Condensed Consolidated Statements of Changes in Shareholders’ Equity for the three months ended March 31, 2021 and 2020	44
Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2021 and 2020	45
Notes to Unaudited Condensed Consolidated Financial Statements	47
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations	5
Executive Overview	5
Discussion of Results of Operations	7
Risk Management and Capital:	15
Credit Risk	16
Market Risk	23
Liquidity Risk	27
Operational Risk	29
Compliance Risk	30
Capital	30
Business Segment Discussion	32
Additional Disclosures	36
Item 3. Quantitative and Qualitative Disclosures about Market Risk	81
Item 4. Controls and Procedures	81
PART II. OTHER INFORMATION
Item 1. Legal Proceedings	81
Item 1A. Risk Factors	81
Item 6. Exhibits	82
Signatures	83

2 Huntington Bancshares Incorporated

Glossary of Acronyms and Terms

The following listing provides a comprehensive reference of common acronyms and terms used throughout the document:

ACL	Allowance for Credit Losses
AFS	Available-for-Sale
ALLL	Allowance for Loan and Lease Losses
AOCI	Accumulated Other Comprehensive Income
ASC	Accounting Standards Codification
AULC	Allowance for Unfunded Loan Commitments
Basel III	Refers to the final rule issued by the FRB and OCC and published in the Federal Register on October 11, 2013
CARES Act	Coronavirus Aid, Relief, and Economic Security Act, as amended
C&I	Commercial and Industrial
CCAR	Comprehensive Capital Analysis and Review
CDs	Certificates of Deposit
CECL	Current Expected Credit Loss
CET1	Common Equity Tier 1 on a Basel III basis
CFPB	Bureau of Consumer Financial Protection
CMO	Collateralized Mortgage Obligations
COVID-19	Coronavirus Disease 2019
CRE	Commercial Real Estate
EAD	Exposure at Default
EVE	Economic Value of Equity
FASB	Financial Accounting Standards Board
FDIC	Federal Deposit Insurance Corporation
FHLB	Federal Home Loan Bank of Cincinnati
FICO	Fair Isaac Corporation
FRB	Federal Reserve Board
FTE	Fully-Taxable Equivalent
FTP	Funds Transfer Pricing
FVO	Fair Value Option
GAAP	Generally Accepted Accounting Principles in the United States of America
HTM	Held-to-Maturity
IRS	Internal Revenue Service
Last-of-Layer	Last-of-layer is a fair value hedge of the interest rate risk of a portfolio of similar prepayable assets whereby the last dollar amount within the portfolio of assets is identified as the hedged item
LCR	Liquidity Coverage Ratio
LIBOR	London Interbank Offered Rate
LIHTC	Low Income Housing Tax Credit
MBS	Mortgage-Backed Securities
MD&A	Management’s Discussion and Analysis of Financial Condition and Results of Operations
MSR	Mortgage Servicing Right
NAICS	North American Industry Classification System
NALs	Nonaccrual Loans
NCO	Net Charge-off
NII	Noninterest Income
NIM	Net Interest Margin
NPAs	Nonperforming Assets

2021 1Q Form 10-Q 3

OCC	Office of the Comptroller of the Currency
OCI	Other Comprehensive Income (Loss)
OLEM	Other Loans Especially Mentioned
OREO	Other Real Estate Owned
PCD	Purchased-Credit-Deteriorated
PPP	Paycheck Protection Program
PPPLF	Paycheck Protection Program Liquidity Facility
RBHPCG	Regional Banking and The Huntington Private Client Group
ROC	Risk Oversight Committee
SBA	Small Business Administration
SEC	Securities and Exchange Commission
TCF	TCF Financial Corporation
TDR	Troubled Debt Restructuring
U.S. Treasury	U.S. Department of the Treasury
UCS	Uniform Classification System
VIE	Variable Interest Entity
XBRL	eXtensible Business Reporting Language

4 Huntington Bancshares Incorporated

PART I. FINANCIAL INFORMATION

When we refer to “we”, “our”, and “us”, “Huntington”, and “the Company” in this report, we mean Huntington Bancshares Incorporated and our consolidated subsidiaries, unless the context indicates that we refer only to the parent company, Huntington Bancshares Incorporated. When we refer to the “Bank” in this report, we mean our only bank subsidiary, The Huntington National Bank, and its subsidiaries.

Item 2: Management’s Discussion and Analysis of Financial Condition and Results of Operations

INTRODUCTION

We are a multi-state diversified regional bank holding company organized under Maryland law in 1966 and headquartered in Columbus, Ohio. Through the Bank, we have over 150 years of servicing the financial needs of our customers. Through our subsidiaries, we provide full-service commercial and consumer banking services, mortgage banking services, automobile financing, recreational vehicle and marine financing, equipment financing, investment management, trust services, brokerage services, insurance products and services, and other financial products and services. Our 814 full-service branches and private client group offices are located in Ohio, Illinois, Indiana, Kentucky, Michigan, Pennsylvania, and West Virginia. Select financial services and other activities are also conducted in various other states. International banking services are available through the headquarters office in Columbus, Ohio. Our foreign banking activities, in total or with any individual country, are not significant.

On December 13, 2020, we announced the signing of a definitive merger agreement (the “TCF/Huntington Merger Agreement”). Under the terms of the agreement, which was unanimously approved by the boards of directors of both companies, TCF Financial Corporation, the parent company of TCF National Bank will merge into Huntington in an all-stock transaction. TCF is a financial holding company headquartered in Detroit, Michigan with reported total assets of $47.8 billion based on their balance sheet at December 31, 2020.

Under the terms of the Merger Agreement, TCF shareholders will receive 3.0028 shares of Huntington common stock for each share of TCF common stock. Holders of TCF common stock will also receive cash in lieu of fractional shares. Each outstanding share of 5.70% Series C Non-Cumulative Perpetual Preferred Stock of TCF will be converted into the right to receive one share of a newly created series of preferred stock of Huntington.

This MD&A provides information we believe necessary for understanding our financial condition, changes in financial condition, results of operations, and cash flows. The MD&A included in our 2020 Form 10-K should be read in conjunction with this MD&A as this discussion provides only material updates to the 2020 Form 10-K. This MD&A should also be read in conjunction with the Unaudited Condensed Consolidated Financial Statements, Notes to Unaudited Condensed Consolidated Financial Statements, and other information contained in this report.

EXECUTIVE OVERVIEW

Summary of 2021 First Quarter Results Compared to 2020 First Quarter

For the quarter, we reported net income of $532 million, or $0.48 per common share, compared with $48 million, or $0.03 per common share, in the year-ago quarter.

Fully-taxable equivalent net interest income was $978 million, up $182 million, or 23%, from the year-ago quarter. This increase reflected the benefit from the $12.3 billion, or 12%, increase in average earning assets and a 34 basis point increase in the FTE net interest margin to 3.48%.

The provision for credit losses decreased $501 million year-over-year to $(60) million in the 2021 first quarter. Net charge-offs decreased $53 million to $64 million. Both Commercial NCOs of $49 million and Consumer NCOs of $15 million were down on both a year-over-year basis. Total NCOs represented an annualized 0.32% of average loans and leases in the current quarter, down from 0.62% in the year-ago quarter.

Noninterest income was $395 million, up $34 million, or 9%, from the year ago quarter. Mortgage banking income increased $42 million, or 72%. Partially offsetting these increases, service charges on deposit accounts decreased $18 million, or 21%.

2021 1Q Form 10-Q 5

Noninterest expense for the 2021 first quarter increased $141 million, or 22%, from the year-ago quarter Personnel costs increased $73 million, or 18%. Outside data processing and other services increased $30 million, or 35%. Other noninterest expense increased $22 million, or 43%, primarily reflecting a $25 million donation to The Columbus Foundation.

Common Equity Tier 1 risk-based capital ratio was 10.33%, up from 9.47% a year ago. The regulatory Tier 1 risk-based capital ratio was 13.32% compared to 10.81% at March 31, 2020. The increase in regulatory capital ratios was driven by earnings, adjusted for the CECL transition, offset by the repurchase of $5 million of common stock over the last four quarters (all during 2020 fourth quarter) and cash dividends. The balance sheet growth impact on regulatory capital ratios was largely offset by a change in asset mix during 2020 related to the PPP loans and elevated deposits at the Federal Reserve, both of which are 0% risk weighted. The regulatory Tier 1 risk-based capital ratio also reflects the issuance of $500 million of Series F preferred stock, $500 million of Series G preferred stock and $500 million of Series H preferred stock in the 2020 second quarter, 2020 third quarter, and 2021 first quarter, respectively.

Business Overview

General

Our general business objectives are:

•Consistent organic revenue and balance sheet growth.

•Invest in our businesses, particularly technology and risk management.

•Deliver positive long-term operating leverage.

•Maintain aggregate moderate-to-low risk appetite.

•Disciplined capital management.

COVID-19

The COVID-19 pandemic continues to cause significant, unprecedented disruption that affects daily living and negatively impacts the economy. As further discussed in “Discussion of Results of Operations,” the current interest rate environment, borrower and counterparty credit quality and market volatility, among other factors, continue to impact our performance. Though we are unable to estimate the magnitude, we expect the pandemic and the resulting economic environment will continue to affect our future operating results.

Huntington was able to react quickly to the changes required by the pandemic because of the commitment and flexibility of its workforce coupled with well-prepared business continuity plans. While state and local governments have eased temporary business closures and we have opened our branches, we expect our colleagues who have been operating remotely to continue for a period of time. While the approved vaccines are being administered throughout our footprint, it remains unknown when, or if, there will be a return to historical norms of economic and social activity.

We continue to work with our customers to originate and renew business loans as well as originate loans made available through the Small Business Administration (“SBA”) Paycheck Protection Program (“PPP”), a lending program established as part of the relief to American consumers and businesses in the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”). Several subsequent congressional acts have reopened and extended the PPP loan program. During the 2021 first quarter, we have processed over 17,000 applications totaling approximately $1.8 billion under the reopened PPP.

Pending acquisition of TCF Financial Corporation

In late March 2021, Huntington and TCF shareholders approved the proposed merger of TCF with and into Huntington. The integration planning continues to proceed as expected. We expect that the transaction will be completed late in the second quarter of 2021, subject to regulatory approval and the satisfaction of other customary closing conditions set forth in the merger agreement.

Economy

Our first quarter results reflected a very strong beginning to what will be an important year for Huntington. The economic recovery continues to gain its footing, and we are seeing encouraging signs across our footprint and our individual businesses. Our lending pipelines are up across the board, and customer sentiment is improving —

6 Huntington Bancshares Incorporated

supporting our confidence in more robust loan demand later in the year. Additionally, we continue to see strong core deposit inflows and expect this elevated level of liquidity will remain for some time.

DISCUSSION OF RESULTS OF OPERATIONS

This section provides a review of financial performance from a consolidated perspective. It also includes a “Significant Items” section (See Non-GAAP Financial Measures) that summarizes key issues important for a complete understanding of performance trends. Key Unaudited Condensed Consolidated Balance Sheet and Unaudited Condensed Statement of Income trends are discussed. All earnings per share data are reported on a diluted basis. For additional insight on financial performance, please read this section in conjunction with the “Business Segment Discussion”.

2021 1Q Form 10-Q 7

Table 1 - Selected Quarterly Income Statement Data
	Three Months Ended
	March 31,			December 31,			September 30,			June 30,			March 31,
(amounts in millions, except per share data)	2021			2020			2020			2020			2020
Interest income	$	869		$	878		$	892		$	902		$	975
Interest expense	(103)			53			75			110			185
Net interest income	972			825			817			792			790
Provision for credit losses	(60)			103			177			327			441
Net interest income after provision for credit losses	1,032			722			640			465			349
Mortgage banking income	100			90			122			96			58
Service charges on deposit accounts	69			78			76			60			87
Card and payment processing income	65			65			66			59			58
Trust and investment management services	52			49			48			45			47
Capital markets fees	29			34			27			31			33
Insurance income	27			25			24			25			23
Bank owned life insurance income	16			14			17			17			16
Gain on sale of loans	3			13			13			8			8
Net (losses) gains on sales of securities	—			—			—			(1)			—
Other noninterest income	34			41			37			51			31
Total noninterest income	395			409			430			391			361
Personnel costs	468			426			453			418			395
Outside data processing and other services	115			111			98			90			85
Equipment	46			49			44			46			41
Net occupancy	42			39			40			39			40
Professional services	17			21			12			11			11
Amortization of intangibles	10			10			10			10			11
Marketing	14			15			9			5			9
Deposit and other insurance expense	8			8			6			9			9
Other noninterest expense	73			77			40			47			51
Total noninterest expense	793			756			712			675			652
Income before income taxes	634			375			358			181			58
Provision for income taxes	102			59			55			31			10
Net income	532			316			303			150			48
Dividends on preferred shares	31			35			28			19			18
Net income applicable to common shares	$	501		$	281		$	275		$	131		$	30
Average common shares—basic	1,018			1,017			1,017			1,016			1,018
Average common shares—diluted	1,041			1,036			1,031			1,029			1,035
Net income per common share—basic	$	0.49		$	0.28		$	0.27		$	0.13		$	0.03
Net income per common share—diluted	0.48			0.27			0.27			0.13			0.03
Return on average total assets	1.76		%	1.04		%	1.01		%	0.51		%	0.17		%
Return on average common shareholders’ equity	18.7			10.4			10.2			5.0			1.1
Return on average tangible common shareholders’ equity (1)	23.7			13.3			13.2			6.7			1.8
Net interest margin (2)	3.48			2.94			2.96			2.94			3.14
Efficiency ratio (3)	57.0			60.2			56.1			55.9			55.4
Effective tax rate	16.1			15.8			15.2			17.2			17.0
Revenue—FTE
Net interest income	$	972		$	825		$	817		$	792		$	790
FTE adjustment	6			5			5			5			6
Net interest income (2)	978			830			822			797			796
Noninterest income	395			409			430			391			361
Total revenue (2)	$	1,373		$	1,239		$	1,252		$	1,188		$	1,157

(1)Net income excluding expense for amortization of intangibles for the period divided by average tangible common shareholders’ equity. Average tangible common shareholders’ equity equals average total common shareholders’ equity less average intangible assets and goodwill. Expense for amortization of intangibles and average intangible assets are net of deferred tax liability, and calculated assuming a 21% tax rate.

(2)On an FTE basis assuming a 21% tax rate.

(3)Noninterest expense less amortization of intangibles and goodwill impairment divided by the sum of FTE net interest income and noninterest income excluding securities gains.

8 Huntington Bancshares Incorporated

Significant Items

Table 2 list certain items that we believe are significant to understanding corporate performance and trends (See Non-GAAP Financial Measures included in “Additional Disclosures” section). There was one Significant Item in the 2021 first quarter: $21 million of noninterest expense related to the pending acquisition of TCF. This resulted in a negative impact of $(0.02) per common share. There were no Significant Items in the other periods presented.

Table 2 - Significant Items Influencing Earnings Performance Comparison
	Three Months Ended
	March 31, 2021
(dollar amounts in millions, share amounts in thousands)	Amount		EPS (1)
Net income	$	532
Earnings per share, after-tax			$	0.48
Significant Items—favorable (unfavorable) impact:	Earnings		EPS (1)
Mergers and acquisitions, net expenses	$	(21)
Tax impact	4
Mergers and acquisitions, after tax	$	(17)	$	(0.02)

(1)Based upon the quarterly average outstanding diluted common shares.

2021 1Q Form 10-Q 9

Net Interest Income / Average Balance Sheet

The following tables detail the change in our average balance sheet and the net interest margin:

Table 3 - Consolidated Average Balance Sheet and Net Interest Margin Analysis
	Average Balances
	Three Months Ended										Change
	March 31,		December 31,		September 30,		June 30,		March 31,		1Q21 vs. 1Q20
(dollar amounts in millions)	2021		2020		2020		2020		2020		Amount		Percent
Assets:
Interest-bearing deposits in Federal Reserve Bank	$	6,065	$	5,507	$	5,857	$	3,413	$	680	$	5,385	792	%
Interest-bearing deposits in banks	177		205		177		169		150		27		18
Securities:
Trading account securities	52		53		49		39		95		(43)		(45)
Available-for-sale securities:
Taxable	14,827		12,048		10,670		11,179		11,671		3,156		27
Tax-exempt	2,650		2,710		2,749		2,728		2,753		(103)		(4)
Total available-for-sale securities	17,477		14,758		13,419		13,907		14,424		3,053		21
Held-to-maturity securities—taxable	8,269		8,844		8,932		9,798		9,428		(1,159)		(12)
Other securities	412		420		430		474		445		(33)		(7)
Total securities	26,210		24,075		22,830		24,218		24,392		1,818		7
Loans held for sale	1,392		1,319		1,259		1,039		865		527		61
Loans and leases: (3)
Commercial:
Commercial and industrial	34,352		34,850		34,669		35,284		30,849		3,503		11
Commercial real estate:
Construction	1,053		1,085		1,175		1,201		1,165		(112)		(10)
Commercial	6,122		6,092		6,045		5,885		5,566		556		10
Commercial real estate	7,175		7,177		7,220		7,086		6,731		444		7
Total commercial	41,527		42,027		41,889		42,370		37,580		3,947		11
Consumer:
Automobile	12,665		12,857		12,889		12,681		12,924		(259)		(2)
Home equity	8,809		8,919		8,878		8,897		9,026		(217)		(2)
Residential mortgage	12,094		12,100		11,817		11,463		11,391		703		6
RV and marine	4,193		4,181		4,020		3,706		3,590		603		17
Other consumer	973		1,032		1,049		1,082		1,185		(212)		(18)
Total consumer	38,734		39,089		38,653		37,829		38,116		618		2
Total loans and leases	80,261		81,116		80,542		80,199		75,696		4,565		6
Allowance for loan and lease losses	(1,809)		(1,804)		(1,720)		(1,557)		(1,239)		(570)		(46)
Net loans and leases	78,452		79,312		78,822		78,642		74,457		3,995		5
Total earning assets	114,105		112,222		110,665		109,038		101,783		12,322		12
Cash and due from banks	1,080		1,113		1,173		1,299		914		166		18
Intangible assets	2,176		2,185		2,195		2,206		2,217		(41)		(2)
All other assets	7,443		7,279		7,216		7,205		6,472		971		15
Total assets	$	122,995	$	120,995	$	119,529	$	118,191	$	110,147	$	12,848	12	%
Liabilities and Shareholders’ Equity:
Interest-bearing deposits:
Demand deposits—interest-bearing	$	26,812	$	25,094	23,865		$	23,878	$	21,202	$	5,610	26	%
Money market deposits	26,247		26,144		26,200		25,728		24,697		1,550		6
Savings and other domestic deposits	12,277		11,468		11,157		10,609		9,632		2,645		27
Core certificates of deposit (4)	1,384		1,479		2,035		3,003		3,943		(2,559)		(65)
Other domestic time deposits of $250,000 or more	115		139		175		230		321		(206)		(64)
Brokered deposits and negotiable CDs	3,355		4,100		4,182		4,114		2,884		471		16
Total interest-bearing deposits	70,190		68,424		67,614		67,562		62,679		7,511		12
Short-term borrowings	208		239		162		826		3,383		(3,175)		(94)
Long-term debt	7,766		8,799		9,318		9,802		10,076		(2,310)		(23)
Total interest-bearing liabilities	78,164		77,462		77,094		78,190		76,138		2,026		3
Demand deposits—noninterest-bearing	29,095		28,140		27,435		25,660		20,054		9,041		45
All other liabilities	2,412		2,452		2,322		2,396		2,319		93		4
Shareholders’ equity	13,324		12,941		12,678		11,945		11,636		1,688		15
Total liabilities and shareholders’ equity	$	122,995	$	120,995	$	119,529	$	118,191	$	110,147	$	12,848	12	%

(3)For purposes of this analysis, NALs are reflected in the average balances of loans.

(4)Includes consumer certificates of deposit of $250,000 or more.

10 Huntington Bancshares Incorporated

Table 3 - Consolidated Average Balance Sheet and Net Interest Margin Analysis (Continued)
	Average Yield Rates (2)
	Three Months Ended
	March 31,		December 31,		September 30,		June 30,		March 31,
Fully-taxable equivalent basis (1)	2021		2020		2020		2020		2020
Assets:
Interest-bearing deposits in Federal Reserve Bank	0.10	%	0.10	%	0.10	%	0.10	%	1.08	%
Interest-bearing deposits in banks	0.08		0.12		0.13		0.33		1.52
Securities:
Trading account securities	3.64		3.65		3.18		1.99		3.21
Available-for-sale securities:
Taxable	1.32		1.53		1.89		2.30		2.62
Tax-exempt	2.52		2.59		2.71		2.75		3.30
Total available-for-sale securities	1.50		1.72		2.06		2.39		2.75
Held-to-maturity securities—taxable	2.02		2.11		2.28		2.39		2.50
Other securities	1.66		1.85		1.23		0.57		2.07
Total securities	1.67		1.87		2.13		2.35		2.64
Loans held for sale	2.64		2.96		2.82		3.22		3.39
Loans and leases: (3)
Commercial:
Commercial and industrial	3.99		3.64		3.67		3.62		4.12
Commercial real estate:
Construction	3.41		3.36		3.40		3.66		4.75
Commercial	2.64		2.62		2.63		2.94		4.00
Commercial real estate	2.75		2.73		2.75		3.06		4.13
Total commercial	3.78		3.48		3.52		3.53		4.12
Consumer:
Automobile	3.71		3.88		3.93		3.84		4.05
Home equity	3.71		3.76		3.79		3.73		4.75
Residential mortgage	3.13		3.27		3.41		3.51		3.70
RV and marine	4.30		4.53		4.60		4.71		4.91
Other consumer	11.17		11.12		11.23		11.10		12.39
Total consumer	3.78		3.93		4.00		4.00		4.45
Total loans and leases	3.78		3.70		3.75		3.75		4.29
Total earning assets	3.11		3.13		3.22		3.35		3.88
Liabilities:
Interest-bearing deposits:
Demand deposits—interest-bearing	0.04		0.04		0.05		0.07		0.43
Money market deposits	0.06		0.10		0.28		0.40		0.81
Savings and other domestic deposits	0.04		0.05		0.06		0.10		0.17
Core certificates of deposit (4)	0.51		0.56		1.03		1.55		1.91
Other domestic time deposits of $250,000 or more	0.22		0.51		0.92		1.25		1.56
Brokered deposits and negotiable CDs	0.18		0.19		0.19		0.18		1.22
Total interest-bearing deposits	0.06		0.08		0.18		0.28		0.68
Short-term borrowings	0.19		0.26		0.30		0.47		1.46
Long-term debt (5)	(5.88)		1.72		1.87		2.58		2.70
Total interest-bearing liabilities	(0.53)		0.27		0.39		0.57		0.98
Net interest rate spread	3.64		2.86		2.83		2.78		2.90
Impact of noninterest-bearing funds on margin	(0.16)		0.08		0.13		0.16		0.24
Net interest margin	3.48	%	2.94	%	2.96	%	2.94	%	3.14	%

(1)FTE yields are calculated assuming a 21% tax rate.

(2)    Average yield rates include the impact of applicable derivatives. Loan and lease and deposit average yield rates also include impact of applicable non-deferrable and amortized fees.

(3)    For purposes of this analysis, NALs are reflected in the average balances of loans.

(4)    Includes consumer certificates of deposit of $250,000 or more.

(5)    Reflects the net mark-to-market impact of interest rate caps of $144 million or 741 bps and $5 million or 23 bps for 1Q 2021 and 4Q 2020, respectively.

2021 1Q Form 10-Q 11

2021 First Quarter versus 2020 First Quarter

FTE net interest income for the 2021 first quarter increased $182 million, or 23%, from the 2020 first quarter. This increase reflected a $12.3 billion, or 12%, increase in average earning assets, and a 34 basis point increase in the FTE net interest margin to 3.48%. Net interest income in the 2021 first quarter included a $144 million net mark-to-market of interest rate caps, which favorably impacted the NIM by approximately 51 basis points (and long-term debt costs by approximately 741 basis points), and $45 million of deferred PPP loan fees recognized upon receipt of forgiveness payments from the SBA, which favorably impacted the NIM by approximately 16 basis points. The year-over-year decrease in earning asset yields and average liability costs also reflected the impact of lower interest rates and changes in balance sheet mix, including elevated deposits at the Federal Reserve Bank.

Average earning assets for the 2021 first quarter increased $12.3 billion, or 12%, from the year-ago quarter, primarily reflecting a $5.4 billion, or 792%, increase in interest-bearing deposits at the Federal Reserve Bank, a $4.6 billion, or 6%, increase in average total loans and leases, and a $1.8 billion, or 7%, increase in average securities. Average C&I loans increased $3.5 billion, or 11%, primarily reflecting the $5.8 billion of average PPP loans partially offset by lower C&I and dealer floorplan utilization rates. Average residential mortgage loans increased $0.7 billion, or 6%, reflecting continued robust portfolio mortgage production. Average RV and marine loans increased $0.6 billion, or 17%, reflecting strong consumer demand and continued strong production levels.

Average total interest-bearing liabilities for the 2021 first quarter increased $2.0 billion, or 3%, from the year-ago quarter. Average total deposits increased $16.6 billion, or 20%, while average total core deposits increased $16.3 billion, or 20%. The increase in average total core deposits was primarily driven by increased liquidity levels in reaction to the economic downturn, business and commercial growth related to the PPP loans, consumer growth largely related to government stimulus, increased consumer and business banking account production, and reduced attrition. Specifically within core deposits, average total demand deposits increased $14.7 billion, or 36%, average savings and other domestic deposits increased $2.6 billion, or 27%, and average money market deposits increased $1.6 billion, or 6%. Partially offsetting these increases, average core CDs decreased $2.6 billion, or 65%, reflecting the maturity of balances related to the 2018 consumer deposit growth initiatives. Average total debt decreased $5.5 billion, or 41%, reflecting the repayment of short-term borrowings, the maturity and issuance of $3.2 billion and $1.3 billion of long-term debt, respectively, over the past five quarters, and the purchase of $0.5 billion of long-term debt under the tender offer completed in November 2020, all due to the strong core deposit growth.

2021 First Quarter versus 2020 Fourth Quarter

Compared to the 2020 fourth quarter, FTE net interest income increased $148 million, or 18%, reflecting a $1.9 billion, or 2% increase in average earning assets and 54 basis points of NIM expansion. Both the net interest income increase and the NIM expansion primarily reflected the net impacts of the mark-to-market of interest rate caps and the deferred PPP loan fees recognized upon receipt of forgiveness payments from the SBA. The mark-to-market of interest rate caps was $144 million in the 2021 first quarter compared to $5 million in the 2020 fourth quarter. The accelerated recognition of deferred PPP loan fees were $45 million in the 2021 first quarter compared to $5 million in the 2020 fourth quarter.

Average earning assets increased $1.9 billion, or 2%, primarily reflecting a $2.1 billion, or 9%, increase in average securities, partially offset by a $0.9 billion, or 1%, decrease in average loans and leases. The increase in average securities reflected the purchase of securities to deploy excess liquidity. Average C&I loans decreased $0.5 billion, or 1%, primarily reflecting the $0.4 billion decrease in average PPP loans.

Average total interest-bearing liabilities increased $0.7 billion, or 1%, when compared to the 2020 fourth quarter. Average total deposits increased $2.7 billion, or 3%, and average total core deposits increased $3.5 billion, or 4%. The increase in average total core deposits was primarily driven by consumer growth largely related to government stimulus, increased liquidity levels among our commercial customers, seasonality in government banking, and improved consumer and business banking account retention. Specifically, within core deposits, average total demand deposits increased $2.7 billion, or 5%. Average total debt decreased $1.1 billion, or 12%, primarily reflecting the maturity of $1.1 billion of long-term debt, the purchase of $0.5 billion of long-term debt under the tender offer completed in November 2020, and the repayment of short-term borrowings, all due to the strong core deposit growth.

12 Huntington Bancshares Incorporated

Provision for Credit Losses

(This section should be read in conjunction with the “Credit Risk” section.)

The provision for credit losses is the expense necessary to maintain the ALLL and the AULC at levels appropriate to absorb our estimate of credit losses expected over the life of the loan and lease portfolio and the portfolio of unfunded loan commitments and letters of credit.

The provision for credit losses for the 2021 first quarter was $(60) million, a decrease of $501 million, or 114%, compared to the 2020 first quarter. The reduction in provision expense over the prior year was primarily attributed to the improvement in the forecasted macroeconomic environment resulting from anticipated lower unemployment and higher GDP.

Noninterest Income

The following table reflects noninterest income for each of the periods presented: 

Table 4 - Noninterest Income
	Three Months Ended						1Q21 vs. 1Q20				1Q21 vs. 4Q20
	March 31,		December 31,		March 31,		Change				Change
(dollar amounts in millions)	2021		2020		2020		Amount		Percent		Amount		Percent
Mortgage banking income	$	100	$	90	$	58	$	42	72	%	$	10	11	%
Service charges on deposit accounts	69		78		87		(18)		(21)		(9)		(12)
Card and payment processing income	65		65		58		7		12		—		—
Trust and investment management services	52		49		47		5		11		3		6
Capital markets fees	29		34		33		(4)		(12)		(5)		(15)
Insurance income	27		25		23		4		17		2		8
Bank owned life insurance income	16		14		16		—		—		2		14
Gain on sale of loans	3		13		8		(5)		(63)		(10)		(77)
Net (losses) gains on sales of securities	—		—		—		—		—		—		—
Other noninterest income	34		41		31		3		10		(7)		(17)
Total noninterest income	$	395	$	409	$	361	$	34	9	%	$	(14)	(3)	%

2021 First Quarter versus 2020 First Quarter

Total noninterest income for the 2021 first quarter increased $34 million, or 9%, from the year-ago quarter. Mortgage banking income increased $42 million, or 72%, primarily reflecting an 89% increase in salable mortgage originations and higher secondary marketing spreads offset by lower net mortgage servicing income. Card and payment processing income increased $7 million, or 12%, reflecting higher debit card usage. Trust and investment management services increased $5 million, or 11%, reflecting record net asset flows, and positive equity market performance over the prior twelve months. Partially offsetting these increases, service charges on deposit accounts decreased $18 million, or 21%, primarily reflecting reduced customer activity and elevated deposits. Gain on sale of loans decreased $5 million, or 63%, primarily reflecting the lower SBA loan sales resulting from the strategic decision to retain SBA loans on the balance sheet.

2021 First Quarter versus 2020 Fourth Quarter

Compared to the 2020 fourth quarter, total noninterest income decreased $14 million, or 3%. Gain on sale of loans decreased $10 million, or 77%, primarily reflecting lower SBA loan sales resulting from the strategic decision to retain SBA loans on the balance sheet. Service charges on deposit accounts decreased $9 million, or 12%, primarily reflecting reduced customer activity and elevated deposits. Other noninterest income decreased $7 million, or 17%, primarily reflecting a $6 million reduction in the Visa Class B derivative fair value adjustment. Capital markets fees decreased $5 million, or 15%, reflecting lower loan syndication fees and customer derivatives activity. Partially offsetting these decreases, mortgage banking income increased $10 million, or 11%, primarily reflecting a $10 million increase in net MSR risk management activities.

2021 1Q Form 10-Q 13

Noninterest Expense

The following table reflects noninterest expense for each of the periods presented: 

Table 5 - Noninterest Expense
	Three Months Ended						1Q21 vs. 1Q20				1Q21 vs. 4Q20
	March 31,		December 31,		March 31,		Change				Change
(dollar amounts in millions)	2021		2020		2020		Amount		Percent		Amount		Percent
Personnel costs	$	468	$	426	$	395	$	73	18	%	$	42	10	%
Outside data processing and other services	115		111		85		30		35		4		4
Equipment	46		49		41		5		12		(3)		(6)
Net occupancy	42		39		40		2		5		3		8
Professional services	17		21		11		6		55		(4)		(19)
Amortization of intangibles	10		10		11		(1)		(9)		—		—
Marketing	14		15		9		5		56		(1)		(7)
Deposit and other insurance expense	8		8		9		(1)		(11)		—		—
Other noninterest expense	73		77		51		22		43		(4)		(5)
Total noninterest expense	$	793	$	756	$	652	$	141	22	%	$	37	5	%
Number of employees (average full-time equivalent)	15,449		15,477		15,386		63		—	%	(28)		—	%

Impacts of Significant Items:

	Three Months Ended
	March 31,		December 31,		March 31,
(dollar amounts in millions)	2021		2020		2020
Outside data processing and other services	8		—		—
Net occupancy	3		—		—
Equipment	1		—		—
Professional services	8		—		—
Other noninterest expense	1		—		—
Total noninterest expense adjustments	$	21	$	—	$	—

Adjusted Noninterest Expense (See Non-GAAP Financial Measures in the Additional Disclosures section):

	Three Months Ended						1Q21 vs. 1Q20				1Q21 vs. 4Q20
	March 31,		December 31,		March 31,		Change				Change
(dollar amounts in millions)	2021		2020		2020		Amount		Percent		Amount		Percent
Personnel costs	$	468	$	426	$	395	$	73	18	%	$	42	10	%
Outside data processing and other services	107		111		85		22		26		(4)		(4)
Net occupancy	39		39		40		(1)		(3)		—		—
Equipment	45		49		41		4		10		(4)		(8)
Deposit and other insurance expense	8		8		9		(1)		(11)		—		—
Professional services	9		21		11		(2)		(18)		(12)		(57)
Marketing	14		15		9		5		56		(1)		(7)
Amortization of intangibles	10		10		11		(1)		(9)		—		—
Other noninterest expense	72		77		51		21		41		(5)		(6)
Total adjusted noninterest expense (Non-GAAP)	$	772	$	756	$	652	$	120	18	%	$	16	2	%

2021 First Quarter versus 2020 First Quarter

Total noninterest expense for the 2021 first quarter increased $141 million or 22%, from the year-ago quarter. Personnel costs increased $73 million, or 18%, primarily reflecting increased incentives and commissions, a timing change implemented in the 2021 first quarter with respect to moving forward the annual grant of equity compensation from May to March, and higher benefits costs. Outside data processing and other services increased $30 million, or 35%, reflecting technology investments to support our strategic growth initiatives and $8 million of TCF acquisition-related expense. Other noninterest expense increased $22 million, or 43%, primarily reflecting a $25 million donation to The Columbus Foundation. Professional services expense increased $6 million, or 55%, reflecting $8 million of acquisition-related legal expense. Equipment expense increased $5 million, or 12%, primarily reflecting

14 Huntington Bancshares Incorporated

technology investments. Marketing expense increased $5 million, or 56%, reflecting a return to pre-pandemic levels and additional investment in strategic marketing initiatives including new Fair Play product launches.

2021 First Quarter versus 2020 Fourth Quarter

Total noninterest expense increased $37 million, or 5%, from the 2020 fourth quarter. Personnel costs increased $42 million, or 10%, primarily reflecting increased incentives and commissions, a timing change implemented in the 2021 first quarter with respect to moving forward the annual grant of equity compensation from May to March, and higher benefits costs.

Provision for Income Taxes

The provision for income taxes in the 2021 first quarter was $102 million, compared with provision for income taxes of $10 million in the 2020 first quarter and $59 million in the 2020 fourth quarter. All periods included the benefits from tax-exempt income, tax-advantaged investments, general business credits, investments in qualified affordable housing projects, and capital losses. The effective tax rates for the 2021 first quarter, 2020 first quarter, and 2020 fourth quarter were 16.1%, 17.0%, and 15.8%, respectively. The variance between the 2021 first quarter compared to the 2020 first quarter, and 2020 fourth quarter provision for income taxes and effective tax rates relates primarily to higher pre-tax income and the impact of stock-based compensation. The net federal deferred tax liability was $149 million and the net state deferred tax asset was $24 million at March 31, 2021.

We file income tax returns with the IRS and various state and city jurisdictions. Federal income tax audits have been completed for tax years through 2009. The 2010 and 2011 tax years remain under exam by the IRS. While the statute of limitations remains open for tax years 2012 through 2019, the IRS has advised that tax years 2012 through 2014 will not be audited and is currently examining the 2015 and 2016 federal income tax returns. Also, with few exceptions, the Company is no longer subject to state and local income tax examinations for tax years before 2016.

RISK MANAGEMENT AND CAPITAL

We use a multi-faceted approach to risk governance. It begins with the Board of Directors defining our risk appetite as aggregate moderate-to-low. Risk awareness, identification and assessment, reporting, and active management are key elements in overall risk management. Controls include, among others, effective segregation of duties, access, and authorization and reconciliation procedures, as well as staff education and a disciplined assessment process.

We believe that our primary risk exposures are credit, market, liquidity, operational and compliance. More information on risk can be found in the Risk Factors section included in Item 1A of our 2020 Form 10-K and subsequent filings with the SEC. The MD&A included in our 2020 Form 10-K should be read in conjunction with this MD&A as this discussion provides only material updates to the Form 10-K. This MD&A should also be read in conjunction with the Unaudited Condensed Consolidated Financial Statements, Notes to Unaudited Condensed Consolidated Financial Statements, and other information contained in this report. Our definition, philosophy, and approach to risk management have not materially changed from the discussion presented in the 2020 Form 10-K.

2021 1Q Form 10-Q 15

Credit Risk

Credit risk is the risk of financial loss if a counterparty is not able to meet the agreed upon terms of the financial obligation. The majority of our credit risk is associated with lending activities, as the acceptance and management of credit risk is central to profitable lending. We also have credit risk associated with our investment securities portfolios (see Note 3 “Investment Securities and Other Securities” of the Notes to the Unaudited Condensed Consolidated Financial Statements). We engage with other financial counterparties for a variety of purposes including investing, asset and liability management, mortgage banking, and trading activities. A variety of derivative financial instruments, principally interest rate swaps, caps, floors, and collars, are used in asset and liability management activities to protect against the risk of adverse price or interest rate movements. We also use derivatives, principally loan sale commitments, in hedging our mortgage loan interest rate lock commitments and its mortgage loans held for sale. While there is credit risk associated with derivative activity, we believe this exposure is minimal.

We focus on the early identification, monitoring, and management of all aspects of our credit risk. In addition to the traditional credit risk mitigation strategies of credit policies and processes, market risk management activities, and portfolio diversification, we use quantitative measurement capabilities utilizing external data sources, enhanced modeling technology, and internal stress testing processes. Our ongoing expansion of portfolio management resources is central to our commitment to maintaining an aggregate moderate-to-low risk profile. In our efforts to identify risk mitigation techniques, we have focused on product design features, origination policies, and solutions for delinquent or stressed borrowers.

Over the course of 2020 and into 2021, we have assessed the impact of the COVID-19 pandemic on our loan portfolio, as we would with any natural disaster or significant economic decline. The longer term impact of our response is dependent upon a number of variables, including the prolonged impact of the COVID-19 pandemic and its impact on the economic recovery. Continued weakness in the labor market could lead to increased delinquencies and defaults in our consumer portfolio. Additionally, increased economic deterioration could lead to elevated default rates in our Commercial portfolio, especially for industries highly impacted by the COVID-19 pandemic.

The payment deferral program that Huntington initiated for its customers in March 2020 has largely ended, with less than 1% of the total deferrals remaining in place as of March 31, 2021. The remaining deferrals in the Consumer portfolio are in the Residential secured portfolio, consistent with the longer term payment deferral time frames available on those loans. For the few commercial borrowers requiring additional financial help, the expired deferrals were replaced with modified terms and conditions as we continue to work closely with our customers. The post deferral payment activity has been positive across both the Commercial and Consumer portfolios to date.

16 Huntington Bancshares Incorporated

Loan and Lease Credit Exposure Mix

Refer to the “Loan and Lease Credit Exposure Mix” section of our 2020 Form 10-K for a brief description of each portfolio segment.

The table below provides the composition of our total loan and lease portfolio: 

Table 6 - Loan and Lease Portfolio Composition
(dollar amounts in millions)	March 31, 2021				December 31, 2020				September 30, 2020				June 30, 2020				March 31, 2020
Commercial:
Commercial and industrial	$	34,464	43	%	$	35,373	43	%	$	34,895	43	%	$	34,879	44	%	$	32,959	42	%
Commercial real estate:
Construction	1,083		1		1,035		1		1,154		1		1,200		1		1,180		2
Commercial	6,096		8		6,164		8		6,055		7		5,979		7		5,793		7
Commercial real estate	7,179		9		7,199		9		7,209		8		7,179		8		6,973		9
Total commercial	41,643		52		42,572		52		42,104		51		42,058		52		39,932		51
Consumer:
Automobile	12,591		16		12,778		16		12,925		17		12,678		16		12,907		17
Home equity	8,727		11		8,894		11		8,904		11		8,866		11		9,010		11
Residential mortgage	12,092		15		12,141		15		12,031		15		11,621		15		11,398		15
RV and marine	4,218		5		4,190		5		4,146		5		3,843		5		3,643		5
Other consumer	959		1		1,033		1		1,046		1		1,073		1		1,145		1
Total consumer	38,587		48		39,036		48		39,052		49		38,081		48		38,103		49
Total loans and leases	$	80,230	100	%	$	81,608	100	%	$	81,156	100	%	$	80,139	100	%	$	78,035	100	%

Our loan portfolio is a managed mix of consumer and commercial credits. At the corporate level, we manage the overall credit exposure and portfolio composition via a credit concentration policy. The policy designates specific loan types, collateral types, and loan structures to be formally tracked and assigned maximum exposure limits as a percentage of capital. C&I lending by NAICS categories, specific limits for CRE project types, loans secured by residential real estate, large dollar exposures, and designated high risk loan categories represent examples of specifically tracked components of our concentration management process. There are no identified concentrations that exceed the assigned exposure limit. Our concentration management policy is approved by the ROC of the Board of Directors and is used to ensure a high quality, well diversified portfolio that is consistent with our overall objective of maintaining an aggregate moderate-to-low risk profile. Changes to existing concentration limits, incorporating specific information relating to the potential impact on the overall portfolio composition and performance metrics, require the approval of the ROC prior to implementation.

Commercial Credit

Refer to the “Commercial Credit” section of our 2020 Form 10-K for our commercial credit underwriting and on-going credit management processes.

Consumer Credit

Refer to the “Consumer Credit” section of our 2020 Form 10-K for our consumer credit underwriting and on-going credit management processes.

2021 1Q Form 10-Q 17

The table below provides our total loan and lease portfolio segregated by industry type. The changes in the industry composition from December 31, 2020 are consistent with the portfolio growth metrics.

Table 7 - Loan and Lease Portfolio by Industry Type
(dollar amounts in millions)	March 31, 2021				December 31, 2020				September 30, 2020				June 30, 2020				March 31, 2020
Commercial loans and leases:
Real estate and rental and leasing	$	6,854	9	%	$	6,962	9	%	$	7,056	9	%	$	7,117	9	%	$	6,991	9	%
Manufacturing	5,523		7		5,556		7		5,658		7		6,147		8		5,846		7
Retail trade (1)	4,694		6		5,111		6		4,922		6		5,053		6		5,886		8
Health care and social assistance	3,672		5		3,646		4		3,566		4		3,534		4		2,815		4
Finance and insurance	3,343		4		3,389		4		3,197		4		3,345		4		3,670		5
Accommodation and food services	3,281		4		3,100		4		3,012		4		2,877		4		2,081		3
Wholesale trade	2,545		3		2,652		3		2,529		3		2,352		3		2,555		3
Professional, scientific, and technical services	1,972		2		2,051		3		2,086		3		2,177		3		1,615		2
Other services	1,578		2		1,613		2		1,641		2		1,510		2		1,358		2
Construction	1,412		2		1,389		2		1,425		2		1,492		2		962		1
Transportation and warehousing	1,307		2		1,401		2		1,408		2		1,338		2		1,211		2
Admin./Support/Waste Mgmt. and Remediation Services	949		1		975		1		932		1		916		1		693		1
Information	793		1		829		1		817		1		759		1		728		1
Utilities	754		1		793		1		647		1		573		1		629		1
Arts, entertainment, and recreation	725		1		744		1		738		1		732		1		694		1
Educational services	686		1		735		1		752		—		559		—		465		—
Public administration	640		1		662		1		645		—		302		—		259		—
Mining, quarrying, and oil and gas extraction	511		—		601		—		674		1		930		1		1,162		1
Agriculture, forestry, fishing and hunting	139		—		157		—		158		—		140		—		141		—
Management of companies and enterprises	123		—		144		—		132		—		115		—		104		—
Unclassified/Other	142		—		62		—		109		—		90		—		67		—
Total commercial loans and leases by industry category	41,643		52		42,572		52		42,104		51		42,058		52		39,932		51
Automobile	12,591		16		12,778		16		12,925		17		12,678		16		12,907		17
Home Equity	8,727		11		8,894		11		8,904		11		8,866		11		9,010		11
Residential Mortgage	12,092		15		12,141		15		12,031		15		11,621		15		11,398		15
RV and marine	4,218		5		4,190		5		4,146		5		3,843		5		3,643		5
Other consumer loans	959		1		1,033		1		1,046		1		1,073		1		1,145		1
Total loans and leases	$	80,230	100	%	$	81,608	100	%	$	81,156	100	%	$	80,139	100	%	$	78,035	100	%

(1)    Amounts include $2.0 billion, $2.4 billion, $2.2 billion, $2.8 billion and $4.0 billion of auto dealer services loans at March 31, 2021, December 31, 2020, September 30, 2020, June 30, 2020 and March 31, 2020, respectively.

Credit Quality

(This section should be read in conjunction with Note 4 “Loans / Leases” and Note 5 “Allowance for Credit Losses” of the Notes to Unaudited Condensed Consolidated Financial Statements.)

We believe the most meaningful way to assess overall credit quality performance is through an analysis of specific performance ratios. This approach forms the basis of the discussion in the sections immediately following: NPAs, NALs, TDRs, ACL, and NCOs. In addition, we utilize delinquency rates, risk distribution and migration patterns, product segmentation, and origination trends in the analysis of our credit quality performance.

18 Huntington Bancshares Incorporated

Credit quality performance in the 2021 first quarter reflected total NCOs as a percent of average loans, annualized, of 0.32%, an decrease from 0.55% in the prior quarter. Total NCOs were $64 million, a decrease of $48 million from the prior quarter, driven by a $41 million decrease in Commercial NCOs, and a $7 million decrease in Consumer NCOs. NPAs decreased from the prior quarter by $19 million or 3% driven by reductions in the commercial portfolio.

NPAs, NALs, AND TDRs

(This section should be read in conjunction with Note 4 “Loans / Leases” and Note 5 “Allowance for Credit Losses” of the Notes to Unaudited Condensed Consolidated Financial Statements and “Credit Quality” section of our 2020 Form 10-K.)

NPAs and NALs

Commercial loans are placed on nonaccrual status at 90-days past due, or earlier if repayment of principal and interest is in doubt. Of the $351 million of commercial related NALs at March 31, 2021, $241 million, or 69%, represented loans that were less than 30-days past due, demonstrating our continued commitment to proactive credit risk management.

The following table reflects period-end NALs and NPAs detail for each of the last five quarters:

Table 8 - Nonaccrual Loans and Leases and Nonperforming Assets
(dollar amounts in millions)	March 31, 2021			December 31, 2020			September 30, 2020			June 30, 2020			March 31, 2020
Nonaccrual loans and leases (NALs):
Commercial and industrial	$	343		$	353		$	388		$	485		$	396
Commercial real estate	8			15			16			28			30
Automobile	3			4			5			8			6
Home equity	71			70			71			59			58
Residential mortgage	90			88			88			66			66
RV and marine	1			2			1			2			2
Other consumer	—			—			—			—			—
Total nonaccrual loans and leases	516			532			569			648			558
Other real estate, net:
Residential	2			4			4			5			8
Commercial	—			—			1			2			2
Total other real estate, net	2			4			5			7			10
Other NPAs (1)	26			27			28			58			18
Total nonperforming assets	$	544		$	563		$	602		$	713		$	586
Nonaccrual loans and leases as a % of total loans and leases	0.64		%	0.65		%	0.70		%	0.81		%	0.72		%
NPA ratio (2)	0.68			0.69			0.74			0.89			0.75

(1)    Other nonperforming assets include certain impaired investment securities and/or nonaccrual loans held-for-sale.

(2)    Nonperforming assets divided by the sum of loans and leases, other real estate owned, and other NPAs.

2021 First Quarter versus 2020 Fourth Quarter.

Total NPAs decreased $19 million, or 3%, compared with December 31, 2020, driven by driven by reductions in C&I and CRE nonaccrual loans.

TDR Loans

(This section should be read in conjunction with Note 4 “Loans / Leases” of the Notes to Unaudited Condensed Consolidated Financial Statements and TDR Loans section of our 2020 Form 10-K.)

Over the past five quarters, the accruing component of the total TDR balance has been consistently over 75%, indicating there is no identified credit loss and the borrowers continue to make their monthly payments. As of March 31, 2021, over 81% of the $428 million of accruing TDRs secured by residential real estate (residential mortgage and home equity in Table 9) are current on their required payments, with over 55% of the accruing pool

2021 1Q Form 10-Q 19

having had no delinquency in the past 12 months. There is limited migration from the accruing to nonaccruing components, and virtually all of the charge-offs come from the nonaccruing TDR balances.

The table below presents our accruing and nonaccruing TDRs at period-end for each of the past five quarters:

Table 9 - Accruing and Nonaccruing Troubled Debt Restructured Loans (1)
(dollar amounts in millions)	March 31, 2021		December 31, 2020		September 30, 2020		June 30, 2020		March 31, 2020
TDRs—accruing:
Commercial and industrial	$	127	$	193	$	189	$	192	$	219
Commercial real estate	32		33		34		35		37
Automobile	51		50		53		52		42
Home equity	179		187		199		209		219
Residential mortgage	249		248		256		229		227
RV and marine	7		6		6		6		3
Other consumer	8		9		10		10		11
Total TDRs—accruing	653		726		747		733		758
TDRs—nonaccruing:
Commercial and industrial	101		95		146		169		119
Commercial real estate	3		3		3		3		4
Automobile	2		2		2		2		2
Home equity	30		30		29		26		25
Residential mortgage	51		51		48		43		42
RV and marine	1		1		1		1		2
Total TDRs—nonaccruing	188		182		229		244		194
Total TDRs	$	841	$	908	$	976	$	977	$	952

(1)Loan modifications under the CARES Act, as amended and interagency regulatory guidance are not considered TDRs.

Overall TDRs decreased in the quarter, primarily related to a decline in the C&I portfolio. Huntington continues to proactively work with our borrowing relationships that require assistance. The resulting loan structures enable our borrowers to meet their commitments and Huntington to retain earning assets. The accruing TDRs meet the well secured definition and have demonstrated a period of satisfactory payment performance.

ACL

(This section should be read in conjunction with Note 5 “Allowance for Credit Losses” of the Notes to Unaudited Condensed Consolidated Financial Statements.)

Our total credit reserve is comprised of two different components, both of which in our judgment are appropriate to absorb lifetime expected credit losses in our loan and lease portfolio: the ALLL and the AULC. Combined, these reserves comprise the total ACL.

The models used within our loan and lease portfolio incorporate historical loss experience, as well as current and future economic conditions over a reasonable and supportable period beyond the balance sheet date. We make various judgments combined with historical loss experience to generate a loss rate that is applied to the outstanding loan or receivable balance to produce a reserve for expected credit losses.

We use a combination of statistically-based models that utilize assumptions about current and future economic conditions throughout the contractual life of the loan. The process of estimating expected credit losses is based on several key parameters: Probability of Default (PD), Exposure at Default (EAD), and Loss Given Default (LGD). Beyond the reasonable and supportable period (two to three years), the economic variables revert to a historical equilibrium at a pace dependent on the state of the economy reflected within the economic scenario.

These three parameters, PD, EAD, and LGD are utilized to estimate the cumulative credit losses over the remaining expected life of the loan. We also consider the likelihood a previously charged-off account will be recovered. This calculation is dependent on how long ago the account was charged-off and future economic conditions, which estimate the likelihood and magnitude of recovery. Our models are developed using internal historical loss experience covering the full economic cycle and consider the impact of account characteristics on expected losses.

20 Huntington Bancshares Incorporated

Future economic conditions consider multiple macroeconomic scenarios provided to us by an independent third party and are reviewed through the appropriate committee governance channels discussed below. These macroeconomic scenarios contain certain geography based variables that are influential to our modeling process, the most significant being unemployment rates and Gross Domestic Product (GDP). The probability weights assigned to each scenario are generally expected to be consistent from period to period. Any changes in probability weights must be supported by appropriate documentation and approval of senior management. Additionally, we consider whether to adjust the modeled estimates to address possible limitations within the models or factors not captured within the macroeconomic scenarios. Lifetime losses for most of our loans and receivables are evaluated collectively based on similar risk characteristics, risk ratings, origination credit bureau scores, delinquency status, and remaining months within loan agreements, among other factors.

The macroeconomic scenarios evaluated by Huntington during the 2021 first quarter continued to reflect the impact of the COVID-19 pandemic. The baseline scenario used for the quarter assumes that the worst of the economic disruption from the pandemic has passed, with the expectation that subsequent waves of the virus will not carry the same level of economic disruption experienced to date. The unemployment variable is incorporated within our models as both a rate of change variable and an absolute level variable. Historically, changes in unemployment have taken gradual paths resulting in more measured impacts each quarter.

The table below is intended to show how the forecasted path of these key macroeconomic variables has changed since the end of 2020:

Table 10 - Forecasted Key Macroeconomic Variables
Baseline scenario forecast	2020		2021				2022
	Q4		Q2		Q4		Q2		Q4
Unemployment rate (1)
4Q 2020	7.2	%	7.5	%	7.2	%	6.4	%	5.5	%
1Q 2021	N/A		6.3		5.7		5.0		4.5
Gross Domestic Product (1)
4Q 2020	3.0	%	3.8	%	5.8	%	4.4	%	3.9	%
1Q 2021	N/A		5.2		5.8		5.3		3.5
(1) Values reflect the baseline scenario forecast inputs for each period presented, not updated for subsequent actual amounts.

The uncertainty related to the COVID-19 pandemic prompted management to continue to assess the macroeconomic environment through the end of the quarter. Management considered multiple macroeconomic forecasts that reflected a range of possible outcomes in order to capture the severity of and the economic disruption associated with the pandemic. While we have incorporated our estimated impact of COVID-19 into our allowance for credit losses (“ACL”), the ultimate impact of COVID-19 is still uncertain, including how long economic activities will be impacted and what effect the unprecedented levels of government fiscal and monetary actions will have on the economy and our credit losses.

Given significant COVID-19 specific government relief programs and additional stimulus spending enacted into law during the first quarter, as well as certain limitations of our models in the current economic environment particularly the level of unemployment, management developed additional analytics to support adjustments to our modeled results. The Bank’s governance committees reviewed model results of each economic scenario for appropriate usage, concluding that the quantitative transactional reserve (collectively assessed) will continue to utilize the scenario weighting approach established in prior quarters. Given the impact of the unemployment variable utilized within the models and the uncertainty associated with key economic scenario assumptions, the March 31, 2021 ACL included a material general reserve component as well as additional industry specific risk profiles to capture economic uncertainty not addressed within the quantitative transaction reserve.

Our ACL methodology committee is responsible for developing the methodology, assumptions and estimates used in the calculation, as well as determining the appropriateness of the ACL. The ALLL represents the estimate of lifetime expected losses in the loan and lease portfolio at the reported date. The loss modeling process uses an EAD concept to calculate total expected losses on both funded balances and unfunded commitments, where appropriate.

2021 1Q Form 10-Q 21

Losses related to the unfunded commitments are then recorded as AULC within other liabilities in the Unaudited Condensed Consolidated Balance Sheet. A liability for expected credit losses for off-balance sheet credit exposures is recognized if Huntington has a present contractual obligation to extend the credit and the obligation is not unconditionally cancelable.

The table below reflects the allocation of our ALLL among our various loan categories during each of the past five quarters: 

Table 11 - Allocation of Allowance for Credit Losses (1)
(dollar amounts in millions)	March 31, 2021				December 31, 2020				September 30, 2020				June 30, 2020				March 31, 2020
ALLL
Commercial
Commercial and industrial	$	865	43	%	$	939	43	%	$	912	43	%	$	923	44	%	$	837	42	%
Commercial real estate	332		9		297		9		351		8		246		8		159		9
Total commercial	1,197		52		1,236		52		1,263		51		1,169		52		996		51
Consumer
Automobile	156		16		166		16		163		17		177		16		148		17
Home equity	90		11		124		11		103		11		105		11		120		11
Residential mortgage	73		15		79		15		69		15		44		15		53		15
RV and marine	114		5		129		5		116		5		125		5		97		5
Other consumer	73		1		80		1		82		1		82		1		90		1
Total consumer	506		48		578		48		533		49		533		48		508		49
Total ALLL	1,703		100	%	1,814		100	%	1,796		100	%	1,702		100	%	1,504		100	%
AULC	38				52				82				119				99
Total ACL	$	1,741			$	1,866			$	1,878			$	1,821			$	1,603
Total ALLL as a % of
Total loans and leases			2.12%				2.22%				2.21%				2.12%				1.93%
Nonaccrual loans and leases			330				341				316				263				270
NPAs			313				323				298				239				257
Total ACL as % of
Total loans and leases			2.17%				2.29%				2.31%				2.27%				2.06%
Nonaccrual loans and leases			338				351				330				281				287
NPAs			320				332				311				255				273

(1)Percentages represent the percentage of each loan and lease category to total loans and leases.

2021 First Quarter versus 2020 Fourth Quarter

At March 31, 2021, the ALLL was $1.7 billion, a decrease of $111 million compared to the December 31, 2020 balance of $1.8 billion. The ALLL to total loans and leases ratio decreased 10 basis points to 2.12%

The ACL to total loans ratio was 2.17% at March 31, 2021 compared to 2.29% at December 31, 2020. The decrease was primarily related to a reduction in credit reserves reflecting an improvement in the economic outlook.

22 Huntington Bancshares Incorporated

NCOs

Table 12 - Quarterly Net Charge-off Analysis
	Three Months Ended
	March 31,			December 31,			March 31,
(dollar amounts in millions)	2021			2020			2020
Net charge-offs (recoveries) by loan and lease type:
Commercial:
Commercial and industrial	$	52		$	58		$	84
Commercial real estate:
Construction	—			—			—
Commercial	(3)			32			(1)
Commercial real estate	(3)			32			(1)
Total commercial	49			90			83
Consumer:
Automobile	2			6			7
Home equity	—			1			5
Residential mortgage	—			1			1
RV and marine	3			2			2
Other consumer	10			12			19
Total consumer	15			22			34
Total net charge-offs	$	64		$	112		$	117
Net charge-offs (recoveries) - annualized percentages:
Commercial:
Commercial and industrial	0.60		%	0.67		%	1.09		%
Commercial real estate:
Construction	(0.04)			(0.04)			0.08
Commercial	(0.17)			2.14			(0.06)
Commercial real estate	(0.15)			1.81			(0.03)
Total commercial	0.47			0.86			0.89
Consumer:
Automobile	0.05			0.21			0.22
Home equity	0.02			0.01			0.19
Residential mortgage	0.01			0.05			0.02
RV and marine	0.29			0.21			0.27
Other consumer	3.99			4.35			6.45
Total consumer	0.16			0.22			0.35
Net charge-offs as a % of average loans	0.32		%	0.55		%	0.62		%

2021 First Quarter versus 2020 Fourth Quarter

NCOs were an annualized 0.32% of average loans and leases in the current quarter, decreasing from 0.55% in the 2020 fourth quarter, and below our average through-the-cycle target range of 0.35% - 0.55%. Annualized NCOs for the commercial portfolios were 0.47% in the current quarter compared to 0.86% in the 2020 fourth quarter. Consumer charge-offs were lower for the quarter, across the consumer portfolio, consistent with our expectations.

Market Risk

(This section should be read in conjunction with the “Market Risk” section of our 2020 Form 10-K for our on-going market risk management processes.)

Market risk refers to potential losses arising from changes in interest rates, foreign exchange rates, equity prices and commodity prices, including the correlation among these factors and their volatility. When the value of an instrument is tied to such external factors, the holder faces market risk. We are primarily exposed to interest rate risk as a result of offering a wide array of financial products to our customers and secondarily to price risk from trading securities, securities owned by our broker-dealer subsidiaries, foreign exchange positions, equity

2021 1Q Form 10-Q 23

investments, and investments in securities backed by mortgage loans.

Huntington measures market risk exposure via financial simulation models, which provide management with insights on the potential impact to net interest income and other key metrics as a result of changes in market interest rates. Models are used to simulate cash flows and accrual characteristics of the balance sheet based on assumptions regarding the slope or shape of the yield curve, the direction and volatility of interest rates, and the changing composition and characteristics of the balance sheet resulting from strategic objectives and customer behavior. Assumptions and models provide insight on forecasted balance sheet growth and composition, and the pricing and maturity characteristics of current and future business.

In measuring the financial risks associated with interest rate sensitivity in Huntington’s balance sheet, Huntington compares a set of alternative interest rate scenarios to the results of a base case scenario derived using market forward rates. The market forward reflects the market consensus regarding the future level and slope of the yield curve across a range of tenor points. The standard set of interest rate scenarios includes two types: “shock” scenarios which are instantaneous parallel rate shifts, and “ramp” scenarios where the parallel shift is applied gradually over the first 12 months of the forecast on a pro rata basis. In both shock and ramp scenarios with falling rates, Huntington presumes that market rates cannot go below 0%. The forecasted scenarios are inclusive of realized income of interest rate risk hedging activities. Forward starting hedges are included to the extent that they have been transacted and that they start within the measurement horizon.

Table 14 - Net Interest Income at Risk
	Net Interest Income at Risk (%)
Basis point change scenario	-25		+100		+200
Board policy limits	-1.3	%	-2.0	%	-4.0	%
March 31, 2021	-0.6		3.0		6.6
December 31, 2020	-1.1		3.4		7.3

The NII at Risk results included in the table above reflect the analysis used monthly by management. It models gradual (“ramp” as defined above) +100 and +200 basis point parallel shifts in market interest rates, implied by the forward yield curve over the next twelve months as well as an instantaneous parallel shock of -25 basis points.

Our NII at Risk is within our Board of Directors’ policy limits for the -25, +100 and +200 basis point scenarios. The NII at Risk shows that our balance sheet is asset sensitive at both March 31, 2021, and December 31, 2020. The change in sensitivity is primarily driven by changes in market rate expectations, and the size and mix of the balance sheet.

Table 15 - Economic Value of Equity at Risk
	Economic Value of Equity at Risk (%)
Basis point change scenario	-25		+100		+200
Board policy limits	-1.5	%	-6.0	%	-12.0	%
March 31, 2021	—		-1.3		-4.4
December 31, 2020	-0.7		1.4		-0.1

The EVE results included in the table above reflect the analysis used monthly by management. It models immediate -25, +100 and +200 basis point parallel shifts (“shocks” as defined above) in market interest rates.

We are within our Board of Directors’ policy limits for the -25, +100 and +200 basis point scenarios. As of March 31st, EVE depicts a liability sensitive (long duration) balance sheet profile. The change in sensitivity from December 31st 2020’s asset sensitive (short duration) position was driven primarily by changes in the spot market rate curve impacting forecasted runoff expectations, and the size and shape of the balance sheet.

24 Huntington Bancshares Incorporated

Use of Derivatives to Manage Interest Rate Risk

An integral component of our interest rate risk management strategy is use of derivative instruments to minimize significant fluctuations in earnings caused by changes in market interest rates. Examples of derivative instruments that we may use as part of our interest rate risk management strategy include interest rate swaps, caps and floors, forward contracts, and forward starting interest rate swaps.

Table 16 shows all swap, floor and cap positions that are utilized for purposes of managing our exposures to the variability of interest rates. The interest rates variability may impact either the fair value of the assets and liabilities or impact the cash flows attributable to net interest margin. These positions are used to protect the fair value of asset and liabilities by converting the contractual interest rate on a specified amount of assets and liabilities (i.e., notional amounts) to another interest rate index. The positions are also used to hedge the variability in cash flows attributable to the contractually specified interest rate by converting the variable rate index into a fixed rate. The volume, maturity and mix of derivative positions change frequently as we adjust our broader interest rate risk management objectives and the balance sheet positions to be hedged. For further information, including the notional amount and fair values of these derivatives, refer to Note 12 “Derivative Financial Instruments” of the Notes to Unaudited Condensed Consolidated Financial Statements.

The following table presents additional information about the interest rate swaps, caps and floors used in Huntington’s asset and liability management activities at March 31, 2021 and December 31, 2020.

Table 16 - Weighted-Average Maturity, Receive Rate and LIBOR Reset Rate on Asset Liability Management Instruments
	March 31, 2021
			Average Maturity (years)			Weighted-Average Fixed Rate		Weighted-Average LIBOR Reset Rate
(dollar amounts in millions)	Notional Value			Fair Value
Asset conversion swaps
Receive Fixed - Pay 1 month LIBOR	$	6,525	1.78	$	219	1.81	%	0.11	%
Pay Fixed - Receive 1 month LIBOR (1)	2,957		2.48	38		0.22		0.11
Receive Fixed - Pay 1 month LIBOR - forward starting (2)	750		3.04	18		1.24		—
Pay Fixed - Receive 1 month LIBOR - forward starting (3)	233		9.35	9		1.12
Liability conversion swaps
Receive Fixed - Pay 1 month LIBOR	5,397		1.77	217		2.28		0.11
Basis Swaps
Pay SOFR- Receive Fed Fund (economic hedges) (4)	230		4.41	—		0.07		0.02
Pay Fed Fund - Receive SOFR (economic hedges) (4)	41		1.73	—		0.01		0.07
Total swap portfolio	$	16,133		$	501
	March 31, 2021
			Average Maturity (years)			Weighted-Average Strike		Weighted-Average LIBOR Reset Rate
(dollar amounts in millions)	Notional Value			Fair Value
Interest rate floors
Purchased Interest Rate Floors - 1 month LIBOR	$	6,175	0.15	$	28	1.76	%	0.11	%
Purchased Floor Spread - 1 month LIBOR	525		1.57	8		2.50 / 1.50		0.11
Purchased Floor Spread - 1 month LIBOR forward starting (5)	2,375		3.56	59		1.56 / 0.65		—
Purchased Floor Spread - 1 month LIBOR (economic hedges)	1,000		2.04	16		1.75 / 1.00		0.11
Interest rate caps
Purchased Cap - 1 month LIBOR (economic hedges)	5,000		6.66	244		0.98		0.11
Written Cap - 1 month LIBOR (economic hedges)	1,500		6.58	(25)		2.94		0.11
Written Cap - 1 month LIBOR forward starting (economic hedges) (2)	1,500		6.59	(24)		3.00		—
Total floors and caps portfolio	$	18,075		$	306

2021 1Q Form 10-Q 25

	December 31, 2020
			Average Maturity (years)			Weighted-Average Fixed Rate		Weighted-Average LIBOR Reset Rate
(dollar amounts in millions)	Notional Value			Fair Value
Asset conversion swaps
Receive Fixed - Pay 1 month LIBOR	$	6,525	2.03	$	231	1.81	%	0.15	%
Pay Fixed - Receive 1 month LIBOR (1)	3,076		1.99	3		0.17		0.15
Receive Fixed - Pay 1 month LIBOR - forward starting (2)	750		3.29	23		1.24		—
Pay Fixed - Receive 1 month LIBOR - forward starting (6)	408		9.08	2		0.68		—
Liability conversion swaps
Receive Fixed - Pay 1 month LIBOR	5,397		2.02	262		2.28		0.15
Receive Fixed - Pay 3 month LIBOR	800		0.21	5		1.31		0.22
Basis Swaps
Pay SOFR- Receive Fed Fund (economic hedges) (4)	230		4.66	—		0.09		0.10
Pay Fed Fund - Receive SOFR (economic hedges) (4)	41		1.98	—		0.09		0.09
Total swap portfolio	$	17,227		$	526
	December 31, 2020
			Average Maturity (years)			Weighted-Average Floor Strike		Weighted-Average LIBOR Reset Rate
(dollar amounts in millions)	Notional Value			Fair Value
Interest rate floors
Purchased Interest Rate Floors - 1 month LIBOR	$	7,200	0.37	$	59	1.81	%	0.15	%
Purchased Floor Spread - 1 month LIBOR	400		1.74	7		2.50 / 1.50		0.15
Purchased Floor Spread - 1 month LIBOR forward starting (7)	2,500		3.72	76		1.65 / 0.70		—
Purchased Floor Spread - 1 month LIBOR (economic hedges)	1,000		2.29	18		1.75 / 1.00		0.16
Interest rate caps
Purchased Cap - 1 month LIBOR (economic hedges)	5,000		6.91	91		0.98		0.15
Total floors and caps portfolio	$	16,100		$	251

(1)Amounts include interest rate swaps as fair value hedges of fixed-rate investment securities using the last-of-layer method.

(2)Forward starting swaps and caps effective starting in April 2021.

(3)Forward starting swaps effective starting from April 2021 to May 2021.

(4)Swaps have variable pay and variable receive resets. Weighted Average Fixed Rate column represents pay rate reset.

(5)Forward starting floor spreads become effective starting from April 2021 to June 2021.

(6)Forward starting swaps become effective starting from January 2021 to May 2021.

(7)Forward starting floors become effective starting from March 2021 to June 2021.

During the fourth quarter of 2020, we purchased (long) $5.0 billion notional of interest rate caps with an average strike price of 98 basis points to reduce the impact on capital from rising rates and designated them as economic hedges of interest rate risk attributable to our long-term debt. Subsequently, in the first quarter of 2021, we entered into an incremental $3.0 billion notional of written (short) interest rates caps with an average strike price of 297 basis points and created a collar-like position for hedging our interest rate risk.

Net interest income in the current quarter included a $144 million mark-to-market of interest rate caps (including caps written in the first quarter of 2021). The mark-to-market is not included in the NII at Risk calculations above. As these positions are marked-to-market through net interest income each quarter, we expect impact in our reported net interest margin. However, the partial collar-like position that was created by selling the interest caps is expected to dampen those impacts.

26 Huntington Bancshares Incorporated

MSRs

(This section should be read in conjunction with Note 6 “Mortgage Loan Sales and Servicing Rights” of Notes to the Unaudited Condensed Consolidated Financial Statements.)

At March 31, 2021, we had a total of $274 million of capitalized MSRs representing the right to service $24 billion in mortgage loans.

MSR fair values are sensitive to movements in interest rates as expected future net servicing income depends on the projected outstanding principal balances of the underlying loans, which can be reduced by prepayments. Prepayments usually increase when mortgage interest rates decline and decrease when mortgage interest rates rise. We also employ hedging strategies to reduce the risk of MSR fair value changes or impairment. However, volatile changes in interest rates can diminish the effectiveness of these economic hedges. We report changes in the MSR value net of hedge-related trading activity in the mortgage banking income category of noninterest income.

MSR assets are included in servicing rights and other intangible assets in the Unaudited Condensed Consolidated Financial Statements.

Price Risk

Price risk represents the risk of loss arising from adverse movements in the prices of financial instruments that are carried at fair value and are subject to fair value accounting. We have price risk from trading securities, securities owned by our broker-dealer subsidiaries, foreign exchange positions, derivative instruments, and equity investments. We have established loss limits on the trading portfolio, on the amount of foreign exchange exposure that can be maintained, and on the amount of marketable equity securities that can be held.

Liquidity Risk

(This section should be read in conjunction with the “Liquidity Risk” section of our 2020 Form 10-K for our on-going liquidity risk management processes.)

Our primary source of liquidity is our core deposit base. Core deposits comprised approximately 97% of total deposits at March 31, 2021. We also have available unused wholesale sources of liquidity, including advances from the FHLB, issuance through dealers in the capital markets, and access to certificates of deposit issued through brokers. Liquidity is further provided by unencumbered, or unpledged, investment securities that totaled $13.4 billion as of March 31, 2021.

Bank Liquidity and Sources of Funding

Our primary sources of funding for the Bank are retail and commercial core deposits. At March 31, 2021, these core deposits funded 79% of total assets (124% of total loans). Other sources of liquidity include non-core deposits, FHLB advances, wholesale debt instruments, and securitizations. Demand deposit overdrafts that have been reclassified as loan balances were $16 million and $14 million at March 31, 2021 and December 31, 2020, respectively.

2021 1Q Form 10-Q 27

The following table reflects deposit composition detail for each of the last five quarters:

Table 17 - Deposit Composition
	March 31,				December 31,				September 30,				June 30,				March 31,
(dollar amounts in millions)	2021				2020				2020				2020				2020
By Type:
Demand deposits—noninterest-bearing	$	31,226	30	%	$	28,553	29	%	$	27,466	29	%	$	27,574	29	%	$	21,039	24	%
Demand deposits—interest-bearing	27,493		27		26,757		27		24,242		25		22,961		25		23,115		27
Money market deposits	26,268		26		26,248		27		26,230		28		25,312		27		25,068		29
Savings and other domestic deposits	13,115		13		11,722		12		11,268		12		11,034		12		9,845		11
Core certificates of deposit (1)	1,329		1		1,425		1		1,586		2		2,478		3		3,599		4
Total core deposits:	99,431		97		94,705		96		90,792		96		89,359		96		82,666		95
Other domestic deposits of $250,000 or more	105		—		131		—		156		—		209		—		276		—
Brokered deposits and negotiable CDs	2,648		3		4,112		4		4,206		4		4,123		4		3,888		5
Total deposits	$	102,184	100	%	$	98,948	100	%	$	95,154	100	%	$	93,691	100	%	$	86,830	100	%
Total core deposits:
Commercial	$	46,539	47	%	$	44,698	47	%	$	43,018	47	%	$	41,630	47	%	$	38,064	46	%
Consumer	52,892		53		50,007		53		47,774		53		47,729		53		44,602		54
Total core deposits	$	99,431	100	%	$	94,705	100	%	$	90,792	100	%	$	89,359	100	%	$	82,666	100	%

(1)    Includes consumer certificates of deposit of $250,000 or more.

The Bank maintains borrowing capacity at the FHLB and the Federal Reserve Bank Discount Window. The Bank does not consider borrowing capacity from the Federal Reserve Bank Discount Window as a primary source of liquidity. Total loans and securities pledged to the Federal Reserve Bank Discount Window and the FHLB are $48.2 billion and $53.4 billion at March 31, 2021 and December 31, 2020, respectively.

At March 31, 2021, the market value of investment securities pledged to secure public and trust deposits, trading account liabilities, U.S. Treasury demand notes, and security repurchase agreements totaled $4.8 billion. There were no securities of a single issuer, which are not governmental or government-sponsored, that exceeded 10% of shareholders’ equity at March 31, 2021.

To the extent we are unable to obtain sufficient liquidity through core deposits, we may meet our liquidity needs through sources of wholesale funding, asset securitization or sale. Sources of wholesale funding include other domestic deposits of $250,000 or more, brokered deposits and negotiable CDs, short-term borrowings, and long-term debt. At March 31, 2021, total wholesale funding was $10.2 billion, a decrease from $12.8 billion at December 31, 2020. The decrease from year-end is due to a decrease in brokered deposits and negotiable CD and long-term debt.

At March 31, 2021, we believe the Bank has sufficient liquidity to meet its cash flow obligations for the foreseeable future.

Parent Company Liquidity

The parent company’s funding requirements consist primarily of dividends to shareholders, debt service, income taxes, operating expenses, funding of nonbank subsidiaries, repurchases of our stock, and acquisitions. The parent company obtains funding to meet obligations from dividends and interest received from the Bank, interest and dividends received from direct subsidiaries, net taxes collected from subsidiaries included in the federal consolidated tax return, fees for services provided to subsidiaries, and the issuance of debt securities.

During the 2021 first quarter, Huntington issued $500 million of Series H Preferred Stock. See Note 8 “Shareholders’ Equity” and Note 14 of our 2020 Form 10-K for further information.

At March 31, 2021 and December 31, 2020, the parent company had $4.1 billion and $4.4 billion, respectively, in cash and cash equivalents.

On April 21, 2021, the Board of Directors declared a quarterly common stock cash dividend of $0.15 per common share. The dividend is payable on July 1, 2021, to shareholders of record on June 17, 2021. Based on the

28 Huntington Bancshares Incorporated

current quarterly dividend of $0.15 per common share, cash demands required for common stock dividends are estimated to be approximately $153 million per quarter. On April 21, 2021, the Board of Directors also declared a quarterly Series B, Series C, Series D, Series E, Series F, Series G and Series H Preferred Stock dividend payable on July 15, 2021 to shareholders of record on July 1, 2021. Total cash demands required for Series B, Series C, Series D, Series E, Series F, Series G and Series H are expected to be approximately $37 million per quarter.

During the first three months of 2021, the Bank paid preferred and common dividends of $11 million and $0.3 billion, respectively. To meet any additional liquidity needs, the parent company may issue debt or equity securities from time to time.

Off-Balance Sheet Arrangements

In the normal course of business, we enter into various off-balance sheet arrangements. These arrangements include commitments to extend credit, interest rate swaps, floors and caps, financial guarantees contained in standby letters-of-credit issued by the Bank, and commitments by the Bank to sell mortgage loans.

Operational Risk

Operational risk is the risk of loss due to human error, third-party performance failures, inadequate or failed internal systems and controls, including the use of financial or other quantitative methodologies that may not adequately predict future results; violations of, or noncompliance with, laws, rules, regulations, prescribed practices, or ethical standards; and external influences such as market conditions, fraudulent activities, disasters, failed business contingency plans and security risks. We continuously strive to strengthen our system of internal controls to ensure compliance with significant contracts, agreements, laws, rules, and regulations, and to improve the oversight of our operational risk.

We actively monitor cyberattacks such as attempts related to online deception and loss of sensitive customer data. We evaluate internal systems, processes and controls to mitigate loss from cyber-attacks and, to date, have not experienced any material losses. Cybersecurity threats have increased, primarily through COVID-19 themed phishing campaigns.  We are actively monitoring our email gateways for malicious phishing email campaigns.  We have also increased our cybersecurity and fraud monitoring activities through the implementation of specific monitoring of remote connections by geography and volume of connections to detect anomalous remote logins, since a significant portion of our workforce is now working remotely. 

Our objective for managing cyber security risk is to avoid or minimize the impacts of external threat events or other efforts to penetrate our systems. We work to achieve this objective by hardening networks and systems against attack, and by diligently managing visibility and monitoring controls within our data and communications environment to recognize events and respond before the attacker has the opportunity to plan and execute on its own goals. To this end we employ a set of defense in-depth strategies, which include efforts to make us less attractive as a target and less vulnerable to threats, while investing in threat analytic capabilities for rapid detection and response. Potential concerns related to cyber security may be escalated to our board-level Technology Committee, as appropriate. As a complement to the overall cyber security risk management, we use a number of internal training methods, both formally through mandatory courses and informally through written communications and other updates. Internal policies and procedures have been implemented to encourage the reporting of potential phishing attacks or other security risks. We also use third-party services to test the effectiveness of our cyber security risk management framework, and any such third parties are required to comply with our policies regarding information security and confidentiality.

To mitigate operational risks, we have an Operational Risk Committee, a Legal, Regulatory, and Compliance Committee, a Funds Movement Committee, and a Third Party Risk Management Committee. The responsibilities of these committees, among other duties, include establishing and maintaining management information systems to monitor material risks and to identify potential concerns, risks, or trends that may have a significant impact and ensuring that recommendations are developed to address the identified issues. In addition, we have a Model Risk Oversight Committee that is responsible for policies and procedures describing how model risk is evaluated and managed and the application of the governance process to implement these practices throughout the enterprise. These committees report any significant findings and remediation recommendations to the Risk Management Committee. Potential concerns may be escalated to our ROC and the Audit Committee, as appropriate. Significant findings or issues are escalated by the Third Party Risk Management Committee to the Technology Committee of the

2021 1Q Form 10-Q 29

Board, as appropriate. A separate Board Committee on Conversions and Integration is in place to monitor the activities, risks and progress of the TCF merger.

The goal of this framework is to implement effective operational risk monitoring techniques and strategies; minimize operational, fraud, and legal losses; minimize the impact of inadequately designed models and enhance our overall performance.

Compliance Risk

Financial institutions are subject to many laws, rules, and regulations at both the federal and state levels. These broad-based laws, rules, and regulations include, but are not limited to, expectations relating to anti-money laundering, lending limits, client privacy, fair lending, prohibitions against unfair, deceptive or abusive acts or practices, protections for military members as they enter active duty, and community reinvestment. The volume and complexity of recent regulatory changes have increased our overall compliance risk. As such, we utilize various resources to help ensure expectations are met, including a team of compliance experts dedicated to ensuring our conformance with all applicable laws, rules, and regulations. Our colleagues receive training for several broad-based laws and regulations including, but not limited to, anti-money laundering and customer privacy. Additionally, colleagues engaged in lending activities receive training for laws and regulations related to flood disaster protection, equal credit opportunity, fair lending, and/or other courses related to the extension of credit. We set a high standard of expectation for adherence to compliance management and seek to continuously enhance our performance.

Capital

Both regulatory capital and shareholders’ equity are managed at the Bank and on a consolidated basis. We have an active program for managing capital and maintain a comprehensive process for assessing the Company’s overall capital adequacy. We believe our current levels of both regulatory capital and shareholders’ equity are adequate.

The following table presents certain regulatory capital data at both the consolidated and Bank levels for each of the periods presented:

Table 18 - Regulatory Capital Data (1)
		Basel III
(dollar amounts in millions)		March 31, 2021			December 31, 2020			March 31, 2020
Total risk-weighted assets	Consolidated	$	89,494		$	88,878		$	90,193
	Bank	89,140			88,601			90,016
CET I risk-based capital	Consolidated	9,240			8,887			8,538
	Bank	9,667			9,438			9,887
Tier 1 risk-based capital	Consolidated	11,920			11,083			9,746
	Bank	10,831			10,601			10,760
Tier 2 risk-based capital	Consolidated	1,729			1,774			1,746
	Bank	1,436			1,431			1,481
Total risk-based capital	Consolidated	13,649			12,856			11,492
	Bank	12,267			12,032			12,241
CET I risk-based capital ratio	Consolidated	10.32		%	10.00		%	9.47		%
	Bank	10.85			10.65			10.98
Tier 1 risk-based capital ratio	Consolidated	13.32			12.47			10.81
	Bank	12.15			11.97			11.95
Total risk-based capital ratio	Consolidated	15.25			14.46			12.74
	Bank	13.76			13.58			13.60
Tier 1 leverage ratio	Consolidated	9.85			9.32			9.01
	Bank	8.98			8.94			9.98

(1)    Capital ratios reflect Huntington's election of a five-year transition to delay for two years the full impact of CECL on regulatory capital, followed by a three-year transition period.

At March 31, 2021, we maintained Basel III capital ratios in excess of the well-capitalized standards established by the FRB. The increase in capital ratios was driven by earnings, adjusted for the CECL transition, offset by the repurchase of $5 million of common stock over the last four quarters (all during 2020 fourth quarter) and cash

30 Huntington Bancshares Incorporated

dividends. The balance sheet growth impact on regulatory capital ratios was largely offset by a change in asset mix during 2020 related to PPP loans and elevated deposits at the Federal Reserve Bank (both of which are 0% risk weighted). The year-over-year change in regulatory Tier 1 risk-based capital and total risk-based capital ratios also reflect the issuance of $500 million of Series F preferred stock, $500 million of Series G preferred stock and $500 million of Series H preferred stock in the 2020 second quarter, 2020 third quarter and 2021 first quarter, respectively.

Shareholders’ Equity

We generate shareholders’ equity primarily through the retention of earnings, net of dividends and share repurchases. Other potential sources of shareholders’ equity include issuances of common and preferred stock. Our objective is to maintain capital at an amount commensurate with our risk profile and risk tolerance objectives, to meet both regulatory and market expectations, and to provide the flexibility needed for future growth and business opportunities.

Shareholders’ equity totaled $13.6 billion at March 31, 2021, an increase of $0.6 billion or 5% when compared with December 31, 2020.

On February 2, 2021, Huntington issued $500 million of preferred stock. Huntington issued 20,000,000 depositary shares, each representing a 1/40th ownership interest in a share of 4.50% Series H Non-Cumulative Perpetual Preferred Stock (Preferred H Stock), par value $0.01 per share, with a liquidation preference of $1,000 per share (equivalent to $25 per depositary share).

On June 25, 2020, we were notified by the FRB that that certain large BHCs, including Huntington, were required to update and resubmit their capital plans because changes in financial markets and the macroeconomic outlook that could have a material impact on the BHC’s risk profile and financial condition required the use of updated scenarios. On December 18, 2020, we were notified by the FRB that under both of the severely adverse and the alternative severely adverse economic stress scenarios in the supervisory stress tests, our modeled capital ratios would continue to exceed the minimum requirements under the FRB's capital adequacy rules. In addition, the FRB also announced that certain large BHCs, including Huntington, will be permitted to make both dividend and share repurchases during the first quarter of 2021, subject to limits based on the amount of dividends paid in the second quarter of 2020 and the Bank's average net income for the four preceding quarters and that the FRB was extending through March 31, 2021, the time period for the FRB to notify certain large BHCs, including Huntington, whether the FRB will recalculate a large BHC’s stress capital buffer.

On March 25, 2021, we were notified by the FRB that certain large BHCs, including Huntington, would continue to be permitted to make both dividend and share repurchases during the second quarter of 2021, subject to limits based on the amount of dividends paid in the second quarter of 2020 and the Bank's average net income for the four preceding quarters. Our second quarter dividend that was declared by the Board of Directors on April 22, 2021 complies with these limits. In addition, the FRB announced that it was extending, through June 30, 2021, the time period for the FRB to notify certain large BHCs including Huntington, whether the FRB will recalculate a large BHCs stress capital buffer.

While the FRB reserves the authority to revoke or amend the amount of the distributions, or to further extend the restrictions on second quarter capital distributions to future quarters, the FRB announced, on March 25, 2021, that for a bank, such as Huntington, that is not subject to the supervisory stress test in 2021 and on a two-year supervisory stress testing cycle, the restrictions on capital distributions will end after June 30, 2021 and the Bank’s SCB requirements based on the June 2020 stress test will remain in place.

Dividends

We consider disciplined capital management as a key objective, with dividends representing one component. Our strong capital ratios position us to take advantage of additional capital management opportunities.

Share Repurchases

From time to time the Board of Directors authorizes the Company to repurchase shares of our common stock. Although we announce when the Board of Directors authorizes share repurchases, we typically do not give any public notice before we repurchase our shares. Future stock repurchases may be private or open-market

2021 1Q Form 10-Q 31

repurchases, including block transactions, accelerated or delayed block transactions, forward transactions, and similar transactions. Various factors determine the amount and timing of our share repurchases, including our capital requirements, the number of shares we expect to issue for employee benefit plans and acquisitions, market conditions (including the trading price of our stock), and regulatory and legal considerations.

BUSINESS SEGMENT DISCUSSION

Overview

Our business segments are based on our internally-aligned segment leadership structure, which is how we monitor results and assess performance. We have four major business segments: Consumer and Business Banking, Commercial Banking, Vehicle Finance, and Regional Banking and The Huntington Private Client Group (RBHPCG). The Treasury / Other function includes technology and operations, other unallocated assets, liabilities, revenue, and expense.

Business segment results are determined based upon our management practices, which assigns balance sheet and income statement items to each of the business segments. The process is designed around our organizational and management structure and, accordingly, the results derived are not necessarily comparable with similar information published by other financial institutions.

Revenue Sharing

Revenue is recorded in the business segment responsible for the related product or service. Fee sharing is recorded to allocate portions of such revenue to other business segments involved in selling to or providing service to customers. Results of operations for the business segments reflect these fee sharing allocations.

Expense Allocation

The management process that develops the business segment reporting utilizes various estimates and allocation methodologies to measure the performance of the business segments. Expenses are allocated to business segments using a two-phase approach. The first phase consists of measuring and assigning unit costs (activity-based costs) to activities related to product origination and servicing. These activity-based costs are then extended, based on volumes, with the resulting amount allocated to business segments that own the related products. The second phase consists of the allocation of overhead costs to all four business segments from Treasury / Other. We utilize a full-allocation methodology, where all Treasury / Other expenses, except reported Significant Items, if any, and a small amount of other residual unallocated expenses, are allocated to the four business segments.

Funds Transfer Pricing (FTP)

We use an active and centralized FTP methodology to attribute appropriate net interest income to the business segments. The intent of the FTP methodology is to transfer interest rate risk from the business segments by providing matched duration funding of assets and liabilities. The result is to centralize the financial impact, management, and reporting of interest rate risk in the Treasury / Other function where it can be centrally monitored and managed. The Treasury / Other function charges (credits) an internal cost of funds for assets held in (or pays for funding provided by) each business segment. The FTP rate is based on prevailing market interest rates for comparable duration assets (or liabilities).

32 Huntington Bancshares Incorporated

Net Income by Business Segment

Net income by business segment for the past three-month periods ending March 31, 2021 and March 31, 2020 is presented in the following table:

Table 19 - Net Income by Business Segment
	Three Months Ended March 31,
(dollar amounts in millions)	2021		2020
Consumer and Business Banking	$	111	$	60
Commercial Banking	118		(86)
Vehicle Finance	76		11
RBHPCG	25		24
Treasury / Other	202		39
Net income	$	532	$	48

Treasury / Other

The Treasury / Other function includes revenue and expense related to assets, liabilities, derivatives (including the mark-to-market of interest rate caps) , and equity not directly assigned or allocated to one of the four business segments. Assets include investment securities and bank owned life insurance.

Net interest income includes the impact of administering our investment securities portfolios, the net impact of derivatives used to hedge interest rate sensitivity as well as the financial impact associated with our FTP methodology, as described above. Noninterest income includes miscellaneous fee income not allocated to other business segments, such as bank owned life insurance income and securities and trading asset gains or losses. Noninterest expense includes certain corporate administrative, and other miscellaneous expenses not allocated to other business segments. The provision for income taxes for the business segments is calculated at a statutory 21% tax rate, although our overall effective tax rate is lower.

Consumer and Business Banking
Table 20 - Key Performance Indicators for Consumer and Business Banking
	Three Months Ended March 31,						Change
(dollar amounts in millions)	2021			2020			Amount			Percent
Net interest income	$	337		$	364		$	(27)		(7)	%
Provision for credit losses	(36)			82			(118)			(144)
Noninterest income	236			212			24			11
Noninterest expense	469			418			51			12
Provision for income taxes	29			16			13			81
Net income	$	111		$	60		$	51		85	%
Number of employees (average full-time equivalent)	7,808			7,769			39			1	%
Total average assets	$	30,718		$	24,677		$	6,041		24
Total average loans/leases	27,069			21,593			5,476			25
Total average deposits	62,333			51,296			11,037			22
Net interest margin	2.16		%	2.81		%	(0.65)		%	(23)
NCOs	$	14		$	32		$	(18)		(56)
NCOs as a % of average loans and leases	0.21		%	0.60		%	(0.39)		%	(65)

2021 First Three Months versus 2020 First Three Months

Consumer and Business Banking, including Home Lending, reported net income of $111 million in the first three-month period of 2021, an increase of $51 million, or 85%, compared to the year-ago period. Segment net interest income decreased $27 million, or 7%, due to decreased spread on deposits and decreased loan margin, partially offset by PPP revenues. The provision for credit losses decreased $118 million, or 144%, primarily due to changes in the forecasted economic outlook compared to the year-ago period. Noninterest income increased $24 million, or 11%, primarily due to increased mortgage banking income, and increased debit and ATM interchange from higher

2021 1Q Form 10-Q 33

transaction volumes, partially offset by lower service charge income reflecting reduced customer overdrafts. Noninterest expense increased $51 million, or 12%, mostly due to increased personnel and incentives as a result of higher levels of production and origination volume.

Home Lending, an operating unit of Consumer and Business Banking, reflects the result of the origination, sale, and servicing of mortgage loans less referral fees and net interest income for mortgage banking products distributed by the retail branch network and other business segments. Home Lending reported net income of $24 million in the first three-month period of 2021, compared with net income of $11 million in the year-ago period. Noninterest income increased $32 million, driven primarily by an increase in salable mortgage originations and higher secondary marketing spreads. Noninterest expense increased $21 million due to higher personnel expense as a result of higher origination volumes.

Commercial Banking
Table 21 - Key Performance Indicators for Commercial Banking
	Three Months Ended March 31,						Change
(dollar amounts in millions)	2021			2020			Amount			Percent
Net interest income	$	199		$	232		$	(33)		(14)	%
Provision for credit losses	5			298			(293)			(98)
Noninterest income	88			86			2			2
Noninterest expense	133			129			4			3
Provision for income taxes	31			(23)			54			235
Net income (loss)	$	118		$	(86)		$	204		237	%
Number of employees (average full-time equivalent)	1,271			1,273			(2)			—	%
Total average assets	$	35,918		$	34,810		$	1,108		3
Total average loans/leases	26,694			27,238			(544)			(2)
Total average deposits	25,100			21,525			3,575			17
Net interest margin	2.78		%	3.15		%	(0.37)		%	(12)
NCOs	$	46		$	75		$	(29)		(39)
NCOs as a % of average loans and leases	0.68		%	1.11		%	(0.43)		%	(39)

2021 First Three Months versus 2020 First Three Months

Commercial Banking reported net income of $118 million in the first three-month period of 2021, compared to a net loss of $86 million in the year-ago period. The provision for credit losses decreased $293 million, or 98%, primarily due to changes in the forecasted economic outlook compared to the year-ago period. Segment net interest income decreased $33 million, or 14%, due to a 37 basis point decrease in net interest margin driven by a sharp decline in the benefit of deposits. Noninterest income increased $2 million, or 2%, largely driven by an increase in treasury management related revenue reflecting the impact of lower earnings credit rates on commercial deposits, partially offset by a decline in capital markets driven by decline in interest rate derivative income. Noninterest expense increased $4 million, or 3%, primarily due to personnel expense reflecting an increase in incentives, partially offset by a reduction in business development expense primarily reflecting reduced travel stemming from the COVID-19 pandemic. 

34 Huntington Bancshares Incorporated

Vehicle Finance
Table 22 - Key Performance Indicators for Vehicle Finance
	Three Months Ended March 31,						Change
(dollar amounts in millions)	2021			2020			Amount			Percent
Net interest income	$	107		$	106		$	1		1	%
Provision for credit losses	(22)			60			(82)			(137)
Noninterest income	3			3			—			—
Noninterest expense	35			35			—			—
Provision for income taxes	21			3			18			600
Net income	$	76		$	11		$	65		591	%
Number of employees (average full-time equivalent)	254			263			(9)			(3)	%
Total average assets	$	19,468		$	20,215		$	(747)		(4)
Total average loans/leases	19,735			20,307			(572)			(3)
Total average deposits	768			366			402			110
Net interest margin	2.20		%	2.08		%	0.12		%	6
NCOs	$	5		$	10		$	(5)		(50)
NCOs as a % of average loans and leases	0.10		%	0.19		%	(0.09)		%	(47)

2021 First Three Months versus 2020 First Three Months

Vehicle Finance reported net income of $76 million in the first three-month period of 2021, an increase of $65 million, or 591%, compared to the year-ago period. The provision for credit losses decreased $82 million due to changes in the forecasted economic outlook as compared to the year ago period. Segment net interest income increased $1 million, or 1%, due to a 12 basis point increase in the net interest margin partially offset by a 3% decrease in average loan balances. The decrease in average loan balances of $0.6 billion is driven by average commercial balances as dealership inventory levels and the resulting floor plan line utilization remain low. Additionally, RV / Marine balances increased $0.6 billion year over year, reflecting strong production levels over the past year, partially offset by a decline of $0.3 billion of auto balances. Noninterest income and expense were both comparable to year ago levels.

Regional Banking and The Huntington Private Client Group
Table 23 - Key Performance Indicators for Regional Banking and The Huntington Private Client Group
	Three Months Ended March 31,						Change
(dollar amounts in millions)	2021			2020			Amount			Percent
Net interest income	$	34		$	43		$	(9)		(21)	%
Provision for credit losses	(7)			1			(8)			(800)
Noninterest income	53			50			3			6
Noninterest expense	62			62			—			—
Provision for income taxes	7			6			1			17
Net income	$	25		$	24		$	1		4	%
Number of employees (average full-time equivalent)	998			1,025			(27)			(3)	%
Total average assets	$	6,815		$	6,707		$	108		2
Total average loans/leases	6,568			6,415			153			2
Total average deposits	7,059			6,100			959			16
Net interest margin	1.92		%	2.69		%	(0.77)		%	(29)
NCOs	$	—		$	—		$	—		—
NCOs as a % of average loans and leases	—		%	—		%	—		%	—
Total assets under management (in billions)—eop	$	20.7		$	15.8		$	4.9		31
Total trust assets (in billions)—eop	136.0			123.7			12.3			10

eop - End of Period.

2021 1Q Form 10-Q 35

2021 First Three Months versus 2020 First Three Months

RBHPCG reported net income of $25 million for the first three-month period of 2021, an increase of $1 million, or 4%, compared to the year-ago period. Segment net interest income decreased $9 million, or 21%, due to a 77 basis point decrease in net interest margin, reflecting both lower deposit and loan spreads. Average loans increased $0.2 billion, or 2%, primarily due to residential real estate mortgage loans, and average deposits increased $1.0 billion, or 16%, primarily related to PPP, stimulus, and higher customer liquidity levels. Noninterest income increased $3 million, or 6%, due to a 31% increase in assets under management reflecting record net asset flows and positive equity markets. In addition, the title insurance business reported record fee income. Noninterest expenses were flat to prior year reflecting lower discretionary expense and continued cost controls.

ADDITIONAL DISCLOSURES

Forward-Looking Statements

This report, including MD&A, contains certain forward-looking statements, including, but not limited to, certain plans, expectations, goals, projections, and statements, which are not historical facts and are subject to numerous assumptions, risks, and uncertainties. Statements that do not describe historical or current facts, including statements about beliefs and expectations, are forward-looking statements. Forward-looking statements may be identified by words such as expect, anticipate, believe, intend, estimate, plan, target, goal, or similar expressions, or future or conditional verbs such as will, may, might, should, would, could, or similar variations. The forward-looking statements are intended to be subject to the safe harbor provided by Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and the Private Securities Litigation Reform Act of 1995.

While there is no assurance that any list of risks and uncertainties or risk factors is complete, below are certain factors which could cause actual results to differ materially from those contained or implied in the forward-looking statements: changes in general economic, political, or industry conditions; the magnitude and duration of the COVID-19 pandemic and its impact on the global economy and financial market conditions and our business, results of operations, and financial condition; uncertainty in U.S. fiscal and monetary policy, including the interest rate policies of the Federal Reserve Board; volatility and disruptions in global capital and credit markets; movements in interest rates; reform of LIBOR; competitive pressures on product pricing and services; success, impact, and timing of our business strategies, including market acceptance of any new products or services including those implementing our “Fair Play” banking philosophy; the nature, extent, timing, and results of governmental actions, examinations, reviews, reforms, regulations, and interpretations, including those related to the Dodd-Frank Wall Street Reform and Consumer Protection Act and the Basel III regulatory capital reforms, as well as those involving the OCC, Federal Reserve, FDIC, and CFPB; the occurrence of any event, change or other circumstances that could give rise to the right of one or both of the parties to terminate the merger agreement between Huntington and TCF; the outcome of any legal proceedings that may be instituted against Huntington or TCF; delays in completing the transaction; the failure to obtain necessary regulatory approvals (and the risk that such approvals may result in the imposition of conditions that could adversely affect the combined company or the expected benefits of the transaction); the failure to satisfy any of the conditions to the transaction on a timely basis or at all; the possibility that the anticipated benefits of the transaction are not realized when expected or at all, including as a result of the impact of, or problems arising from, the integration of the two companies or as a result of the strength of the economy and competitive factors in the areas where Huntington and TCF do business; the possibility that the transaction may be more expensive to complete than anticipated, including as a result of unexpected factors or events; diversion of management’s attention from ongoing business operations and opportunities; potential adverse reactions or changes to business or employee relationships, including those resulting from the announcement or completion of the transaction; the ability to complete the transaction and integration of Huntington and TCF successfully; the dilution caused by Huntington’s issuance of additional shares of its capital stock in connection with the transaction; and other factors that may affect the future results of Huntington and TCF.

All forward-looking statements speak only as of the date they are made and are based on information available at that time. Neither Huntington nor TCF assumes any obligation to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements were made or to reflect the occurrence of unanticipated events except as required by federal securities laws. As forward-looking statements involve significant risks and uncertainties, caution should be exercised against placing undue reliance on such statements.

36 Huntington Bancshares Incorporated

Non-GAAP Financial Measures

This document contains GAAP financial measures and non-GAAP financial measures where management believes it to be helpful in understanding our results of operations or financial position. Where non-GAAP financial measures are used, the comparable GAAP financial measure, as well as the reconciliation to the comparable GAAP financial measure, can be found herein.

Significant Items

From time-to-time, revenue, expenses, or taxes are impacted by items judged by Management to be outside of ordinary banking activities and/or by items that, while they may be associated with ordinary banking activities, are so unusually large that their outsized impact is believed by Management at that time to be infrequent or short-term in nature. We refer to such items as “Significant Items”. Most often, these Significant Items result from factors originating outside the Company; e.g., regulatory actions / assessments, windfall gains, one-time tax assessments / refunds, litigation actions, etc. In other cases, they may result from Management decisions associated with significant corporate actions outside of the ordinary course of business; e.g., merger / restructuring charges, recapitalization actions, goodwill impairment, etc.

Even though certain revenue and expense items are naturally subject to more volatility than others due to changes in market and economic environment conditions, as a general rule volatility alone does not define a Significant Item. For example, changes in the provision for credit losses, gains / losses from investment activities, asset valuation writedowns, etc., reflect ordinary banking activities and are, therefore, typically excluded from consideration as a Significant Item.

Management believes the disclosure of Significant Items, when appropriate, aids analysts/investors in better understanding corporate performance and trends so that they can ascertain which of such items, if any, they may wish to include/exclude from their analysis of the company’s performance - i.e., within the context of determining how that performance differed from their expectations, as well as how, if at all, to adjust their estimates of future performance accordingly. To this end, Management has adopted a practice of listing “Significant Items” in its external disclosure documents (e.g., earnings press releases, quarterly performance discussions, investor presentations, Forms 10-Q and 10-K).

Significant Items for any particular period are not intended to be a complete list of items that may materially impact current or future period performance.

Fully-Taxable Equivalent Basis

Interest income, yields, and ratios on a FTE basis are considered non-GAAP financial measures. Management believes net interest income on a FTE basis provides an insightful picture of the interest margin for comparison purposes. The FTE basis also allows management to assess the comparability of revenue arising from both taxable and tax-exempt sources. The FTE basis assumes a federal statutory tax rate of 21 percent. We encourage readers to consider the Unaudited Condensed Consolidated Financial Statements and other financial information contained in this Form 10-Q in their entirety, and not to rely on any single financial measure.

Non-Regulatory Capital Ratios

In addition to capital ratios defined by banking regulators, the Company considers various other measures when evaluating capital utilization and adequacy, including:

•Tangible common equity to tangible assets,

•Tangible equity to tangible assets, and

•Tangible common equity to risk-weighted assets using Basel III definitions.

These non-regulatory capital ratios are viewed by management as useful additional methods of reflecting the level of capital available to withstand unexpected market conditions. Additionally, presentation of these ratios allows readers to compare our capitalization to other financial services companies. These ratios differ from capital ratios defined by banking regulators principally in that the numerator excludes goodwill and other intangible assets, the nature and extent of which varies among different financial services companies. These ratios are not defined in GAAP or federal banking regulations. As a result, these non-regulatory capital ratios disclosed by the Company are considered non-GAAP financial measures.

2021 1Q Form 10-Q 37

Because there are no standardized definitions for these non-regulatory capital ratios, the Company’s calculation methods may differ from those used by other financial services companies. Also, there may be limits in the usefulness of these measures to investors. As a result, we encourage readers to consider the Unaudited Condensed Consolidated Financial Statements and other financial information contained in this Form 10-Q in their entirety, and not to rely on any single financial measure.

Risk Factors

More information on risk can be found in Item 1A Risk Factors below and in the Risk Factors section included in Item 1A of our 2020 Form 10-K. Additional information regarding risk factors can also be found in the Risk Management and Capital discussion of this report.

Critical Accounting Policies and Use of Significant Estimates

Our Consolidated Financial Statements are prepared in accordance with GAAP. The preparation of financial statements in conformity with GAAP requires us to establish accounting policies and make estimates that affect amounts reported in our Consolidated Financial Statements. Note 1 of the Notes to Consolidated Financial Statements included in our December 31, 2020 Form 10-K, as supplemented by this report including this MD&A, describes the significant accounting policies we used in our Consolidated Financial Statements.

An accounting estimate requires assumptions and judgments about uncertain matters that could have a material effect on the Consolidated Financial Statements. Estimates are made under facts and circumstances at a point in time, and changes in those facts and circumstances could produce results substantially different from those estimates. Our most significant accounting policies and estimates and their related application are discussed in our December 31, 2020 Form 10-K.

Allowance for Credit Losses

Our ACL at March 31, 2021 represents our current estimate of the lifetime credit losses expected from our loan and lease portfolio and our unfunded loan commitments and letters of credit. Management estimates the allowance for credit losses by projecting probability of default, loss given default and exposure at default conditional on economic parameters, for the remaining contractual term. Internal factors that impact the quarterly allowance estimate include the level of outstanding balances, the portfolio performance and assigned risk ratings.

One of the most significant judgments influencing the allowance for credit losses estimate is the macro-economic forecasts. Key external economic parameters that directly impact our loss modeling framework include forecasted footprint unemployment rates and Gross Domestic Product. Changes in the economic forecasts could significantly affect the estimated credit losses, which could potentially lead to materially different allowance levels from one reporting period to the next.

Given the dynamic relationship between macro-economic variables within our modeling framework, it is difficult to estimate the impact of a change in any one individual variable on the allowance. As a result, management uses a probability-weighted approach that incorporates a baseline, an adverse and a more favorable economic scenario when formulating the quantitative estimate.

However, to illustrate a hypothetical sensitivity analysis, management calculated a quantitative allowance using a 100% weighting applied to an adverse scenario. This scenario includes assumptions around new infections and COVID-19 deaths being significantly above the baseline projections, leading to a much slower re-opening of the economy. Under this scenario, as an example, the unemployment rate remains elevated for a prolonged period and is estimated to remain at 8.0% and 6.5% at the end of 2022 and 2023, respectively. These numbers represent approximately 3.5% higher unemployment estimates than baseline scenario projections of 4.5% and 4.2%, respectively for the same time periods.

To demonstrate the sensitivity to key economic parameters, management calculated the difference between a 100% baseline weighting and a 100% adverse scenario weighting for modeled results. This would result in an incremental quantitative allowance impact of approximately $600 million.

38 Huntington Bancshares Incorporated

The resulting difference is not intended to represent an expected increase in allowance levels for a number of reasons including the following:

•Management uses a weighted approach applied to multiple economic scenarios for its allowance estimation process;

•The highly uncertain economic environment;

•The difficulty in predicting the inter-relationships between the economic parameters used in the various economic scenarios; and

•The sensitivity estimate does not account for any general reserve components and associated risk profile adjustments incorporated by management as part of its overall allowance framework.

We regularly review our ACL for appropriateness by performing on-going evaluations of the loan and lease portfolio. In doing so, we consider factors such as the differing economic risks associated with each loan category, the financial condition of specific borrowers, the level of delinquent loans, the value of any collateral and, where applicable, the existence of any guarantees or other documented support. We also evaluate the impact of changes in key economic parameters and overall economic conditions on the ability of borrowers to meet their financial obligations when quantifying our exposure to credit losses and assessing the appropriateness of our ACL at each reporting date. There is no certainty that our ACL will be appropriate over time to cover losses in our portfolio as economic and market conditions may ultimately differ from our reasonable and supportable forecast. Additionally, events adversely affecting specific customers, industries, or our markets such as the current COVID-19 pandemic, could severely impact our current expectations. If the credit quality of our customer base materially deteriorates or the risk profile of a market, industry, or group of customers changes materially, our net income and capital could be materially adversely affected which, in turn could have a material adverse effect on our financial condition and results of operations. The extent to which the current COVID-19 pandemic will continue to negatively impact our businesses, financial condition, liquidity and results will depend on future developments, which are highly uncertain and cannot be forecasted with precision at this time. For more information, see Note 4 “Loans and Leases” and Note 5 “Allowance for Credit Losses” of the Notes to Unaudited Condensed Consolidated Financial Statements.

Fair Value Measurement

Certain assets and liabilities are measured at fair value on a recurring basis, including securities, and derivative instruments. Assets and liabilities carried at fair value inherently include subjectivity and may require the use of significant assumptions, adjustments and judgment including, among others, discount rates, rates of return on assets, cash flows, default rates, loss rates, terminal values and liquidation values. A significant change in assumptions may result in a significant change in fair value, which in turn, may result in a higher degree of financial statement volatility and could result in significant impact on our results of operations, financial condition or disclosures of fair value information.

The fair value hierarchy requires use of observable inputs first and subsequently unobservable inputs when observable inputs are not available. Our fair value measurements involve various valuation techniques and models, which involve inputs that are observable (Level 1 or Level 2 in fair value hierarchy), when available. The level of judgment required to determine fair value is dependent on the methods or techniques used in the process. Assets and liabilities that are measured at fair value using quoted prices in active markets (Level 1) do not require significant judgment while the valuation of assets and liabilities when quoted market prices are not available (Levels 2 and 3) may require significant judgment to assess whether observable or unobservable inputs for those assets and liabilities provide reasonable determination of fair value. The fair values measured at each level of the fair value hierarchy, additional discussion regarding fair value measurements, and a brief description of how fair value is determined for categories that have unobservable inputs, can be found in Note 11 “Fair Values of Assets and Liabilities” of the Notes to Unaudited Condensed Consolidated Financial Statements.

Goodwill and Intangible Assets

The acquisition method of accounting requires that acquired assets and liabilities are recorded at their fair values as of the date of acquisition. This often involves estimates based on third party valuations or internal valuations based on discounted cash flow analyses or other valuation techniques, all of which are inherently subjective. Acquisitions typically result in goodwill, the amount by which the cost of net assets acquired in a business combination exceeds their fair value, which is subject to impairment testing at least annually. The

2021 1Q Form 10-Q 39

amortization of identified intangible assets recognized in a business combination is based upon the estimated economic benefits to be received over their economic life, which is also subjective. Customer attrition rates that are based on historical experience are used to determine the estimated economic life of certain intangibles assets, including but not limited to, customer deposit intangibles.

40 Huntington Bancshares Incorporated

Item 1: Financial Statements

Huntington Bancshares Incorporated

Condensed Consolidated Balance Sheets

(Unaudited)

	March 31,		December 31,
(dollar amounts in millions)	2021		2020
Assets
Cash and due from banks	$	1,096	$	1,319
Interest-bearing deposits at Federal Reserve Bank	7,493		5,276
Interest-bearing deposits in banks	52		117
Trading account securities	51		62
Available-for-sale securities	19,375		16,485
Held-to-maturity securities	7,815		8,861
Other securities	411		418
Loans held for sale (includes $1,531 and $1,198 respectively, measured at fair value)(1)	1,537		1,275
Loans and leases (includes $118 and $94 respectively, measured at fair value)(1)	80,230		81,608
Allowance for loan and lease losses	(1,703)		(1,814)
Net loans and leases	78,527		79,794
Bank owned life insurance	2,581		2,577
Premises and equipment	747		757
Goodwill	1,990		1,990
Servicing rights and other intangible assets	480		428
Other assets	3,613		3,679
Total assets	$	125,768	$	123,038
Liabilities and shareholders’ equity
Liabilities
Deposits	$	102,184	$	98,948
Short-term borrowings	219		183
Long-term debt	7,210		8,352
Other liabilities	2,555		2,562
Total liabilities	112,168		110,045
Commitments and Contingent Liabilities (Note 14)
Shareholders’ equity
Preferred stock	2,676		2,191
Common stock	10		10
Capital surplus	8,806		8,781
Less treasury shares, at cost	(59)		(59)
Accumulated other comprehensive (loss) gain	(56)		192
Retained earnings	2,223		1,878
Total shareholders’ equity	13,600		12,993
Total liabilities and shareholders’ equity	$	125,768	$	123,038
Common shares authorized (par value of $0.01)	1,500,000,000		1,500,000,000
Common shares outstanding	1,018,052,923		1,017,196,776
Treasury shares outstanding	5,041,104		5,062,054
Preferred stock, authorized shares	6,617,808		6,617,808
Preferred shares outstanding	1,250,500		750,500

(1)Amounts represent loans for which Huntington has elected the fair value option. See Note 11 “Fair Values of Assets and Liabilities”.

See Notes to Unaudited Condensed Consolidated Financial Statements

2021 1Q Form 10-Q 41

Huntington Bancshares Incorporated
Condensed Consolidated Statements of Income
(Unaudited)
	Three Months Ended March 31,
(dollar amounts in millions, except per share data, share count in thousands)	2021		2020
Interest and fee income:
Loans and leases	$	752	$	809
Available-for-sale securities
Taxable	49		76
Tax-exempt	13		18
Held-to-maturity securities—taxable	42		59
Other securities—taxable	2		2
Other	11		11
Total interest income	869		975
Interest expense:
Deposits	11		105
Short-term borrowings	—		12
Long-term debt	(114)		68
Total interest expense	(103)		185
Net interest income	972		790
Provision for credit losses	(60)		441
Net interest income after provision for credit losses	1,032		349
Mortgage banking income	100		58
Service charges on deposit accounts	69		87
Card and payment processing income	65		58
Trust and investment management services	52		47
Capital markets fees	29		33
Insurance income	27		23
Bank owned life insurance income	16		16
Gain on sale of loans	3		8
Other noninterest income	34		31
Total noninterest income	395		361
Personnel costs	468		395
Outside data processing and other services	115		85
Equipment	46		41
Net occupancy	42		40
Professional services	17		11
Amortization of intangibles	10		11
Marketing	14		9
Deposit and other insurance expense	8		9
Other noninterest expense	73		51
Total noninterest expense	793		652
Income before income taxes	634		58
Provision for income taxes	102		10
Net income	532		48
Dividends on preferred shares	31		18
Net income applicable to common shares	$	501	$	30
Average common shares—basic	1,017,512		1,017,643
Average common shares—diluted	1,041,003		1,034,576
Per common share:
Net income—basic	$	0.49	$	0.03
Net income—diluted	0.48		0.03
See Notes to Unaudited Condensed Consolidated Financial Statements

42 Huntington Bancshares Incorporated

Huntington Bancshares Incorporated

Condensed Consolidated Statements of Comprehensive Income

(Unaudited)

	Three Months Ended March 31,
(dollar amounts in millions)	2021		2020
Net income	$	532	$	48
Unrealized net gains (losses) on available-for-sale securities arising during the period, net of reclassification for net realized gains and losses	(216)		173
Change in fair value related to cash flow hedges	(34)		308
Change in accumulated unrealized gains (losses) for pension and other post-retirement obligations	2		2
Other comprehensive income, net of tax	(248)		483
Comprehensive income	$	284	$	531

See Notes to Unaudited Condensed Consolidated Financial Statements

2021 1Q Form 10-Q 43

Huntington Bancshares Incorporated

Condensed Consolidated Statements of Changes in Shareholders’ Equity

(Unaudited)

(dollar amounts in millions, share amounts in thousands)	Preferred Stock		Common Stock			Capital Surplus		Treasury Stock			Accumulated Other Comprehensive Gain (Loss)		Retained Earnings
	Amount		Shares	Amount				Shares	Amount						Total
Three Months Ended March 31, 2021
Balance, beginning of period	$	2,191	1,022,258	$	10	$	8,781	(5,062)	$	(59)	$	192	$	1,878	$	12,993
Net income													532		532
Other comprehensive income (loss), net of tax											(248)				(248)
Net proceeds from issuance of Series H Preferred Stock	485														485
Cash dividends declared:
Common ($0.15 per share)													(156)		(156)
Preferred													(31)		(31)
Recognition of the fair value of share-based compensation						28									28
Other share-based compensation activity			836	—		(3)							—		(3)
Other								21	—				—		—
Balance, end of period	$	2,676	1,023,094	$	10	$	8,806	(5,041)	$	(59)	$	(56)	$	2,223	$	13,600
Three Months Ended March 31, 2020
Balance, beginning of period	$	1,203	1,024,541	$	10	$	8,806	(4,537)	$	(56)	$	(256)	$	2,088	$	11,795
Cumulative-effect adjustment (ASU 2016-01)													(306)		(306)
Net income													48		48
Other comprehensive income (loss), net of tax											483				483
Repurchase of common stock			(7,088)	—		(88)									(88)
Cash dividends declared:
Common ($0.15 per share)													(155)		(155)
Preferred													(18)		(18)
Recognition of the fair value of share-based compensation						15									15
Other share-based compensation activity			1,299	—		(5)							—		(5)
Other								3	—						—
Balance, end of period	$	1,203	1,018,752	$	10	$	8,728	(4,534)	$	(56)	$	227	$	1,657	$	11,769

See Notes to Unaudited Condensed Consolidated Financial Statements

44 Huntington Bancshares Incorporated

Huntington Bancshares Incorporated

Condensed Consolidated Statements of Cash Flows

(Unaudited)

	Three Months Ended March 31,
(dollar amounts in millions)	2021		2020
Operating activities
Net income	$	532	$	48
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Provision for credit losses	(60)		441
Depreciation and amortization	71		119
Share-based compensation expense	28		15
Deferred income tax expense (benefit)	61		(37)
Net change in:
Trading account securities	11		63
Loans held for sale	(406)		(20)
Other assets	80		(1,023)
Other liabilities	(428)		892
Net cash (used in) provided by operating activities	(111)		498
Investing activities
Change in interest bearing deposits in banks	189		(26)
Proceeds from:
Maturities and calls of available-for-sale securities	1,758		669
Maturities and calls of held-to-maturity securities	1,043		398
Sales of available-for-sale securities	10		19
Purchases of available-for-sale securities	(4,857)		(2,476)
Net proceeds from sales of portfolio loans	158		191
Principal payments received under direct finance and sales-type leases	188		171
Net loan and lease activity, excluding sales and purchases	1,402		(2,926)
Purchases of premises and equipment	(22)		(11)
Purchases of loans and leases	(266)		(311)
Other, net	21		(20)
Net cash used in investing activities	(376)		(4,322)
Financing activities
Increase in deposits	3,236		4,483
Increase in short-term borrowings	53		458
Net proceeds from issuance of long-term debt	35		1,286
Maturity/redemption of long-term debt	(1,135)		(1,540)
Dividends paid on preferred stock	(35)		(18)
Dividends paid on common stock	(153)		(155)
Repurchases of common stock	—		(88)
Net proceeds from issuance of preferred stock	485		—
Payments related to tax-withholding for share based compensation awards	(5)		(6)
Other, net	—		1
Net cash provided by financing activities	2,481		4,421
Increase in cash and cash equivalents	1,994		597
Cash and cash equivalents at beginning of period	6,595		1,170
Cash and cash equivalents at end of period	$	8,589	$	1,767

2021 1Q Form 10-Q 45

	Three Months Ended March 31,
(dollar amounts in millions)	2021		2020
Supplemental disclosures:
Interest paid	$	49	$	197
Income taxes paid	3		2
Non-cash activities
Loans transferred to held-for-sale from portfolio	84		313
Loans transferred to portfolio from held-for-sale	37		4
Transfer of securities from available-for-sale to held-to-maturity	—		1,520

See Notes to Unaudited Condensed Consolidated Financial Statements

46 Huntington Bancshares Incorporated

Huntington Bancshares Incorporated

Notes to Unaudited Condensed Consolidated Financial Statements

1. BASIS OF PRESENTATION

The accompanying Unaudited Condensed Consolidated Financial Statements of Huntington reflect all adjustments consisting of normal recurring accruals which are, in the opinion of Management, necessary for a fair statement of the consolidated financial position, the results of operations, and cash flows for the periods presented. These Unaudited Condensed Consolidated Financial Statements have been prepared according to the rules and regulations of the SEC and, therefore, certain information and footnote disclosures normally included in annual financial statements prepared in accordance with GAAP have been omitted. The Notes to Consolidated Financial Statements appearing in Huntington’s 2020 Form 10-K, which include descriptions of significant accounting policies, as updated by the information contained in this report, should be read in conjunction with these interim financial statements.

For statement of cash flow purposes, cash and cash equivalents are defined as the sum of cash and due from banks and interest-bearing deposits at Federal Reserve Bank.

Certain prior period amounts have been reclassified to conform to current year’s presentation.

In conjunction with applicable accounting standards, all material subsequent events have been either recognized in the Unaudited Condensed Consolidated Financial Statements or disclosed in the Notes to Unaudited Condensed Consolidated Financial Statements. No subsequent events were disclosed for the current period.

2021 1Q Form 10-Q 47

2. PENDING ACQUISITION OF TCF FINANCIAL CORPORATION

On December 13, 2020, Huntington announced the signing of a definitive merger agreement (the “ Merger Agreement”). Under the terms of the Merger Agreement, which was unanimously approved by the boards of directors of both companies, TCF Financial Corporation (“TCF”), the parent company of TCF National Bank, will merge into Huntington in an all-stock transaction valued at approximately $6.0 billion based on the closing stock price on the day preceding the announcement. TCF is a financial holding company headquartered in Detroit, Michigan with reported total assets of $47.8 billion based on their balance sheet at December 31, 2020.

Under the terms of the Merger Agreement, TCF shareholders will receive 3.0028 shares of Huntington common stock for each share of TCF common stock. Holders of TCF common stock will also receive cash in lieu of fractional shares. Each outstanding share of 5.70% Series C Non-Cumulative Perpetual Preferred Stock of TCF will be converted into the right to receive one share of a newly created series of preferred stock of Huntington.

On March 25, 2021, Huntington and TCF shareholders approved the merger. Huntington anticipates the transaction will be completed late in the second quarter of 2021, subject to regulatory approval and the satisfaction of other customary closing conditions set forth in the Merger Agreement.

48 Huntington Bancshares Incorporated

3. INVESTMENT SECURITIES AND OTHER SECURITIES

Debt securities purchased in which Huntington has the intent and ability to hold to their maturity are classified as held-to-maturity securities.  All other debt and equity securities are classified as either available-for-sale or other securities.

The following tables provide amortized cost, fair value, and gross unrealized gains and losses by investment category at March 31, 2021 and December 31, 2020:

			Unrealized
(dollar amounts in millions)	Amortized Cost (1)		Gross Gains		Gross Losses		Fair Value
March 31, 2021
Available-for-sale securities:
U.S. Treasury	$	5	$	—	$	—	$	5
Federal agencies:
Residential CMO	$	3,081	$	100	$	(9)	$	3,172
Residential MBS	10,708		61		(124)		10,645
Commercial MBS	1,277		13		(63)		1,227
Other agencies	44		2		—		46
Total U.S. Treasury, federal agency and other agency securities	15,115		176		(196)		15,095
Municipal securities	3,050		91		(19)		3,122
Private-label CMO	50		—		—		50
Asset-backed securities	244		4		(1)		247
Corporate debt	888		—		(31)		857
Other securities/Sovereign debt	4		—		—		4
Total available-for-sale securities	$	19,351	$	271	$	(247)	$	19,375
Held-to-maturity securities:
Federal agencies:
Residential CMO	$	1,604	$	74	$	—	$	1,678
Residential MBS	3,259		69		(18)		3,310
Commercial MBS	2,719		114		—		2,833
Other agencies	230		8		—		238
Total federal agency and other agency securities	7,812		265		(18)		8,059
Municipal securities	3		—		—		3
Total held-to-maturity securities	$	7,815	$	265	$	(18)	$	8,062
Other securities, at cost:
Non-marketable equity securities:
Federal Home Loan Bank stock	$	52	$	—	$	—	$	52
Federal Reserve Bank stock	300		—		—		300
Other securities, at fair value
Mutual funds	42		—		—		42
Equity securities	16		1		—		17
Total other securities	$	410	$	1	$	—	$	411

(1)Amortized cost amounts excludes accrued interest receivable, which is recorded within other assets on the Consolidated Balance Sheets. At March 31, 2021, accrued interest receivable on available-for-sale securities and held-to-maturity securities totaled $40 million and $18 million, respectively.

2021 1Q Form 10-Q 49

			Unrealized
(dollar amounts in millions)	Amortized Cost (1)		Gross Gains		Gross Losses		Fair Value
December 31, 2020
Available-for-sale securities:
U.S. Treasury	$	5	$	—	$	—	$	5
Federal agencies:
Residential CMO	$	3,550	$	121	$	(5)	$	3,666
Residential MBS	7,843		97		(5)		7,935
Commercial MBS	1,151		21		(9)		1,163
Other agencies	60		2		—		62
Total U.S. Treasury, federal agency and other agency securities	12,609		241		(19)		12,831
Municipal securities	2,928		91		(15)		3,004
Private-label CMO	9		—		—		9
Asset-backed securities	185		7		—		192
Corporate debt	440		5		—		445
Other securities/Sovereign debt	4		—		—		4
Total available-for-sale securities	$	16,175	$	344	$	(34)	$	16,485
Held-to-maturity securities:
Federal agencies:
Residential CMO	$	1,779	$	88	$	—	$	1,867
Residential MBS	3,715		103		—		3,818
Commercial MBS	3,118		191		—		3,309
Other agencies	246		12		—		258
Total federal agency and other agency securities	8,858		394		—		9,252
Municipal securities	3		—		—		3
Total held-to-maturity securities	$	8,861	$	394	$	—	$	9,255
Other securities, at cost:
Non-marketable equity securities:
Federal Home Loan Bank stock	$	60	$	—	$	—	$	60
Federal Reserve Bank stock	299		—		—		299
Other securities, at fair value
Mutual funds	50		—		—		50
Equity securities	8		1		—		9
Total other securities	$	417	$	1	$	—	$	418

(1)Amortized cost amounts excludes accrued interest receivable, which is recorded within other assets on the Consolidated Balance Sheets. At December 31, 2020, accrued interest receivable on available-for-sale securities and held-to-maturity securities totaled $32 million and $20 million, respectively.

50 Huntington Bancshares Incorporated

The following table provides the amortized cost and fair value of securities by contractual maturity at March 31, 2021 and December 31, 2020. Expected maturities may differ from contractual maturities as issuers may have the right to call or prepay obligations with or without incurring penalties.

	March 31, 2021				December 31, 2020
(dollar amounts in millions)	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Available-for-sale securities:
Under 1 year	$	366	$	357	$	308	$	304
After 1 year through 5 years	1,228		1,237		1,145		1,154
After 5 years through 10 years	2,127		2,144		1,607		1,654
After 10 years	15,630		15,637		13,115		13,373
Total available-for-sale securities	$	19,351	$	19,375	$	16,175	$	16,485
Held-to-maturity securities:
After 1 year through 5 years	$	142	$	148	$	160	$	169
After 5 years through 10 years	121		126		131		138
After 10 years	7,552		7,788		8,570		8,948
Total held-to-maturity securities	$	7,815	$	8,062	$	8,861	$	9,255

The following tables provide detail on investment securities with unrealized losses aggregated by investment category and the length of time the individual securities have been in a continuous loss position at March 31, 2021 and December 31, 2020:

	Less than 12 Months				Over 12 Months				Total
(dollar amounts in millions)	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
March 31, 2021
Available-for-sale securities:
Federal agencies:
Residential CMO	$	413	$	(9)	$	—	$	—	$	413	$	(9)
Residential MBS	7,919		(124)		—		—		7,919		(124)
Commercial MBS	761		(63)		—		—		761		(63)
Total federal agency and other agency securities	9,093		(196)		—		—		9,093		(196)
Municipal securities	163		(7)		463		(12)		626		(19)
Asset-backed securities	65		(1)		—		—		65		(1)
Corporate debt	816		(31)		—		—		816		(31)
Total temporarily impaired available-for-sale securities	$	10,137	$	(235)	$	463	$	(12)	$	10,600	$	(247)
Held-to-maturity securities:
Federal agencies:
Residential MBS	$	1,235	(18)		—		—		1,235		(18)
Total temporarily impaired held-to-maturity securities	$	1,235	$	(18)	$	—	$	—	$	1,235	$	(18)

2021 1Q Form 10-Q 51

	Less than 12 Months				Over 12 Months				Total
(dollar amounts in millions)	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
December 31, 2020
Available-for-sale securities:
Federal agencies:
Residential CMO	$	302	$	(5)	$	—	$	—	$	302	$	(5)
Residential MBS	1,633		(5)		—		—		1,633		(5)
Commercial MBS	321		(9)		—		—		321		(9)
Total federal agency and other agency securities	2,256		(19)		—		—		2,256		(19)
Municipal securities	110		(3)		490		(12)		600		(15)
Asset-backed securities	15		—		—		—		15		—
Corporate debt	51		—		—		—		51		—
Total temporarily impaired available-for-sale securities	$	2,432	$	(22)	$	490	$	(12)	$	2,922	$	(34)

At March 31, 2021 and December 31, 2020, the carrying value of investment securities pledged to secure public and trust deposits, trading account liabilities, U.S. Treasury demand notes, security repurchase agreements and to support borrowing capacity totaled $13.9 billion and $14.4 billion, respectively. There were no securities of a single issuer, which were not governmental or government-sponsored, that exceeded 10% of shareholders’ equity at either March 31, 2021 or December 31, 2020. At March 31, 2021, all HTM debt securities are considered AAA rated. In addition, there were no HTM debt securities considered past due at March 31, 2021.

AFS Securities Impairment/HTM Securities Allowance for Credit Losses

Based on an evaluation of available information including security type, counterparty credit quality, past events, current conditions, and reasonable and supportable forecasts that are relevant to collectability, Huntington has concluded that it expects to receive all contractual cash flows from each security held in its AFS and HTM debt securities portfolio. As such, no allowance or impairment is recorded with respect to securities as of March 31, 2021 and December 31, 2020.

52 Huntington Bancshares Incorporated

4. LOANS / LEASES

Loans and leases which Huntington has the intent and ability to hold for the foreseeable future, or until maturity or payoff, are classified in the Unaudited Condensed Consolidated Balance Sheets as loans and leases. The total balance of unamortized premiums, discounts, fees, and costs, recognized as part of loans and leases, was a net premium of $473 million and $491 million at March 31, 2021 and December 31, 2020, respectively.

Loan and Lease Portfolio Composition

The following table provides a detailed listing of Huntington’s loan and lease portfolio at March 31, 2021 and December 31, 2020.

(dollar amounts in millions)	March 31, 2021		December 31, 2020
Loans and leases:
Commercial and industrial	$	34,464	$	35,373
Commercial real estate	7,179		7,199
Automobile	12,591		12,778
Home equity	8,727		8,894
Residential mortgage	12,092		12,141
RV and marine	4,218		4,190
Other consumer	959		1,033
Loans and leases	$	80,230	$	81,608
Allowance for loan and lease losses	(1,703)		(1,814)
Net loans and leases	$	78,527	$	79,794

Equipment Leases

Huntington leases equipment to customers, and substantially all such arrangements are classified as either sales-type or direct financing leases, which are included in C&I loans. These leases are reported at the aggregate of lease payments receivable and estimated residual values, net of unearned and deferred income, and any initial direct costs incurred to originate these leases.

Huntington assesses net investments in leases (including residual values) for impairment and recognizes any impairment losses in accordance with the impairment guidance for financial instruments. As such, net investments in leases may be reduced by an allowance for credit losses, with changes recognized as provision expense.

The following table presents net investments in lease financing receivables by category at March 31, 2021 and December 31, 2020.

(dollar amounts in millions)	March 31, 2021		December 31, 2020
Commercial and industrial:
Lease payments receivable	$	1,714	$	1,737
Estimated residual value of leased assets	622		664
Gross investment in commercial and industrial lease financing receivables	2,336		2,401
Deferred origination costs	21		21
Deferred fees	(190)		(200)
Total net investment in commercial and industrial lease financing receivables	$	2,167	$	2,222

The carrying value of residual values guaranteed was $77 million and $93 million as of March 31, 2021 and December 31, 2020, respectively. The future lease rental payments due from customers on sales-type and direct financing leases at March 31, 2021, totaled $1.7 billion and were due as follows: $0.6 billion in 2021, $0.4 billion in 2022, $0.3 billion in 2023, $0.2 billion in 2024, $0.1 billion in 2025, and $0.1 billion thereafter. Interest income recognized for these types of leases was $24 million and $27 million for the three-month periods ended March 31, 2021 and 2020, respectively.

2021 1Q Form 10-Q 53

Nonaccrual and Past Due Loans

The following table presents NALs by loan class at March 31, 2021 and December 31, 2020 (1):

	March 31, 2021				December 31, 2020
(dollar amounts in millions)	Nonaccrual loans with no ACL		Total nonaccrual loans		Nonaccrual loans with no ACL		Total nonaccrual loans
Commercial and industrial	$	103	$	343	$	69	$	353
Commercial real estate	—		8		8		15
Automobile	—		3		—		4
Home equity	—		71		—		70
Residential mortgage	—		90		—		88
RV and marine	—		1		—		2
Total nonaccrual loans	$	103	$	516	$	77	$	532

(1)    Generally excludes loans that were under payment deferral or granted other assistance, including amendments or waivers of financial covenants in response to the COVID-19 pandemic.

The following table presents an aging analysis of loans and leases, including past due loans and leases, by loan class at March 31, 2021 and December 31, 2020:

	March 31, 2021
	Past Due (1)										Loans Accounted for Under FVO		Total Loans and Leases		90 or more days past due and accruing
(dollar amounts in millions)	30-59 Days		60-89  Days		90 or  more days		Total		Current
Commercial and industrial	$	37	$	20	$	96	$	153	$	34,311	$	—	$	34,464	$	8	(3)
Commercial real estate	1		1		2		4		7,175		—		7,179		—
Automobile	50		12		6		68		12,523		—		12,591		5
Home equity	23		11		58		92		8,634		1		8,727		10
Residential mortgage	78		26		194		298		11,677		117		12,092		128		(4)
RV and marine	11		3		2		16		4,202		—		4,218		1
Other consumer	6		2		2		10		949		—		959		2
Total loans and leases	$	206	$	75	$	360	$	641	$	79,471	$	118	$	80,230	$	154

	December 31, 2020
	Past Due (1)(2)										Loans Accounted for Under FVO		Total Loans and Leases		90 or more days past due and accruing
(dollar amounts in millions)	30-59 Days		60-89  Days		90 or  more days		Total		Current
Commercial and industrial	$	60	$	38	$	95	$	193	$	35,180	$	—	$	35,373	$	10	(3)
Commercial real estate	—		1		11		12		7,187		—		7,199		—
Automobile	84		22		12		118		12,660		—		12,778		9
Home equity	35		15		61		111		8,782		1		8,894		14
Residential mortgage	114		38		194		346		11,702		93		12,141		132		(4)
RV and marine	17		3		3		23		4,167		—		4,190		3
Other consumer	9		4		3		16		1,017		—		1,033		3
Total loans and leases	$	319	$	121	$	379	$	819	$	80,695	$	94	$	81,608	$	171

(1)NALs are included in this aging analysis based on the loan’s past due status.

(2)The principal balance of loans in payment deferral programs offered in response to the COVID-19 pandemic which are performing according to their modified terms are generally not considered delinquent.

(3)Amounts include Huntington Technology Finance administrative lease delinquencies.

(4)Amounts include mortgage loans insured by U.S. government agencies.

54 Huntington Bancshares Incorporated

Credit Quality Indicators

See Note 5 “Loans / Leases and Allowance for Credit Losses” to the Consolidated Financial Statements of the Annual Report on Form 10-K for the year ended December 31, 2020 for a description of the credit quality indicators Huntington utilizes for monitoring credit quality and for determining an appropriate ACL level.

To facilitate the monitoring of credit quality for commercial loans, and for purposes of determining an appropriate ACL level for these loans, Huntington utilizes the following internally defined categories of credit grades:

•Pass - Higher quality loans that do not fit any of the other categories described below.

•OLEM - The credit risk may be relatively minor yet represents a risk given certain specific circumstances. If the potential weaknesses are not monitored or mitigated, the loan may weaken or the collateral may be inadequate to protect Huntington’s position in the future. For these reasons, Huntington considers the loans to be potential problem loans.

•Substandard - Inadequately protected loans resulting from the borrower’s ability to repay, equity, and/or the collateral pledged to secure the loan. These loans have identified weaknesses that could hinder normal repayment or collection of the debt. It is likely Huntington will sustain some loss if any identified weaknesses are not mitigated.

•Doubtful - Loans that have all of the weaknesses inherent in those loans classified as Substandard, with the added elements of the full collection of the loan is improbable and that the possibility of loss is high.

Loans are generally assigned a category of “Pass” rating upon initial approval and subsequently updated as appropriate based on the borrower’s financial performance.

Commercial loans categorized as OLEM, Substandard, or Doubtful are considered Criticized loans. Commercial loans categorized as Substandard or Doubtful are both considered Classified loans.

For all classes within the consumer loan portfolios, loans are assigned pool level PD factors based on the FICO range within which the borrower’s credit bureau score falls. A credit bureau score is a credit score developed by FICO based on data provided by the credit bureaus. The credit bureau score is widely accepted as the standard measure of consumer credit risk used by lenders, regulators, rating agencies, and consumers. The higher the credit bureau score, the higher likelihood of repayment and therefore, an indicator of higher credit quality.

Huntington assesses the risk in the loan portfolio by utilizing numerous risk characteristics. The classifications described above, and also presented in the table below, represent one of those characteristics that are closely monitored in the overall credit risk management processes.

2021 1Q Form 10-Q 55

The following tables present each loan and lease class by vintage and credit quality indicator at March 31, 2021 and December 31, 2020 respectively:

	As of March 31, 2021
	Term Loans Amortized Cost Basis by Origination Year												Revolver Total at Amortized Cost Basis		Revolver Total Converted to Term Loans
(dollar amounts in millions)	2021		2020		2019		2018		2017		Prior						Total (3)
Commercial and industrial
Credit Quality Indicator (1):
Pass	$	4,040	$	10,291	$	4,087	$	2,369	$	1,215	$	1,605	$	8,656	$	2	$	32,265
OLEM	122		282		98		91		41		92		128		—		854
Substandard	54		216		110		176		184		212		386		—		1,338
Doubtful	1		4		—		1		—		—		1		—		7
Total Commercial and industrial	$	4,217	$	10,793	$	4,295	$	2,637	$	1,440	$	1,909	$	9,171	$	2	$	34,464
Commercial real estate
Credit Quality Indicator (1):
Pass	$	406	$	1,605	$	1,475	$	1,077	$	454	$	999	$	624	$	—	$	6,640
OLEM	2		88		31		62		68		35		1		—		287
Substandard	4		23		114		7		27		38		39		—		252
Total Commercial real estate	$	412	$	1,716	$	1,620	$	1,146	$	549	$	1,072	$	664	$	—	$	7,179
Automobile
Credit Quality Indicator (2):
750+	$	771	$	2,381	$	1,817	$	991	$	608	$	279	$	—	$	—	$	6,847
650-749	479		1,895		1,161		642		315		163		—		—		4,655
<650	44		336		271		216		132		90		—		—		1,089
Total Automobile	$	1,294	$	4,612	$	3,249	$	1,849	$	1,055	$	532	$	—	$	—	$	12,591
Home equity
Credit Quality Indicator (2):
750+	$	187	$	780	$	21	$	22	$	28	$	479	$	4,201	$	189	$	5,907
650-749	37		137		8		6		8		171		1,810		176		2,353
<650	1		1		1		1		2		74		286		100		466
Total Home equity	$	225	$	918	$	30	$	29	$	38	$	724	$	6,297	$	465	$	8,726
Residential mortgage
Credit Quality Indicator (2):
750+	$	963	$	3,204	$	1,143	$	727	$	883	$	1,723	$	1	$	—	$	8,644
650-749	254		836		355		255		249		621		—		—		2,570
<650	7		37		90		113		106		408		—		—		761
Total Residential mortgage	$	1,224	$	4,077	$	1,588	$	1,095	$	1,238	$	2,752	$	1	$	—	$	11,975
RV and marine
Credit Quality Indicator (2):
750+	$	267	$	1,050	$	491	$	547	$	311	$	375	$	—	$	—	$	3,041
650-749	46		351		193		182		126		176		—		—		1,074
<650	—		8		15		21		22		37		—		—		103
Total RV and marine	$	313	$	1,409	$	699	$	750	$	459	$	588	$	—	$	—	$	4,218
Other consumer
Credit Quality Indicator (2):
750+	$	22	$	59	$	52	$	21	$	6	$	16	$	319	$	2	$	497
650-749	9		30		46		15		4		4		264		28		400
<650	—		2		7		3		1		1		25		23		62
Total Other consumer	$	31	$	91	$	105	$	39	$	11	$	21	$	608	$	53	$	959

(1)Consistent with the credit quality disclosures, indicators for the Commercial portfolio are based on internally defined categories of credit grades which are generally refreshed at least semi-annually.

(2)Consistent with the credit quality disclosures, indicators for the Consumer portfolio are based on updated customer credit scores refreshed at least quarterly.

(3)The total amount of accrued interest recorded for these loans at March 31, 2021, presented in other assets within the Condensed Consolidated Balance Sheets, was $140 million and $119 million of commercial and consumer, respectively.

56 Huntington Bancshares Incorporated

	As of December 31, 2020
	Term Loans Amortized Cost Basis by Origination Year												Revolver Total at Amortized Cost Basis		Revolver Total Converted to Term Loans
(dollar amounts in millions)	2020		2019		2018		2017		2016		Prior						Total (3)
Commercial and industrial
Credit Quality Indicator (1):
Pass	$	13,757	$	4,525	$	2,758	$	1,347	$	974	$	916	$	8,894	$	2	$	33,173
OLEM	421		116		69		30		33		22		124		—		815
Substandard	196		144		188		224		46		159		423		—		1,380
Doubtful	2		—		1		—		—		1		1		—		5
Total Commercial and industrial	$	14,376	$	4,785	$	3,016	$	1,601	$	1,053	$	1,098	$	9,442	$	2	$	35,373
Commercial real estate
Credit Quality Indicator (1):
Pass	$	1,742	$	1,610	$	1,122	$	507	$	507	$	539	$	633	$	—	$	6,660
OLEM	94		78		63		37		28		14		4		—		318
Substandard	27		46		10		29		58		14		36		—		220
Doubtful	—		—		—		—		—		1		—		—		1
Total Commercial real estate	$	1,863	$	1,734	$	1,195	$	573	$	593	$	568	$	673	$	—	$	7,199
Automobile
Credit Quality Indicator (2):
750+	$	2,670	$	2,013	$	1,144	$	742	$	317	$	81	$	—	$	—	$	6,967
650-749	1,965		1,343		755		386		175		52		—		—		4,676
<650	312		301		244		157		84		37		—		—		1,135
Total Automobile	$	4,947	$	3,657	$	2,143	$	1,285	$	576	$	170	$	—	$	—	$	12,778
Home equity
Credit Quality Indicator (2):
750+	$	793	$	26	$	26	$	32	$	89	$	451	$	4,373	$	192	$	5,982
650-749	147		9		8		11		27		157		1,906		181		2,446
<650	1		1		1		1		6		70		286		99		465
Total Home equity	$	941	$	36	$	35	$	44	$	122	$	678	$	6,565	$	472	$	8,893
Residential mortgage
Credit Quality Indicator (2):
750+	$	3,269	$	1,370	$	891	$	1,064	$	762	$	1,243	$	1	$	—	$	8,600
650-749	991		435		307		278		171		495		—		—		2,677
<650	34		89		111		108		81		348		—		—		771
Total Residential mortgage	$	4,294	$	1,894	$	1,309	$	1,450	$	1,014	$	2,086	$	1	$	—	$	12,048
RV and marine
Credit Quality Indicator (2):
750+	$	1,136	$	525	$	589	$	337	$	153	$	254	$	—	$	—	$	2,994
650-749	348		215		201		136		64		129		—		—		1,093
<650	4		15		21		22		12		29		—		—		103
Total RV and marine	$	1,488	$	755	$	811	$	495	$	229	$	412	$	—	$	—	$	4,190
Other consumer
Credit Quality Indicator (2):
750+	$	69	$	58	$	26	$	8	$	4	$	14	$	340	$	2	$	521
650-749	36		56		17		5		2		3		294		30		443
<650	2		8		3		1		—		1		26		28		69
Total Other consumer	$	107	$	122	$	46	$	14	$	6	$	18	$	660	$	60	$	1,033

(1)Consistent with the credit quality disclosures, indicators for the Commercial portfolio are based on internally defined categories of credit grades which are generally refreshed at least semi-annually.

(2)Consistent with the credit quality disclosures, indicators for the Consumer portfolio are based on updated customer credit scores refreshed at least quarterly.

(3)The total amount of accrued interest recorded for these loans at December 31, 2020, presented in other assets within the Condensed Consolidated Balance Sheets, was $146 million and $123 million of commercial and consumer, respectively.

2021 1Q Form 10-Q 57

TDR Loans

TDRs are modified loans where a concession was provided to a borrower experiencing financial difficulties. Loan modifications are considered TDRs when the concessions provided would not otherwise be considered. However, not all loan modifications are TDRs. See Note 5 “Loans / Leases and Allowance for Credit Losses” to the Consolidated Financial Statements of the Annual Report on Form 10-K for the year ended December 31, 2020 for an additional discussion of TDRs.

The following table presents, by class and modification type, the number of contracts, post-modification outstanding balance, and the financial effects of the modification for the three-month periods ended March 31, 2021 and 2020.

	New Troubled Debt Restructurings (1)
	Three Months Ended March 31, 2021
	Number of Contracts	Post-modification Outstanding Recorded Investment (2)
(dollar amounts in millions)		Interest rate reduction		Amortization or maturity date change		Chapter 7 bankruptcy		Other		Total
Commercial and industrial	12	$	—	$	5	$	—	$	—	$	5
Automobile	902	—		7		1		—		8
Home equity	62	—		1		2		—		3
Residential mortgage	86	—		13		1		—		14
RV and marine	49	—		1		—		—		1
Other consumer	97	—		—		—		1		1
Total new TDRs	1,208	$	—	$	27	$	4	$	1	$	32
	Three Months Ended March 31, 2020
	Number of Contracts	Post-modification Outstanding Recorded Investment (2)
(dollar amounts in millions)		Interest rate reduction		Amortization or maturity date change		Chapter 7 bankruptcy		Other		Total
Commercial and industrial	140	$	—	$	62	$	—	$	—	$	62
Commercial real estate	7	—		2		—		—		2
Automobile	798	—		6		2		—		8
Home equity	63	—		1		2		—		3
Residential mortgage	101	—		9		2		—		11
RV and marine	28	—		1		—		—		1
Other consumer	249	1		—		—		—		1
Total new TDRs	1,386	$	1	$	81	$	6	$	—	$	88

(1)TDRs may include multiple concessions and the disclosure classifications are based on the primary concession provided to the borrower.

(2)Post-modification balances approximate pre-modification balances.

The financial effects of modification on the provision for loan and lease losses for the three-month periods ended March 31, 2021 and 2020, were less than $1 million and $9 million, respectively.

Pledged Loans

The Bank has access to the Federal Reserve’s discount window and advances from the FHLB. As of March 31, 2021 and December 31, 2020, these borrowings and advances are secured by $44.1 billion and $43.0 billion, respectively, of loans.

58 Huntington Bancshares Incorporated

5. ALLOWANCE FOR CREDIT LOSSES

Allowance for Loan and Lease Losses and Allowance for Credit Losses - Roll-forward

The following tables present ALLL and AULC activity by portfolio segment for the three-month periods ended March 31, 2021 and 2020.

(dollar amounts in millions)	Commercial		Consumer		Total
Three-month period ended March 31, 2021:
ALLL balance, beginning of period	$	1,236	$	578	$	1,814
Loan charge-offs	(61)		(34)		(95)
Recoveries of loans previously charged-off	12		19		31
Provision for loan and lease losses	10		(57)		(47)
ALLL balance, end of period	$	1,197	$	506	$	1,703
AULC balance, beginning of period	$	34	$	18	$	52
Provision (reduction in allowance) for unfunded loan commitments and letters of credit	(6)		(7)		(13)
Unfunded commitment losses	(1)		—		(1)
AULC balance, end of period	$	27	$	11	$	38
ACL balance, end of period	$	1,224	$	517	$	1,741

(dollar amounts in millions)	Commercial		Consumer		Total
Three-month period ended March 31, 2020:
ALLL balance, beginning of period	$	552	$	231	$	783
Cumulative-effect of change in accounting principle for financial instruments - credit losses (1)	180		211		391
Loan charge-offs	(88)		(48)		(136)
Recoveries of loans previously charged-off	5		14		19
Provision for loan and lease losses	347		100		447
ALLL balance, end of period	$	996	$	508	$	1,504
AULC balance, beginning of period	$	102	$	2	$	104
Cumulative-effect of change in accounting principle for financial instruments - credit losses (1)	(38)		40		2
Provision (reduction in allowance) for unfunded loan commitments and letters of credit	(5)		(1)		(6)
Unfunded commitment losses	(1)		—		(1)
AULC balance, end of period	$	58	$	41	$	99
ACL balance, end of period	$	1,054	$	549	$	1,603

(1)Relates to day one impact of the CECL adjustment as a result of the implementation of ASU 2016-13.

At March 31, 2021, the ACL was $1.7 billion, a decrease of $125 million from the December 31, 2020 balance of $1.9 billion. The decrease was primarily related to a reduction in credit reserves reflecting an improvement in the economic outlook. NCOs decreased $48 million, or 43%, in for the three-month period ended March 31, 2021. The decrease was driven by both commercial and consumer NCOs.

The suite of CECL models are generally dependent on the rate of change in unemployment rather than the absolute unemployment levels. Additionally, the economic scenarios used in the March 31, 2021 ACL determination contained significant judgmental assumptions around the ultimate number of COVID-19 cases and the economic impact of additional stimulus spending enacted into law during the first quarter. Given the impact of the unemployment variable utilized within the models and the uncertainty associated with key economic scenario assumptions, the March 31, 2021 ACL included a material general reserve component as well as additional industry specific risk profiles to capture economic uncertainty not addressed within the quantitative transaction reserve.

2021 1Q Form 10-Q 59

6. MORTGAGE LOAN SALES AND SERVICING RIGHTS

Residential Mortgage Portfolio

The following table summarizes activity relating to residential mortgage loans sold with servicing retained for the three-month periods ended March 31, 2021 and 2020:

	Three Months Ended March 31,
(dollar amounts in millions)	2021		2020
Residential mortgage loans sold with servicing retained	$	2,256	$	1,428
Pretax gains resulting from above loan sales (1)	93		39

(1)Recorded in mortgage banking income

The following table summarizes the changes in MSRs recorded using the fair value method for the three-month periods ended March 31, 2021 and 2020 (1):

	Three Months Ended March 31,
(dollar amounts in millions)	2021		2020 (1)
Fair value, beginning of period	$	210	$	7
Fair value election for servicing assets previously measured using the amortized method	—		205
New servicing assets created	33		14
Change in fair value during the period due to:
Time decay (2)	(3)		(2)
Payoffs (3)	(17)		(6)
Changes in valuation inputs or assumptions (4)	51		(53)
Fair value, end of period	$	274	$	165
Weighted-average life (years)	7.0		6.4

(1)Prior to January 1, 2020, substantially all of Huntington’s MSR assets were recorded at amortized cost.

(2)Represents decrease in value due to passage of time, including the impact from both regularly scheduled principal payments and partial loan paydowns.

(3)Represents decrease in value associated with loans that paid off during the period.

(4)Represents change in value resulting primarily from market-driven changes in interest rates.

MSRs do not trade in an active, open market with readily observable prices. Therefore, the fair value of MSRs is estimated using a discounted future cash flow model. Changes in the assumptions used may have a significant impact on the valuation of MSRs. MSR values are highly sensitive to movement in interest rates as expected future net servicing income depends on the projected outstanding principal balances of the underlying loans, which can be greatly impacted by the level of prepayments.

For MSRs under the fair value method, a summary of key assumptions and the sensitivity of the MSR value to changes in these assumptions at March 31, 2021, and December 31, 2020 follows:

	March 31, 2021							December 31, 2020 (1)
				Decline in fair value due to							Decline in fair value due to
(dollar amounts in millions)	Actual			10% adverse change		20% adverse change		Actual			10% adverse change		20% adverse change
Constant prepayment rate (annualized)	12.30	%		$	(15)	$	(28)	17.36	%		$	(12)	$	(23)
Spread over forward interest rate swap rates	509		bps	(6)		(12)		519		bps	(4)		(8)

(1)Prior to January 1, 2020, substantially all of Huntington’s MSR assets were recorded at amortized cost.

Total servicing, late fees and other ancillary fees included in mortgage banking income was $18 million and $17 million for the three-month periods ended March 31, 2021 and 2020, respectively.

The unpaid principal balance of residential mortgage loans serviced for third parties was $23.6 billion and $23.5 billion at March 31, 2021 and December 31, 2020, respectively.

60 Huntington Bancshares Incorporated

7. OTHER COMPREHENSIVE INCOME

The components of Huntington’s OCI for the three-month periods ended March 31, 2021 and 2020, were as follows:

	Three Months Ended March 31, 2021
	Tax (expense)
(dollar amounts in millions)	Pretax		Benefit		After-tax
Unrealized gains (losses) on available-for-sale securities arising during the period	$	(287)	$	64	$	(223)
Less: Reclassification adjustment for realized net losses (gains) included in net income	9		(2)		7
Net change in unrealized holding gains (losses) on available-for-sale securities	(278)		62		(216)
Net change in fair value on cash flow hedges	(44)		10		(34)
Net change in pension and other post-retirement obligations	3		(1)		2
Total other comprehensive income (loss)	$	(319)	$	71	$	(248)

	Three Months Ended March 31, 2020
	Tax (expense)
(dollar amounts in millions)	Pretax		Benefit		After-tax
Unrealized gains (losses) on available-for-sale securities arising during the period	$	217	$	(48)	$	169
Less: Reclassification adjustment for realized net losses (gains) included in net income	5		(1)		4
Net change in unrealized gains (losses) on available-for-sale securities	222		(49)		173
Net change in fair value on cash flow hedges	396		(88)		308
Net change in pension and other post-retirement obligations	2		—		2
Total other comprehensive income (loss)	$	620	$	(137)	$	483

Activity in accumulated OCI for the three-month periods ended March 31, 2021 and 2020, were as follows:

(dollar amounts in millions)	Unrealized gains (losses) on debt securities (1)		Change in fair value related to cash flow hedges		Unrealized gains (losses) for pension and other post- retirement obligations (2)		Total
Three Months Ended March 31, 2021
Balance, beginning of period	$	188	$	257	$	(253)	$	192
Other comprehensive income before reclassifications	(223)		(34)		—		(257)
Amounts reclassified from accumulated OCI to earnings	7		—		2		9
Period change	(216)		(34)		2		(248)
Balance, end of period	$	(28)	$	223	$	(251)	$	(56)
Three Months Ended March 31, 2020
Balance, beginning of period	$	(28)	$	23	$	(251)	$	(256)
Other comprehensive income before reclassifications	169		308		—		477
Amounts reclassified from accumulated OCI to earnings	4		—		2		6
Period change	173		308		2		483
Balance, end of period	$	145	$	331	$	(249)	$	227

(1)AOCI amounts at March 31, 2021, December 31, 2020 and March 31, 2020 include $60 million, $69 million and $87 million, respectively, net of unrealized losses 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.

2021 1Q Form 10-Q 61

8. SHAREHOLDERS’ EQUITY

Preferred Stock

The following is a summary of Huntington’s non-cumulative, non-voting, perpetual preferred stock outstanding as of March 31, 2021.

(dollar amounts in millions)
Series	Issuance Date	Total Shares Outstanding	Carrying Amount		Dividend Rate		Earliest Redemption Date
Series B	12/28/2011	35,500	$	23	3-mo. LIBOR + 270 bps		1/15/2017
Series D	3/21/2016	400,000	386		6.25	%	4/15/2021
Series D	5/5/2016	200,000	199		6.25	%	4/15/2021
Series C	8/16/2016	100,000	100		5.875	%	10/15/2021
Series E	2/27/2018	5,000	495		5.700	%	4/15/2023
Series F	5/27/2020	5,000	494		5.625	%	7/15/2030
Series G	8/3/2020	5,000	494		4.450	%	10/15/2027
Series H	2/2/2021	500,000	485		4.500	%	4/15/2026
Total		1,250,500	$	2,676

Series B, D, C and H of preferred stock have a liquidation value and redemption price per share of $1,000, plus any declared and unpaid dividends. Series E, F, and G stock have a liquidation value and redemption price per share of $100,000, plus any declared and unpaid dividends. All preferred stock has no stated maturity and redemption is solely at our option. Under current rules, any redemption of the preferred stock is subject to prior approval of the FRB.

The following table presents the dividends declared for each series of Preferred shares for the three-month periods ended March 31, 2021 and 2020:

	Three Months Ended March 31,
	2021				2020
(amounts in millions, except per share data)	Cash Dividend Declared Per Share				Cash Dividend Declared Per Share
Preferred Series			Amount ($)				Amount ($)
Series B	$	7.35	$	—	$	11.33	$	(1)
Series C	14.69		(2)		14.69		(1)
Series D	15.63		(9)		15.63		(9)
Series E	1,425.00		(7)		1,425.00		(7)
Series F	1,406.25		(7)		—		—
Series G	1,112.50		(6)		—		—
Total			$	(31)			$	(18)

9. EARNINGS PER SHARE

Basic earnings per share is the amount of earnings (adjusted for dividends declared on preferred stock) available to each share of common stock outstanding during the reporting period. Diluted earnings per share is the amount of earnings available to each share of common stock outstanding during the reporting period adjusted to include the effect of potentially dilutive common shares. Potentially dilutive common shares include incremental shares issued for stock options, restricted stock units and awards, and distributions from deferred compensation plans. Potentially dilutive common shares are excluded from the computation of diluted earnings per share in periods in which the effect would be antidilutive.

62 Huntington Bancshares Incorporated

The calculation of basic and diluted earnings per share for the three-month periods ended March 31, 2021 and 2020 was as follows:

	Three Months Ended March 31,
(dollar amounts in millions, except per share data, share count in thousands)	2021		2020
Basic earnings per common share:
Net income	$	532	$	48
Preferred stock dividends	(31)		(18)
Net income available to common shareholders	$	501	$	30
Average common shares issued and outstanding	1,017,512		1,017,643
Basic earnings per common share	$	0.49	$	0.03
Diluted earnings per common share:
Dilutive potential common shares:
Stock options and restricted stock units and awards	18,397		12,363
Shares held in deferred compensation plans	5,094		4,570
Dilutive potential common shares	23,491		16,933
Total diluted average common shares issued and outstanding	1,041,003		1,034,576
Diluted earnings per common share	$	0.48	$	0.03
Anti-dilutive awards (1)	1,666		8,045

(1)Reflects the total number of shares related to outstanding options that have been excluded from the computation of diluted earnings per share because the impact would have been anti-dilutive.

10. NONINTEREST INCOME

Huntington earns a variety of revenue including interest and fees from customers as well as revenues from non-customers. Certain sources of revenue are recognized within interest or fee income and are outside of the scope of ASC Topic 606, Revenue from Contracts with Customers (“ASC 606”). Other sources of revenue fall within the scope of ASC 606 and are generally recognized within noninterest income. These revenues are included within various sections of the Unaudited Condensed Consolidated Financial Statements. The following table shows Huntington’s total noninterest income segregated between contracts with customers within the scope of ASC 606 and those within the scope of other GAAP Topics.

(dollar amounts in millions)	Three Months Ended March 31,
Noninterest income	2021		2020
Noninterest income from contracts with customers	$	222	$	227
Noninterest income within the scope of other GAAP topics	173		134
Total noninterest income	$	395	$	361

2021 1Q Form 10-Q 63

The following table illustrates the disaggregation by operating segment and major revenue stream and reconciles disaggregated revenue to segment revenue presented in Note 15 “Segment Reporting”.

	Three Months Ended March 31, 2021
(dollar amounts in millions)	Consumer & Business Banking		Commercial Banking		Vehicle Finance		RBHPCG		Treasury / Other		Huntington Consolidated
Major Revenue Streams
Service charges on deposit accounts	$	48	$	19	$	2	$	—	$	—	$	69
Card and payment processing income	58		4		—		—		—		62
Trust and investment management services	13		1		—		38		—		52
Insurance income	12		2		—		13		—		27
Other noninterest income	6		2		1		1		2		12
Net revenue from contracts with customers	$	137	$	28	$	3	$	52	$	2	$	222
Noninterest income within the scope of other GAAP topics	99		60		—		1		13		173
Total noninterest income	$	236	$	88	$	3	$	53	$	15	$	395
	Three Months Ended March 31, 2020
(dollar amounts in millions)	Consumer & Business Banking		Commercial Banking		Vehicle Finance		RBHPCG		Treasury / Other		Huntington Consolidated
Major Revenue Streams
Service charges on deposit accounts	$	68	$	17	$	1	$	1	$	—	$	87
Card and payment processing income	52		4		—		—		—		56
Trust and investment management services	10		1		—		36		—		47
Insurance income	8		2		—		12		1		23
Other noninterest income	8		3		1		1		1		14
Net revenue from contracts with customers	$	146	$	27	$	2	$	50	$	2	$	227
Noninterest income within the scope of other GAAP topics	66		59		1		—		8		134
Total noninterest income	$	212	$	86	$	3	$	50	$	10	$	361

Huntington generally provides services for customers in which it acts as principal. Payment terms and conditions vary amongst services and customers, and thus impact the timing and amount of revenue recognition. Some fees may be paid before any service is rendered and accordingly, such fees are deferred until the obligations pertaining to those fees are satisfied. Most Huntington contracts with customers are cancelable by either party without penalty or they are short-term in nature, with a contract duration of less than one year. Accordingly, most revenue deferred for the reporting period ended March 31, 2021 is expected to be earned within one year. Huntington does not have significant balances of contract assets or contract liabilities and any change in those balances during the reporting period ended March 31, 2021 was determined to be immaterial.

64 Huntington Bancshares Incorporated

11. FAIR VALUES OF ASSETS AND LIABILITIES

See Note 20 “Fair Value of Assets and Liabilities” to the Consolidated Financial Statements of the Annual Report on Form 10-K for the year ended December 31, 2020 for a description of the valuation methodologies used for instruments measured at fair value. Assets and liabilities measured at fair value rarely transfer between Level 1 and Level 2 measurements. There were no such transfers during the three-month periods ended March 31, 2021 and 2020.

Assets and Liabilities measured at fair value on a recurring basis

Assets and liabilities measured at fair value on a recurring basis at March 31, 2021 and December 31, 2020 are summarized below:

	Fair Value Measurements at Reporting Date Using						Netting Adjustments (1)		March 31, 2021
(dollar amounts in millions)	Level 1		Level 2		Level 3
Assets
Trading account securities:
Municipal securities	$	—	$	48	$	—	$	—	$	48
Corporate debt	—		3		—		—		3
	—		51		—		—		51
Available-for-sale securities:
U.S. Treasury securities	5		—		—		—		5
Residential CMOs	—		3,172		—		—		3,172
Residential MBS	—		10,645		—		—		10,645
Commercial MBS	—		1,227		—		—		1,227
Other agencies	—		46		—		—		46
Municipal securities	—		52		3,070		—		3,122
Private-label CMO	—		39		11		—		50
Asset-backed securities	—		200		47		—		247
Corporate debt	—		857		—		—		857
Other securities/sovereign debt	—		4		—		—		4
	5		16,242		3,128		—		19,375
Other securities	42		17		—		—		59
Loans held for sale	—		1,531		—		—		1,531
Loans held for investment	—		96		22		—		118
MSRs	—		—		274		—		274
Derivative assets	—		1,808		21		(816)		1,013
Liabilities
Derivative liabilities	—		863		11		(703)		171

2021 1Q Form 10-Q 65

	Fair Value Measurements at Reporting Date Using						Netting Adjustments (1)		December 31, 2020
(dollar amounts in millions)	Level 1		Level 2		Level 3
Assets
Trading account securities:
Municipal securities	$	—	$	62	$	—	$	—	$	62
Available-for-sale securities:
U.S. Treasury securities	5		—		—		—		5
Residential CMOs	—		3,666		—		—		3,666
Residential MBS	—		7,935		—		—		7,935
Commercial MBS	—		1,163		—		—		1,163
Other agencies	—		62		—		—		62
Municipal securities	—		53		2,951		—		3,004
Private-label CMO	—		—		9		—		9
Asset-backed securities	—		182		10		—		192
Corporate debt	—		445		—		—		445
Other securities/sovereign debt	—		4		—		—		4
	5		13,510		2,970		—		16,485
Other securities	59		—		—		—		59
Loans held for sale	—		1,198		—		—		1,198
Loans held for investment	—		71		23		—		94
MSRs	—		—		210		—		210
Derivative assets	—		1,903		43		(889)		1,057
Liabilities
Derivative liabilities	—		1,031		2		(917)		116

(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 tables below present a rollforward of the balance sheet amounts for the three-month periods ended March 31, 2021 and 2020, for financial instruments measured 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 Three Months Ended March 31, 2021
					Available-for-sale securities						Loans held for investment
(dollar amounts in millions)	MSRs		Derivative instruments		Municipal securities		Private- label CMO		Asset-backed securities
Opening balance	$	210	$	41	$	2,951	$	9	$	10	$	23
Transfers out of Level 3 (1)	—		(39)		—		—		—		—
Total gains/losses for the period:
Included in earnings	51		8		—		—		—		—
Included in OCI	—		—		(4)		—		—		—
Purchases/originations	33		—		209		2		37		—
Repayments	—		—		—		—		—		(1)
Settlements	(20)		—		(86)		—		—		—
Closing balance	$	274	$	10	$	3,070	$	11	$	47	$	22
Change in unrealized gains or losses for the period included in earnings for assets held at end of the reporting date	$	51	$	(26)	$	—	$	—	$	—	$	—
Change in unrealized gains or losses for the period included in other comprehensive income for assets held at the end of the reporting period	—		—		(5)		—		—		—

66 Huntington Bancshares Incorporated

	Level 3 Fair Value Measurements Three Months Ended March 31, 2020
	MSRs		Derivative instruments		Available-for-sale securities							Loans held for investment
(dollar amounts in millions)					Municipal securities		Private- label CMO			Asset-backed securities
Opening balance	$	7	$	6	$	2,999	$	2		$	48	$	26
Fair value election for servicing assets previously measured using the amortized method	205		—		—		—			—		—
Transfers out of Level 3 (1)	—		(20)		—		—			—		—
Total gains/losses for the period:
Included in earnings	(47)		53		(1)		—			—		—
Included in OCI	—		—		(68)		—			—		—
Purchases/originations	—		—		73		—			27		—
Settlements	—		—		(66)		—			(6)		—
Closing balance	$	165	$	39	$	2,937	$	2		$	69	$	26
Change in unrealized gains or losses for the period included in earnings for assets held at end of the reporting date	$	(47)	$	34	$	—	$	—		$	—	$	—
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)		$	—	0	$	—	$	—

(1)Transfers out of Level 3 represent the settlement value of the derivative instruments (i.e. interest rate lock agreements) that is transferred to loans held for sale, which is classified as Level 2.

The tables below summarize the classification of gains and losses due to changes in fair value, recorded in earnings for Level 3 assets and liabilities for the three-month periods ended March 31, 2021 and 2020:

	Level 3 Fair Value Measurements Three Months Ended March 31, 2021
(dollar amounts in millions)	MSRs		Derivative instruments
Classification of gains and losses in earnings:
Mortgage banking income	$	51	$	8
Total	$	51	$	8

	Level 3 Fair Value Measurements Three Months Ended March 31, 2020
					Available-for-sale securities
(dollar amounts in millions)	MSRs		Derivative instruments		Municipal securities
Classification of gains and losses in earnings:
Mortgage banking income	$	(47)	$	53	$	—
Interest and fee income	—		—		(1)
Total	$	(47)	$	53	$	(1)

2021 1Q Form 10-Q 67

Assets and liabilities under the fair value option

The following tables present the fair value and aggregate principal balance of certain assets and liabilities under the fair value option:

	March 31, 2021
(dollar amounts in millions)	Total Loans						Loans that are 90 or more days past due
Assets	Fair value carrying amount		Aggregate unpaid principal		Difference		Fair value carrying amount		Aggregate unpaid principal		Difference
Loans held for sale	$	1,531	$	1,501	$	30	$	—	$	—	$	—
Loans held for investment	118		123		(5)		4		5		(1)

	December 31, 2020
(dollar amounts in millions)	Total Loans						Loans that are 90 or more days past due
Assets	Fair value carrying amount		Aggregate unpaid principal		Difference		Fair value carrying amount		Aggregate unpaid principal		Difference
Loans held for sale	$	1,198	$	1,134	$	64	$	2	$	2	$	—
Loans held for investment	94		99		(5)		7		8		(1)

The following table present the net gains (losses) from fair value changes for the three-month periods ended March 31, 2021 and 2020.

	Net gains (losses) from fair value changes
(dollar amounts in millions)	Three Months Ended March 31,
Assets	2021		2020
Loans held for sale (1)	$	(34)	$	19

(1)The net gains (losses) from fair value changes are included in Mortgage banking income on the Unaudited Condensed Consolidated Statements of Income.

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, such as when there is evidence of impairment. The amounts presented represent the fair value on the various measurement dates throughout the period. 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 at March 31, 2021 were as follows:

		Fair Value Measurements Using
(dollar amounts in millions)	Fair Value	Quoted Prices In Active Markets for Identical Assets (Level 1)	Significant Other Observable Inputs (Level 2)	Significant Other Unobservable Inputs (Level 3)	Total Gains/(Losses) Three Months Ended March 31, 2021
Collateral-dependent loans	12	—	—	12	(1)

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.

68 Huntington Bancshares Incorporated

Significant unobservable inputs for assets and liabilities measured at fair value on a recurring and nonrecurring basis

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 at March 31, 2021 and December 31, 2020:

	Quantitative Information about Level 3 Fair Value Measurements at March 31, 2021 (1) (1)
(dollar amounts in millions)	Fair Value		Valuation Technique	Significant Unobservable Input	Range				Weighted Average
Measured at fair value on a recurring basis:
MSRs	$	274	Discounted cash flow	Constant prepayment rate	6	%	-	22%	12	%
				Spread over forward interest rate swap rates	3	%	-	11%	5	%
Derivative assets	21		Consensus Pricing	Net market price	(5)	%	-	12%	1	%
				Estimated Pull through %	6	%	-	100%	90	%
Municipal securities	3,070		Discounted cash flow	Discount rate	—	%	-	2%	1	%
Asset-backed securities	47			Cumulative default	—	%	-	39%	4	%
				Loss given default	5	%	-	80%	25	%
Measured at fair value on a nonrecurring basis:
Collateral-dependent loans	12		Appraisal value	N/A					N/A

	Quantitative Information about Level 3 Fair Value Measurements at December 31, 2020 (1)
(dollar amounts in millions)	Fair Value		Valuation Technique	Significant Unobservable Input	Range				Weighted Average
Measured at fair value on a recurring basis:
MSRs	$	210	Discounted cash flow	Constant prepayment rate	8	%	-	24%	17	%
				Spread over forward interest rate swap rates	4	%	-	11%	5	%
Derivative assets	43		Consensus Pricing	Net market price	(4)	%	-	11%	3	%
				Estimated Pull through %	1	%	-	100%	88	%
Municipal securities	2,951		Discounted cash flow	Discount rate	—	%		1%	1	%
Asset-backed securities	10			Cumulative default	—	%		39%	4	%
				Loss given default	5	%		80%	25	%
Measured at fair value on a nonrecurring basis:
Collateral-dependent loans	144		Appraisal value	N/A					NA

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

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.

Credit loss estimates, such as 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.

Net market price and pull through percentages generally increase when market interest rates increase and decline when market interest rates decline. Higher net market price and pull through percentages generally result in higher fair values.

2021 1Q Form 10-Q 69

Fair values of financial instruments

The following table provides the carrying amounts and estimated fair values of Huntington’s financial instruments at March 31, 2021 and December 31, 2020:

	March 31, 2021
(dollar amounts in millions)	Amortized Cost		Lower of Cost or Market		Fair Value or Fair Value Option		Total Carrying Amount		Estimated Fair Value
Financial Assets
Cash and short-term assets	$	8,641	$	—	$	—	$	8,641	$	8,641
Trading account securities	—		—		51		51		51
Available-for-sale securities	—		—		19,375		19,375		19,375
Held-to-maturity securities	7,815		—		—		7,815		8,062
Other securities	352		—		59		411		411
Loans held for sale	—		6		1,531		1,537		1,537
Net loans and leases (1)	78,409		—		118		78,527		78,603
Derivative assets	—		—		1,013		1,013		1,013
Financial Liabilities
Deposits	102,184		—		—		102,184		102,231
Short-term borrowings	219		—		—		219		219
Long-term debt	7,210		—		—		7,210		7,305
Derivative liabilities	—		—		171		171		171

	December 31, 2020
(dollar amounts in millions)	Amortized Cost		Lower of Cost or Market		Fair Value or Fair Value Option		Total Carrying Amount		Estimated Fair Value
Financial Assets
Cash and short-term assets	$	6,712	$	—	$	—	$	6,712	$	6,712
Trading account securities	—		—		62		62		62
Available-for-sale securities	—		—		16,485		16,485		16,485
Held-to-maturity securities	8,861		—		—		8,861		9,255
Other securities	359		—		59		418		418
Loans held for sale	—		77		1,198		1,275		1,275
Net loans and leases (1)	79,700		—		94		79,794		80,477
Derivative assets	—		—		1,057		1,057		1,057
Financial Liabilities
Deposits	98,948		—		—		98,948		99,021
Short-term borrowings	183		—		—		183		183
Long-term debt	8,352		—		—		8,352		8,568
Derivative liabilities	—		—		116		116		116

(1)Includes collateral-dependent loans.

70 Huntington Bancshares Incorporated

The following table presents the level in the fair value hierarchy for the estimated fair values at March 31, 2021 and December 31, 2020:

	Estimated Fair Value Measurements at Reporting Date Using						Netting Adjustments (1)		March 31, 2021
(dollar amounts in millions)	Level 1		Level 2		Level 3
Financial Assets
Trading account securities	$	—	$	51	$	—			$	51
Available-for-sale securities	5		16,242		3,128				19,375
Held-to-maturity securities	—		8,062		—				8,062
Other securities (2)	42		17		—				59
Loans held for sale	—		1,531		6				1,537
Net loans and direct financing leases	—		96		78,507				78,603
Derivative assets	—		1,808		21		$	(816)	1,013
Financial Liabilities
Deposits	—		99,998		2,233				102,231
Short-term borrowings	—		219		—				219
Long-term debt	—		6,736		569				7,305
Derivative liabilities	—		863		11		(703)		171

	Estimated Fair Value Measurements at Reporting Date Using						Netting Adjustments (1)		December 31, 2020
(dollar amounts in millions)	Level 1		Level 2		Level 3
Financial Assets
Trading account securities	$	—	$	62	$	—			$	62
Available-for-sale securities	5		13,510		2,970				16,485
Held-to-maturity securities	—		9,255		—				9,255
Other securities (2)	59		—		—				59
Loans held for sale	—		1,198		77				1,275
Net loans and direct financing leases	—		71		80,406				80,477
Derivative assets	—		1,903		43		$	(889)	1,057
Financial Liabilities
Deposits	—		96,656		2,365				99,021
Short-term borrowings	—		183		—				183
Long-term debt	—		7,999		569				8,568
Derivative liabilities	—		1,031		2		(917)		116

(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.

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, FHLB advances, and cash and short-term assets, which include cash and due from banks, interest-bearing deposits in banks, interest-bearing deposits at Federal Reserve Bank, federal funds sold, and securities purchased under resale agreements. 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, deposit base, and other customer relationship intangibles are not considered financial instruments and are not included above. Accordingly, this fair value information is not intended to, and does not,

2021 1Q Form 10-Q 71

represent Huntington’s underlying value. 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.

12. DERIVATIVE FINANCIAL INSTRUMENTS

Derivative financial instruments are recorded in the Unaudited Condensed Consolidated Balance Sheets as either an asset or a liability (in other assets or other liabilities, respectively) and measured at fair value.

Derivative financial instruments can be designated as accounting hedges under GAAP. Designating a derivative as an accounting hedge allows Huntington to recognize gains and losses on the hedging instruments in the income statement line item where the gains and losses on the hedged item are recognized. Gains and losses on derivatives that are not designated in an effective hedge relationship under GAAP immediately impact earnings within the period they occur.

The following table presents the fair values and notional values of all derivative instruments included in the Unaudited Condensed Consolidated Balance Sheets at March 31, 2021 and December 31, 2020. Amounts in the table below are presented gross without the impact of any net collateral arrangements.

	March 31, 2021						December 31, 2020
(dollar amounts in millions)	Notional Value		Asset		Liability		Notional Value		Asset		Liability
Derivatives designated as Hedging Instruments
Interest rate contracts	$	24,937	$	638	$	42	$	27,056	$	719	$	51
Derivatives not designated as Hedging Instruments
Interest rate contracts	55,792		1,034		686		44,495		1,074		828
Foreign exchange contracts	2,737		44		42		2,718		46		47
Commodities contracts	1,660		101		98		1,952		107		103
Equity contracts	502		12		6		517		—		4
Total Contracts	$	85,628	$	1,829	$	874	$	76,738	$	1,946	$	1,033

The following table presents the amount of gain or loss recognized in income for derivatives not designated as hedging instruments under ASC Subtopic 815-10 in the Unaudited Condensed Consolidated Income Statement for the three-month periods ended March 31, 2021 and 2020, respectively.

	Location of Gain or (Loss) Recognized in Income on Derivative	Amount of Gain or (Loss) Recognized in Income on Derivative
		Three Months Ended March 31,
(dollar amounts in millions)		2021		2020
Interest rate contracts:
Customer	Capital markets fees	$	12	$	18
Mortgage Banking	Mortgage banking income	(6)		96
Interest rate floors	Interest and fee income on loans and leases	(2)		—
Interest rate caps	Interest expense on long-term debt	144		—
Foreign exchange contracts	Capital markets fees	6		6
Commodities contracts	Capital markets fees	—		2
Equity contracts	Other noninterest expense	(7)		(2)
Total		$	147	$	120

Derivatives used in asset and liability management activities

Huntington engages in balance sheet hedging activity, principally for asset and liability management purposes. Balance sheet hedging activity is generally arranged to receive hedge accounting treatment that can be classified as either fair value or cash flow hedges. Fair value hedges are executed to hedge changes in fair value of outstanding fixed-rate debt and investment securities caused by fluctuations in market interest rates. Cash flow hedges are

72 Huntington Bancshares Incorporated

executed to modify interest rate characteristics of designated commercial loans in order to reduce the impact of changes in future cash flows due to market interest rate changes.

The following table presents the gross notional values of derivatives used in Huntington’s asset and liability management activities at March 31, 2021 and December 31, 2020, identified by the underlying interest rate-sensitive instruments.

	March 31, 2021
(dollar amounts in millions)	Fair Value Hedges		Cash Flow Hedges		Economic Hedges		Total
Instruments associated with:
Investment securities	$	3,190	$	—	$	—	$	3,190
Loans	—		16,350		1,271		17,621
Long-term debt	5,397		—		8,000		13,397
Total notional value at March 31, 2021	$	8,587	$	16,350	$	9,271	$	34,208
	December 31, 2020
(dollar amounts in millions)	Fair Value Hedges		Cash Flow Hedges		Economic Hedges		Total
Instruments associated with:
Investment securities	$	3,484	$	—	$	—	$	3,484
Loans	—		17,375		1,271		18,646
Long-term debt	6,197		—		5,000		11,197
Total notional value at December 31, 2020	$	9,681	$	17,375	$	6,271	$	33,327

These derivative financial instruments were entered into for the purpose of managing the interest rate risk of assets and liabilities. Net amounts receivable or payable on contracts hedging either interest earning assets or interest bearing liabilities were accrued as an adjustment to either interest income or interest expense. Also, recorded as an adjustment to interest income were the amounts related to the amortization of floors and forward-starting floors that were excluded from the hedge effectiveness, changes in the fair value of economic hedges, as well as the amounts related to terminated hedges reclassified from AOCI. The net amounts resulted in an increase (decrease) to net interest income of $225 million and $16 million for the three-month periods ended March 31, 2021, and 2020, respectively.

Fair Value Hedges

The changes in fair value of the fair value hedges are recorded through earnings and offset against changes in the fair value of the hedged item.

Huntington has designated $2.8 billion of interest rate swaps as fair value hedges of fixed-rate investment securities using the last-of-layer method. This approach allows the Company to designate as the hedged item a stated amount of the assets that are not expected to be affected by prepayments, defaults and other factors affecting the timing and amount of cash flows. The fair value basis adjustment on our hedged mortgage-backed securities is included in available-for-sale securities on our Unaudited Condensed Consolidated Statements of Financial Condition.

2021 1Q Form 10-Q 73

The following table presents the change in fair value for derivatives designated as fair value hedges as well as the offsetting change in fair value on the hedged item for the three-month periods ended March 31, 2021 and 2020.

	Three Months Ended March 31,
(dollar amounts in millions)	2021		2020
Interest rate contracts
Change in fair value of interest rate swaps hedging investment securities (1)	$	43	$	—
Change in fair value of hedged investment securities (1)	(44)		—
Change in fair value of interest rate swaps hedging long-term debt (2)	(50)		200
Change in fair value of hedged long term debt (2)	52		(190)

(1)Recognized in Interest income—available-for-sale securities—taxable in the Unaudited Condensed Consolidated Statements of Income

(2)Recognized in Interest expense—long-term debt in the Unaudited Condensed Consolidated Statements of Income.

As of March 31, 2021, and December 31, 2020, the following amounts were recorded on the balance sheet related to cumulative basis adjustments for fair value hedges.

	Amortized Cost				Cumulative Amount of Fair Value Hedging Adjustment To Hedged Items
(dollar amounts in millions)	March 31, 2021		December 31, 2020		March 31, 2021		December 31, 2020
Assets
Investment securities (1)	$	5,713	$	6,637	$	1	$	3
Liabilities
Long-term debt	5,538		6,383		180		232

(1)Amounts include the amortized cost basis of closed portfolios used to designate hedging relationships in which the hedged item is the last layer expected to be remaining at the end of the hedging relationship. As of March 31, 2021, the amortized cost basis of the closed portfolios used in these hedging relationships was $5.3 billion, the cumulative basis adjustments associated with these hedging relationships was $1 million, and the amounts of the designated hedged items were $2.8 billion.

The cumulative amount of fair value hedging adjustments remaining for any hedged assets and liabilities for which hedge accounting has been discontinued was $(50) million and $(62) million at March 31, 2021 and December 31, 2020, respectively.

Cash Flow Hedges

At March 31, 2021, Huntington has $16.4 billion of interest rate floors, floor spreads and swaps. These are designated as cash flow hedges for variable rate commercial loans indexed to LIBOR. The change in the fair value of a derivative instrument designated as a cash flow hedge is initially recognized in OCI and is reclassified into income when the hedged item impacts earnings. The initial premium paid for the interest rate floor contracts represents the time value of the contracts and is not included in the measurement of hedge effectiveness. Any change in fair value related to time value is recognized in OCI. The initial premium paid is amortized on a straight line basis as a reduction to interest income over the contractual life of these contracts.

Gains and (losses) on interest rate floors, floor spreads, and swaps recognized in other comprehensive income were $(34) million and $308 million for the three-months periods ended March 31, 2021 and 2020, respectively.

Derivatives used in mortgage banking activities

Mortgage loan origination hedging activity

Huntington’s mortgage origination hedging activity is related to economically hedging Huntington’s mortgage pricing commitments to customers and the secondary sale to third parties. The value of a newly originated mortgage is not firm until the interest rate is committed or locked. Forward commitments to sell economically hedge the possible loss on interest rate lock commitments due to interest rate change. The net asset position of these derivatives at March 31, 2021 and December 31, 2020 are $65 million and $26 million, respectively. At March 31, 2021 and December 31, 2020, Huntington had commitments to sell residential real estate loans of $2.9 billion and $2.9 billion, respectively. These contracts mature in less than one year.

74 Huntington Bancshares Incorporated

MSR hedging activity

Huntington’s MSR economic hedging activity uses securities and derivatives to manage the value of the MSR asset and to mitigate the various types of risk inherent in the MSR asset, including risks related to duration, basis, convexity, volatility, and yield curve. The hedging instruments include forward commitments, TBA securities, Treasury futures contracts, interest rate swaps, and options on interest rate swaps.

The notional value of the derivative financial instruments, the corresponding net asset (liability) position recognized in other assets and/or other liabilities, and net trading gains (losses) related to MSR hedging activity is summarized in the following table:

(dollar amounts in millions)	March 31, 2021		December 31, 2020
Notional value	$	875	$	1,170
Trading assets	9		43

	Three Months Ended March 31, 2021
(dollar amounts in millions)	2021		2020
Trading gains	$	(46)	$	57

MSR hedging trading assets and liabilities are included in other assets and other liabilities, respectively, in the Unaudited Condensed Balance Sheets. Trading gains (losses) are included in mortgage banking income in the Unaudited Condensed Consolidated Statement of Income.

Derivatives used in customer related activities

Various derivative financial instruments are offered to enable customers to meet their financing and investing objectives and for their risk management purposes. Derivative financial instruments used in trading activities consist of commodity, interest rate, and foreign exchange contracts. Huntington enters into offsetting third-party contracts with approved, reputable counterparties with substantially matching terms and currencies in order to economically hedge significant exposure related to derivatives used in trading activities.

The interest rate or price risk of customer derivatives is mitigated by entering into similar derivatives having offsetting terms with other counterparties. The credit risk to these customers is evaluated and included in the calculation of fair value. Foreign currency derivatives help the customer hedge risk and reduce exposure to fluctuations in exchange rates. Transactions are primarily in liquid currencies with Canadian dollars and Euros comprising a majority of all transactions. Commodity derivatives help the customer hedge risk and reduce exposure to fluctuations in the price of various commodities. Hedging of energy-related products and base metals comprise the majority of these transactions.

The net fair values of these derivative financial instruments, for which the gross amounts are included in other assets or other liabilities at both March 31, 2021 and December 31, 2020, were $73 million and $70 million, respectively. The total notional values of derivative financial instruments used by Huntington on behalf of customers, including offsetting derivatives, were $46 billion and $37 billion at March 31, 2021 and December 31, 2020, respectively. Huntington’s credit risk from customer derivatives was $593 million and $882 million at the same dates, respectively.

Financial assets and liabilities that are offset in the Unaudited Condensed Consolidated Balance Sheets

Huntington records derivatives at fair value as further described in Note 11 “Fair Values of Assets and Liabilities”.

Derivative balances are presented on a net basis taking into consideration the effects of legally enforceable master netting agreements. Additionally, collateral exchanged with counterparties is also netted against the applicable derivative fair values. Huntington enters into derivative transactions with two primary groups: broker-dealers and banks, and Huntington’s customers. Different methods are utilized for managing counterparty credit exposure and credit risk for each of these groups.

Huntington enters into transactions with broker-dealers and banks for various risk management purposes. These types of transactions generally are high dollar volume. Huntington enters into collateral and master netting agreements with these counterparties, and routinely exchanges cash and high quality securities collateral.

2021 1Q Form 10-Q 75

Huntington enters into transactions with customers to meet their financing, investing, payment and risk management needs. These types of transactions generally are low dollar volume. Huntington enters into master netting agreements with customer counterparties; however, collateral is generally not exchanged with customer counterparties.

In addition to the customer derivative credit exposure, aggregate credit risk associated with broker-dealer and bank derivative transactions, net of collateral that has been pledged by the counterparty, was $420 million and $175 million at March 31, 2021 and December 31, 2020, respectively. The credit risk associated with derivatives is calculated after considering master netting agreements.

At March 31, 2021, Huntington pledged $69 million of investment securities and cash collateral to counterparties, while other counterparties pledged $434 million of investment securities and cash collateral to Huntington to satisfy collateral netting agreements. In the event of credit downgrades, Huntington would not be required to provide additional collateral.

The following tables present the gross amounts of these assets and liabilities with any offsets to arrive at the net amounts recognized in the Unaudited Condensed Consolidated Balance Sheets at March 31, 2021 and December 31, 2020.

Offsetting of Financial Assets and Derivative Assets
			Gross amounts offset in the unaudited condensed consolidated balance sheets		Net amounts of assets presented in the unaudited condensed consolidated balance sheets		Gross amounts not offset in the unaudited condensed consolidated balance sheets
(dollar amounts in millions)	Gross amounts of recognized assets						Financial instruments		Cash collateral received		Net amount
March 31, 2021	$	1,829	$	(816)	$	1,013	$	(82)	$	(190)	$	741
December 31, 2020	1,946		(889)		1,057		(112)		(142)		803

Offsetting of Financial Liabilities and Derivative Liabilities
			Gross amounts offset in the unaudited condensed consolidated balance sheets		Net amounts of liabilities presented in the unaudited condensed consolidated balance sheets		Gross amounts not offset in the unaudited condensed consolidated balance sheets
(dollar amounts in millions)	Gross amounts of recognized liabilities						Financial instruments		Cash collateral delivered		Net amount
March 31, 2021	$	874	$	(703)	$	171	$	(17)	$	(173)	$	(19)
December 31, 2020	1,033		(917)		116		(9)		(105)		2

13. VIEs

Unconsolidated VIEs

The following tables provide a summary of the assets and liabilities included in Huntington’s Unaudited Condensed Consolidated Financial Statements, as well as the maximum exposure to losses, associated with its interests related to unconsolidated VIEs for which Huntington holds an interest in, but is not the primary beneficiary, of the VIE at March 31, 2021, and December 31, 2020:

	March 31, 2021
(dollar amounts in millions)	Total Assets		Total Liabilities		Maximum Exposure to Loss
Trust Preferred Securities	$	14	$	253	$	—
Affordable Housing Tax Credit Partnerships	945		445		945
Other Investments	329		72		329
Total	$	1,288	$	770	$	1,274

76 Huntington Bancshares Incorporated

	December 31, 2020
(dollar amounts in millions)	Total Assets		Total Liabilities		Maximum Exposure to Loss
Trust Preferred Securities	$	14	$	252	$	—
Affordable Housing Tax Credit Partnerships	956		500		956
Other Investments	308		72		308
Total	$	1,278	$	824	$	1,264

Trust-Preferred Securities

Huntington has certain wholly-owned trusts whose assets, liabilities, equity, income, and expenses are not included within Huntington’s Unaudited Condensed Consolidated Financial Statements. These trusts have been formed for the sole purpose of issuing trust-preferred securities, from which the proceeds are then invested in Huntington junior subordinated debentures, which are reflected in Huntington’s Unaudited Condensed Consolidated Balance Sheet as long-term debt. The trust securities are the obligations of the trusts, and as such, are not consolidated within Huntington’s Unaudited Condensed Consolidated Financial Statements.

A list of trust preferred securities outstanding at March 31, 2021 follows:

(dollar amounts in millions)	Rate			Principal amount of subordinated note/ debenture issued to trust (1)		Investment in unconsolidated subsidiary
Huntington Capital I	0.81	%	(2)	$	70	$	6
Huntington Capital II	0.74		(3)	32		3
Sky Financial Capital Trust III	1.51		(4)	72		2
Sky Financial Capital Trust IV	1.51		(4)	74		2
Camco Financial Trust	1.44		(5)	5		1
Total				$	253	$	14

(1)Represents the principal amount of debentures issued to each trust, including unamortized original issue discount.

(2)Variable effective rate at March 31, 2021, based on three-month LIBOR +0.70%.

(3)Variable effective rate at March 31, 2021, based on three-month LIBOR +0.625%.

(4)Variable effective rate at March 31, 2021, based on three-month LIBOR +1.40%.

(5)Variable effective rate at March 31, 2021, based on three-month LIBOR +1.33%.

Each issue of the junior subordinated debentures has an interest rate equal to the corresponding trust securities distribution rate. Huntington has the right to defer payment of interest on the debentures at any time, or from time-to-time for a period not exceeding five years provided that no extension period may extend beyond the stated maturity of the related debentures. During any such extension period, distributions to the trust securities will also be deferred and Huntington’s ability to pay dividends on its common stock will be restricted. Periodic cash payments and payments upon liquidation or redemption with respect to trust securities are guaranteed by Huntington to the extent of funds held by the trusts. The guarantee ranks subordinate and junior in right of payment to all indebtedness of the Company to the same extent as the junior subordinated debt. The guarantee does not place a limitation on the amount of additional indebtedness that may be incurred by Huntington.

Affordable Housing Tax Credit Partnerships

Huntington makes certain equity investments in various limited partnerships that sponsor affordable housing projects utilizing the LIHTC pursuant to Section 42 of the Internal Revenue Code. The purpose of these investments is to achieve a satisfactory return on capital, to facilitate the sale of additional affordable housing product offerings, and to assist in achieving goals associated with the Community Reinvestment Act. The primary activities of the limited partnerships include the identification, development, and operation of multi-family housing that is leased to qualifying residential tenants. Generally, these types of investments are funded through a combination of debt and equity.

Huntington uses the proportional amortization method to account for a majority of its investments in these entities. These investments are included in other assets. Investments that do not meet the requirements of the proportional amortization method are accounted for using the equity method. Investment losses related to these investments are included in noninterest income in the Unaudited Condensed Consolidated Statements of Income.

2021 1Q Form 10-Q 77

The following table presents the balances of Huntington’s affordable housing tax credit investments and related unfunded commitments at March 31, 2021 and December 31, 2020.

(dollar amounts in millions)	March 31, 2021		December 31, 2020
Affordable housing tax credit investments	$	1,582	$	1,568
Less: amortization	(637)		(612)
Net affordable housing tax credit investments	$	945	$	956
Unfunded commitments	$	445	$	500

The following table presents other information relating to Huntington’s affordable housing tax credit investments for the three-month periods ended March 31, 2021 and 2020.

	Three Months Ended March 31,
(dollar amounts in millions)	2021		2020
Tax credits and other tax benefits recognized	$	33	$	29
Proportional amortization expense included in provision for income taxes	28		25

There were no sales of affordable housing tax credit investments during the three-month periods ended March 31, 2021 and 2020. There was no impairment recognized for the three-month periods ended March 31, 2021 and 2020.

Other investments

Other investments determined to be VIE’s include investments in Small Business Investment Companies, Historic Tax Credit Investments, certain equity method investments, renewable energy financings, and other miscellaneous investments.

14. COMMITMENTS AND CONTINGENT LIABILITIES

Commitments to extend credit

In the ordinary course of business, Huntington makes various commitments to extend credit that are not reflected in the Unaudited Condensed Consolidated Financial Statements. The contract amounts of these financial agreements at March 31, 2021 and December 31, 2020, were as follows:

(dollar amounts in millions)	March 31, 2021		December 31, 2020
Contract amount representing credit risk
Commitments to extend credit:
Commercial	$	21,580	$	20,701
Consumer	14,966		14,808
Commercial real estate	1,315		1,313
Standby letters of credit	632		581
Commercial letters of credit	12		21

Commitments to extend credit generally have fixed expiration dates, are variable-rate, and contain clauses that permit Huntington to terminate or otherwise renegotiate the contracts in the event of a significant deterioration in the customer’s credit quality. These arrangements normally require the payment of a fee by the customer, the pricing of which is based on prevailing market conditions, credit quality, probability of funding, and other relevant factors. Since many of these commitments are expected to expire without being drawn upon, the contract amounts are not necessarily indicative of future cash requirements. The interest rate risk arising from these financial instruments is insignificant as a result of their predominantly short-term, variable-rate nature.

78 Huntington Bancshares Incorporated

Standby letters-of-credit are conditional commitments issued to guarantee the performance of a customer to a third-party. These guarantees are primarily issued to support public and private borrowing arrangements, including commercial paper, bond financing, and similar transactions. Most of these arrangements mature within two years. The carrying amount of deferred revenue associated with these guarantees was $6 million and $5 million at March 31, 2021 and December 31, 2020, respectively.

Commercial letters-of-credit represent short-term, self-liquidating instruments that facilitate customer trade transactions and generally have maturities of no longer than 90 days. The goods or cargo being traded normally secure these instruments.

Litigation and Regulatory Matters

In the ordinary course of business, Huntington is routinely a defendant in or party to pending and threatened legal and regulatory actions and proceedings.

In view of the inherent difficulty of predicting the outcome of such matters, particularly where the claimants seek very large or indeterminate damages or where the matters present novel legal theories or involve a large number of parties, Huntington generally cannot predict what the eventual outcome of the pending matters will be, what the timing of the ultimate resolution of these matters will be, or what the eventual loss, fines or penalties related to each matter may be.

Huntington establishes an accrued liability when those matters present loss contingencies that are both probable and estimable. In such cases, there may be an exposure to loss in excess of any amounts accrued. Huntington thereafter continues to monitor the matter for further developments that could affect the amount of the accrued liability that has been previously established.

For certain matters, Huntington is able to estimate a range of possible loss. In cases in which Huntington possesses information to estimate a range of possible loss, that estimate is aggregated and disclosed below. There may be other matters for which a loss is probable or reasonably possible but such an estimate of the range of possible loss may not be possible. For those matters where an estimate of the range of possible loss is possible, management currently estimates the aggregate range of reasonably possible loss is $0 to $10 million at March 31, 2021 in excess of the accrued liability (if any) related to those matters. This estimated range of possible loss is based upon currently available information and is subject to significant judgment, a variety of assumptions, and known and unknown uncertainties. The matters underlying the estimated range will change from time to time, and actual results may vary significantly from the current estimate. The estimated range of possible loss does not represent Huntington’s maximum loss exposure.

Based on current knowledge, management does not believe that loss contingencies arising from pending matters will have a material adverse effect on the consolidated financial position of Huntington. Further, management believes that amounts accrued are adequate to address Huntington’s contingent liabilities. However, in light of the inherent uncertainties involved in these matters, some of which are beyond Huntington’s control, and the large or indeterminate damages sought in some of these matters, an adverse outcome in one or more of these matters could be material to Huntington’s results of operations for any particular reporting period.

15. SEGMENT REPORTING

Huntington’s business segments are based on our internally-aligned segment leadership structure, which is how management monitors results and assesses performance. The Company has four major business segments: Consumer and Business Banking, Commercial Banking, Vehicle Finance, Regional Banking and The Huntington Private Client Group (RBHPCG). The Treasury / Other function includes technology and operations, other unallocated assets, liabilities, revenue, and expense. For a description of our business segments, see Note 26 - Segment Reporting to the Consolidated Financial Statements of the Corporation’s 2020 Annual Report on Form 10-K.

2021 1Q Form 10-Q 79

Business segment results are determined based upon Huntington’s management reporting system, which assigns balance sheet and income statement items to each of the business segments. The process is designed around the organizational and management structure and, accordingly, the results derived are not necessarily comparable with similar information published by other financial institutions. Additionally, because of the interrelationships of the various segments, the information presented is not indicative of how the segments would perform if they operated as independent entities.

Huntington uses an active and centralized FTP methodology to attribute appropriate net interest income to the business segments. The intent of the FTP methodology is to transfer interest rate risk from the business segments by providing matched duration funding of assets and liabilities. The result is to centralize the financial impact, management, and reporting of interest rate risk in the Treasury / Other function where it can be centrally monitored and managed. The Treasury / Other function charges (credits) an internal cost of funds for assets held in (or pays for funding provided by) each business segment. The FTP rate is based on prevailing market interest rates for comparable duration assets (or liabilities).

Listed in the table below is certain operating basis financial information reconciled to Huntington’s March 31, 2021, December 31, 2020, and March 31, 2020, reported results by business segment.

	Three Months Ended March 31,
Income Statements	Consumer & Business Banking		Commercial Banking		Vehicle Finance		RBHPCG		Treasury / Other		Huntington Consolidated
(dollar amounts in millions)
2021
Net interest income	$	337	$	199	$	107	$	34	$	295	$	972
Provision (benefit) for credit losses	(36)		5		(22)		(7)		—		(60)
Noninterest income	236		88		3		53		15		395
Noninterest expense	469		133		35		62		94		793
Provision (benefit) for income taxes	29		31		21		7		14		102
Net income (loss)	$	111	$	118	$	76	$	25	$	202	$	532
2020
Net interest income	$	364	$	232	$	106	$	43	$	45	$	790
Provision (benefit) for credit losses	82		298		60		1		—		441
Noninterest income	212		86		3		50		10		361
Noninterest expense	418		129		35		62		8		652
Provision (benefit) for income taxes	16		(23)		3		6		8		10
Net income (loss)	$	60	$	(86)	$	11	$	24	$	39	$	48

	Assets at				Deposits at
(dollar amounts in millions)	March 31, 2021		December 31, 2020		March 31, 2021		December 31, 2020
Consumer & Business Banking	$	30,627	$	30,758	$	65,437	$	60,910
Commercial Banking	36,797		36,311		25,420		24,766
Vehicle Finance	19,208		19,789		849		722
RBHPCG	6,837		7,064		7,163		7,635
Treasury / Other	32,299		29,116		3,315		4,915
Total	$	125,768	$	123,038	$	102,184	$	98,948

80 Huntington Bancshares Incorporated

Item 3: Quantitative and Qualitative Disclosures about Market Risk

Quantitative and qualitative disclosures for the current period can be found in the Market Risk section of this report, which includes changes in market risk exposures from disclosures presented in Huntington’s 2020 Form 10-K.

Item 4: Controls and Procedures

Disclosure Controls and Procedures

Huntington maintains disclosure controls and procedures designed to ensure that the information required to be disclosed in the reports that it files or submits under the Securities Exchange Act of 1934, as amended (the Exchange Act), are recorded, processed, summarized, and reported within the time periods specified in the SEC’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by an issuer in the reports that it files or submits under the Exchange Act is accumulated and communicated to the issuer’s management, including its principal executive and principal financial officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure. Huntington’s Management, with the participation of its Chief Executive Officer and the Chief Financial Officer, evaluated the effectiveness of Huntington’s disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) as of March 31, 2021. Based upon such evaluation, Huntington’s Chief Executive Officer and Chief Financial Officer have concluded that, as of March 31, 2021, Huntington’s disclosure controls and procedures were effective.

There have not been any changes in our internal control over financial reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during the quarter ended March 31, 2021, that have materially affected, or are reasonably likely to materially affect, internal control over financial reporting.

PART II. OTHER INFORMATION

In accordance with the instructions to Part II, the other specified items in this part have been omitted because they are not applicable or the information has been previously reported.

Item 1: Legal Proceedings

Information required by this item is set forth in Note 14 “Commitments and Contingent Liabilities” of the Notes to Unaudited Condensed Consolidated Financial Statements under the caption “Litigation and Regulatory Matters” and is incorporated into this Item by reference.

Item 1A: Risk Factors

Information required by this item is set forth in Part 1 Item 2- Management’s Discussion and Analysis of Financial Condition and Results of Operations of this report and incorporated herein by reference.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

(a) and (b)

Not Applicable

(c)

Period	Total Number of Shares Purchased (1)	Average Price Paid Per Share		Maximum Number of Shares (or Approximate Dollar Value) that May Yet Be Purchased Under the Plans or Programs (2)
January 1, 2021 to January 31, 2021	—	—		—
February 1, 2020 to February 28, 2021	—	—		—
March 1, 2021 to March 31, 2021	—	—		—
Total	—	$	—	$	—

(1)The reported shares were repurchased pursuant to Huntington’s publicly-announced share repurchase authorization.

(2)The number shown represents, as of the end of each period, the approximate dollar value of Common Stock that may yet be purchased under publicly-announced share repurchase authorizations. The shares may be purchased, from time-to-time, depending on market conditions.

2021 1Q Form 10-Q 81

Item 6. Exhibits

Exhibit Index

This report incorporates by reference the documents listed below that we have previously filed with the SEC. The SEC allows us to incorporate by reference information in this document. The information incorporated by reference is considered to be a part of this document, except for any information that is superseded by information that is included directly in this document.

The SEC maintains an Internet web site that contains reports, proxy statements, and other information about issuers, like us, who file electronically with the SEC. The address of the site is http://www.sec.gov. The reports and other information filed by us with the SEC are also available free of charge at our internet web site. The address of the site is http://www.huntington.com. Except as specifically incorporated by reference into this Quarterly Report on Form 10-Q, information on those web sites is not part of this report. You also should be able to inspect reports, proxy statements, and other information about us at the offices of the Nasdaq National Market at 33 Whitehall Street, New York, New York 10004.

Exhibit Number	Document Description	Report or Registration Statement	SEC File or Registration Number	Exhibit Reference
3.1	Articles Supplementary of Huntington Bancshares Incorporated, as of January 18, 2019.	Current Report on Form 8-K dated January 16, 2019.	001-34073	3.1
3.2	Articles of Restatement of Huntington Bancshares Incorporated, as of January 18, 2019.	Current Report on Form 8-K dated January 16, 2019.	001-34073	3.2
3.3	Articles Supplementary of Huntington Bancshares Incorporated, as of May 27, 2020.	Current Report on Form 8-K dated May 28, 2020.	001-34073	3.1
3.4	Articles Supplementary of Huntington Bancshares Incorporated, as of August 5, 2020.	Current Report on Form 8-K dated August 10, 2020.	001-34073	3.1
3.5	Bylaws of Huntington Bancshares Incorporated, as amended and restated on January 16, 2019.	Current Report on Form 8-K dated January 16, 2019.	001-34073	3.3
3.6	Articles Supplementary of Huntington Bancshares Incorporated, as of February 5, 2021	Current Report on Form 8-K dated February 5, 2021.	001-34073	3.1
10.1	Huntington Bancshares Incorporated Amended and Restated 2018 Long-Term Incentive Plan	Definitive Proxy Statement for the 2021 Annual Meeting of Shareholders.	001-34073	Appendix B
4.1(P)	Instruments defining the Rights of Security Holders—reference is made to Articles Fifth, Eighth, and Tenth of Articles of Restatement of Charter, as amended and supplemented. Instruments defining the rights of holders of long-term debt will be furnished to the Securities and Exchange Commission upon request.
31.1	*Rule 13a-14(a) Certification – Chief Executive Officer.
31.2	*Rule 13a-14(a) Certification – Chief Financial Officer.
32.1	**Section 1350 Certification – Chief Executive Officer.
32.2	**Section 1350 Certification – Chief Financial Officer.
101.INS	***The instance document does not appear in the interactive data file because its XBRL tags are embedded within the Inline XBRL document
101.SCH	*Inline XBRL Taxonomy Extension Schema Document
101.CAL	*Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF	*Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB	*Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE	*Inline XBRL Taxonomy Extension Presentation Linkbase Document

*	Filed herewith
**	Furnished herewith
***	The following material from Huntington’s Form 10-Q Report for the quarterly period ended March 31, 2021 formatted in Inline XBRL: (1) Unaudited Condensed Consolidated Balance Sheets, (2) Unaudited Condensed Consolidated Statements of Income, (3) Unaudited Condensed Consolidated Statements of Comprehensive Income (4) Unaudited Condensed Consolidated Statement of Changes in Shareholders’ Equity, (5) Unaudited Condensed Consolidated Statements of Cash Flows, and (6) the Notes to Unaudited Condensed Consolidated Financial Statements.

82 Huntington Bancshares Incorporated

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

HUNTINGTON BANCSHARES INCORPORATED

(Registrant)

Date:	April 30, 2021	/s/ Stephen D. Steinour
		Stephen D. Steinour
		Chairman, President, and Chief Executive Officer (Principal Executive Officer)
Date:	April 30, 2021	/s/ Zachary Wasserman
		Zachary Wasserman
		Chief Financial Officer (Principal Financial Officer)

2021 1Q Form 10-Q 83

EX-31.1

Exhibit 31.1

CERTIFICATION

I, Stephen D. Steinour, certify that:

1.I have reviewed this Quarterly Report on Form 10-Q of Huntington Bancshares Incorporated;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)), for the registrant and have:

a)designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d)disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a)all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

b)any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:	April 30, 2021
		/s/	Stephen D. Steinour
			Stephen D. Steinour
			Chief Executive Officer

EX-31.2

Exhibit 31.2

CERTIFICATION

I, Zachary Wasserman, certify that:

1.I have reviewed this Quarterly Report on Form 10-Q of Huntington Bancshares Incorporated;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)), for the registrant and have:

a)designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d)disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a)all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

b)any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:	April 30, 2021
		/s/	Zachary Wasserman
			Zachary Wasserman
			Chief Financial Officer

EX-32.1

Exhibit 32.1

SECTION 1350 CERTIFICATION

In connection with the Quarterly Report of Huntington Bancshares Incorporated (the “Company”) on Form 10-Q for the three months ended March 31, 2021, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Stephen D. Steinour, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:

(1)The Report fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934; and

(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

/s/	Stephen D. Steinour
	Stephen D. Steinour
	Chief Executive Officer
	April 30, 2021

EX-32.2

Exhibit 32.2

SECTION 1350 CERTIFICATION

In connection with the Quarterly Report of Huntington Bancshares Incorporated (the “Company”) on Form 10-Q for the three months ended March 31, 2021, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Zachary Wasserman, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:

(1)The Report fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934; and

(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

/s/	Zachary Wasserman
	Zachary Wasserman
	Chief Financial Officer
	April 30, 2021

XML

Cover Page	3 Months Ended
	Mar. 31, 2021 shares
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2021
Document Transition Report	false
Entity Registrant Name	Huntington Bancshares Incorporated
Entity Incorporation, State or Country Code	MD
Entity File Number	1-34073
Entity Tax Identification Number	31-0724920
Entity Address, Address Line One	41 South High Street
Entity Address, City or Town	Columbus
Entity Address, State or Province	OH
Entity Address, Postal Zip Code	43287
City Area Code	614
Local Phone Number	480-2265
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)	1,018,052,923
Entity Central Index Key	0000049196
Amendment Flag	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31
Common Stock-Par Value $0.01 per share
Entity Information [Line Items]
Title of 12(b) Security	Common Stock—Par Value $0.01 per Share
Trading Symbol	HBAN
Security Exchange Name	NASDAQ
5.875% Series C Non-Cumulative, perpetual preferred stock
Entity Information [Line Items]
Title of 12(b) Security	Depositary Shares (each representing a 1/40th interest in a share of 5.875% Series C Non-Cumulative, perpetual preferred stock)
Trading Symbol	HBANN
Security Exchange Name	NASDAQ
6.250% Series D Non-Cumulative, perpetual preferred stock
Entity Information [Line Items]
Title of 12(b) Security	Depositary Shares (each representing a 1/40th interest in a share of 6.250% Series D Non-Cumulative, perpetual preferred stock)
Trading Symbol	HBANO
Security Exchange Name	NASDAQ
Series H Preferred Stock
Entity Information [Line Items]
Title of 12(b) Security	Depositary Shares (each representing a 1/40th interest in a share of 4.500% Series H Non-Cumulative, perpetual preferred stock)
Trading Symbol	HBANP
Security Exchange Name	NASDAQ

XML

Condensed Consolidated Balance Sheets - USD ($) $ in Millions		Mar. 31, 2021	Dec. 31, 2020
Assets
Cash and due from banks		$ 1,096	$ 1,319
Interest-bearing deposits at Federal Reserve Bank		7,493	5,276
Interest-bearing deposits in banks		52	117
Trading account securities		51	62
Available-for-sale securities		19,375	16,485
Held-to-maturity securities		7,815	8,861
Other securities		411	418
Loans held for sale (includes $1,531 and $1,198 respectively, measured at fair value)	[1]	1,537	1,275
Loans and leases (includes $118 and $94 respectively, measured at fair value)	[1]	80,230	81,608
Allowance for loan and lease losses		(1,703)	(1,814)
Net loans and leases		78,527	79,794
Bank owned life insurance		2,581	2,577
Premises and equipment		747	757
Goodwill		1,990	1,990
Servicing rights and other intangible assets		480	428
Other assets		3,613	3,679
Total assets		125,768	123,038
Liabilities
Deposits		102,184	98,948
Short-term borrowings		219	183
Long-term debt		7,210	8,352
Other liabilities		2,555	2,562
Total liabilities		112,168	110,045
Commitments and Contingent Liabilities (Note 14)
Shareholders’ equity
Preferred stock		2,676	2,191
Common stock		10	10
Capital surplus		8,806	8,781
Less treasury shares, at cost		(59)	(59)
Accumulated other comprehensive (loss) gain		(56)	192
Retained earnings		2,223	1,878
Total shareholders’ equity		13,600	12,993
Total liabilities and shareholders’ equity		$ 125,768	$ 123,038
Common shares authorized (par value of $0.01) (in shares)		1,500,000,000	1,500,000,000
Common shares outstanding (in shares)		1,018,052,923	1,017,196,776
Treasury shares outstanding (in shares)		5,041,104	5,062,054
Preferred stock, authorized shares (in shares)		6,617,808	6,617,808
Preferred shares outstanding (in shares)		1,250,500	750,500

[1] Amounts represent loans for which Huntington has elected the fair value option. See Note 11 “Fair Values of Assets and Liabilities”.

XML

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Assets
Loans held for sale, fair value	$ 1,531	$ 1,198
Loans and leases, fair value	$ 118	$ 94
Shareholders’ equity
Common stock, par value (in usd per share)	$ 0.01	$ 0.01

XML

Condensed Consolidated Statements of Income - USD ($) shares in Thousands, $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Interest and fee income:
Loans and leases	$ 752	$ 809
Available-for-sale securities
Taxable	49	76
Tax-exempt	13	18
Held-to-maturity securities—taxable	42	59
Other securities—taxable	2	2
Other	11	11
Total interest income	869	975
Interest expense:
Deposits	11	105
Short-term borrowings	0	12
Long-term debt	(114)	68
Total interest expense	(103)	185
Net interest income	972	790
Net interest income after provision for credit losses	1,032	349
Mortgage banking income	100	58
Service charges on deposit accounts	69	87
Card and payment processing income	65	58
Trust and investment management services	52	47
Capital markets fees	29	33
Insurance income	27	23
Bank owned life insurance income	16	16
Gain on sale of loans	3	8
Other noninterest income	34	31
Total noninterest income	395	361
Personnel costs	468	395
Outside data processing and other services	115	85
Equipment	46	41
Net occupancy	42	40
Professional services	17	11
Amortization of intangibles	10	11
Marketing	14	9
Deposit and other insurance expense	8	9
Other noninterest expense	73	51
Total noninterest expense	793	652
Income before income taxes	634	58
Provision for income taxes	102	10
Net income	532	48
Dividends on preferred shares	31	18
Net income applicable to common shares	$ 501	$ 30
Average common shares—basic (in shares)	1,017,512	1,017,643
Average common shares—diluted (in shares)	1,041,003	1,034,576
Per common share:
Net income—basic (in usd per share)	$ 0.49	$ 0.03
Net income—diluted (in usd per share)	$ 0.48	$ 0.03
Financing Receivable, Credit Loss, Expense (Reversal)	$ (60)	$ 441

XML

Condensed Consolidated Statement of Comprehensive Income - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Statement of Comprehensive Income [Abstract]
Net income	$ 532	$ 48
Unrealized gains (losses) on available-for-sale securities:
Unrealized net gains (losses) on available-for-sale securities arising during the period, net of reclassification for net realized gains and losses	(216)	173
Change in fair value related to cash flow hedges	(34)	308
Change in accumulated unrealized gains (losses) for pension and other post-retirement obligations	2	2
Other comprehensive income, net of tax	(248)	483
Comprehensive income	$ 284	$ 531

XML

Condensed Consolidated Statements of Changes in Shareholders' Equity - USD ($) shares in Thousands, $ in Millions	Total	Cumulative Effect, Period of Adoption, Adjustment	Preferred Stock	Common Stock	Capital Surplus	Treasury Stock	Accumulated Other Comprehensive Gain (Loss)	Retained Earnings	Retained Earnings Cumulative Effect, Period of Adoption, Adjustment
Balance, beginning of period at Dec. 31, 2019	$ 11,795	$ (306)	$ 1,203	$ 10	$ 8,806	$ (56)	$ (256)	$ 2,088	$ (306)
Balance, beginning of period (in shares) at Dec. 31, 2019				1,024,541		(4,537)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	48							48
Other comprehensive income (loss), net of tax	483						483
Repurchases of common stock (in shares)				(7,088)
Repurchase of common stock	(88)				(88)
Cash dividends declared:
Common	(155)							(155)
Preferred	(18)							(18)
Recognition of the fair value of share-based compensation	15				15
Other share-based compensation activity (in shares)				1,299
Other share-based compensation activity	(5)				(5)
Other (in shares)						3
Balance, end of period at Mar. 31, 2020	11,769		1,203	$ 10	8,728	$ (56)	227	1,657
Balance, end of period (in shares) at Mar. 31, 2020				1,018,752		(4,534)
Balance, beginning of period at Dec. 31, 2020	12,993		2,191	$ 10	8,781	$ (59)	192	1,878
Balance, beginning of period (in shares) at Dec. 31, 2020				1,022,258		(5,062)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	532							532
Other comprehensive income (loss), net of tax	(248)						(248)
Net proceeds from issuance of Series H Preferred Stock	485		485
Cash dividends declared:
Common	(156)							(156)
Preferred	(31)							(31)
Recognition of the fair value of share-based compensation	28				28
Other share-based compensation activity (in shares)				836
Other share-based compensation activity	(3)				(3)
Other (in shares)						21
Balance, end of period at Mar. 31, 2021	$ 13,600		$ 2,676	$ 10	$ 8,806	$ (59)	$ (56)	$ 2,223
Balance, end of period (in shares) at Mar. 31, 2021				1,023,094		(5,041)

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Condensed Consolidated Statements of Changes in Shareholders' Equity (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Statement of Stockholders' Equity [Abstract]
Common (in usd per share)	$ 0.15	$ 0.15

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Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Operating activities
Net income	$ 532	$ 48
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Provision for credit losses	(60)	441
Depreciation and amortization	71	119
Share-based compensation expense	28	15
Deferred income tax expense (benefit)	61	(37)
Net change in:
Trading account securities	11	63
Loans held for sale	(406)	(20)
Other assets	80	(1,023)
Other liabilities	(428)	892
Net cash (used in) provided by operating activities	(111)	498
Investing activities
Change in interest bearing deposits in banks	189	(26)
Proceeds from:
Maturities and calls of available-for-sale securities	1,758	669
Maturities and calls of held-to-maturity securities	1,043	398
Sales of available-for-sale securities	10	19
Purchases of available-for-sale securities	(4,857)	(2,476)
Net proceeds from sales of portfolio loans	158	191
Principal payments received under direct finance and sales-type leases	188	171
Net loan and lease activity, excluding sales and purchases	1,402	(2,926)
Purchases of premises and equipment	(22)	(11)
Purchases of loans and leases	(266)	(311)
Other, net	21	(20)
Net cash used in investing activities	(376)	(4,322)
Financing activities
Increase in deposits	3,236	4,483
Increase in short-term borrowings	53	458
Net proceeds from issuance of long-term debt	35	1,286
Maturity/redemption of long-term debt	(1,135)	(1,540)
Dividends paid on preferred stock	(35)	(18)
Dividends paid on common stock	(153)	(155)
Repurchases of common stock	0	(88)
Net proceeds from issuance of preferred stock	485	0
Payments related to tax-withholding for share based compensation awards	(5)	(6)
Other, net	0	1
Net cash provided by financing activities	2,481	4,421
Increase in cash and cash equivalents	1,994	597
Cash and cash equivalents at beginning of period	6,595	1,170
Cash and cash equivalents at end of period	8,589	1,767
Supplemental disclosures:
Interest paid	49	197
Income taxes paid	3	2
Non-cash activities
Loans transferred to held-for-sale from portfolio	84	313
Loans transferred to portfolio from held-for-sale	37	4
Transfer of securities from available-for-sale to held-to-maturity	$ 0	$ 1,520

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BASIS OF PRESENTATION

3 Months Ended

Mar. 31, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

BASIS OF PRESENTATION

BASIS OF PRESENTATION

The accompanying Unaudited Condensed Consolidated Financial Statements of Huntington reflect all adjustments consisting of normal recurring accruals which are, in the opinion of Management, necessary for a fair statement of the consolidated financial position, the results of operations, and cash flows for the periods presented. These Unaudited Condensed Consolidated Financial Statements have been prepared according to the rules and regulations of the SEC and, therefore, certain information and footnote disclosures normally included in annual financial statements prepared in accordance with GAAP have been omitted. The Notes to Consolidated Financial Statements appearing in Huntington’s 2020 Form 10-K, which include descriptions of significant accounting policies, as updated by the information contained in this report, should be read in conjunction with these interim financial statements.

For statement of cash flow purposes, cash and cash equivalents are defined as the sum of cash and due from banks and interest-bearing deposits at Federal Reserve Bank.

Certain prior period amounts have been reclassified to conform to current year’s presentation.

In conjunction with applicable accounting standards, all material subsequent events have been either recognized in the Unaudited Condensed Consolidated Financial Statements or disclosed in the Notes to Unaudited Condensed Consolidated Financial Statements. No subsequent events were disclosed for the current period.

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PENDING ACQUISITION OF TCF FINANCIAL CORPORATION

3 Months Ended

Mar. 31, 2021

Business Combinations [Abstract]

PENDING ACQUISITION OF TCF FINANCIAL CORPORATION

PENDING ACQUISITION OF TCF FINANCIAL CORPORATION

On December 13, 2020, Huntington announced the signing of a definitive merger agreement (the “ Merger Agreement”). Under the terms of the Merger Agreement, which was unanimously approved by the boards of directors of both companies, TCF Financial Corporation (“TCF”), the parent company of TCF National Bank, will merge into Huntington in an all-stock transaction valued at approximately $6.0 billion based on the closing stock price on the day preceding the announcement. TCF is a financial holding company headquartered in Detroit, Michigan with reported total assets of $47.8 billion based on their balance sheet at December 31, 2020.

Under the terms of the Merger Agreement, TCF shareholders will receive 3.0028 shares of Huntington common stock for each share of TCF common stock. Holders of TCF common stock will also receive cash in lieu of fractional shares. Each outstanding share of 5.70% Series C Non-Cumulative Perpetual Preferred Stock of TCF will be converted into the right to receive one share of a newly created series of preferred stock of Huntington.

On March 25, 2021, Huntington and TCF shareholders approved the merger. Huntington anticipates the transaction will be completed late in the second quarter of 2021, subject to regulatory approval and the satisfaction of other customary closing conditions set forth in the Merger Agreement.

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INVESTMENT SECURITIES AND OTHER SECURITIES

3 Months Ended

Mar. 31, 2021

Investments, Debt and Equity Securities [Abstract]

INVESTMENT SECURITIES AND OTHER SECURITIES

INVESTMENT SECURITIES AND OTHER SECURITIES

Debt securities purchased in which Huntington has the intent and ability to hold to their maturity are classified as held-to-maturity securities.  All other debt and equity securities are classified as either available-for-sale or other securities.

The following tables provide amortized cost, fair value, and gross unrealized gains and losses by investment category at March 31, 2021 and December 31, 2020:

			Unrealized
(dollar amounts in millions)	Amortized Cost (1)		Gross Gains		Gross Losses		Fair Value
March 31, 2021
Available-for-sale securities:
U.S. Treasury	$	5	$	—	$	—	$	5
Federal agencies:
Residential CMO	$	3,081	$	100	$	(9)	$	3,172
Residential MBS	10,708		61		(124)		10,645
Commercial MBS	1,277		13		(63)		1,227
Other agencies	44		2		—		46
Total U.S. Treasury, federal agency and other agency securities	15,115		176		(196)		15,095
Municipal securities	3,050		91		(19)		3,122
Private-label CMO	50		—		—		50
Asset-backed securities	244		4		(1)		247
Corporate debt	888		—		(31)		857
Other securities/Sovereign debt	4		—		—		4
Total available-for-sale securities	$	19,351	$	271	$	(247)	$	19,375
Held-to-maturity securities:
Federal agencies:
Residential CMO	$	1,604	$	74	$	—	$	1,678
Residential MBS	3,259		69		(18)		3,310
Commercial MBS	2,719		114		—		2,833
Other agencies	230		8		—		238
Total federal agency and other agency securities	7,812		265		(18)		8,059
Municipal securities	3		—		—		3
Total held-to-maturity securities	$	7,815	$	265	$	(18)	$	8,062
Other securities, at cost:
Non-marketable equity securities:
Federal Home Loan Bank stock	$	52	$	—	$	—	$	52
Federal Reserve Bank stock	300		—		—		300
Other securities, at fair value
Mutual funds	42		—		—		42
Equity securities	16		1		—		17
Total other securities	$	410	$	1	$	—	$	411

(1)Amortized cost amounts excludes accrued interest receivable, which is recorded within other assets on the Consolidated Balance Sheets. At March 31, 2021, accrued interest receivable on available-for-sale securities and held-to-maturity securities totaled $40 million and $18 million, respectively.

			Unrealized
(dollar amounts in millions)	Amortized Cost (1)		Gross Gains		Gross Losses		Fair Value
December 31, 2020
Available-for-sale securities:
U.S. Treasury	$	5	$	—	$	—	$	5
Federal agencies:
Residential CMO	$	3,550	$	121	$	(5)	$	3,666
Residential MBS	7,843		97		(5)		7,935
Commercial MBS	1,151		21		(9)		1,163
Other agencies	60		2		—		62
Total U.S. Treasury, federal agency and other agency securities	12,609		241		(19)		12,831
Municipal securities	2,928		91		(15)		3,004
Private-label CMO	9		—		—		9
Asset-backed securities	185		7		—		192
Corporate debt	440		5		—		445
Other securities/Sovereign debt	4		—		—		4
Total available-for-sale securities	$	16,175	$	344	$	(34)	$	16,485
Held-to-maturity securities:
Federal agencies:
Residential CMO	$	1,779	$	88	$	—	$	1,867
Residential MBS	3,715		103		—		3,818
Commercial MBS	3,118		191		—		3,309
Other agencies	246		12		—		258
Total federal agency and other agency securities	8,858		394		—		9,252
Municipal securities	3		—		—		3
Total held-to-maturity securities	$	8,861	$	394	$	—	$	9,255
Other securities, at cost:
Non-marketable equity securities:
Federal Home Loan Bank stock	$	60	$	—	$	—	$	60
Federal Reserve Bank stock	299		—		—		299
Other securities, at fair value
Mutual funds	50		—		—		50
Equity securities	8		1		—		9
Total other securities	$	417	$	1	$	—	$	418

(1)Amortized cost amounts excludes accrued interest receivable, which is recorded within other assets on the Consolidated Balance Sheets. At December 31, 2020, accrued interest receivable on available-for-sale securities and held-to-maturity securities totaled $32 million and $20 million, respectively.

The following table provides the amortized cost and fair value of securities by contractual maturity at March 31, 2021 and December 31, 2020. Expected maturities may differ from contractual maturities as issuers may have the right to call or prepay obligations with or without incurring penalties.

	March 31, 2021				December 31, 2020
(dollar amounts in millions)	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Available-for-sale securities:
Under 1 year	$	366	$	357	$	308	$	304
After 1 year through 5 years	1,228		1,237		1,145		1,154
After 5 years through 10 years	2,127		2,144		1,607		1,654
After 10 years	15,630		15,637		13,115		13,373
Total available-for-sale securities	$	19,351	$	19,375	$	16,175	$	16,485
Held-to-maturity securities:
After 1 year through 5 years	$	142	$	148	$	160	$	169
After 5 years through 10 years	121		126		131		138
After 10 years	7,552		7,788		8,570		8,948
Total held-to-maturity securities	$	7,815	$	8,062	$	8,861	$	9,255

The following tables provide detail on investment securities with unrealized losses aggregated by investment category and the length of time the individual securities have been in a continuous loss position at March 31, 2021 and December 31, 2020:

	Less than 12 Months				Over 12 Months				Total
(dollar amounts in millions)	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
March 31, 2021
Available-for-sale securities:
Federal agencies:
Residential CMO	$	413	$	(9)	$	—	$	—	$	413	$	(9)
Residential MBS	7,919		(124)		—		—		7,919		(124)
Commercial MBS	761		(63)		—		—		761		(63)
Total federal agency and other agency securities	9,093		(196)		—		—		9,093		(196)
Municipal securities	163		(7)		463		(12)		626		(19)
Asset-backed securities	65		(1)		—		—		65		(1)
Corporate debt	816		(31)		—		—		816		(31)
Total temporarily impaired available-for-sale securities	$	10,137	$	(235)	$	463	$	(12)	$	10,600	$	(247)
Held-to-maturity securities:
Federal agencies:
Residential MBS	$	1,235	(18)		—		—		1,235		(18)
Total temporarily impaired held-to-maturity securities	$	1,235	$	(18)	$	—	$	—	$	1,235	$	(18)

	Less than 12 Months				Over 12 Months				Total
(dollar amounts in millions)	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
December 31, 2020
Available-for-sale securities:
Federal agencies:
Residential CMO	$	302	$	(5)	$	—	$	—	$	302	$	(5)
Residential MBS	1,633		(5)		—		—		1,633		(5)
Commercial MBS	321		(9)		—		—		321		(9)
Total federal agency and other agency securities	2,256		(19)		—		—		2,256		(19)
Municipal securities	110		(3)		490		(12)		600		(15)
Asset-backed securities	15		—		—		—		15		—
Corporate debt	51		—		—		—		51		—
Total temporarily impaired available-for-sale securities	$	2,432	$	(22)	$	490	$	(12)	$	2,922	$	(34)

At March 31, 2021 and December 31, 2020, the carrying value of investment securities pledged to secure public and trust deposits, trading account liabilities, U.S. Treasury demand notes, security repurchase agreements and to support borrowing capacity totaled $13.9 billion and $14.4 billion, respectively. There were no securities of a single issuer, which were not governmental or government-sponsored, that exceeded 10% of shareholders’ equity at either March 31, 2021 or December 31, 2020. At March 31, 2021, all HTM debt securities are considered AAA rated. In addition, there were no HTM debt securities considered past due at March 31, 2021.

AFS Securities Impairment/HTM Securities Allowance for Credit Losses

Based on an evaluation of available information including security type, counterparty credit quality, past events, current conditions, and reasonable and supportable forecasts that are relevant to collectability, Huntington has concluded that it expects to receive all contractual cash flows from each security held in its AFS and HTM debt securities portfolio. As such, no allowance or impairment is recorded with respect to securities as of March 31, 2021 and December 31, 2020.

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LOANS / LEASES

3 Months Ended

Mar. 31, 2021

Receivables [Abstract]

LOANS / LEASES

LOANS / LEASES

Loans and leases which Huntington has the intent and ability to hold for the foreseeable future, or until maturity or payoff, are classified in the Unaudited Condensed Consolidated Balance Sheets as loans and leases. The total balance of unamortized premiums, discounts, fees, and costs, recognized as part of loans and leases, was a net premium of $473 million and $491 million at March 31, 2021 and December 31, 2020, respectively.

Loan and Lease Portfolio Composition

The following table provides a detailed listing of Huntington’s loan and lease portfolio at March 31, 2021 and December 31, 2020.

(dollar amounts in millions)	March 31, 2021		December 31, 2020
Loans and leases:
Commercial and industrial	$	34,464	$	35,373
Commercial real estate	7,179		7,199
Automobile	12,591		12,778
Home equity	8,727		8,894
Residential mortgage	12,092		12,141
RV and marine	4,218		4,190
Other consumer	959		1,033
Loans and leases	$	80,230	$	81,608
Allowance for loan and lease losses	(1,703)		(1,814)
Net loans and leases	$	78,527	$	79,794

Equipment Leases

Huntington leases equipment to customers, and substantially all such arrangements are classified as either sales-type or direct financing leases, which are included in C&I loans. These leases are reported at the aggregate of lease payments receivable and estimated residual values, net of unearned and deferred income, and any initial direct costs incurred to originate these leases.

Huntington assesses net investments in leases (including residual values) for impairment and recognizes any impairment losses in accordance with the impairment guidance for financial instruments. As such, net investments in leases may be reduced by an allowance for credit losses, with changes recognized as provision expense.

The following table presents net investments in lease financing receivables by category at March 31, 2021 and December 31, 2020.

(dollar amounts in millions)	March 31, 2021		December 31, 2020
Commercial and industrial:
Lease payments receivable	$	1,714	$	1,737
Estimated residual value of leased assets	622		664
Gross investment in commercial and industrial lease financing receivables	2,336		2,401
Deferred origination costs	21		21
Deferred fees	(190)		(200)
Total net investment in commercial and industrial lease financing receivables	$	2,167	$	2,222

The carrying value of residual values guaranteed was $77 million and $93 million as of March 31, 2021 and December 31, 2020, respectively. The future lease rental payments due from customers on sales-type and direct financing leases at March 31, 2021, totaled $1.7 billion and were due as follows: $0.6 billion in 2021, $0.4 billion in 2022, $0.3 billion in 2023, $0.2 billion in 2024, $0.1 billion in 2025, and $0.1 billion thereafter. Interest income recognized for these types of leases was $24 million and $27 million for the three-month periods ended March 31, 2021 and 2020, respectively.

Nonaccrual and Past Due Loans

The following table presents NALs by loan class at March 31, 2021 and December 31, 2020 (1):

	March 31, 2021				December 31, 2020
(dollar amounts in millions)	Nonaccrual loans with no ACL		Total nonaccrual loans		Nonaccrual loans with no ACL		Total nonaccrual loans
Commercial and industrial	$	103	$	343	$	69	$	353
Commercial real estate	—		8		8		15
Automobile	—		3		—		4
Home equity	—		71		—		70
Residential mortgage	—		90		—		88
RV and marine	—		1		—		2
Total nonaccrual loans	$	103	$	516	$	77	$	532

(1)    Generally excludes loans that were under payment deferral or granted other assistance, including amendments or waivers of financial covenants in response to the COVID-19 pandemic.

The following table presents an aging analysis of loans and leases, including past due loans and leases, by loan class at March 31, 2021 and December 31, 2020:

	March 31, 2021
	Past Due (1)										Loans Accounted for Under FVO		Total Loans and Leases		90 or more days past due and accruing
(dollar amounts in millions)	30-59 Days		60-89  Days		90 or  more days		Total		Current
Commercial and industrial	$	37	$	20	$	96	$	153	$	34,311	$	—	$	34,464	$	8	(3)
Commercial real estate	1		1		2		4		7,175		—		7,179		—
Automobile	50		12		6		68		12,523		—		12,591		5
Home equity	23		11		58		92		8,634		1		8,727		10
Residential mortgage	78		26		194		298		11,677		117		12,092		128		(4)
RV and marine	11		3		2		16		4,202		—		4,218		1
Other consumer	6		2		2		10		949		—		959		2
Total loans and leases	$	206	$	75	$	360	$	641	$	79,471	$	118	$	80,230	$	154

	December 31, 2020
	Past Due (1)(2)										Loans Accounted for Under FVO		Total Loans and Leases		90 or more days past due and accruing
(dollar amounts in millions)	30-59 Days		60-89  Days		90 or  more days		Total		Current
Commercial and industrial	$	60	$	38	$	95	$	193	$	35,180	$	—	$	35,373	$	10	(3)
Commercial real estate	—		1		11		12		7,187		—		7,199		—
Automobile	84		22		12		118		12,660		—		12,778		9
Home equity	35		15		61		111		8,782		1		8,894		14
Residential mortgage	114		38		194		346		11,702		93		12,141		132		(4)
RV and marine	17		3		3		23		4,167		—		4,190		3
Other consumer	9		4		3		16		1,017		—		1,033		3
Total loans and leases	$	319	$	121	$	379	$	819	$	80,695	$	94	$	81,608	$	171

(1)NALs are included in this aging analysis based on the loan’s past due status.

(2)The principal balance of loans in payment deferral programs offered in response to the COVID-19 pandemic which are performing according to their modified terms are generally not considered delinquent.

(3)Amounts include Huntington Technology Finance administrative lease delinquencies.

(4)Amounts include mortgage loans insured by U.S. government agencies.

Credit Quality Indicators

See Note 5 “Loans / Leases and Allowance for Credit Losses” to the Consolidated Financial Statements of the Annual Report on Form 10-K for the year ended December 31, 2020 for a description of the credit quality indicators Huntington utilizes for monitoring credit quality and for determining an appropriate ACL level.

To facilitate the monitoring of credit quality for commercial loans, and for purposes of determining an appropriate ACL level for these loans, Huntington utilizes the following internally defined categories of credit grades:

•Pass - Higher quality loans that do not fit any of the other categories described below.

•OLEM - The credit risk may be relatively minor yet represents a risk given certain specific circumstances. If the potential weaknesses are not monitored or mitigated, the loan may weaken or the collateral may be inadequate to protect Huntington’s position in the future. For these reasons, Huntington considers the loans to be potential problem loans.

•Substandard - Inadequately protected loans resulting from the borrower’s ability to repay, equity, and/or the collateral pledged to secure the loan. These loans have identified weaknesses that could hinder normal repayment or collection of the debt. It is likely Huntington will sustain some loss if any identified weaknesses are not mitigated.

•Doubtful - Loans that have all of the weaknesses inherent in those loans classified as Substandard, with the added elements of the full collection of the loan is improbable and that the possibility of loss is high.

Loans are generally assigned a category of “Pass” rating upon initial approval and subsequently updated as appropriate based on the borrower’s financial performance.

Commercial loans categorized as OLEM, Substandard, or Doubtful are considered Criticized loans. Commercial loans categorized as Substandard or Doubtful are both considered Classified loans.

For all classes within the consumer loan portfolios, loans are assigned pool level PD factors based on the FICO range within which the borrower’s credit bureau score falls. A credit bureau score is a credit score developed by FICO based on data provided by the credit bureaus. The credit bureau score is widely accepted as the standard measure of consumer credit risk used by lenders, regulators, rating agencies, and consumers. The higher the credit bureau score, the higher likelihood of repayment and therefore, an indicator of higher credit quality.

Huntington assesses the risk in the loan portfolio by utilizing numerous risk characteristics. The classifications described above, and also presented in the table below, represent one of those characteristics that are closely monitored in the overall credit risk management processes.

The following tables present each loan and lease class by vintage and credit quality indicator at March 31, 2021 and December 31, 2020 respectively:

	As of March 31, 2021
	Term Loans Amortized Cost Basis by Origination Year												Revolver Total at Amortized Cost Basis		Revolver Total Converted to Term Loans
(dollar amounts in millions)	2021		2020		2019		2018		2017		Prior						Total (3)
Commercial and industrial
Credit Quality Indicator (1):
Pass	$	4,040	$	10,291	$	4,087	$	2,369	$	1,215	$	1,605	$	8,656	$	2	$	32,265
OLEM	122		282		98		91		41		92		128		—		854
Substandard	54		216		110		176		184		212		386		—		1,338
Doubtful	1		4		—		1		—		—		1		—		7
Total Commercial and industrial	$	4,217	$	10,793	$	4,295	$	2,637	$	1,440	$	1,909	$	9,171	$	2	$	34,464
Commercial real estate
Credit Quality Indicator (1):
Pass	$	406	$	1,605	$	1,475	$	1,077	$	454	$	999	$	624	$	—	$	6,640
OLEM	2		88		31		62		68		35		1		—		287
Substandard	4		23		114		7		27		38		39		—		252
Total Commercial real estate	$	412	$	1,716	$	1,620	$	1,146	$	549	$	1,072	$	664	$	—	$	7,179
Automobile
Credit Quality Indicator (2):
750+	$	771	$	2,381	$	1,817	$	991	$	608	$	279	$	—	$	—	$	6,847
650-749	479		1,895		1,161		642		315		163		—		—		4,655
<650	44		336		271		216		132		90		—		—		1,089
Total Automobile	$	1,294	$	4,612	$	3,249	$	1,849	$	1,055	$	532	$	—	$	—	$	12,591
Home equity
Credit Quality Indicator (2):
750+	$	187	$	780	$	21	$	22	$	28	$	479	$	4,201	$	189	$	5,907
650-749	37		137		8		6		8		171		1,810		176		2,353
<650	1		1		1		1		2		74		286		100		466
Total Home equity	$	225	$	918	$	30	$	29	$	38	$	724	$	6,297	$	465	$	8,726
Residential mortgage
Credit Quality Indicator (2):
750+	$	963	$	3,204	$	1,143	$	727	$	883	$	1,723	$	1	$	—	$	8,644
650-749	254		836		355		255		249		621		—		—		2,570
<650	7		37		90		113		106		408		—		—		761
Total Residential mortgage	$	1,224	$	4,077	$	1,588	$	1,095	$	1,238	$	2,752	$	1	$	—	$	11,975
RV and marine
Credit Quality Indicator (2):
750+	$	267	$	1,050	$	491	$	547	$	311	$	375	$	—	$	—	$	3,041
650-749	46		351		193		182		126		176		—		—		1,074
<650	—		8		15		21		22		37		—		—		103
Total RV and marine	$	313	$	1,409	$	699	$	750	$	459	$	588	$	—	$	—	$	4,218
Other consumer
Credit Quality Indicator (2):
750+	$	22	$	59	$	52	$	21	$	6	$	16	$	319	$	2	$	497
650-749	9		30		46		15		4		4		264		28		400
<650	—		2		7		3		1		1		25		23		62
Total Other consumer	$	31	$	91	$	105	$	39	$	11	$	21	$	608	$	53	$	959

(1)Consistent with the credit quality disclosures, indicators for the Commercial portfolio are based on internally defined categories of credit grades which are generally refreshed at least semi-annually.

(2)Consistent with the credit quality disclosures, indicators for the Consumer portfolio are based on updated customer credit scores refreshed at least quarterly.

(3)The total amount of accrued interest recorded for these loans at March 31, 2021, presented in other assets within the Condensed Consolidated Balance Sheets, was $140 million and $119 million of commercial and consumer, respectively.

	As of December 31, 2020
	Term Loans Amortized Cost Basis by Origination Year												Revolver Total at Amortized Cost Basis		Revolver Total Converted to Term Loans
(dollar amounts in millions)	2020		2019		2018		2017		2016		Prior						Total (3)
Commercial and industrial
Credit Quality Indicator (1):
Pass	$	13,757	$	4,525	$	2,758	$	1,347	$	974	$	916	$	8,894	$	2	$	33,173
OLEM	421		116		69		30		33		22		124		—		815
Substandard	196		144		188		224		46		159		423		—		1,380
Doubtful	2		—		1		—		—		1		1		—		5
Total Commercial and industrial	$	14,376	$	4,785	$	3,016	$	1,601	$	1,053	$	1,098	$	9,442	$	2	$	35,373
Commercial real estate
Credit Quality Indicator (1):
Pass	$	1,742	$	1,610	$	1,122	$	507	$	507	$	539	$	633	$	—	$	6,660
OLEM	94		78		63		37		28		14		4		—		318
Substandard	27		46		10		29		58		14		36		—		220
Doubtful	—		—		—		—		—		1		—		—		1
Total Commercial real estate	$	1,863	$	1,734	$	1,195	$	573	$	593	$	568	$	673	$	—	$	7,199
Automobile
Credit Quality Indicator (2):
750+	$	2,670	$	2,013	$	1,144	$	742	$	317	$	81	$	—	$	—	$	6,967
650-749	1,965		1,343		755		386		175		52		—		—		4,676
<650	312		301		244		157		84		37		—		—		1,135
Total Automobile	$	4,947	$	3,657	$	2,143	$	1,285	$	576	$	170	$	—	$	—	$	12,778
Home equity
Credit Quality Indicator (2):
750+	$	793	$	26	$	26	$	32	$	89	$	451	$	4,373	$	192	$	5,982
650-749	147		9		8		11		27		157		1,906		181		2,446
<650	1		1		1		1		6		70		286		99		465
Total Home equity	$	941	$	36	$	35	$	44	$	122	$	678	$	6,565	$	472	$	8,893
Residential mortgage
Credit Quality Indicator (2):
750+	$	3,269	$	1,370	$	891	$	1,064	$	762	$	1,243	$	1	$	—	$	8,600
650-749	991		435		307		278		171		495		—		—		2,677
<650	34		89		111		108		81		348		—		—		771
Total Residential mortgage	$	4,294	$	1,894	$	1,309	$	1,450	$	1,014	$	2,086	$	1	$	—	$	12,048
RV and marine
Credit Quality Indicator (2):
750+	$	1,136	$	525	$	589	$	337	$	153	$	254	$	—	$	—	$	2,994
650-749	348		215		201		136		64		129		—		—		1,093
<650	4		15		21		22		12		29		—		—		103
Total RV and marine	$	1,488	$	755	$	811	$	495	$	229	$	412	$	—	$	—	$	4,190
Other consumer
Credit Quality Indicator (2):
750+	$	69	$	58	$	26	$	8	$	4	$	14	$	340	$	2	$	521
650-749	36		56		17		5		2		3		294		30		443
<650	2		8		3		1		—		1		26		28		69
Total Other consumer	$	107	$	122	$	46	$	14	$	6	$	18	$	660	$	60	$	1,033

(1)Consistent with the credit quality disclosures, indicators for the Commercial portfolio are based on internally defined categories of credit grades which are generally refreshed at least semi-annually.

(2)Consistent with the credit quality disclosures, indicators for the Consumer portfolio are based on updated customer credit scores refreshed at least quarterly.

(3)The total amount of accrued interest recorded for these loans at December 31, 2020, presented in other assets within the Condensed Consolidated Balance Sheets, was $146 million and $123 million of commercial and consumer, respectively.

TDR Loans

TDRs are modified loans where a concession was provided to a borrower experiencing financial difficulties. Loan modifications are considered TDRs when the concessions provided would not otherwise be considered. However, not all loan modifications are TDRs. See Note 5 “Loans / Leases and Allowance for Credit Losses” to the Consolidated Financial Statements of the Annual Report on Form 10-K for the year ended December 31, 2020 for an additional discussion of TDRs.

The following table presents, by class and modification type, the number of contracts, post-modification outstanding balance, and the financial effects of the modification for the three-month periods ended March 31, 2021 and 2020.

	New Troubled Debt Restructurings (1)
	Three Months Ended March 31, 2021
	Number of Contracts	Post-modification Outstanding Recorded Investment (2)
(dollar amounts in millions)		Interest rate reduction		Amortization or maturity date change		Chapter 7 bankruptcy		Other		Total
Commercial and industrial	12	$	—	$	5	$	—	$	—	$	5
Automobile	902	—		7		1		—		8
Home equity	62	—		1		2		—		3
Residential mortgage	86	—		13		1		—		14
RV and marine	49	—		1		—		—		1
Other consumer	97	—		—		—		1		1
Total new TDRs	1,208	$	—	$	27	$	4	$	1	$	32
	Three Months Ended March 31, 2020
	Number of Contracts	Post-modification Outstanding Recorded Investment (2)
(dollar amounts in millions)		Interest rate reduction		Amortization or maturity date change		Chapter 7 bankruptcy		Other		Total
Commercial and industrial	140	$	—	$	62	$	—	$	—	$	62
Commercial real estate	7	—		2		—		—		2
Automobile	798	—		6		2		—		8
Home equity	63	—		1		2		—		3
Residential mortgage	101	—		9		2		—		11
RV and marine	28	—		1		—		—		1
Other consumer	249	1		—		—		—		1
Total new TDRs	1,386	$	1	$	81	$	6	$	—	$	88

(1)TDRs may include multiple concessions and the disclosure classifications are based on the primary concession provided to the borrower.

(2)Post-modification balances approximate pre-modification balances.

The financial effects of modification on the provision for loan and lease losses for the three-month periods ended March 31, 2021 and 2020, were less than $1 million and $9 million, respectively.

Pledged Loans

The Bank has access to the Federal Reserve’s discount window and advances from the FHLB. As of March 31, 2021 and December 31, 2020, these borrowings and advances are secured by $44.1 billion and $43.0 billion, respectively, of loans.

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ALLOWANCE FOR CREDIT LOSSES

3 Months Ended

Mar. 31, 2021

Credit Loss [Abstract]

Allowance for Credit Losses

ALLOWANCE FOR CREDIT LOSSES

Allowance for Loan and Lease Losses and Allowance for Credit Losses - Roll-forward

The following tables present ALLL and AULC activity by portfolio segment for the three-month periods ended March 31, 2021 and 2020.

(dollar amounts in millions)	Commercial		Consumer		Total
Three-month period ended March 31, 2021:
ALLL balance, beginning of period	$	1,236	$	578	$	1,814
Loan charge-offs	(61)		(34)		(95)
Recoveries of loans previously charged-off	12		19		31
Provision for loan and lease losses	10		(57)		(47)
ALLL balance, end of period	$	1,197	$	506	$	1,703
AULC balance, beginning of period	$	34	$	18	$	52
Provision (reduction in allowance) for unfunded loan commitments and letters of credit	(6)		(7)		(13)
Unfunded commitment losses	(1)		—		(1)
AULC balance, end of period	$	27	$	11	$	38
ACL balance, end of period	$	1,224	$	517	$	1,741

(dollar amounts in millions)	Commercial		Consumer		Total
Three-month period ended March 31, 2020:
ALLL balance, beginning of period	$	552	$	231	$	783
Cumulative-effect of change in accounting principle for financial instruments - credit losses (1)	180		211		391
Loan charge-offs	(88)		(48)		(136)
Recoveries of loans previously charged-off	5		14		19
Provision for loan and lease losses	347		100		447
ALLL balance, end of period	$	996	$	508	$	1,504
AULC balance, beginning of period	$	102	$	2	$	104
Cumulative-effect of change in accounting principle for financial instruments - credit losses (1)	(38)		40		2
Provision (reduction in allowance) for unfunded loan commitments and letters of credit	(5)		(1)		(6)
Unfunded commitment losses	(1)		—		(1)
AULC balance, end of period	$	58	$	41	$	99
ACL balance, end of period	$	1,054	$	549	$	1,603

(1)Relates to day one impact of the CECL adjustment as a result of the implementation of ASU 2016-13.

At March 31, 2021, the ACL was $1.7 billion, a decrease of $125 million from the December 31, 2020 balance of $1.9 billion. The decrease was primarily related to a reduction in credit reserves reflecting an improvement in the economic outlook. NCOs decreased $48 million, or 43%, in for the three-month period ended March 31, 2021. The decrease was driven by both commercial and consumer NCOs.

The suite of CECL models are generally dependent on the rate of change in unemployment rather than the absolute unemployment levels. Additionally, the economic scenarios used in the March 31, 2021 ACL determination contained significant judgmental assumptions around the ultimate number of COVID-19 cases and the economic impact of additional stimulus spending enacted into law during the first quarter. Given the impact of the unemployment variable utilized within the models and the uncertainty associated with key economic scenario assumptions, the March 31, 2021 ACL included a material general reserve component as well as additional industry specific risk profiles to capture economic uncertainty not addressed within the quantitative transaction reserve.

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MORTGAGE LOAN SALES AND SERVICING RIGHTS

3 Months Ended

Mar. 31, 2021

Transfers and Servicing [Abstract]

LOAN SALES AND SECURITIZATIONS

MORTGAGE LOAN SALES AND SERVICING RIGHTS

Residential Mortgage Portfolio

The following table summarizes activity relating to residential mortgage loans sold with servicing retained for the three-month periods ended March 31, 2021 and 2020:

	Three Months Ended March 31,
(dollar amounts in millions)	2021		2020
Residential mortgage loans sold with servicing retained	$	2,256	$	1,428
Pretax gains resulting from above loan sales (1)	93		39

(1)Recorded in mortgage banking income

The following table summarizes the changes in MSRs recorded using the fair value method for the three-month periods ended March 31, 2021 and 2020 (1):

	Three Months Ended March 31,
(dollar amounts in millions)	2021		2020 (1)
Fair value, beginning of period	$	210	$	7
Fair value election for servicing assets previously measured using the amortized method	—		205
New servicing assets created	33		14
Change in fair value during the period due to:
Time decay (2)	(3)		(2)
Payoffs (3)	(17)		(6)
Changes in valuation inputs or assumptions (4)	51		(53)
Fair value, end of period	$	274	$	165
Weighted-average life (years)	7.0		6.4

(1)Prior to January 1, 2020, substantially all of Huntington’s MSR assets were recorded at amortized cost.

(2)Represents decrease in value due to passage of time, including the impact from both regularly scheduled principal payments and partial loan paydowns.

(3)Represents decrease in value associated with loans that paid off during the period.

(4)Represents change in value resulting primarily from market-driven changes in interest rates.

MSRs do not trade in an active, open market with readily observable prices. Therefore, the fair value of MSRs is estimated using a discounted future cash flow model. Changes in the assumptions used may have a significant impact on the valuation of MSRs. MSR values are highly sensitive to movement in interest rates as expected future net servicing income depends on the projected outstanding principal balances of the underlying loans, which can be greatly impacted by the level of prepayments.

For MSRs under the fair value method, a summary of key assumptions and the sensitivity of the MSR value to changes in these assumptions at March 31, 2021, and December 31, 2020 follows:

	March 31, 2021							December 31, 2020 (1)
				Decline in fair value due to							Decline in fair value due to
(dollar amounts in millions)	Actual			10% adverse change		20% adverse change		Actual			10% adverse change		20% adverse change
Constant prepayment rate (annualized)	12.30	%		$	(15)	$	(28)	17.36	%		$	(12)	$	(23)
Spread over forward interest rate swap rates	509		bps	(6)		(12)		519		bps	(4)		(8)

(1)Prior to January 1, 2020, substantially all of Huntington’s MSR assets were recorded at amortized cost.

Total servicing, late fees and other ancillary fees included in mortgage banking income was $18 million and $17 million for the three-month periods ended March 31, 2021 and 2020, respectively.

The unpaid principal balance of residential mortgage loans serviced for third parties was $23.6 billion and $23.5 billion at March 31, 2021 and December 31, 2020, respectively.

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OTHER COMPREHENSIVE INCOME

3 Months Ended

Mar. 31, 2021

Equity [Abstract]

OTHER COMPREHENSIVE INCOME

OTHER COMPREHENSIVE INCOME

The components of Huntington’s OCI for the three-month periods ended March 31, 2021 and 2020, were as follows:

	Three Months Ended March 31, 2021
	Tax (expense)
(dollar amounts in millions)	Pretax		Benefit		After-tax
Unrealized gains (losses) on available-for-sale securities arising during the period	$	(287)	$	64	$	(223)
Less: Reclassification adjustment for realized net losses (gains) included in net income	9		(2)		7
Net change in unrealized holding gains (losses) on available-for-sale securities	(278)		62		(216)
Net change in fair value on cash flow hedges	(44)		10		(34)
Net change in pension and other post-retirement obligations	3		(1)		2
Total other comprehensive income (loss)	$	(319)	$	71	$	(248)

	Three Months Ended March 31, 2020
	Tax (expense)
(dollar amounts in millions)	Pretax		Benefit		After-tax
Unrealized gains (losses) on available-for-sale securities arising during the period	$	217	$	(48)	$	169
Less: Reclassification adjustment for realized net losses (gains) included in net income	5		(1)		4
Net change in unrealized gains (losses) on available-for-sale securities	222		(49)		173
Net change in fair value on cash flow hedges	396		(88)		308
Net change in pension and other post-retirement obligations	2		—		2
Total other comprehensive income (loss)	$	620	$	(137)	$	483

Activity in accumulated OCI for the three-month periods ended March 31, 2021 and 2020, were as follows:

(dollar amounts in millions)	Unrealized gains (losses) on debt securities (1)		Change in fair value related to cash flow hedges		Unrealized gains (losses) for pension and other post- retirement obligations (2)		Total
Three Months Ended March 31, 2021
Balance, beginning of period	$	188	$	257	$	(253)	$	192
Other comprehensive income before reclassifications	(223)		(34)		—		(257)
Amounts reclassified from accumulated OCI to earnings	7		—		2		9
Period change	(216)		(34)		2		(248)
Balance, end of period	$	(28)	$	223	$	(251)	$	(56)
Three Months Ended March 31, 2020
Balance, beginning of period	$	(28)	$	23	$	(251)	$	(256)
Other comprehensive income before reclassifications	169		308		—		477
Amounts reclassified from accumulated OCI to earnings	4		—		2		6
Period change	173		308		2		483
Balance, end of period	$	145	$	331	$	(249)	$	227

(1)AOCI amounts at March 31, 2021, December 31, 2020 and March 31, 2020 include $60 million, $69 million and $87 million, respectively, net of unrealized losses 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.

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SHAREHOLDERS' EQUITY

3 Months Ended

Mar. 31, 2021

Equity [Abstract]

SHAREHOLDERS' EQUITY

SHAREHOLDERS’ EQUITY

Preferred Stock

The following is a summary of Huntington’s non-cumulative, non-voting, perpetual preferred stock outstanding as of March 31, 2021.

(dollar amounts in millions)
Series	Issuance Date	Total Shares Outstanding	Carrying Amount		Dividend Rate		Earliest Redemption Date
Series B	12/28/2011	35,500	$	23	3-mo. LIBOR + 270 bps		1/15/2017
Series D	3/21/2016	400,000	386		6.25	%	4/15/2021
Series D	5/5/2016	200,000	199		6.25	%	4/15/2021
Series C	8/16/2016	100,000	100		5.875	%	10/15/2021
Series E	2/27/2018	5,000	495		5.700	%	4/15/2023
Series F	5/27/2020	5,000	494		5.625	%	7/15/2030
Series G	8/3/2020	5,000	494		4.450	%	10/15/2027
Series H	2/2/2021	500,000	485		4.500	%	4/15/2026
Total		1,250,500	$	2,676

Series B, D, C and H of preferred stock have a liquidation value and redemption price per share of $1,000, plus any declared and unpaid dividends. Series E, F, and G stock have a liquidation value and redemption price per share of $100,000, plus any declared and unpaid dividends. All preferred stock has no stated maturity and redemption is solely at our option. Under current rules, any redemption of the preferred stock is subject to prior approval of the FRB.

The following table presents the dividends declared for each series of Preferred shares for the three-month periods ended March 31, 2021 and 2020:

	Three Months Ended March 31,
	2021				2020
(amounts in millions, except per share data)	Cash Dividend Declared Per Share				Cash Dividend Declared Per Share
Preferred Series			Amount ($)				Amount ($)
Series B	$	7.35	$	—	$	11.33	$	(1)
Series C	14.69		(2)		14.69		(1)
Series D	15.63		(9)		15.63		(9)
Series E	1,425.00		(7)		1,425.00		(7)
Series F	1,406.25		(7)		—		—
Series G	1,112.50		(6)		—		—
Total			$	(31)			$	(18)

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EARNINGS PER SHARE

3 Months Ended

Mar. 31, 2021

Earnings Per Share [Abstract]

EARNINGS PER SHARE

EARNINGS PER SHARE Basic earnings per share is the amount of earnings (adjusted for dividends declared on preferred stock) available to each share of common stock outstanding during the reporting period. Diluted earnings per share is the amount of earnings available to each share of common stock outstanding during the reporting period adjusted to include the effect of potentially dilutive common shares. Potentially dilutive common shares include incremental shares issued for stock options, restricted stock units and awards, and distributions from deferred compensation plans. Potentially dilutive common shares are excluded from the computation of diluted earnings per share in periods in which the effect would be antidilutive.

The calculation of basic and diluted earnings per share for the three-month periods ended March 31, 2021 and 2020 was as follows:

	Three Months Ended March 31,
(dollar amounts in millions, except per share data, share count in thousands)	2021		2020
Basic earnings per common share:
Net income	$	532	$	48
Preferred stock dividends	(31)		(18)
Net income available to common shareholders	$	501	$	30
Average common shares issued and outstanding	1,017,512		1,017,643
Basic earnings per common share	$	0.49	$	0.03
Diluted earnings per common share:
Dilutive potential common shares:
Stock options and restricted stock units and awards	18,397		12,363
Shares held in deferred compensation plans	5,094		4,570
Dilutive potential common shares	23,491		16,933
Total diluted average common shares issued and outstanding	1,041,003		1,034,576
Diluted earnings per common share	$	0.48	$	0.03
Anti-dilutive awards (1)	1,666		8,045

(1)Reflects the total number of shares related to outstanding options that have been excluded from the computation of diluted earnings per share because the impact would have been anti-dilutive.

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NONINTEREST INCOME

3 Months Ended

Mar. 31, 2021

Revenue from Contract with Customer [Abstract]

NONINTEREST INCOME

NONINTEREST INCOME

Huntington earns a variety of revenue including interest and fees from customers as well as revenues from non-customers. Certain sources of revenue are recognized within interest or fee income and are outside of the scope of ASC Topic 606, Revenue from Contracts with Customers (“ASC 606”). Other sources of revenue fall within the scope of ASC 606 and are generally recognized within noninterest income. These revenues are included within various sections of the Unaudited Condensed Consolidated Financial Statements. The following table shows Huntington’s total noninterest income segregated between contracts with customers within the scope of ASC 606 and those within the scope of other GAAP Topics.

(dollar amounts in millions)	Three Months Ended March 31,
Noninterest income	2021		2020
Noninterest income from contracts with customers	$	222	$	227
Noninterest income within the scope of other GAAP topics	173		134
Total noninterest income	$	395	$	361

The following table illustrates the disaggregation by operating segment and major revenue stream and reconciles disaggregated revenue to segment revenue presented in Note 15 “Segment Reporting”.

	Three Months Ended March 31, 2021
(dollar amounts in millions)	Consumer & Business Banking		Commercial Banking		Vehicle Finance		RBHPCG		Treasury / Other		Huntington Consolidated
Major Revenue Streams
Service charges on deposit accounts	$	48	$	19	$	2	$	—	$	—	$	69
Card and payment processing income	58		4		—		—		—		62
Trust and investment management services	13		1		—		38		—		52
Insurance income	12		2		—		13		—		27
Other noninterest income	6		2		1		1		2		12
Net revenue from contracts with customers	$	137	$	28	$	3	$	52	$	2	$	222
Noninterest income within the scope of other GAAP topics	99		60		—		1		13		173
Total noninterest income	$	236	$	88	$	3	$	53	$	15	$	395
	Three Months Ended March 31, 2020
(dollar amounts in millions)	Consumer & Business Banking		Commercial Banking		Vehicle Finance		RBHPCG		Treasury / Other		Huntington Consolidated
Major Revenue Streams
Service charges on deposit accounts	$	68	$	17	$	1	$	1	$	—	$	87
Card and payment processing income	52		4		—		—		—		56
Trust and investment management services	10		1		—		36		—		47
Insurance income	8		2		—		12		1		23
Other noninterest income	8		3		1		1		1		14
Net revenue from contracts with customers	$	146	$	27	$	2	$	50	$	2	$	227
Noninterest income within the scope of other GAAP topics	66		59		1		—		8		134
Total noninterest income	$	212	$	86	$	3	$	50	$	10	$	361

Huntington generally provides services for customers in which it acts as principal. Payment terms and conditions vary amongst services and customers, and thus impact the timing and amount of revenue recognition. Some fees may be paid before any service is rendered and accordingly, such fees are deferred until the obligations pertaining to those fees are satisfied. Most Huntington contracts with customers are cancelable by either party without penalty or they are short-term in nature, with a contract duration of less than one year. Accordingly, most revenue deferred for the reporting period ended March 31, 2021 is expected to be earned within one year. Huntington does not have significant balances of contract assets or contract liabilities and any change in those balances during the reporting period ended March 31, 2021 was determined to be immaterial.

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FAIR VALUES OF ASSETS AND LIABILITIES

3 Months Ended

Mar. 31, 2021

Fair Value Disclosures [Abstract]

FAIR VALUES OF ASSETS AND LIABILITIES

FAIR VALUES OF ASSETS AND LIABILITIES

See Note 20 “Fair Value of Assets and Liabilities” to the Consolidated Financial Statements of the Annual Report on Form 10-K for the year ended December 31, 2020 for a description of the valuation methodologies used for instruments measured at fair value. Assets and liabilities measured at fair value rarely transfer between Level 1 and Level 2 measurements. There were no such transfers during the three-month periods ended March 31, 2021 and 2020.

Assets and Liabilities measured at fair value on a recurring basis

Assets and liabilities measured at fair value on a recurring basis at March 31, 2021 and December 31, 2020 are summarized below:

	Fair Value Measurements at Reporting Date Using						Netting Adjustments (1)		March 31, 2021
(dollar amounts in millions)	Level 1		Level 2		Level 3
Assets
Trading account securities:
Municipal securities	$	—	$	48	$	—	$	—	$	48
Corporate debt	—		3		—		—		3
	—		51		—		—		51
Available-for-sale securities:
U.S. Treasury securities	5		—		—		—		5
Residential CMOs	—		3,172		—		—		3,172
Residential MBS	—		10,645		—		—		10,645
Commercial MBS	—		1,227		—		—		1,227
Other agencies	—		46		—		—		46
Municipal securities	—		52		3,070		—		3,122
Private-label CMO	—		39		11		—		50
Asset-backed securities	—		200		47		—		247
Corporate debt	—		857		—		—		857
Other securities/sovereign debt	—		4		—		—		4
	5		16,242		3,128		—		19,375
Other securities	42		17		—		—		59
Loans held for sale	—		1,531		—		—		1,531
Loans held for investment	—		96		22		—		118
MSRs	—		—		274		—		274
Derivative assets	—		1,808		21		(816)		1,013
Liabilities
Derivative liabilities	—		863		11		(703)		171

	Fair Value Measurements at Reporting Date Using						Netting Adjustments (1)		December 31, 2020
(dollar amounts in millions)	Level 1		Level 2		Level 3
Assets
Trading account securities:
Municipal securities	$	—	$	62	$	—	$	—	$	62
Available-for-sale securities:
U.S. Treasury securities	5		—		—		—		5
Residential CMOs	—		3,666		—		—		3,666
Residential MBS	—		7,935		—		—		7,935
Commercial MBS	—		1,163		—		—		1,163
Other agencies	—		62		—		—		62
Municipal securities	—		53		2,951		—		3,004
Private-label CMO	—		—		9		—		9
Asset-backed securities	—		182		10		—		192
Corporate debt	—		445		—		—		445
Other securities/sovereign debt	—		4		—		—		4
	5		13,510		2,970		—		16,485
Other securities	59		—		—		—		59
Loans held for sale	—		1,198		—		—		1,198
Loans held for investment	—		71		23		—		94
MSRs	—		—		210		—		210
Derivative assets	—		1,903		43		(889)		1,057
Liabilities
Derivative liabilities	—		1,031		2		(917)		116

(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 tables below present a rollforward of the balance sheet amounts for the three-month periods ended March 31, 2021 and 2020, for financial instruments measured 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 Three Months Ended March 31, 2021
					Available-for-sale securities						Loans held for investment
(dollar amounts in millions)	MSRs		Derivative instruments		Municipal securities		Private- label CMO		Asset-backed securities
Opening balance	$	210	$	41	$	2,951	$	9	$	10	$	23
Transfers out of Level 3 (1)	—		(39)		—		—		—		—
Total gains/losses for the period:
Included in earnings	51		8		—		—		—		—
Included in OCI	—		—		(4)		—		—		—
Purchases/originations	33		—		209		2		37		—
Repayments	—		—		—		—		—		(1)
Settlements	(20)		—		(86)		—		—		—
Closing balance	$	274	$	10	$	3,070	$	11	$	47	$	22
Change in unrealized gains or losses for the period included in earnings for assets held at end of the reporting date	$	51	$	(26)	$	—	$	—	$	—	$	—
Change in unrealized gains or losses for the period included in other comprehensive income for assets held at the end of the reporting period	—		—		(5)		—		—		—

	Level 3 Fair Value Measurements Three Months Ended March 31, 2020
	MSRs		Derivative instruments		Available-for-sale securities							Loans held for investment
(dollar amounts in millions)					Municipal securities		Private- label CMO			Asset-backed securities
Opening balance	$	7	$	6	$	2,999	$	2		$	48	$	26
Fair value election for servicing assets previously measured using the amortized method	205		—		—		—			—		—
Transfers out of Level 3 (1)	—		(20)		—		—			—		—
Total gains/losses for the period:
Included in earnings	(47)		53		(1)		—			—		—
Included in OCI	—		—		(68)		—			—		—
Purchases/originations	—		—		73		—			27		—
Settlements	—		—		(66)		—			(6)		—
Closing balance	$	165	$	39	$	2,937	$	2		$	69	$	26
Change in unrealized gains or losses for the period included in earnings for assets held at end of the reporting date	$	(47)	$	34	$	—	$	—		$	—	$	—
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)		$	—	0	$	—	$	—

(1)Transfers out of Level 3 represent the settlement value of the derivative instruments (i.e. interest rate lock agreements) that is transferred to loans held for sale, which is classified as Level 2.

The tables below summarize the classification of gains and losses due to changes in fair value, recorded in earnings for Level 3 assets and liabilities for the three-month periods ended March 31, 2021 and 2020:

	Level 3 Fair Value Measurements Three Months Ended March 31, 2021
(dollar amounts in millions)	MSRs		Derivative instruments
Classification of gains and losses in earnings:
Mortgage banking income	$	51	$	8
Total	$	51	$	8

	Level 3 Fair Value Measurements Three Months Ended March 31, 2020
					Available-for-sale securities
(dollar amounts in millions)	MSRs		Derivative instruments		Municipal securities
Classification of gains and losses in earnings:
Mortgage banking income	$	(47)	$	53	$	—
Interest and fee income	—		—		(1)
Total	$	(47)	$	53	$	(1)

Assets and liabilities under the fair value option

The following tables present the fair value and aggregate principal balance of certain assets and liabilities under the fair value option:

	March 31, 2021
(dollar amounts in millions)	Total Loans						Loans that are 90 or more days past due
Assets	Fair value carrying amount		Aggregate unpaid principal		Difference		Fair value carrying amount		Aggregate unpaid principal		Difference
Loans held for sale	$	1,531	$	1,501	$	30	$	—	$	—	$	—
Loans held for investment	118		123		(5)		4		5		(1)

	December 31, 2020
(dollar amounts in millions)	Total Loans						Loans that are 90 or more days past due
Assets	Fair value carrying amount		Aggregate unpaid principal		Difference		Fair value carrying amount		Aggregate unpaid principal		Difference
Loans held for sale	$	1,198	$	1,134	$	64	$	2	$	2	$	—
Loans held for investment	94		99		(5)		7		8		(1)

The following table present the net gains (losses) from fair value changes for the three-month periods ended March 31, 2021 and 2020.

	Net gains (losses) from fair value changes
(dollar amounts in millions)	Three Months Ended March 31,
Assets	2021		2020
Loans held for sale (1)	$	(34)	$	19

(1)The net gains (losses) from fair value changes are included in Mortgage banking income on the Unaudited Condensed Consolidated Statements of Income.

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, such as when there is evidence of impairment. The amounts presented represent the fair value on the various measurement dates throughout the period. 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 at March 31, 2021 were as follows:

		Fair Value Measurements Using
(dollar amounts in millions)	Fair Value	Quoted Prices In Active Markets for Identical Assets (Level 1)	Significant Other Observable Inputs (Level 2)	Significant Other Unobservable Inputs (Level 3)	Total Gains/(Losses) Three Months Ended March 31, 2021
Collateral-dependent loans	12	—	—	12	(1)

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 on a recurring and nonrecurring basis

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 at March 31, 2021 and December 31, 2020:

	Quantitative Information about Level 3 Fair Value Measurements at March 31, 2021 (1) (1)
(dollar amounts in millions)	Fair Value		Valuation Technique	Significant Unobservable Input	Range				Weighted Average
Measured at fair value on a recurring basis:
MSRs	$	274	Discounted cash flow	Constant prepayment rate	6	%	-	22%	12	%
				Spread over forward interest rate swap rates	3	%	-	11%	5	%
Derivative assets	21		Consensus Pricing	Net market price	(5)	%	-	12%	1	%
				Estimated Pull through %	6	%	-	100%	90	%
Municipal securities	3,070		Discounted cash flow	Discount rate	—	%	-	2%	1	%
Asset-backed securities	47			Cumulative default	—	%	-	39%	4	%
				Loss given default	5	%	-	80%	25	%
Measured at fair value on a nonrecurring basis:
Collateral-dependent loans	12		Appraisal value	N/A					N/A

	Quantitative Information about Level 3 Fair Value Measurements at December 31, 2020 (1)
(dollar amounts in millions)	Fair Value		Valuation Technique	Significant Unobservable Input	Range				Weighted Average
Measured at fair value on a recurring basis:
MSRs	$	210	Discounted cash flow	Constant prepayment rate	8	%	-	24%	17	%
				Spread over forward interest rate swap rates	4	%	-	11%	5	%
Derivative assets	43		Consensus Pricing	Net market price	(4)	%	-	11%	3	%
				Estimated Pull through %	1	%	-	100%	88	%
Municipal securities	2,951		Discounted cash flow	Discount rate	—	%		1%	1	%
Asset-backed securities	10			Cumulative default	—	%		39%	4	%
				Loss given default	5	%		80%	25	%
Measured at fair value on a nonrecurring basis:
Collateral-dependent loans	144		Appraisal value	N/A					NA

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

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.

Credit loss estimates, such as 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.

Net market price and pull through percentages generally increase when market interest rates increase and decline when market interest rates decline. Higher net market price and pull through percentages generally result in higher fair values.

Fair values of financial instruments

The following table provides the carrying amounts and estimated fair values of Huntington’s financial instruments at March 31, 2021 and December 31, 2020:

	March 31, 2021
(dollar amounts in millions)	Amortized Cost		Lower of Cost or Market		Fair Value or Fair Value Option		Total Carrying Amount		Estimated Fair Value
Financial Assets
Cash and short-term assets	$	8,641	$	—	$	—	$	8,641	$	8,641
Trading account securities	—		—		51		51		51
Available-for-sale securities	—		—		19,375		19,375		19,375
Held-to-maturity securities	7,815		—		—		7,815		8,062
Other securities	352		—		59		411		411
Loans held for sale	—		6		1,531		1,537		1,537
Net loans and leases (1)	78,409		—		118		78,527		78,603
Derivative assets	—		—		1,013		1,013		1,013
Financial Liabilities
Deposits	102,184		—		—		102,184		102,231
Short-term borrowings	219		—		—		219		219
Long-term debt	7,210		—		—		7,210		7,305
Derivative liabilities	—		—		171		171		171

	December 31, 2020
(dollar amounts in millions)	Amortized Cost		Lower of Cost or Market		Fair Value or Fair Value Option		Total Carrying Amount		Estimated Fair Value
Financial Assets
Cash and short-term assets	$	6,712	$	—	$	—	$	6,712	$	6,712
Trading account securities	—		—		62		62		62
Available-for-sale securities	—		—		16,485		16,485		16,485
Held-to-maturity securities	8,861		—		—		8,861		9,255
Other securities	359		—		59		418		418
Loans held for sale	—		77		1,198		1,275		1,275
Net loans and leases (1)	79,700		—		94		79,794		80,477
Derivative assets	—		—		1,057		1,057		1,057
Financial Liabilities
Deposits	98,948		—		—		98,948		99,021
Short-term borrowings	183		—		—		183		183
Long-term debt	8,352		—		—		8,352		8,568
Derivative liabilities	—		—		116		116		116

(1)Includes collateral-dependent loans.

The following table presents the level in the fair value hierarchy for the estimated fair values at March 31, 2021 and December 31, 2020:

	Estimated Fair Value Measurements at Reporting Date Using						Netting Adjustments (1)		March 31, 2021
(dollar amounts in millions)	Level 1		Level 2		Level 3
Financial Assets
Trading account securities	$	—	$	51	$	—			$	51
Available-for-sale securities	5		16,242		3,128				19,375
Held-to-maturity securities	—		8,062		—				8,062
Other securities (2)	42		17		—				59
Loans held for sale	—		1,531		6				1,537
Net loans and direct financing leases	—		96		78,507				78,603
Derivative assets	—		1,808		21		$	(816)	1,013
Financial Liabilities
Deposits	—		99,998		2,233				102,231
Short-term borrowings	—		219		—				219
Long-term debt	—		6,736		569				7,305
Derivative liabilities	—		863		11		(703)		171

	Estimated Fair Value Measurements at Reporting Date Using						Netting Adjustments (1)		December 31, 2020
(dollar amounts in millions)	Level 1		Level 2		Level 3
Financial Assets
Trading account securities	$	—	$	62	$	—			$	62
Available-for-sale securities	5		13,510		2,970				16,485
Held-to-maturity securities	—		9,255		—				9,255
Other securities (2)	59		—		—				59
Loans held for sale	—		1,198		77				1,275
Net loans and direct financing leases	—		71		80,406				80,477
Derivative assets	—		1,903		43		$	(889)	1,057
Financial Liabilities
Deposits	—		96,656		2,365				99,021
Short-term borrowings	—		183		—				183
Long-term debt	—		7,999		569				8,568
Derivative liabilities	—		1,031		2		(917)		116

(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.

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, FHLB advances, and cash and short-term assets, which include cash and due from banks, interest-bearing deposits in banks, interest-bearing deposits at Federal Reserve Bank, federal funds sold, and securities purchased under resale agreements. 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, deposit base, and other customer relationship intangibles are not considered financial instruments and are not included above. Accordingly, this fair value information is not intended to, and does not,

represent Huntington’s underlying value. 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.

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DERIVATIVE FINANCIAL INSTRUMENTS

3 Months Ended

Mar. 31, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

DERIVATIVE FINANCIAL INSTRUMENTS

DERIVATIVE FINANCIAL INSTRUMENTS

Derivative financial instruments are recorded in the Unaudited Condensed Consolidated Balance Sheets as either an asset or a liability (in other assets or other liabilities, respectively) and measured at fair value.

Derivative financial instruments can be designated as accounting hedges under GAAP. Designating a derivative as an accounting hedge allows Huntington to recognize gains and losses on the hedging instruments in the income statement line item where the gains and losses on the hedged item are recognized. Gains and losses on derivatives that are not designated in an effective hedge relationship under GAAP immediately impact earnings within the period they occur.

The following table presents the fair values and notional values of all derivative instruments included in the Unaudited Condensed Consolidated Balance Sheets at March 31, 2021 and December 31, 2020. Amounts in the table below are presented gross without the impact of any net collateral arrangements.

	March 31, 2021						December 31, 2020
(dollar amounts in millions)	Notional Value		Asset		Liability		Notional Value		Asset		Liability
Derivatives designated as Hedging Instruments
Interest rate contracts	$	24,937	$	638	$	42	$	27,056	$	719	$	51
Derivatives not designated as Hedging Instruments
Interest rate contracts	55,792		1,034		686		44,495		1,074		828
Foreign exchange contracts	2,737		44		42		2,718		46		47
Commodities contracts	1,660		101		98		1,952		107		103
Equity contracts	502		12		6		517		—		4
Total Contracts	$	85,628	$	1,829	$	874	$	76,738	$	1,946	$	1,033

The following table presents the amount of gain or loss recognized in income for derivatives not designated as hedging instruments under ASC Subtopic 815-10 in the Unaudited Condensed Consolidated Income Statement for the three-month periods ended March 31, 2021 and 2020, respectively.

	Location of Gain or (Loss) Recognized in Income on Derivative	Amount of Gain or (Loss) Recognized in Income on Derivative
		Three Months Ended March 31,
(dollar amounts in millions)		2021		2020
Interest rate contracts:
Customer	Capital markets fees	$	12	$	18
Mortgage Banking	Mortgage banking income	(6)		96
Interest rate floors	Interest and fee income on loans and leases	(2)		—
Interest rate caps	Interest expense on long-term debt	144		—
Foreign exchange contracts	Capital markets fees	6		6
Commodities contracts	Capital markets fees	—		2
Equity contracts	Other noninterest expense	(7)		(2)
Total		$	147	$	120

Derivatives used in asset and liability management activities

Huntington engages in balance sheet hedging activity, principally for asset and liability management purposes. Balance sheet hedging activity is generally arranged to receive hedge accounting treatment that can be classified as either fair value or cash flow hedges. Fair value hedges are executed to hedge changes in fair value of outstanding fixed-rate debt and investment securities caused by fluctuations in market interest rates. Cash flow hedges are

executed to modify interest rate characteristics of designated commercial loans in order to reduce the impact of changes in future cash flows due to market interest rate changes.

The following table presents the gross notional values of derivatives used in Huntington’s asset and liability management activities at March 31, 2021 and December 31, 2020, identified by the underlying interest rate-sensitive instruments.

	March 31, 2021
(dollar amounts in millions)	Fair Value Hedges		Cash Flow Hedges		Economic Hedges		Total
Instruments associated with:
Investment securities	$	3,190	$	—	$	—	$	3,190
Loans	—		16,350		1,271		17,621
Long-term debt	5,397		—		8,000		13,397
Total notional value at March 31, 2021	$	8,587	$	16,350	$	9,271	$	34,208
	December 31, 2020
(dollar amounts in millions)	Fair Value Hedges		Cash Flow Hedges		Economic Hedges		Total
Instruments associated with:
Investment securities	$	3,484	$	—	$	—	$	3,484
Loans	—		17,375		1,271		18,646
Long-term debt	6,197		—		5,000		11,197
Total notional value at December 31, 2020	$	9,681	$	17,375	$	6,271	$	33,327

These derivative financial instruments were entered into for the purpose of managing the interest rate risk of assets and liabilities. Net amounts receivable or payable on contracts hedging either interest earning assets or interest bearing liabilities were accrued as an adjustment to either interest income or interest expense. Also, recorded as an adjustment to interest income were the amounts related to the amortization of floors and forward-starting floors that were excluded from the hedge effectiveness, changes in the fair value of economic hedges, as well as the amounts related to terminated hedges reclassified from AOCI. The net amounts resulted in an increase (decrease) to net interest income of $225 million and $16 million for the three-month periods ended March 31, 2021, and 2020, respectively.

Fair Value Hedges

The changes in fair value of the fair value hedges are recorded through earnings and offset against changes in the fair value of the hedged item.

Huntington has designated $2.8 billion of interest rate swaps as fair value hedges of fixed-rate investment securities using the last-of-layer method. This approach allows the Company to designate as the hedged item a stated amount of the assets that are not expected to be affected by prepayments, defaults and other factors affecting the timing and amount of cash flows. The fair value basis adjustment on our hedged mortgage-backed securities is included in available-for-sale securities on our Unaudited Condensed Consolidated Statements of Financial Condition.

The following table presents the change in fair value for derivatives designated as fair value hedges as well as the offsetting change in fair value on the hedged item for the three-month periods ended March 31, 2021 and 2020.

	Three Months Ended March 31,
(dollar amounts in millions)	2021		2020
Interest rate contracts
Change in fair value of interest rate swaps hedging investment securities (1)	$	43	$	—
Change in fair value of hedged investment securities (1)	(44)		—
Change in fair value of interest rate swaps hedging long-term debt (2)	(50)		200
Change in fair value of hedged long term debt (2)	52		(190)

(1)Recognized in Interest income—available-for-sale securities—taxable in the Unaudited Condensed Consolidated Statements of Income

(2)Recognized in Interest expense—long-term debt in the Unaudited Condensed Consolidated Statements of Income.

As of March 31, 2021, and December 31, 2020, the following amounts were recorded on the balance sheet related to cumulative basis adjustments for fair value hedges.

	Amortized Cost				Cumulative Amount of Fair Value Hedging Adjustment To Hedged Items
(dollar amounts in millions)	March 31, 2021		December 31, 2020		March 31, 2021		December 31, 2020
Assets
Investment securities (1)	$	5,713	$	6,637	$	1	$	3
Liabilities
Long-term debt	5,538		6,383		180		232

(1)Amounts include the amortized cost basis of closed portfolios used to designate hedging relationships in which the hedged item is the last layer expected to be remaining at the end of the hedging relationship. As of March 31, 2021, the amortized cost basis of the closed portfolios used in these hedging relationships was $5.3 billion, the cumulative basis adjustments associated with these hedging relationships was $1 million, and the amounts of the designated hedged items were $2.8 billion.

The cumulative amount of fair value hedging adjustments remaining for any hedged assets and liabilities for which hedge accounting has been discontinued was $(50) million and $(62) million at March 31, 2021 and December 31, 2020, respectively.

Cash Flow Hedges

At March 31, 2021, Huntington has $16.4 billion of interest rate floors, floor spreads and swaps. These are designated as cash flow hedges for variable rate commercial loans indexed to LIBOR. The change in the fair value of a derivative instrument designated as a cash flow hedge is initially recognized in OCI and is reclassified into income when the hedged item impacts earnings. The initial premium paid for the interest rate floor contracts represents the time value of the contracts and is not included in the measurement of hedge effectiveness. Any change in fair value related to time value is recognized in OCI. The initial premium paid is amortized on a straight line basis as a reduction to interest income over the contractual life of these contracts.

Gains and (losses) on interest rate floors, floor spreads, and swaps recognized in other comprehensive income were $(34) million and $308 million for the three-months periods ended March 31, 2021 and 2020, respectively.

Derivatives used in mortgage banking activities

Mortgage loan origination hedging activity

Huntington’s mortgage origination hedging activity is related to economically hedging Huntington’s mortgage pricing commitments to customers and the secondary sale to third parties. The value of a newly originated mortgage is not firm until the interest rate is committed or locked. Forward commitments to sell economically hedge the possible loss on interest rate lock commitments due to interest rate change. The net asset position of these derivatives at March 31, 2021 and December 31, 2020 are $65 million and $26 million, respectively. At March 31, 2021 and December 31, 2020, Huntington had commitments to sell residential real estate loans of $2.9 billion and $2.9 billion, respectively. These contracts mature in less than one year.

MSR hedging activity

Huntington’s MSR economic hedging activity uses securities and derivatives to manage the value of the MSR asset and to mitigate the various types of risk inherent in the MSR asset, including risks related to duration, basis, convexity, volatility, and yield curve. The hedging instruments include forward commitments, TBA securities, Treasury futures contracts, interest rate swaps, and options on interest rate swaps.

The notional value of the derivative financial instruments, the corresponding net asset (liability) position recognized in other assets and/or other liabilities, and net trading gains (losses) related to MSR hedging activity is summarized in the following table:

(dollar amounts in millions)	March 31, 2021		December 31, 2020
Notional value	$	875	$	1,170
Trading assets	9		43

	Three Months Ended March 31, 2021
(dollar amounts in millions)	2021		2020
Trading gains	$	(46)	$	57

MSR hedging trading assets and liabilities are included in other assets and other liabilities, respectively, in the Unaudited Condensed Balance Sheets. Trading gains (losses) are included in mortgage banking income in the Unaudited Condensed Consolidated Statement of Income.

Derivatives used in customer related activities

Various derivative financial instruments are offered to enable customers to meet their financing and investing objectives and for their risk management purposes. Derivative financial instruments used in trading activities consist of commodity, interest rate, and foreign exchange contracts. Huntington enters into offsetting third-party contracts with approved, reputable counterparties with substantially matching terms and currencies in order to economically hedge significant exposure related to derivatives used in trading activities.

The interest rate or price risk of customer derivatives is mitigated by entering into similar derivatives having offsetting terms with other counterparties. The credit risk to these customers is evaluated and included in the calculation of fair value. Foreign currency derivatives help the customer hedge risk and reduce exposure to fluctuations in exchange rates. Transactions are primarily in liquid currencies with Canadian dollars and Euros comprising a majority of all transactions. Commodity derivatives help the customer hedge risk and reduce exposure to fluctuations in the price of various commodities. Hedging of energy-related products and base metals comprise the majority of these transactions.

The net fair values of these derivative financial instruments, for which the gross amounts are included in other assets or other liabilities at both March 31, 2021 and December 31, 2020, were $73 million and $70 million, respectively. The total notional values of derivative financial instruments used by Huntington on behalf of customers, including offsetting derivatives, were $46 billion and $37 billion at March 31, 2021 and December 31, 2020, respectively. Huntington’s credit risk from customer derivatives was $593 million and $882 million at the same dates, respectively.

Financial assets and liabilities that are offset in the Unaudited Condensed Consolidated Balance Sheets

Huntington records derivatives at fair value as further described in Note 11 “Fair Values of Assets and Liabilities”.

Derivative balances are presented on a net basis taking into consideration the effects of legally enforceable master netting agreements. Additionally, collateral exchanged with counterparties is also netted against the applicable derivative fair values. Huntington enters into derivative transactions with two primary groups: broker-dealers and banks, and Huntington’s customers. Different methods are utilized for managing counterparty credit exposure and credit risk for each of these groups.

Huntington enters into transactions with broker-dealers and banks for various risk management purposes. These types of transactions generally are high dollar volume. Huntington enters into collateral and master netting agreements with these counterparties, and routinely exchanges cash and high quality securities collateral.

Huntington enters into transactions with customers to meet their financing, investing, payment and risk management needs. These types of transactions generally are low dollar volume. Huntington enters into master netting agreements with customer counterparties; however, collateral is generally not exchanged with customer counterparties.

In addition to the customer derivative credit exposure, aggregate credit risk associated with broker-dealer and bank derivative transactions, net of collateral that has been pledged by the counterparty, was $420 million and $175 million at March 31, 2021 and December 31, 2020, respectively. The credit risk associated with derivatives is calculated after considering master netting agreements.

At March 31, 2021, Huntington pledged $69 million of investment securities and cash collateral to counterparties, while other counterparties pledged $434 million of investment securities and cash collateral to Huntington to satisfy collateral netting agreements. In the event of credit downgrades, Huntington would not be required to provide additional collateral.

The following tables present the gross amounts of these assets and liabilities with any offsets to arrive at the net amounts recognized in the Unaudited Condensed Consolidated Balance Sheets at March 31, 2021 and December 31, 2020.

Offsetting of Financial Assets and Derivative Assets
			Gross amounts offset in the unaudited condensed consolidated balance sheets		Net amounts of assets presented in the unaudited condensed consolidated balance sheets		Gross amounts not offset in the unaudited condensed consolidated balance sheets
(dollar amounts in millions)	Gross amounts of recognized assets						Financial instruments		Cash collateral received		Net amount
March 31, 2021	$	1,829	$	(816)	$	1,013	$	(82)	$	(190)	$	741
December 31, 2020	1,946		(889)		1,057		(112)		(142)		803

Offsetting of Financial Liabilities and Derivative Liabilities
			Gross amounts offset in the unaudited condensed consolidated balance sheets		Net amounts of liabilities presented in the unaudited condensed consolidated balance sheets		Gross amounts not offset in the unaudited condensed consolidated balance sheets
(dollar amounts in millions)	Gross amounts of recognized liabilities						Financial instruments		Cash collateral delivered		Net amount
March 31, 2021	$	874	$	(703)	$	171	$	(17)	$	(173)	$	(19)
December 31, 2020	1,033		(917)		116		(9)		(105)		2

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VIEs

3 Months Ended

Mar. 31, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

VIEs

VIEs

Unconsolidated VIEs

The following tables provide a summary of the assets and liabilities included in Huntington’s Unaudited Condensed Consolidated Financial Statements, as well as the maximum exposure to losses, associated with its interests related to unconsolidated VIEs for which Huntington holds an interest in, but is not the primary beneficiary, of the VIE at March 31, 2021, and December 31, 2020:

	March 31, 2021
(dollar amounts in millions)	Total Assets		Total Liabilities		Maximum Exposure to Loss
Trust Preferred Securities	$	14	$	253	$	—
Affordable Housing Tax Credit Partnerships	945		445		945
Other Investments	329		72		329
Total	$	1,288	$	770	$	1,274

	December 31, 2020
(dollar amounts in millions)	Total Assets		Total Liabilities		Maximum Exposure to Loss
Trust Preferred Securities	$	14	$	252	$	—
Affordable Housing Tax Credit Partnerships	956		500		956
Other Investments	308		72		308
Total	$	1,278	$	824	$	1,264

Trust-Preferred Securities

Huntington has certain wholly-owned trusts whose assets, liabilities, equity, income, and expenses are not included within Huntington’s Unaudited Condensed Consolidated Financial Statements. These trusts have been formed for the sole purpose of issuing trust-preferred securities, from which the proceeds are then invested in Huntington junior subordinated debentures, which are reflected in Huntington’s Unaudited Condensed Consolidated Balance Sheet as long-term debt. The trust securities are the obligations of the trusts, and as such, are not consolidated within Huntington’s Unaudited Condensed Consolidated Financial Statements.

A list of trust preferred securities outstanding at March 31, 2021 follows:

(dollar amounts in millions)	Rate			Principal amount of subordinated note/ debenture issued to trust (1)		Investment in unconsolidated subsidiary
Huntington Capital I	0.81	%	(2)	$	70	$	6
Huntington Capital II	0.74		(3)	32		3
Sky Financial Capital Trust III	1.51		(4)	72		2
Sky Financial Capital Trust IV	1.51		(4)	74		2
Camco Financial Trust	1.44		(5)	5		1
Total				$	253	$	14

(1)Represents the principal amount of debentures issued to each trust, including unamortized original issue discount.

(2)Variable effective rate at March 31, 2021, based on three-month LIBOR +0.70%.

(3)Variable effective rate at March 31, 2021, based on three-month LIBOR +0.625%.

(4)Variable effective rate at March 31, 2021, based on three-month LIBOR +1.40%.

(5)Variable effective rate at March 31, 2021, based on three-month LIBOR +1.33%.

Each issue of the junior subordinated debentures has an interest rate equal to the corresponding trust securities distribution rate. Huntington has the right to defer payment of interest on the debentures at any time, or from time-to-time for a period not exceeding five years provided that no extension period may extend beyond the stated maturity of the related debentures. During any such extension period, distributions to the trust securities will also be deferred and Huntington’s ability to pay dividends on its common stock will be restricted. Periodic cash payments and payments upon liquidation or redemption with respect to trust securities are guaranteed by Huntington to the extent of funds held by the trusts. The guarantee ranks subordinate and junior in right of payment to all indebtedness of the Company to the same extent as the junior subordinated debt. The guarantee does not place a limitation on the amount of additional indebtedness that may be incurred by Huntington.

Affordable Housing Tax Credit Partnerships

Huntington makes certain equity investments in various limited partnerships that sponsor affordable housing projects utilizing the LIHTC pursuant to Section 42 of the Internal Revenue Code. The purpose of these investments is to achieve a satisfactory return on capital, to facilitate the sale of additional affordable housing product offerings, and to assist in achieving goals associated with the Community Reinvestment Act. The primary activities of the limited partnerships include the identification, development, and operation of multi-family housing that is leased to qualifying residential tenants. Generally, these types of investments are funded through a combination of debt and equity.

Huntington uses the proportional amortization method to account for a majority of its investments in these entities. These investments are included in other assets. Investments that do not meet the requirements of the proportional amortization method are accounted for using the equity method. Investment losses related to these investments are included in noninterest income in the Unaudited Condensed Consolidated Statements of Income.

The following table presents the balances of Huntington’s affordable housing tax credit investments and related unfunded commitments at March 31, 2021 and December 31, 2020.

(dollar amounts in millions)	March 31, 2021		December 31, 2020
Affordable housing tax credit investments	$	1,582	$	1,568
Less: amortization	(637)		(612)
Net affordable housing tax credit investments	$	945	$	956
Unfunded commitments	$	445	$	500

The following table presents other information relating to Huntington’s affordable housing tax credit investments for the three-month periods ended March 31, 2021 and 2020.

	Three Months Ended March 31,
(dollar amounts in millions)	2021		2020
Tax credits and other tax benefits recognized	$	33	$	29
Proportional amortization expense included in provision for income taxes	28		25

There were no sales of affordable housing tax credit investments during the three-month periods ended March 31, 2021 and 2020. There was no impairment recognized for the three-month periods ended March 31, 2021 and 2020.

Other investments

Other investments determined to be VIE’s include investments in Small Business Investment Companies, Historic Tax Credit Investments, certain equity method investments, renewable energy financings, and other miscellaneous investments.

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COMMITMENTS AND CONTINGENT LIABILITIES

3 Months Ended

Mar. 31, 2021

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENT LIABILITIES

COMMITMENTS AND CONTINGENT LIABILITIES

Commitments to extend credit

In the ordinary course of business, Huntington makes various commitments to extend credit that are not reflected in the Unaudited Condensed Consolidated Financial Statements. The contract amounts of these financial agreements at March 31, 2021 and December 31, 2020, were as follows:

(dollar amounts in millions)	March 31, 2021		December 31, 2020
Contract amount representing credit risk
Commitments to extend credit:
Commercial	$	21,580	$	20,701
Consumer	14,966		14,808
Commercial real estate	1,315		1,313
Standby letters of credit	632		581
Commercial letters of credit	12		21

Commitments to extend credit generally have fixed expiration dates, are variable-rate, and contain clauses that permit Huntington to terminate or otherwise renegotiate the contracts in the event of a significant deterioration in the customer’s credit quality. These arrangements normally require the payment of a fee by the customer, the pricing of which is based on prevailing market conditions, credit quality, probability of funding, and other relevant factors. Since many of these commitments are expected to expire without being drawn upon, the contract amounts are not necessarily indicative of future cash requirements. The interest rate risk arising from these financial instruments is insignificant as a result of their predominantly short-term, variable-rate nature.

Standby letters-of-credit are conditional commitments issued to guarantee the performance of a customer to a third-party. These guarantees are primarily issued to support public and private borrowing arrangements, including commercial paper, bond financing, and similar transactions. Most of these arrangements mature within two years. The carrying amount of deferred revenue associated with these guarantees was $6 million and $5 million at March 31, 2021 and December 31, 2020, respectively.

Commercial letters-of-credit represent short-term, self-liquidating instruments that facilitate customer trade transactions and generally have maturities of no longer than 90 days. The goods or cargo being traded normally secure these instruments.

Litigation and Regulatory Matters

In the ordinary course of business, Huntington is routinely a defendant in or party to pending and threatened legal and regulatory actions and proceedings.

In view of the inherent difficulty of predicting the outcome of such matters, particularly where the claimants seek very large or indeterminate damages or where the matters present novel legal theories or involve a large number of parties, Huntington generally cannot predict what the eventual outcome of the pending matters will be, what the timing of the ultimate resolution of these matters will be, or what the eventual loss, fines or penalties related to each matter may be.

Huntington establishes an accrued liability when those matters present loss contingencies that are both probable and estimable. In such cases, there may be an exposure to loss in excess of any amounts accrued. Huntington thereafter continues to monitor the matter for further developments that could affect the amount of the accrued liability that has been previously established.

For certain matters, Huntington is able to estimate a range of possible loss. In cases in which Huntington possesses information to estimate a range of possible loss, that estimate is aggregated and disclosed below. There may be other matters for which a loss is probable or reasonably possible but such an estimate of the range of possible loss may not be possible. For those matters where an estimate of the range of possible loss is possible, management currently estimates the aggregate range of reasonably possible loss is $0 to $10 million at March 31, 2021 in excess of the accrued liability (if any) related to those matters. This estimated range of possible loss is based upon currently available information and is subject to significant judgment, a variety of assumptions, and known and unknown uncertainties. The matters underlying the estimated range will change from time to time, and actual results may vary significantly from the current estimate. The estimated range of possible loss does not represent Huntington’s maximum loss exposure.

Based on current knowledge, management does not believe that loss contingencies arising from pending matters will have a material adverse effect on the consolidated financial position of Huntington. Further, management believes that amounts accrued are adequate to address Huntington’s contingent liabilities. However, in light of the inherent uncertainties involved in these matters, some of which are beyond Huntington’s control, and the large or indeterminate damages sought in some of these matters, an adverse outcome in one or more of these matters could be material to Huntington’s results of operations for any particular reporting period.

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SEGMENT REPORTING

3 Months Ended

Mar. 31, 2021

Segment Reporting [Abstract]

SEGMENT REPORTING

SEGMENT REPORTING Huntington’s business segments are based on our internally-aligned segment leadership structure, which is how management monitors results and assesses performance. The Company has four major business segments: Consumer and Business Banking, Commercial Banking, Vehicle Finance, Regional Banking and The Huntington Private Client Group (RBHPCG). The Treasury / Other function includes technology and operations, other unallocated assets, liabilities, revenue, and expense. For a description of our business segments, see Note 26 - Segment Reporting to the Consolidated Financial Statements of the Corporation’s 2020 Annual Report on Form 10-K.

Business segment results are determined based upon Huntington’s management reporting system, which assigns balance sheet and income statement items to each of the business segments. The process is designed around the organizational and management structure and, accordingly, the results derived are not necessarily comparable with similar information published by other financial institutions. Additionally, because of the interrelationships of the various segments, the information presented is not indicative of how the segments would perform if they operated as independent entities.

Huntington uses an active and centralized FTP methodology to attribute appropriate net interest income to the business segments. The intent of the FTP methodology is to transfer interest rate risk from the business segments by providing matched duration funding of assets and liabilities. The result is to centralize the financial impact, management, and reporting of interest rate risk in the Treasury / Other function where it can be centrally monitored and managed. The Treasury / Other function charges (credits) an internal cost of funds for assets held in (or pays for funding provided by) each business segment. The FTP rate is based on prevailing market interest rates for comparable duration assets (or liabilities).

Listed in the table below is certain operating basis financial information reconciled to Huntington’s March 31, 2021, December 31, 2020, and March 31, 2020, reported results by business segment.

	Three Months Ended March 31,
Income Statements	Consumer & Business Banking		Commercial Banking		Vehicle Finance		RBHPCG		Treasury / Other		Huntington Consolidated
(dollar amounts in millions)
2021
Net interest income	$	337	$	199	$	107	$	34	$	295	$	972
Provision (benefit) for credit losses	(36)		5		(22)		(7)		—		(60)
Noninterest income	236		88		3		53		15		395
Noninterest expense	469		133		35		62		94		793
Provision (benefit) for income taxes	29		31		21		7		14		102
Net income (loss)	$	111	$	118	$	76	$	25	$	202	$	532
2020
Net interest income	$	364	$	232	$	106	$	43	$	45	$	790
Provision (benefit) for credit losses	82		298		60		1		—		441
Noninterest income	212		86		3		50		10		361
Noninterest expense	418		129		35		62		8		652
Provision (benefit) for income taxes	16		(23)		3		6		8		10
Net income (loss)	$	60	$	(86)	$	11	$	24	$	39	$	48

	Assets at				Deposits at
(dollar amounts in millions)	March 31, 2021		December 31, 2020		March 31, 2021		December 31, 2020
Consumer & Business Banking	$	30,627	$	30,758	$	65,437	$	60,910
Commercial Banking	36,797		36,311		25,420		24,766
Vehicle Finance	19,208		19,789		849		722
RBHPCG	6,837		7,064		7,163		7,635
Treasury / Other	32,299		29,116		3,315		4,915
Total	$	125,768	$	123,038	$	102,184	$	98,948

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INVESTMENT SECURITIES AND OTHER SECURITIES (Tables)

3 Months Ended

Mar. 31, 2021

Investments, Debt and Equity Securities [Abstract]

Amortized Cost, Fair Value, and Gross Unrealized Gains and Losses by Investment Category

The following tables provide amortized cost, fair value, and gross unrealized gains and losses by investment category at March 31, 2021 and December 31, 2020:

			Unrealized
(dollar amounts in millions)	Amortized Cost (1)		Gross Gains		Gross Losses		Fair Value
March 31, 2021
Available-for-sale securities:
U.S. Treasury	$	5	$	—	$	—	$	5
Federal agencies:
Residential CMO	$	3,081	$	100	$	(9)	$	3,172
Residential MBS	10,708		61		(124)		10,645
Commercial MBS	1,277		13		(63)		1,227
Other agencies	44		2		—		46
Total U.S. Treasury, federal agency and other agency securities	15,115		176		(196)		15,095
Municipal securities	3,050		91		(19)		3,122
Private-label CMO	50		—		—		50
Asset-backed securities	244		4		(1)		247
Corporate debt	888		—		(31)		857
Other securities/Sovereign debt	4		—		—		4
Total available-for-sale securities	$	19,351	$	271	$	(247)	$	19,375
Held-to-maturity securities:
Federal agencies:
Residential CMO	$	1,604	$	74	$	—	$	1,678
Residential MBS	3,259		69		(18)		3,310
Commercial MBS	2,719		114		—		2,833
Other agencies	230		8		—		238
Total federal agency and other agency securities	7,812		265		(18)		8,059
Municipal securities	3		—		—		3
Total held-to-maturity securities	$	7,815	$	265	$	(18)	$	8,062
Other securities, at cost:
Non-marketable equity securities:
Federal Home Loan Bank stock	$	52	$	—	$	—	$	52
Federal Reserve Bank stock	300		—		—		300
Other securities, at fair value
Mutual funds	42		—		—		42
Equity securities	16		1		—		17
Total other securities	$	410	$	1	$	—	$	411

(1)Amortized cost amounts excludes accrued interest receivable, which is recorded within other assets on the Consolidated Balance Sheets. At March 31, 2021, accrued interest receivable on available-for-sale securities and held-to-maturity securities totaled $40 million and $18 million, respectively.

			Unrealized
(dollar amounts in millions)	Amortized Cost (1)		Gross Gains		Gross Losses		Fair Value
December 31, 2020
Available-for-sale securities:
U.S. Treasury	$	5	$	—	$	—	$	5
Federal agencies:
Residential CMO	$	3,550	$	121	$	(5)	$	3,666
Residential MBS	7,843		97		(5)		7,935
Commercial MBS	1,151		21		(9)		1,163
Other agencies	60		2		—		62
Total U.S. Treasury, federal agency and other agency securities	12,609		241		(19)		12,831
Municipal securities	2,928		91		(15)		3,004
Private-label CMO	9		—		—		9
Asset-backed securities	185		7		—		192
Corporate debt	440		5		—		445
Other securities/Sovereign debt	4		—		—		4
Total available-for-sale securities	$	16,175	$	344	$	(34)	$	16,485
Held-to-maturity securities:
Federal agencies:
Residential CMO	$	1,779	$	88	$	—	$	1,867
Residential MBS	3,715		103		—		3,818
Commercial MBS	3,118		191		—		3,309
Other agencies	246		12		—		258
Total federal agency and other agency securities	8,858		394		—		9,252
Municipal securities	3		—		—		3
Total held-to-maturity securities	$	8,861	$	394	$	—	$	9,255
Other securities, at cost:
Non-marketable equity securities:
Federal Home Loan Bank stock	$	60	$	—	$	—	$	60
Federal Reserve Bank stock	299		—		—		299
Other securities, at fair value
Mutual funds	50		—		—		50
Equity securities	8		1		—		9
Total other securities	$	417	$	1	$	—	$	418

Investments by Contractual Maturity

The following table provides the amortized cost and fair value of securities by contractual maturity at March 31, 2021 and December 31, 2020. Expected maturities may differ from contractual maturities as issuers may have the right to call or prepay obligations with or without incurring penalties.

	March 31, 2021				December 31, 2020
(dollar amounts in millions)	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Available-for-sale securities:
Under 1 year	$	366	$	357	$	308	$	304
After 1 year through 5 years	1,228		1,237		1,145		1,154
After 5 years through 10 years	2,127		2,144		1,607		1,654
After 10 years	15,630		15,637		13,115		13,373
Total available-for-sale securities	$	19,351	$	19,375	$	16,175	$	16,485
Held-to-maturity securities:
After 1 year through 5 years	$	142	$	148	$	160	$	169
After 5 years through 10 years	121		126		131		138
After 10 years	7,552		7,788		8,570		8,948
Total held-to-maturity securities	$	7,815	$	8,062	$	8,861	$	9,255

Investments with Unrealized Losses by Investment Category

The following tables provide detail on investment securities with unrealized losses aggregated by investment category and the length of time the individual securities have been in a continuous loss position at March 31, 2021 and December 31, 2020:

	Less than 12 Months				Over 12 Months				Total
(dollar amounts in millions)	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
March 31, 2021
Available-for-sale securities:
Federal agencies:
Residential CMO	$	413	$	(9)	$	—	$	—	$	413	$	(9)
Residential MBS	7,919		(124)		—		—		7,919		(124)
Commercial MBS	761		(63)		—		—		761		(63)
Total federal agency and other agency securities	9,093		(196)		—		—		9,093		(196)
Municipal securities	163		(7)		463		(12)		626		(19)
Asset-backed securities	65		(1)		—		—		65		(1)
Corporate debt	816		(31)		—		—		816		(31)
Total temporarily impaired available-for-sale securities	$	10,137	$	(235)	$	463	$	(12)	$	10,600	$	(247)
Held-to-maturity securities:
Federal agencies:
Residential MBS	$	1,235	(18)		—		—		1,235		(18)
Total temporarily impaired held-to-maturity securities	$	1,235	$	(18)	$	—	$	—	$	1,235	$	(18)

	Less than 12 Months				Over 12 Months				Total
(dollar amounts in millions)	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
December 31, 2020
Available-for-sale securities:
Federal agencies:
Residential CMO	$	302	$	(5)	$	—	$	—	$	302	$	(5)
Residential MBS	1,633		(5)		—		—		1,633		(5)
Commercial MBS	321		(9)		—		—		321		(9)
Total federal agency and other agency securities	2,256		(19)		—		—		2,256		(19)
Municipal securities	110		(3)		490		(12)		600		(15)
Asset-backed securities	15		—		—		—		15		—
Corporate debt	51		—		—		—		51		—
Total temporarily impaired available-for-sale securities	$	2,432	$	(22)	$	490	$	(12)	$	2,922	$	(34)

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LOANS / LEASES (Tables)

3 Months Ended

Mar. 31, 2021

Receivables [Abstract]

Loan and Lease Portfolio

The following table provides a detailed listing of Huntington’s loan and lease portfolio at March 31, 2021 and December 31, 2020.

(dollar amounts in millions)	March 31, 2021		December 31, 2020
Loans and leases:
Commercial and industrial	$	34,464	$	35,373
Commercial real estate	7,179		7,199
Automobile	12,591		12,778
Home equity	8,727		8,894
Residential mortgage	12,092		12,141
RV and marine	4,218		4,190
Other consumer	959		1,033
Loans and leases	$	80,230	$	81,608
Allowance for loan and lease losses	(1,703)		(1,814)
Net loans and leases	$	78,527	$	79,794

Direct Financing Lease, Lease Income

The following table presents net investments in lease financing receivables by category at March 31, 2021 and December 31, 2020.

(dollar amounts in millions)	March 31, 2021		December 31, 2020
Commercial and industrial:
Lease payments receivable	$	1,714	$	1,737
Estimated residual value of leased assets	622		664
Gross investment in commercial and industrial lease financing receivables	2,336		2,401
Deferred origination costs	21		21
Deferred fees	(190)		(200)
Total net investment in commercial and industrial lease financing receivables	$	2,167	$	2,222

NALs and Past Due Loans

The following table presents NALs by loan class at March 31, 2021 and December 31, 2020 (1):

	March 31, 2021				December 31, 2020
(dollar amounts in millions)	Nonaccrual loans with no ACL		Total nonaccrual loans		Nonaccrual loans with no ACL		Total nonaccrual loans
Commercial and industrial	$	103	$	343	$	69	$	353
Commercial real estate	—		8		8		15
Automobile	—		3		—		4
Home equity	—		71		—		70
Residential mortgage	—		90		—		88
RV and marine	—		1		—		2
Total nonaccrual loans	$	103	$	516	$	77	$	532

Aging analysis of loans and leases

The following table presents an aging analysis of loans and leases, including past due loans and leases, by loan class at March 31, 2021 and December 31, 2020:

	March 31, 2021
	Past Due (1)										Loans Accounted for Under FVO		Total Loans and Leases		90 or more days past due and accruing
(dollar amounts in millions)	30-59 Days		60-89  Days		90 or  more days		Total		Current
Commercial and industrial	$	37	$	20	$	96	$	153	$	34,311	$	—	$	34,464	$	8	(3)
Commercial real estate	1		1		2		4		7,175		—		7,179		—
Automobile	50		12		6		68		12,523		—		12,591		5
Home equity	23		11		58		92		8,634		1		8,727		10
Residential mortgage	78		26		194		298		11,677		117		12,092		128		(4)
RV and marine	11		3		2		16		4,202		—		4,218		1
Other consumer	6		2		2		10		949		—		959		2
Total loans and leases	$	206	$	75	$	360	$	641	$	79,471	$	118	$	80,230	$	154

	December 31, 2020
	Past Due (1)(2)										Loans Accounted for Under FVO		Total Loans and Leases		90 or more days past due and accruing
(dollar amounts in millions)	30-59 Days		60-89  Days		90 or  more days		Total		Current
Commercial and industrial	$	60	$	38	$	95	$	193	$	35,180	$	—	$	35,373	$	10	(3)
Commercial real estate	—		1		11		12		7,187		—		7,199		—
Automobile	84		22		12		118		12,660		—		12,778		9
Home equity	35		15		61		111		8,782		1		8,894		14
Residential mortgage	114		38		194		346		11,702		93		12,141		132		(4)
RV and marine	17		3		3		23		4,167		—		4,190		3
Other consumer	9		4		3		16		1,017		—		1,033		3
Total loans and leases	$	319	$	121	$	379	$	819	$	80,695	$	94	$	81,608	$	171

(1)NALs are included in this aging analysis based on the loan’s past due status.

(2)The principal balance of loans in payment deferral programs offered in response to the COVID-19 pandemic which are performing according to their modified terms are generally not considered delinquent.

(3)Amounts include Huntington Technology Finance administrative lease delinquencies.

(4)Amounts include mortgage loans insured by U.S. government ag

Loan and lease balances by credit quality indicator

The following tables present each loan and lease class by vintage and credit quality indicator at March 31, 2021 and December 31, 2020 respectively:

	As of March 31, 2021
	Term Loans Amortized Cost Basis by Origination Year												Revolver Total at Amortized Cost Basis		Revolver Total Converted to Term Loans
(dollar amounts in millions)	2021		2020		2019		2018		2017		Prior						Total (3)
Commercial and industrial
Credit Quality Indicator (1):
Pass	$	4,040	$	10,291	$	4,087	$	2,369	$	1,215	$	1,605	$	8,656	$	2	$	32,265
OLEM	122		282		98		91		41		92		128		—		854
Substandard	54		216		110		176		184		212		386		—		1,338
Doubtful	1		4		—		1		—		—		1		—		7
Total Commercial and industrial	$	4,217	$	10,793	$	4,295	$	2,637	$	1,440	$	1,909	$	9,171	$	2	$	34,464
Commercial real estate
Credit Quality Indicator (1):
Pass	$	406	$	1,605	$	1,475	$	1,077	$	454	$	999	$	624	$	—	$	6,640
OLEM	2		88		31		62		68		35		1		—		287
Substandard	4		23		114		7		27		38		39		—		252
Total Commercial real estate	$	412	$	1,716	$	1,620	$	1,146	$	549	$	1,072	$	664	$	—	$	7,179
Automobile
Credit Quality Indicator (2):
750+	$	771	$	2,381	$	1,817	$	991	$	608	$	279	$	—	$	—	$	6,847
650-749	479		1,895		1,161		642		315		163		—		—		4,655
<650	44		336		271		216		132		90		—		—		1,089
Total Automobile	$	1,294	$	4,612	$	3,249	$	1,849	$	1,055	$	532	$	—	$	—	$	12,591
Home equity
Credit Quality Indicator (2):
750+	$	187	$	780	$	21	$	22	$	28	$	479	$	4,201	$	189	$	5,907
650-749	37		137		8		6		8		171		1,810		176		2,353
<650	1		1		1		1		2		74		286		100		466
Total Home equity	$	225	$	918	$	30	$	29	$	38	$	724	$	6,297	$	465	$	8,726
Residential mortgage
Credit Quality Indicator (2):
750+	$	963	$	3,204	$	1,143	$	727	$	883	$	1,723	$	1	$	—	$	8,644
650-749	254		836		355		255		249		621		—		—		2,570
<650	7		37		90		113		106		408		—		—		761
Total Residential mortgage	$	1,224	$	4,077	$	1,588	$	1,095	$	1,238	$	2,752	$	1	$	—	$	11,975
RV and marine
Credit Quality Indicator (2):
750+	$	267	$	1,050	$	491	$	547	$	311	$	375	$	—	$	—	$	3,041
650-749	46		351		193		182		126		176		—		—		1,074
<650	—		8		15		21		22		37		—		—		103
Total RV and marine	$	313	$	1,409	$	699	$	750	$	459	$	588	$	—	$	—	$	4,218
Other consumer
Credit Quality Indicator (2):
750+	$	22	$	59	$	52	$	21	$	6	$	16	$	319	$	2	$	497
650-749	9		30		46		15		4		4		264		28		400
<650	—		2		7		3		1		1		25		23		62
Total Other consumer	$	31	$	91	$	105	$	39	$	11	$	21	$	608	$	53	$	959

(1)Consistent with the credit quality disclosures, indicators for the Commercial portfolio are based on internally defined categories of credit grades which are generally refreshed at least semi-annually.

(2)Consistent with the credit quality disclosures, indicators for the Consumer portfolio are based on updated customer credit scores refreshed at least quarterly.

(3)The total amount of accrued interest recorded for these loans at March 31, 2021, presented in other assets within the Condensed Consolidated Balance Sheets, was $140 million and $119 million of commercial and consumer, respectively.

	As of December 31, 2020
	Term Loans Amortized Cost Basis by Origination Year												Revolver Total at Amortized Cost Basis		Revolver Total Converted to Term Loans
(dollar amounts in millions)	2020		2019		2018		2017		2016		Prior						Total (3)
Commercial and industrial
Credit Quality Indicator (1):
Pass	$	13,757	$	4,525	$	2,758	$	1,347	$	974	$	916	$	8,894	$	2	$	33,173
OLEM	421		116		69		30		33		22		124		—		815
Substandard	196		144		188		224		46		159		423		—		1,380
Doubtful	2		—		1		—		—		1		1		—		5
Total Commercial and industrial	$	14,376	$	4,785	$	3,016	$	1,601	$	1,053	$	1,098	$	9,442	$	2	$	35,373
Commercial real estate
Credit Quality Indicator (1):
Pass	$	1,742	$	1,610	$	1,122	$	507	$	507	$	539	$	633	$	—	$	6,660
OLEM	94		78		63		37		28		14		4		—		318
Substandard	27		46		10		29		58		14		36		—		220
Doubtful	—		—		—		—		—		1		—		—		1
Total Commercial real estate	$	1,863	$	1,734	$	1,195	$	573	$	593	$	568	$	673	$	—	$	7,199
Automobile
Credit Quality Indicator (2):
750+	$	2,670	$	2,013	$	1,144	$	742	$	317	$	81	$	—	$	—	$	6,967
650-749	1,965		1,343		755		386		175		52		—		—		4,676
<650	312		301		244		157		84		37		—		—		1,135
Total Automobile	$	4,947	$	3,657	$	2,143	$	1,285	$	576	$	170	$	—	$	—	$	12,778
Home equity
Credit Quality Indicator (2):
750+	$	793	$	26	$	26	$	32	$	89	$	451	$	4,373	$	192	$	5,982
650-749	147		9		8		11		27		157		1,906		181		2,446
<650	1		1		1		1		6		70		286		99		465
Total Home equity	$	941	$	36	$	35	$	44	$	122	$	678	$	6,565	$	472	$	8,893
Residential mortgage
Credit Quality Indicator (2):
750+	$	3,269	$	1,370	$	891	$	1,064	$	762	$	1,243	$	1	$	—	$	8,600
650-749	991		435		307		278		171		495		—		—		2,677
<650	34		89		111		108		81		348		—		—		771
Total Residential mortgage	$	4,294	$	1,894	$	1,309	$	1,450	$	1,014	$	2,086	$	1	$	—	$	12,048
RV and marine
Credit Quality Indicator (2):
750+	$	1,136	$	525	$	589	$	337	$	153	$	254	$	—	$	—	$	2,994
650-749	348		215		201		136		64		129		—		—		1,093
<650	4		15		21		22		12		29		—		—		103
Total RV and marine	$	1,488	$	755	$	811	$	495	$	229	$	412	$	—	$	—	$	4,190
Other consumer
Credit Quality Indicator (2):
750+	$	69	$	58	$	26	$	8	$	4	$	14	$	340	$	2	$	521
650-749	36		56		17		5		2		3		294		30		443
<650	2		8		3		1		—		1		26		28		69
Total Other consumer	$	107	$	122	$	46	$	14	$	6	$	18	$	660	$	60	$	1,033

(1)Consistent with the credit quality disclosures, indicators for the Commercial portfolio are based on internally defined categories of credit grades which are generally refreshed at least semi-annually.

(2)Consistent with the credit quality disclosures, indicators for the Consumer portfolio are based on updated customer credit scores refreshed at least quarterly.

(3)The total amount of accrued interest recorded for these loans at December 31, 2020, presented in other assets within the Condensed Consolidated Balance Sheets, was $146 million and $123 million of commercial and consumer, respectively.

Detailed troubled debt restructuring information by class

The following table presents, by class and modification type, the number of contracts, post-modification outstanding balance, and the financial effects of the modification for the three-month periods ended March 31, 2021 and 2020.

	New Troubled Debt Restructurings (1)
	Three Months Ended March 31, 2021
	Number of Contracts	Post-modification Outstanding Recorded Investment (2)
(dollar amounts in millions)		Interest rate reduction		Amortization or maturity date change		Chapter 7 bankruptcy		Other		Total
Commercial and industrial	12	$	—	$	5	$	—	$	—	$	5
Automobile	902	—		7		1		—		8
Home equity	62	—		1		2		—		3
Residential mortgage	86	—		13		1		—		14
RV and marine	49	—		1		—		—		1
Other consumer	97	—		—		—		1		1
Total new TDRs	1,208	$	—	$	27	$	4	$	1	$	32
	Three Months Ended March 31, 2020
	Number of Contracts	Post-modification Outstanding Recorded Investment (2)
(dollar amounts in millions)		Interest rate reduction		Amortization or maturity date change		Chapter 7 bankruptcy		Other		Total
Commercial and industrial	140	$	—	$	62	$	—	$	—	$	62
Commercial real estate	7	—		2		—		—		2
Automobile	798	—		6		2		—		8
Home equity	63	—		1		2		—		3
Residential mortgage	101	—		9		2		—		11
RV and marine	28	—		1		—		—		1
Other consumer	249	1		—		—		—		1
Total new TDRs	1,386	$	1	$	81	$	6	$	—	$	88

(1)TDRs may include multiple concessions and the disclosure classifications are based on the primary concession provided to the borrower.

(2)Post-modification balances approximate pre-modification balances.

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ALLOWANCE FOR CREDIT LOSSES (Tables)

3 Months Ended

Mar. 31, 2021

Credit Loss [Abstract]

Allowance Roll-forward

Allowance for Loan and Lease Losses and Allowance for Credit Losses - Roll-forward

The following tables present ALLL and AULC activity by portfolio segment for the three-month periods ended March 31, 2021 and 2020.

(dollar amounts in millions)	Commercial		Consumer		Total
Three-month period ended March 31, 2021:
ALLL balance, beginning of period	$	1,236	$	578	$	1,814
Loan charge-offs	(61)		(34)		(95)
Recoveries of loans previously charged-off	12		19		31
Provision for loan and lease losses	10		(57)		(47)
ALLL balance, end of period	$	1,197	$	506	$	1,703
AULC balance, beginning of period	$	34	$	18	$	52
Provision (reduction in allowance) for unfunded loan commitments and letters of credit	(6)		(7)		(13)
Unfunded commitment losses	(1)		—		(1)
AULC balance, end of period	$	27	$	11	$	38
ACL balance, end of period	$	1,224	$	517	$	1,741

(dollar amounts in millions)	Commercial		Consumer		Total
Three-month period ended March 31, 2020:
ALLL balance, beginning of period	$	552	$	231	$	783
Cumulative-effect of change in accounting principle for financial instruments - credit losses (1)	180		211		391
Loan charge-offs	(88)		(48)		(136)
Recoveries of loans previously charged-off	5		14		19
Provision for loan and lease losses	347		100		447
ALLL balance, end of period	$	996	$	508	$	1,504
AULC balance, beginning of period	$	102	$	2	$	104
Cumulative-effect of change in accounting principle for financial instruments - credit losses (1)	(38)		40		2
Provision (reduction in allowance) for unfunded loan commitments and letters of credit	(5)		(1)		(6)
Unfunded commitment losses	(1)		—		(1)
AULC balance, end of period	$	58	$	41	$	99
ACL balance, end of period	$	1,054	$	549	$	1,603

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MORTGAGE LOAN SALES AND SERVICING RIGHTS (Tables)

3 Months Ended

Mar. 31, 2021

Transfers and Servicing [Abstract]

Summarizes activity relating to loans securitized sold with servicing retained

The following table summarizes activity relating to residential mortgage loans sold with servicing retained for the three-month periods ended March 31, 2021 and 2020:

	Three Months Ended March 31,
(dollar amounts in millions)	2021		2020
Residential mortgage loans sold with servicing retained	$	2,256	$	1,428
Pretax gains resulting from above loan sales (1)	93		39

(1)Recorded in mortgage banking income

Summarizes activity relating to loans sold with servicing retained using the fair value method

The following table summarizes the changes in MSRs recorded using the fair value method for the three-month periods ended March 31, 2021 and 2020 (1):

	Three Months Ended March 31,
(dollar amounts in millions)	2021		2020 (1)
Fair value, beginning of period	$	210	$	7
Fair value election for servicing assets previously measured using the amortized method	—		205
New servicing assets created	33		14
Change in fair value during the period due to:
Time decay (2)	(3)		(2)
Payoffs (3)	(17)		(6)
Changes in valuation inputs or assumptions (4)	51		(53)
Fair value, end of period	$	274	$	165
Weighted-average life (years)	7.0		6.4

(1)Prior to January 1, 2020, substantially all of Huntington’s MSR assets were recorded at amortized cost.

(2)Represents decrease in value due to passage of time, including the impact from both regularly scheduled principal payments and partial loan paydowns.

(3)Represents decrease in value associated with loans that paid off during the period.

(4)Represents change in value resulting primarily from market-driven changes in interest rates.

Summary of key assumptions and the sensitivity of the servicing rights value to changes in the assumptions

For MSRs under the fair value method, a summary of key assumptions and the sensitivity of the MSR value to changes in these assumptions at March 31, 2021, and December 31, 2020 follows:

	March 31, 2021							December 31, 2020 (1)
				Decline in fair value due to							Decline in fair value due to
(dollar amounts in millions)	Actual			10% adverse change		20% adverse change		Actual			10% adverse change		20% adverse change
Constant prepayment rate (annualized)	12.30	%		$	(15)	$	(28)	17.36	%		$	(12)	$	(23)
Spread over forward interest rate swap rates	509		bps	(6)		(12)		519		bps	(4)		(8)

(1)Prior to January 1, 2020, substantially all of Huntington’s MSR assets were recorded at amortized cost.

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OTHER COMPREHENSIVE INCOME (Tables)

3 Months Ended

Mar. 31, 2021

Equity [Abstract]

Components of other comprehensive income

The components of Huntington’s OCI for the three-month periods ended March 31, 2021 and 2020, were as follows:

	Three Months Ended March 31, 2021
	Tax (expense)
(dollar amounts in millions)	Pretax		Benefit		After-tax
Unrealized gains (losses) on available-for-sale securities arising during the period	$	(287)	$	64	$	(223)
Less: Reclassification adjustment for realized net losses (gains) included in net income	9		(2)		7
Net change in unrealized holding gains (losses) on available-for-sale securities	(278)		62		(216)
Net change in fair value on cash flow hedges	(44)		10		(34)
Net change in pension and other post-retirement obligations	3		(1)		2
Total other comprehensive income (loss)	$	(319)	$	71	$	(248)

	Three Months Ended March 31, 2020
	Tax (expense)
(dollar amounts in millions)	Pretax		Benefit		After-tax
Unrealized gains (losses) on available-for-sale securities arising during the period	$	217	$	(48)	$	169
Less: Reclassification adjustment for realized net losses (gains) included in net income	5		(1)		4
Net change in unrealized gains (losses) on available-for-sale securities	222		(49)		173
Net change in fair value on cash flow hedges	396		(88)		308
Net change in pension and other post-retirement obligations	2		—		2
Total other comprehensive income (loss)	$	620	$	(137)	$	483

Activity in accumulated other comprehensive income, net of tax

Activity in accumulated OCI for the three-month periods ended March 31, 2021 and 2020, were as follows:

(dollar amounts in millions)	Unrealized gains (losses) on debt securities (1)		Change in fair value related to cash flow hedges		Unrealized gains (losses) for pension and other post- retirement obligations (2)		Total
Three Months Ended March 31, 2021
Balance, beginning of period	$	188	$	257	$	(253)	$	192
Other comprehensive income before reclassifications	(223)		(34)		—		(257)
Amounts reclassified from accumulated OCI to earnings	7		—		2		9
Period change	(216)		(34)		2		(248)
Balance, end of period	$	(28)	$	223	$	(251)	$	(56)
Three Months Ended March 31, 2020
Balance, beginning of period	$	(28)	$	23	$	(251)	$	(256)
Other comprehensive income before reclassifications	169		308		—		477
Amounts reclassified from accumulated OCI to earnings	4		—		2		6
Period change	173		308		2		483
Balance, end of period	$	145	$	331	$	(249)	$	227

(1)AOCI amounts at March 31, 2021, December 31, 2020 and March 31, 2020 include $60 million, $69 million and $87 million, respectively, net of unrealized losses 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.

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SHAREHOLDERS' EQUITY (Tables)

3 Months Ended

Mar. 31, 2021

Equity [Abstract]

Schedule of Stock

The following is a summary of Huntington’s non-cumulative, non-voting, perpetual preferred stock outstanding as of March 31, 2021.

(dollar amounts in millions)
Series	Issuance Date	Total Shares Outstanding	Carrying Amount		Dividend Rate		Earliest Redemption Date
Series B	12/28/2011	35,500	$	23	3-mo. LIBOR + 270 bps		1/15/2017
Series D	3/21/2016	400,000	386		6.25	%	4/15/2021
Series D	5/5/2016	200,000	199		6.25	%	4/15/2021
Series C	8/16/2016	100,000	100		5.875	%	10/15/2021
Series E	2/27/2018	5,000	495		5.700	%	4/15/2023
Series F	5/27/2020	5,000	494		5.625	%	7/15/2030
Series G	8/3/2020	5,000	494		4.450	%	10/15/2027
Series H	2/2/2021	500,000	485		4.500	%	4/15/2026
Total		1,250,500	$	2,676

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EARNINGS PER SHARE (Tables)

3 Months Ended

Mar. 31, 2021

Earnings Per Share [Abstract]

Basic and diluted earnings loss per share

The calculation of basic and diluted earnings per share for the three-month periods ended March 31, 2021 and 2020 was as follows:

	Three Months Ended March 31,
(dollar amounts in millions, except per share data, share count in thousands)	2021		2020
Basic earnings per common share:
Net income	$	532	$	48
Preferred stock dividends	(31)		(18)
Net income available to common shareholders	$	501	$	30
Average common shares issued and outstanding	1,017,512		1,017,643
Basic earnings per common share	$	0.49	$	0.03
Diluted earnings per common share:
Dilutive potential common shares:
Stock options and restricted stock units and awards	18,397		12,363
Shares held in deferred compensation plans	5,094		4,570
Dilutive potential common shares	23,491		16,933
Total diluted average common shares issued and outstanding	1,041,003		1,034,576
Diluted earnings per common share	$	0.48	$	0.03
Anti-dilutive awards (1)	1,666		8,045

(1)Reflects the total number of shares related to outstanding options that have been excluded from the computation of diluted earnings per share because the impact would have been anti-dilutive.

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NONINTEREST INCOME (Tables)

3 Months Ended

Mar. 31, 2021

Revenue from Contract with Customer [Abstract]

Schedule of Noninterest Income

The following table shows Huntington’s total noninterest income segregated between contracts with customers within the scope of ASC 606 and those within the scope of other GAAP Topics.

(dollar amounts in millions)	Three Months Ended March 31,
Noninterest income	2021		2020
Noninterest income from contracts with customers	$	222	$	227
Noninterest income within the scope of other GAAP topics	173		134
Total noninterest income	$	395	$	361

The following table illustrates the disaggregation by operating segment and major revenue stream and reconciles disaggregated revenue to segment revenue presented in Note 15 “Segment Reporting”.

	Three Months Ended March 31, 2021
(dollar amounts in millions)	Consumer & Business Banking		Commercial Banking		Vehicle Finance		RBHPCG		Treasury / Other		Huntington Consolidated
Major Revenue Streams
Service charges on deposit accounts	$	48	$	19	$	2	$	—	$	—	$	69
Card and payment processing income	58		4		—		—		—		62
Trust and investment management services	13		1		—		38		—		52
Insurance income	12		2		—		13		—		27
Other noninterest income	6		2		1		1		2		12
Net revenue from contracts with customers	$	137	$	28	$	3	$	52	$	2	$	222
Noninterest income within the scope of other GAAP topics	99		60		—		1		13		173
Total noninterest income	$	236	$	88	$	3	$	53	$	15	$	395
	Three Months Ended March 31, 2020
(dollar amounts in millions)	Consumer & Business Banking		Commercial Banking		Vehicle Finance		RBHPCG		Treasury / Other		Huntington Consolidated
Major Revenue Streams
Service charges on deposit accounts	$	68	$	17	$	1	$	1	$	—	$	87
Card and payment processing income	52		4		—		—		—		56
Trust and investment management services	10		1		—		36		—		47
Insurance income	8		2		—		12		1		23
Other noninterest income	8		3		1		1		1		14
Net revenue from contracts with customers	$	146	$	27	$	2	$	50	$	2	$	227
Noninterest income within the scope of other GAAP topics	66		59		1		—		8		134
Total noninterest income	$	212	$	86	$	3	$	50	$	10	$	361

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FAIR VALUES OF ASSETS AND LIABILITIES (Tables)

3 Months Ended

Mar. 31, 2021

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

Assets and liabilities measured at fair value on a recurring basis at March 31, 2021 and December 31, 2020 are summarized below:

	Fair Value Measurements at Reporting Date Using						Netting Adjustments (1)		March 31, 2021
(dollar amounts in millions)	Level 1		Level 2		Level 3
Assets
Trading account securities:
Municipal securities	$	—	$	48	$	—	$	—	$	48
Corporate debt	—		3		—		—		3
	—		51		—		—		51
Available-for-sale securities:
U.S. Treasury securities	5		—		—		—		5
Residential CMOs	—		3,172		—		—		3,172
Residential MBS	—		10,645		—		—		10,645
Commercial MBS	—		1,227		—		—		1,227
Other agencies	—		46		—		—		46
Municipal securities	—		52		3,070		—		3,122
Private-label CMO	—		39		11		—		50
Asset-backed securities	—		200		47		—		247
Corporate debt	—		857		—		—		857
Other securities/sovereign debt	—		4		—		—		4
	5		16,242		3,128		—		19,375
Other securities	42		17		—		—		59
Loans held for sale	—		1,531		—		—		1,531
Loans held for investment	—		96		22		—		118
MSRs	—		—		274		—		274
Derivative assets	—		1,808		21		(816)		1,013
Liabilities
Derivative liabilities	—		863		11		(703)		171

	Fair Value Measurements at Reporting Date Using						Netting Adjustments (1)		December 31, 2020
(dollar amounts in millions)	Level 1		Level 2		Level 3
Assets
Trading account securities:
Municipal securities	$	—	$	62	$	—	$	—	$	62
Available-for-sale securities:
U.S. Treasury securities	5		—		—		—		5
Residential CMOs	—		3,666		—		—		3,666
Residential MBS	—		7,935		—		—		7,935
Commercial MBS	—		1,163		—		—		1,163
Other agencies	—		62		—		—		62
Municipal securities	—		53		2,951		—		3,004
Private-label CMO	—		—		9		—		9
Asset-backed securities	—		182		10		—		192
Corporate debt	—		445		—		—		445
Other securities/sovereign debt	—		4		—		—		4
	5		13,510		2,970		—		16,485
Other securities	59		—		—		—		59
Loans held for sale	—		1,198		—		—		1,198
Loans held for investment	—		71		23		—		94
MSRs	—		—		210		—		210
Derivative assets	—		1,903		43		(889)		1,057
Liabilities
Derivative liabilities	—		1,031		2		(917)		116

(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 tables below present a rollforward of the balance sheet amounts for the three-month periods ended March 31, 2021 and 2020, for financial instruments measured 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 Three Months Ended March 31, 2021
					Available-for-sale securities						Loans held for investment
(dollar amounts in millions)	MSRs		Derivative instruments		Municipal securities		Private- label CMO		Asset-backed securities
Opening balance	$	210	$	41	$	2,951	$	9	$	10	$	23
Transfers out of Level 3 (1)	—		(39)		—		—		—		—
Total gains/losses for the period:
Included in earnings	51		8		—		—		—		—
Included in OCI	—		—		(4)		—		—		—
Purchases/originations	33		—		209		2		37		—
Repayments	—		—		—		—		—		(1)
Settlements	(20)		—		(86)		—		—		—
Closing balance	$	274	$	10	$	3,070	$	11	$	47	$	22
Change in unrealized gains or losses for the period included in earnings for assets held at end of the reporting date	$	51	$	(26)	$	—	$	—	$	—	$	—
Change in unrealized gains or losses for the period included in other comprehensive income for assets held at the end of the reporting period	—		—		(5)		—		—		—

	Level 3 Fair Value Measurements Three Months Ended March 31, 2020
	MSRs		Derivative instruments		Available-for-sale securities							Loans held for investment
(dollar amounts in millions)					Municipal securities		Private- label CMO			Asset-backed securities
Opening balance	$	7	$	6	$	2,999	$	2		$	48	$	26
Fair value election for servicing assets previously measured using the amortized method	205		—		—		—			—		—
Transfers out of Level 3 (1)	—		(20)		—		—			—		—
Total gains/losses for the period:
Included in earnings	(47)		53		(1)		—			—		—
Included in OCI	—		—		(68)		—			—		—
Purchases/originations	—		—		73		—			27		—
Settlements	—		—		(66)		—			(6)		—
Closing balance	$	165	$	39	$	2,937	$	2		$	69	$	26
Change in unrealized gains or losses for the period included in earnings for assets held at end of the reporting date	$	(47)	$	34	$	—	$	—		$	—	$	—
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)		$	—	0	$	—	$	—

(1)Transfers out of Level 3 represent the settlement value of the derivative instruments (i.e. interest rate lock agreements) that is transferred to loans held for sale, which is classified as Level 2.

Classification of gains and losses due to changes in fair value, recorded in earnings for Level 3 assets and liabilities

The tables below summarize the classification of gains and losses due to changes in fair value, recorded in earnings for Level 3 assets and liabilities for the three-month periods ended March 31, 2021 and 2020:

	Level 3 Fair Value Measurements Three Months Ended March 31, 2021
(dollar amounts in millions)	MSRs		Derivative instruments
Classification of gains and losses in earnings:
Mortgage banking income	$	51	$	8
Total	$	51	$	8

	Level 3 Fair Value Measurements Three Months Ended March 31, 2020
					Available-for-sale securities
(dollar amounts in millions)	MSRs		Derivative instruments		Municipal securities
Classification of gains and losses in earnings:
Mortgage banking income	$	(47)	$	53	$	—
Interest and fee income	—		—		(1)
Total	$	(47)	$	53	$	(1)

Assets and liabilities under the fair value option

The following tables present the fair value and aggregate principal balance of certain assets and liabilities under the fair value option:

	March 31, 2021
(dollar amounts in millions)	Total Loans						Loans that are 90 or more days past due
Assets	Fair value carrying amount		Aggregate unpaid principal		Difference		Fair value carrying amount		Aggregate unpaid principal		Difference
Loans held for sale	$	1,531	$	1,501	$	30	$	—	$	—	$	—
Loans held for investment	118		123		(5)		4		5		(1)

	December 31, 2020
(dollar amounts in millions)	Total Loans						Loans that are 90 or more days past due
Assets	Fair value carrying amount		Aggregate unpaid principal		Difference		Fair value carrying amount		Aggregate unpaid principal		Difference
Loans held for sale	$	1,198	$	1,134	$	64	$	2	$	2	$	—
Loans held for investment	94		99		(5)		7		8		(1)

The following table present the net gains (losses) from fair value changes for the three-month periods ended March 31, 2021 and 2020.

	Net gains (losses) from fair value changes
(dollar amounts in millions)	Three Months Ended March 31,
Assets	2021		2020
Loans held for sale (1)	$	(34)	$	19

(1)The net gains (losses) from fair value changes are included in Mortgage banking income on the Unaudited Condensed Consolidated Statements of Income.

Assets measured at fair value on a nonrecurring basis

The amounts measured at fair value on a nonrecurring basis at March 31, 2021 were as follows:

		Fair Value Measurements Using
(dollar amounts in millions)	Fair Value	Quoted Prices In Active Markets for Identical Assets (Level 1)	Significant Other Observable Inputs (Level 2)	Significant Other Unobservable Inputs (Level 3)	Total Gains/(Losses) Three Months Ended March 31, 2021
Collateral-dependent loans	12	—	—	12	(1)

Quantitative information about significant unobservable level 3 fair value measurement inputs

	Quantitative Information about Level 3 Fair Value Measurements at March 31, 2021 (1) (1)
(dollar amounts in millions)	Fair Value		Valuation Technique	Significant Unobservable Input	Range				Weighted Average
Measured at fair value on a recurring basis:
MSRs	$	274	Discounted cash flow	Constant prepayment rate	6	%	-	22%	12	%
				Spread over forward interest rate swap rates	3	%	-	11%	5	%
Derivative assets	21		Consensus Pricing	Net market price	(5)	%	-	12%	1	%
				Estimated Pull through %	6	%	-	100%	90	%
Municipal securities	3,070		Discounted cash flow	Discount rate	—	%	-	2%	1	%
Asset-backed securities	47			Cumulative default	—	%	-	39%	4	%
				Loss given default	5	%	-	80%	25	%
Measured at fair value on a nonrecurring basis:
Collateral-dependent loans	12		Appraisal value	N/A					N/A

	Quantitative Information about Level 3 Fair Value Measurements at December 31, 2020 (1)
(dollar amounts in millions)	Fair Value		Valuation Technique	Significant Unobservable Input	Range				Weighted Average
Measured at fair value on a recurring basis:
MSRs	$	210	Discounted cash flow	Constant prepayment rate	8	%	-	24%	17	%
				Spread over forward interest rate swap rates	4	%	-	11%	5	%
Derivative assets	43		Consensus Pricing	Net market price	(4)	%	-	11%	3	%
				Estimated Pull through %	1	%	-	100%	88	%
Municipal securities	2,951		Discounted cash flow	Discount rate	—	%		1%	1	%
Asset-backed securities	10			Cumulative default	—	%		39%	4	%
				Loss given default	5	%		80%	25	%
Measured at fair value on a nonrecurring basis:
Collateral-dependent loans	144		Appraisal value	N/A					NA

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 at March 31, 2021 and December 31, 2020:

	March 31, 2021
(dollar amounts in millions)	Amortized Cost		Lower of Cost or Market		Fair Value or Fair Value Option		Total Carrying Amount		Estimated Fair Value
Financial Assets
Cash and short-term assets	$	8,641	$	—	$	—	$	8,641	$	8,641
Trading account securities	—		—		51		51		51
Available-for-sale securities	—		—		19,375		19,375		19,375
Held-to-maturity securities	7,815		—		—		7,815		8,062
Other securities	352		—		59		411		411
Loans held for sale	—		6		1,531		1,537		1,537
Net loans and leases (1)	78,409		—		118		78,527		78,603
Derivative assets	—		—		1,013		1,013		1,013
Financial Liabilities
Deposits	102,184		—		—		102,184		102,231
Short-term borrowings	219		—		—		219		219
Long-term debt	7,210		—		—		7,210		7,305
Derivative liabilities	—		—		171		171		171

	December 31, 2020
(dollar amounts in millions)	Amortized Cost		Lower of Cost or Market		Fair Value or Fair Value Option		Total Carrying Amount		Estimated Fair Value
Financial Assets
Cash and short-term assets	$	6,712	$	—	$	—	$	6,712	$	6,712
Trading account securities	—		—		62		62		62
Available-for-sale securities	—		—		16,485		16,485		16,485
Held-to-maturity securities	8,861		—		—		8,861		9,255
Other securities	359		—		59		418		418
Loans held for sale	—		77		1,198		1,275		1,275
Net loans and leases (1)	79,700		—		94		79,794		80,477
Derivative assets	—		—		1,057		1,057		1,057
Financial Liabilities
Deposits	98,948		—		—		98,948		99,021
Short-term borrowings	183		—		—		183		183
Long-term debt	8,352		—		—		8,352		8,568
Derivative liabilities	—		—		116		116		116

(1)Includes collateral-dependent loans.

The following table presents the level in the fair value hierarchy for the estimated fair values at March 31, 2021 and December 31, 2020:

	Estimated Fair Value Measurements at Reporting Date Using						Netting Adjustments (1)		March 31, 2021
(dollar amounts in millions)	Level 1		Level 2		Level 3
Financial Assets
Trading account securities	$	—	$	51	$	—			$	51
Available-for-sale securities	5		16,242		3,128				19,375
Held-to-maturity securities	—		8,062		—				8,062
Other securities (2)	42		17		—				59
Loans held for sale	—		1,531		6				1,537
Net loans and direct financing leases	—		96		78,507				78,603
Derivative assets	—		1,808		21		$	(816)	1,013
Financial Liabilities
Deposits	—		99,998		2,233				102,231
Short-term borrowings	—		219		—				219
Long-term debt	—		6,736		569				7,305
Derivative liabilities	—		863		11		(703)		171

	Estimated Fair Value Measurements at Reporting Date Using						Netting Adjustments (1)		December 31, 2020
(dollar amounts in millions)	Level 1		Level 2		Level 3
Financial Assets
Trading account securities	$	—	$	62	$	—			$	62
Available-for-sale securities	5		13,510		2,970				16,485
Held-to-maturity securities	—		9,255		—				9,255
Other securities (2)	59		—		—				59
Loans held for sale	—		1,198		77				1,275
Net loans and direct financing leases	—		71		80,406				80,477
Derivative assets	—		1,903		43		$	(889)	1,057
Financial Liabilities
Deposits	—		96,656		2,365				99,021
Short-term borrowings	—		183		—				183
Long-term debt	—		7,999		569				8,568
Derivative liabilities	—		1,031		2		(917)		116

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DERIVATIVE FINANCIAL INSTRUMENTS (Tables)

3 Months Ended

Mar. 31, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Asset and liability derivatives included in accrued income and other assets

	March 31, 2021						December 31, 2020
(dollar amounts in millions)	Notional Value		Asset		Liability		Notional Value		Asset		Liability
Derivatives designated as Hedging Instruments
Interest rate contracts	$	24,937	$	638	$	42	$	27,056	$	719	$	51
Derivatives not designated as Hedging Instruments
Interest rate contracts	55,792		1,034		686		44,495		1,074		828
Foreign exchange contracts	2,737		44		42		2,718		46		47
Commodities contracts	1,660		101		98		1,952		107		103
Equity contracts	502		12		6		517		—		4
Total Contracts	$	85,628	$	1,829	$	874	$	76,738	$	1,946	$	1,033

Gains and (losses) recognized in other comprehensive income (loss) (OCI) for derivatives designated as effective cash flow hedges

The following table presents the amount of gain or loss recognized in income for derivatives not designated as hedging instruments under ASC Subtopic 815-10 in the Unaudited Condensed Consolidated Income Statement for the three-month periods ended March 31, 2021 and 2020, respectively.

	Location of Gain or (Loss) Recognized in Income on Derivative	Amount of Gain or (Loss) Recognized in Income on Derivative
		Three Months Ended March 31,
(dollar amounts in millions)		2021		2020
Interest rate contracts:
Customer	Capital markets fees	$	12	$	18
Mortgage Banking	Mortgage banking income	(6)		96
Interest rate floors	Interest and fee income on loans and leases	(2)		—
Interest rate caps	Interest expense on long-term debt	144		—
Foreign exchange contracts	Capital markets fees	6		6
Commodities contracts	Capital markets fees	—		2
Equity contracts	Other noninterest expense	(7)		(2)
Total		$	147	$	120

Gross notional values of derivatives used in asset and liability management activities

The following table presents the gross notional values of derivatives used in Huntington’s asset and liability management activities at March 31, 2021 and December 31, 2020, identified by the underlying interest rate-sensitive instruments.

	March 31, 2021
(dollar amounts in millions)	Fair Value Hedges		Cash Flow Hedges		Economic Hedges		Total
Instruments associated with:
Investment securities	$	3,190	$	—	$	—	$	3,190
Loans	—		16,350		1,271		17,621
Long-term debt	5,397		—		8,000		13,397
Total notional value at March 31, 2021	$	8,587	$	16,350	$	9,271	$	34,208
	December 31, 2020
(dollar amounts in millions)	Fair Value Hedges		Cash Flow Hedges		Economic Hedges		Total
Instruments associated with:
Investment securities	$	3,484	$	—	$	—	$	3,484
Loans	—		17,375		1,271		18,646
Long-term debt	6,197		—		5,000		11,197
Total notional value at December 31, 2020	$	9,681	$	17,375	$	6,271	$	33,327

Increase or (decrease) to interest expense for derivatives designated as fair value hedges

The following table presents the change in fair value for derivatives designated as fair value hedges as well as the offsetting change in fair value on the hedged item for the three-month periods ended March 31, 2021 and 2020.

	Three Months Ended March 31,
(dollar amounts in millions)	2021		2020
Interest rate contracts
Change in fair value of interest rate swaps hedging investment securities (1)	$	43	$	—
Change in fair value of hedged investment securities (1)	(44)		—
Change in fair value of interest rate swaps hedging long-term debt (2)	(50)		200
Change in fair value of hedged long term debt (2)	52		(190)

(1)Recognized in Interest income—available-for-sale securities—taxable in the Unaudited Condensed Consolidated Statements of Income

(2)Recognized in Interest expense—long-term debt in the Unaudited Condensed Consolidated Statements of Income.

Amounts recorded on the balance sheet related to cumulative basis adjustments

As of March 31, 2021, and December 31, 2020, the following amounts were recorded on the balance sheet related to cumulative basis adjustments for fair value hedges.

	Amortized Cost				Cumulative Amount of Fair Value Hedging Adjustment To Hedged Items
(dollar amounts in millions)	March 31, 2021		December 31, 2020		March 31, 2021		December 31, 2020
Assets
Investment securities (1)	$	5,713	$	6,637	$	1	$	3
Liabilities
Long-term debt	5,538		6,383		180		232

(1)Amounts include the amortized cost basis of closed portfolios used to designate hedging relationships in which the hedged item is the last layer expected to be remaining at the end of the hedging relationship. As of March 31, 2021, the amortized cost basis of the closed portfolios used in these hedging relationships was $5.3 billion, the cumulative basis adjustments associated with these hedging relationships was $1 million, and the amounts of the designated hedged items were $2.8 billion.

Offsetting of financial assets and derivatives assets

The following tables present the gross amounts of these assets and liabilities with any offsets to arrive at the net amounts recognized in the Unaudited Condensed Consolidated Balance Sheets at March 31, 2021 and December 31, 2020.

Offsetting of Financial Assets and Derivative Assets
			Gross amounts offset in the unaudited condensed consolidated balance sheets		Net amounts of assets presented in the unaudited condensed consolidated balance sheets		Gross amounts not offset in the unaudited condensed consolidated balance sheets
(dollar amounts in millions)	Gross amounts of recognized assets						Financial instruments		Cash collateral received		Net amount
March 31, 2021	$	1,829	$	(816)	$	1,013	$	(82)	$	(190)	$	741
December 31, 2020	1,946		(889)		1,057		(112)		(142)		803

MSR Derivative Hedging

The notional value of the derivative financial instruments, the corresponding net asset (liability) position recognized in other assets and/or other liabilities, and net trading gains (losses) related to MSR hedging activity is summarized in the following table:

(dollar amounts in millions)	March 31, 2021		December 31, 2020
Notional value	$	875	$	1,170
Trading assets	9		43

	Three Months Ended March 31, 2021
(dollar amounts in millions)	2021		2020
Trading gains	$	(46)	$	57

Offsetting of financial liabilities and derivative liabilities

Offsetting of Financial Liabilities and Derivative Liabilities
			Gross amounts offset in the unaudited condensed consolidated balance sheets		Net amounts of liabilities presented in the unaudited condensed consolidated balance sheets		Gross amounts not offset in the unaudited condensed consolidated balance sheets
(dollar amounts in millions)	Gross amounts of recognized liabilities						Financial instruments		Cash collateral delivered		Net amount
March 31, 2021	$	874	$	(703)	$	171	$	(17)	$	(173)	$	(19)
December 31, 2020	1,033		(917)		116		(9)		(105)		2

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VIEs (Tables)

3 Months Ended

Mar. 31, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Carrying amount and classification of the trusts assets and liabilities

The following tables provide a summary of the assets and liabilities included in Huntington’s Unaudited Condensed Consolidated Financial Statements, as well as the maximum exposure to losses, associated with its interests related to unconsolidated VIEs for which Huntington holds an interest in, but is not the primary beneficiary, of the VIE at March 31, 2021, and December 31, 2020:

	March 31, 2021
(dollar amounts in millions)	Total Assets		Total Liabilities		Maximum Exposure to Loss
Trust Preferred Securities	$	14	$	253	$	—
Affordable Housing Tax Credit Partnerships	945		445		945
Other Investments	329		72		329
Total	$	1,288	$	770	$	1,274

	December 31, 2020
(dollar amounts in millions)	Total Assets		Total Liabilities		Maximum Exposure to Loss
Trust Preferred Securities	$	14	$	252	$	—
Affordable Housing Tax Credit Partnerships	956		500		956
Other Investments	308		72		308
Total	$	1,278	$	824	$	1,264

Summary of Outstanding Trust Preferred Securities

A list of trust preferred securities outstanding at March 31, 2021 follows:

(dollar amounts in millions)	Rate			Principal amount of subordinated note/ debenture issued to trust (1)		Investment in unconsolidated subsidiary
Huntington Capital I	0.81	%	(2)	$	70	$	6
Huntington Capital II	0.74		(3)	32		3
Sky Financial Capital Trust III	1.51		(4)	72		2
Sky Financial Capital Trust IV	1.51		(4)	74		2
Camco Financial Trust	1.44		(5)	5		1
Total				$	253	$	14

(1)Represents the principal amount of debentures issued to each trust, including unamortized original issue discount.

(2)Variable effective rate at March 31, 2021, based on three-month LIBOR +0.70%.

(3)Variable effective rate at March 31, 2021, based on three-month LIBOR +0.625%.

(4)Variable effective rate at March 31, 2021, based on three-month LIBOR +1.40%.

(5)Variable effective rate at March 31, 2021, based on three-month LIBOR +1.33%.

Affordable housing tax credit investments

The following table presents the balances of Huntington’s affordable housing tax credit investments and related unfunded commitments at March 31, 2021 and December 31, 2020.

(dollar amounts in millions)	March 31, 2021		December 31, 2020
Affordable housing tax credit investments	$	1,582	$	1,568
Less: amortization	(637)		(612)
Net affordable housing tax credit investments	$	945	$	956
Unfunded commitments	$	445	$	500

The following table presents other information relating to Huntington’s affordable housing tax credit investments for the three-month periods ended March 31, 2021 and 2020.

	Three Months Ended March 31,
(dollar amounts in millions)	2021		2020
Tax credits and other tax benefits recognized	$	33	$	29
Proportional amortization expense included in provision for income taxes	28		25

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COMMITMENTS AND CONTINGENT LIABILITIES (Tables)

3 Months Ended

Mar. 31, 2021

Commitments and Contingencies Disclosure [Abstract]

Contract amounts of various commitments to extend credit

In the ordinary course of business, Huntington makes various commitments to extend credit that are not reflected in the Unaudited Condensed Consolidated Financial Statements. The contract amounts of these financial agreements at March 31, 2021 and December 31, 2020, were as follows:

(dollar amounts in millions)	March 31, 2021		December 31, 2020
Contract amount representing credit risk
Commitments to extend credit:
Commercial	$	21,580	$	20,701
Consumer	14,966		14,808
Commercial real estate	1,315		1,313
Standby letters of credit	632		581
Commercial letters of credit	12		21

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SEGMENT REPORTING (Tables)

3 Months Ended

Mar. 31, 2021

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

	Three Months Ended March 31,
Income Statements	Consumer & Business Banking		Commercial Banking		Vehicle Finance		RBHPCG		Treasury / Other		Huntington Consolidated
(dollar amounts in millions)
2021
Net interest income	$	337	$	199	$	107	$	34	$	295	$	972
Provision (benefit) for credit losses	(36)		5		(22)		(7)		—		(60)
Noninterest income	236		88		3		53		15		395
Noninterest expense	469		133		35		62		94		793
Provision (benefit) for income taxes	29		31		21		7		14		102
Net income (loss)	$	111	$	118	$	76	$	25	$	202	$	532
2020
Net interest income	$	364	$	232	$	106	$	43	$	45	$	790
Provision (benefit) for credit losses	82		298		60		1		—		441
Noninterest income	212		86		3		50		10		361
Noninterest expense	418		129		35		62		8		652
Provision (benefit) for income taxes	16		(23)		3		6		8		10
Net income (loss)	$	60	$	(86)	$	11	$	24	$	39	$	48

Segment Disclosure of Assets and Deposits

	Assets at				Deposits at
(dollar amounts in millions)	March 31, 2021		December 31, 2020		March 31, 2021		December 31, 2020
Consumer & Business Banking	$	30,627	$	30,758	$	65,437	$	60,910
Commercial Banking	36,797		36,311		25,420		24,766
Vehicle Finance	19,208		19,789		849		722
RBHPCG	6,837		7,064		7,163		7,635
Treasury / Other	32,299		29,116		3,315		4,915
Total	$	125,768	$	123,038	$	102,184	$	98,948

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PENDING ACQUISITION OF TCF FINANCIAL CORPORATION - Narrative (Details) $ in Millions	3 Months Ended
	Sep. 30, 2021 USD ($)	Mar. 31, 2021 USD ($) Rate	Dec. 31, 2020 USD ($)
Business Acquisition [Line Items]
Total Assets		$ 125,768	$ 123,038
Series C Non-Cumulative Perpetual Preferred Stock
Business Acquisition [Line Items]
Preferred Stock, Dividend Rate, Percentage | Rate		5.875%
TCF Financial Corporation
Business Acquisition [Line Items]
Total Assets			$ 47,800
Forecast | TCF Financial Corporation | Series C Non-Cumulative Perpetual Preferred Stock
Business Acquisition [Line Items]
Preferred Stock, Dividend Rate, Percentage	5.70%
TCF Financial Corporation | Forecast
Business Acquisition [Line Items]
Value of transaction	$ 6,000
TCF Financial Corporation | Forecast | Common Stock
Business Acquisition [Line Items]
Share issuance ratio	3.0028
TCF Financial Corporation | Forecast | Newly created series of preferred stock
Business Acquisition [Line Items]
Share issuance ratio	1

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INVESTMENT SECURITIES AND OTHER SECURITIES - Schedule of Amortized Cost, Fair Value, and Gross Unrealized Gains and Losses (Details) - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Available-for-sale securities:
Total available-for-sale securities	$ 19,351,000,000	$ 16,175,000,000
Gross Gains	271,000,000	344,000,000
Gross Losses	(247,000,000)	(34,000,000)
Fair Value	19,375,000,000	16,485,000,000
Held-to-maturity securities:
Total held-to-maturity securities	7,815,000,000	8,861,000,000
Gross Gains	265,000,000	394,000,000
Gross Losses	(18,000,000)	0
Fair Value	8,062,000,000	9,255,000,000
Other securities, cost	410,000,000	417,000,000
Other securities, fair value	411,000,000	418,000,000
Equity Securities, FV-NI, Accumulated Gross Unrealized Gain, before Tax	1,000,000	1,000,000
Equity Securities, FV-NI, Accumulated Gross Unrealized Loss, before Tax	0	0
Available-for-sale Securities [Member]
Held-to-maturity securities:
Financing Receivable, Accrued Interest, before Allowance for Credit Loss	40,000,000	32,000,000
Held-to-maturity Securities [Member]
Held-to-maturity securities:
Financing Receivable, Accrued Interest, before Allowance for Credit Loss	18,000,000	20,000,000
U.S. Treasury
Available-for-sale securities:
Total available-for-sale securities	5,000,000	5,000,000
Gross Gains	0	0
Gross Losses	0	0
Fair Value	5,000,000	5,000,000
Residential CMO
Available-for-sale securities:
Total available-for-sale securities	3,081,000,000	3,550,000,000
Gross Gains	100,000,000	121,000,000
Gross Losses	(9,000,000)	(5,000,000)
Fair Value	3,172,000,000	3,666,000,000
Held-to-maturity securities:
Total held-to-maturity securities	1,604,000,000	1,779,000,000
Gross Gains	74,000,000	88,000,000
Gross Losses	0	0
Fair Value	1,678,000,000	1,867,000,000
Residential MBS
Available-for-sale securities:
Total available-for-sale securities	10,708,000,000	7,843,000,000
Gross Gains	61,000,000	97,000,000
Gross Losses	(124,000,000)	(5,000,000)
Fair Value	10,645,000,000	7,935,000,000
Held-to-maturity securities:
Total held-to-maturity securities	3,259,000,000	3,715,000,000
Gross Gains	69,000,000	103,000,000
Gross Losses	(18,000,000)	0
Fair Value	3,310,000,000	3,818,000,000
Commercial MBS
Available-for-sale securities:
Total available-for-sale securities	1,277,000,000	1,151,000,000
Gross Gains	13,000,000	21,000,000
Gross Losses	(63,000,000)	(9,000,000)
Fair Value	1,227,000,000	1,163,000,000
Held-to-maturity securities:
Total held-to-maturity securities	2,719,000,000	3,118,000,000
Gross Gains	114,000,000	191,000,000
Gross Losses	0	0
Fair Value	2,833,000,000	3,309,000,000
Other agencies
Available-for-sale securities:
Total available-for-sale securities	44,000,000	60,000,000
Gross Gains	2,000,000	2,000,000
Gross Losses	0	0
Fair Value	46,000,000	62,000,000
Held-to-maturity securities:
Total held-to-maturity securities	230,000,000	246,000,000
Gross Gains	8,000,000	12,000,000
Gross Losses	0	0
Fair Value	238,000,000	258,000,000
Total U.S. Treasury, federal agency and other agency securities
Available-for-sale securities:
Total available-for-sale securities	15,115,000,000	12,609,000,000
Gross Gains	176,000,000	241,000,000
Gross Losses	(196,000,000)	(19,000,000)
Fair Value	15,095,000,000	12,831,000,000
Held-to-maturity securities:
Total held-to-maturity securities	7,812,000,000	8,858,000,000
Gross Gains	265,000,000	394,000,000
Gross Losses	(18,000,000)	0
Fair Value	8,059,000,000	9,252,000,000
Municipal securities
Available-for-sale securities:
Total available-for-sale securities	3,050,000,000	2,928,000,000
Gross Gains	91,000,000	91,000,000
Gross Losses	(19,000,000)	(15,000,000)
Fair Value	3,122,000,000	3,004,000,000
Held-to-maturity securities:
Total held-to-maturity securities	3,000,000	3,000,000
Gross Gains	0	0
Gross Losses	0	0
Fair Value	3,000,000	3,000,000
Private-label CMO
Available-for-sale securities:
Total available-for-sale securities	50,000,000	9,000,000
Gross Gains	0	0
Gross Losses	0	0
Fair Value	50,000,000	9,000,000
Asset-backed securities
Available-for-sale securities:
Total available-for-sale securities	244,000,000	185,000,000
Gross Gains	4,000,000	7,000,000
Gross Losses	(1,000,000)	0
Fair Value	247,000,000	192,000,000
Corporate debt
Available-for-sale securities:
Total available-for-sale securities	888,000,000	440,000,000
Gross Gains	0	5,000,000
Gross Losses	(31,000,000)	0
Fair Value	857,000,000	445,000,000
Other securities/Sovereign debt
Available-for-sale securities:
Total available-for-sale securities	4,000,000	4,000,000
Gross Gains	0	0
Gross Losses	0	0
Fair Value	4,000,000	4,000,000
Mutual funds
Held-to-maturity securities:
Other securities, cost	42,000,000	50,000,000
Other securities, fair value	42,000,000	50,000,000
Equity Securities, FV-NI, Accumulated Gross Unrealized Gain, before Tax	0	0
Equity Securities, FV-NI, Accumulated Gross Unrealized Loss, before Tax	0	0
Equity securities
Held-to-maturity securities:
Other securities, cost	16,000,000	8,000,000
Other securities, fair value	17,000,000	9,000,000
Equity Securities, FV-NI, Accumulated Gross Unrealized Gain, before Tax	1,000,000	1,000,000
Equity Securities, FV-NI, Accumulated Gross Unrealized Loss, before Tax	0	0
Federal Home Loan Bank stock | Non-marketable equity securities:
Held-to-maturity securities:
Other securities, cost	52,000,000	60,000,000
Other securities, fair value	52,000,000	60,000,000
Equity Securities, FV-NI, Accumulated Gross Unrealized Gain, before Tax	0	0
Equity Securities, FV-NI, Accumulated Gross Unrealized Loss, before Tax	0	0
Federal Reserve Bank stock | Non-marketable equity securities:
Held-to-maturity securities:
Other securities, cost	300,000,000	299,000,000
Other securities, fair value	300,000,000	299,000,000
Equity Securities, FV-NI, Accumulated Gross Unrealized Gain, before Tax	0	0
Equity Securities, FV-NI, Accumulated Gross Unrealized Loss, before Tax	$ 0	$ 0

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INVESTMENT SECURITIES AND OTHER SECURITIES - Contractual Maturities (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Available-for-sale securities, amortized cost:
Under 1 year	$ 366	$ 308
After 1 year through 5 years	1,228	1,145
After 5 years through 10 years	2,127	1,607
After 10 years	15,630	13,115
Total available-for-sale securities	19,351	16,175
Available-for-sale securities, fair value:
Under 1 year	357	304
After 1 year through 5 years	1,237	1,154
After 5 years through 10 years	2,144	1,654
After 10 years	15,637	13,373
Total available-for-sale securities	19,375	16,485
Held-to-maturity securities, amortized cost:
After 1 year through 5 years	142	160
After 5 years through 10 years	121	131
After 10 years	7,552	8,570
Total held-to-maturity securities	7,815	8,861
Held-to-maturity securities, fair value:
After 1 year through 5 years	148	169
After 5 years through 10 years	126	138
After 10 years	7,788	8,948
Total held-to-maturity securities	$ 8,062	$ 9,255

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INVESTMENT SECURITIES AND OTHER SECURITIES - Continuous Unrealized Loss Position (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Available-for-sale securities:
Less than 12 months, fair value	$ 10,137	$ 2,432
Less than 12 months, gross unrealized losses	(235)	(22)
12 months or longer, fair value	463	490
12 months or longer, gross unrealized losses	(12)	(12)
Total, fair value	10,600	2,922
Total, gross unrealized losses	(247)	(34)
Held-to-maturity securities:
Less than 12 months, fair value	1,235
Less than 12 months, gross unrealized losses	(18)
12 months or longer, fair value	0
12 months or longer, gross unrealized losses	0
Total, fair value	1,235
Total, gross unrealized losses	18
Residential CMO
Available-for-sale securities:
Less than 12 months, fair value	413	302
Less than 12 months, gross unrealized losses	(9)	(5)
12 months or longer, fair value	0	0
12 months or longer, gross unrealized losses	0	0
Total, fair value	413	302
Total, gross unrealized losses	(9)	(5)
Residential MBS
Available-for-sale securities:
Less than 12 months, fair value	7,919	1,633
Less than 12 months, gross unrealized losses	(124)	(5)
12 months or longer, fair value	0	0
12 months or longer, gross unrealized losses	0	0
Total, fair value	7,919	1,633
Total, gross unrealized losses	(124)	(5)
Held-to-maturity securities:
Less than 12 months, fair value	1,235
Less than 12 months, gross unrealized losses	(18)
12 months or longer, fair value	0
12 months or longer, gross unrealized losses	0
Total, fair value	1,235
Total, gross unrealized losses	18
Commercial MBS
Available-for-sale securities:
Less than 12 months, fair value	761	321
Less than 12 months, gross unrealized losses	(63)	(9)
12 months or longer, fair value	0	0
12 months or longer, gross unrealized losses	0	0
Total, fair value	761	321
Total, gross unrealized losses	(63)	(9)
Total U.S. Treasury, federal agency and other agency securities
Available-for-sale securities:
Less than 12 months, fair value	9,093	2,256
Less than 12 months, gross unrealized losses	(196)	(19)
12 months or longer, fair value	0	0
12 months or longer, gross unrealized losses	0	0
Total, fair value	9,093	2,256
Total, gross unrealized losses	(196)	(19)
Municipal securities
Available-for-sale securities:
Less than 12 months, fair value	163	110
Less than 12 months, gross unrealized losses	(7)	(3)
12 months or longer, fair value	463	490
12 months or longer, gross unrealized losses	(12)	(12)
Total, fair value	626	600
Total, gross unrealized losses	(19)	(15)
Asset-backed securities
Available-for-sale securities:
Less than 12 months, fair value	65	15
Less than 12 months, gross unrealized losses	(1)	0
12 months or longer, fair value	0	0
12 months or longer, gross unrealized losses	0	0
Total, fair value	65	15
Total, gross unrealized losses	(1)	0
Corporate debt
Available-for-sale securities:
Less than 12 months, fair value	816	51
Less than 12 months, gross unrealized losses	(31)	0
12 months or longer, fair value	0	0
12 months or longer, gross unrealized losses	0	0
Total, fair value	816	51
Total, gross unrealized losses	$ (31)	$ 0

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INVESTMENT SECURITIES AND OTHER SECURITIES - Narrative (Details) - USD ($) $ in Billions	Mar. 31, 2021	Dec. 31, 2020
Investments, Debt and Equity Securities [Abstract]
Pledged Financial Instruments, Not Separately Reported, Securities for Other Debt Facilities	$ 13.9	$ 14.4

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LOANS / LEASES - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and leases receivable net premium	$ 473		$ 491
Residual Value of Leased Asset	77		93
Direct Financing Lease, Interest Income	24	$ 27
Financing Receivable, Modifications, Effect of Modification	1	$ 9
Loans and Leases Receivable, Collateral for Secured Borrowings	$ 44,100		$ 43,000

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LOANS / LEASES - Loan and Lease Portfolio Composition (Details) - USD ($) $ in Millions		Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and leases	[1]	$ 80,230	$ 81,608
Allowance for loan and lease losses		(1,703)	(1,814)	$ (1,504)	$ (783)
Net loans and leases		78,527	79,794
Commercial and industrial
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and leases		34,464	35,373
Commercial real estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and leases		7,179	7,199
Automobile
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and leases		12,591	12,778
Home equity
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and leases		8,727	8,894
Residential Mortgage
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and leases		12,092	12,141
RV and marine
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and leases		4,218	4,190
Other Consumer
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and leases		959	1,033
Consumer
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for loan and lease losses		(506)	(578)	(508)	(231)
Commercial and industrial
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for loan and lease losses		$ (1,197)	$ (1,236)	$ (996)	$ (552)

[1] Amounts represent loans for which Huntington has elected the fair value option. See Note 11 “Fair Values of Assets and Liabilities”.

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LOANS / LEASES - Direct Financing Leases (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Sales-Type and Direct Financing Leases, Lease Receivable, to be Received, Year One	$ 600
Sales-type and Direct Financing Leases, Lease Receivable, Payments to be Received	1,700
Sales-Type and Direct Financing Leases, Lease Receivable, to be Received, Year Two	400
Sales-Type and Direct Financing Leases, Lease Receivable, to be Received, Year Three	300
Sales-Type and Direct Financing Leases, Lease Receivable, to be Received, Year Four	200
Sales-Type and Direct Financing Leases, Lease Receivable, to be Received, Year Five	100
Sales-Type and Direct Financing Leases, Lease Receivable, to be Received, after Year Five	100
Commercial and industrial
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross investment in commercial and industrial lease financing receivables	2,336	$ 2,401
Direct Financing Leases, Initial Direct Costs	21	21
Direct Financing Lease, Deferred Selling Profit	190	200
Direct Financing Lease, Net Investment in Lease, Total	2,167	2,222
Direct Financing Lease, Lease Receivable	1,714	1,737
Direct Financing Lease, Unguaranteed Residual Asset	$ 622	$ 664

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LOANS AND LEASES - Nonaccrual Loans by Loan Class (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Nonaccrual loans with no ACL	$ 103	$ 77
Total nonaccrual loans	516	532
Commercial and industrial | Commercial and industrial
Accounts, Notes, Loans and Financing Receivable [Line Items]
Nonaccrual loans with no ACL	103	69
Total nonaccrual loans	343	353
Commercial and industrial | Commercial real estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Nonaccrual loans with no ACL	0	8
Total nonaccrual loans	8	15
Consumer | Automobile
Accounts, Notes, Loans and Financing Receivable [Line Items]
Nonaccrual loans with no ACL	0	0
Total nonaccrual loans	3	4
Consumer | Home equity
Accounts, Notes, Loans and Financing Receivable [Line Items]
Nonaccrual loans with no ACL	0	0
Total nonaccrual loans	71	70
Consumer | Residential Mortgage
Accounts, Notes, Loans and Financing Receivable [Line Items]
Nonaccrual loans with no ACL	0	0
Total nonaccrual loans	90	88
Consumer | RV and marine
Accounts, Notes, Loans and Financing Receivable [Line Items]
Nonaccrual loans with no ACL	0	0
Total nonaccrual loans	$ 1	$ 2

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LOANS AND LEASES - NALs Past Due (Details) - USD ($) $ in Millions		Mar. 31, 2021	Dec. 31, 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Past Due		$ 641	$ 819
Current		79,471	80,695
Consumer loans		118	94
Loans and leases	[1]	80,230	81,608
90 or more days past due and accruing		154	171
30-59 Days
Accounts, Notes, Loans and Financing Receivable [Line Items]
Past Due		206	319
60-89  Days
Accounts, Notes, Loans and Financing Receivable [Line Items]
Past Due		75	121
90 or  more days
Accounts, Notes, Loans and Financing Receivable [Line Items]
Past Due		360	379
Commercial and industrial
Accounts, Notes, Loans and Financing Receivable [Line Items]
Past Due		153	193
Current		34,311	35,180
Consumer loans		0	0
Loans and leases		34,464	35,373
90 or more days past due and accruing		8	10
Commercial and industrial | 30-59 Days
Accounts, Notes, Loans and Financing Receivable [Line Items]
Past Due		37	60
Commercial and industrial | 60-89  Days
Accounts, Notes, Loans and Financing Receivable [Line Items]
Past Due		20	38
Commercial and industrial | 90 or  more days
Accounts, Notes, Loans and Financing Receivable [Line Items]
Past Due		96	95
Commercial Real Estate [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and leases		7,179	7,199
Commercial Real Estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Past Due		4	12
Current		7,175	7,187
Consumer loans		0	0
Loans and leases		7,179	7,199
90 or more days past due and accruing		0	0
Commercial Real Estate | 30-59 Days
Accounts, Notes, Loans and Financing Receivable [Line Items]
Past Due		1	0
Commercial Real Estate | 60-89  Days
Accounts, Notes, Loans and Financing Receivable [Line Items]
Past Due		1	1
Commercial Real Estate | 90 or  more days
Accounts, Notes, Loans and Financing Receivable [Line Items]
Past Due		2	11
Automobile
Accounts, Notes, Loans and Financing Receivable [Line Items]
Past Due		68	118
Current		12,523	12,660
Consumer loans		0	0
Loans and leases		12,591	12,778
90 or more days past due and accruing		5	9
Automobile | 30-59 Days
Accounts, Notes, Loans and Financing Receivable [Line Items]
Past Due		50	84
Automobile | 60-89  Days
Accounts, Notes, Loans and Financing Receivable [Line Items]
Past Due		12	22
Automobile | 90 or  more days
Accounts, Notes, Loans and Financing Receivable [Line Items]
Past Due		6	12
Home equity
Accounts, Notes, Loans and Financing Receivable [Line Items]
Past Due		92	111
Current		8,634	8,782
Consumer loans		1	1
Loans and leases		8,727	8,894
90 or more days past due and accruing		10	14
Home equity | 30-59 Days
Accounts, Notes, Loans and Financing Receivable [Line Items]
Past Due		23	35
Home equity | 60-89  Days
Accounts, Notes, Loans and Financing Receivable [Line Items]
Past Due		11	15
Home equity | 90 or  more days
Accounts, Notes, Loans and Financing Receivable [Line Items]
Past Due		58	61
Residential Mortgage
Accounts, Notes, Loans and Financing Receivable [Line Items]
Past Due		298	346
Current		11,677	11,702
Consumer loans		117	93
Loans and leases		12,092	12,141
90 or more days past due and accruing		128	132
Residential Mortgage | 30-59 Days
Accounts, Notes, Loans and Financing Receivable [Line Items]
Past Due		78	114
Residential Mortgage | 60-89  Days
Accounts, Notes, Loans and Financing Receivable [Line Items]
Past Due		26	38
Residential Mortgage | 90 or  more days
Accounts, Notes, Loans and Financing Receivable [Line Items]
Past Due		194	194
RV and marine
Accounts, Notes, Loans and Financing Receivable [Line Items]
Past Due		16	23
Current		4,202	4,167
Consumer loans		0	0
Loans and leases		4,218	4,190
90 or more days past due and accruing		1	3
RV and marine | 30-59 Days
Accounts, Notes, Loans and Financing Receivable [Line Items]
Past Due		11	17
RV and marine | 60-89  Days
Accounts, Notes, Loans and Financing Receivable [Line Items]
Past Due		3	3
RV and marine | 90 or  more days
Accounts, Notes, Loans and Financing Receivable [Line Items]
Past Due		2	3
Other Consumer
Accounts, Notes, Loans and Financing Receivable [Line Items]
Past Due		10	16
Current		949	1,017
Consumer loans		0	0
Loans and leases		959	1,033
90 or more days past due and accruing		2	3
Other Consumer | 30-59 Days
Accounts, Notes, Loans and Financing Receivable [Line Items]
Past Due		6	9
Other Consumer | 60-89  Days
Accounts, Notes, Loans and Financing Receivable [Line Items]
Past Due		2	4
Other Consumer | 90 or  more days
Accounts, Notes, Loans and Financing Receivable [Line Items]
Past Due		$ 2	$ 3

[1] Amounts represent loans for which Huntington has elected the fair value option. See Note 11 “Fair Values of Assets and Liabilities”.

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LOANS AND LEASES - Vintage Credit Quality (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Commercial and industrial
Financing Receivable, Credit Quality Indicator [Line Items]
2020	$ 4,217	$ 14,376
2019	10,793	4,785
2018	4,295	3,016
2017	2,637	1,601
2016	1,440	1,053
Prior	1,909	1,098
Revolver Total at Amortized Cost Basis	9,171	9,442
Revolver Total Converted to Term Loans	2	2
Total	34,464	35,373
Interest Receivable	140	146
Commercial and industrial | Pass
Financing Receivable, Credit Quality Indicator [Line Items]
2020	4,040	13,757
2019	10,291	4,525
2018	4,087	2,758
2017	2,369	1,347
2016	1,215	974
Prior	1,605	916
Revolver Total at Amortized Cost Basis	8,656	8,894
Revolver Total Converted to Term Loans	2	2
Total	32,265	33,173
Commercial and industrial | OLEM
Financing Receivable, Credit Quality Indicator [Line Items]
2020	122	421
2019	282	116
2018	98	69
2017	91	30
2016	41	33
Prior	92	22
Revolver Total at Amortized Cost Basis	128	124
Revolver Total Converted to Term Loans	0	0
Total	854	815
Commercial and industrial | Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
2020	54	196
2019	216	144
2018	110	188
2017	176	224
2016	184	46
Prior	212	159
Revolver Total at Amortized Cost Basis	386	423
Revolver Total Converted to Term Loans	0	0
Total	1,338	1,380
Commercial and industrial | Doubtful
Financing Receivable, Credit Quality Indicator [Line Items]
2020	1	2
2019	4	0
2018	0	1
2017	1	0
2016	0	0
Prior	0	1
Revolver Total at Amortized Cost Basis	1	1
Revolver Total Converted to Term Loans	0	0
Total	7	5
Commercial real estate
Financing Receivable, Credit Quality Indicator [Line Items]
2020	412	1,863
2019	1,716	1,734
2018	1,620	1,195
2017	1,146	573
2016	549	593
Prior	1,072	568
Revolver Total at Amortized Cost Basis	664	673
Revolver Total Converted to Term Loans	0	0
Total	7,179	7,199
Commercial real estate | Pass
Financing Receivable, Credit Quality Indicator [Line Items]
2020	406	1,742
2019	1,605	1,610
2018	1,475	1,122
2017	1,077	507
2016	454	507
Prior	999	539
Revolver Total at Amortized Cost Basis	624	633
Revolver Total Converted to Term Loans	0	0
Total	6,640	6,660
Commercial real estate | OLEM
Financing Receivable, Credit Quality Indicator [Line Items]
2020	2	94
2019	88	78
2018	31	63
2017	62	37
2016	68	28
Prior	35	14
Revolver Total at Amortized Cost Basis	1	4
Revolver Total Converted to Term Loans	0	0
Total	287	318
Commercial real estate | Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
2020	4	27
2019	23	46
2018	114	10
2017	7	29
2016	27	58
Prior	38	14
Revolver Total at Amortized Cost Basis	39	36
Revolver Total Converted to Term Loans	0	0
Total	252	220
Commercial real estate | Doubtful
Financing Receivable, Credit Quality Indicator [Line Items]
2020		0
2019		0
2018		0
2017		0
2016		0
Prior		1
Revolver Total at Amortized Cost Basis		0
Revolver Total Converted to Term Loans		0
Total		1
Consumer
Financing Receivable, Credit Quality Indicator [Line Items]
Interest Receivable	119	123
Consumer | Automobile
Financing Receivable, Credit Quality Indicator [Line Items]
2020	1,294	4,947
2019	4,612	3,657
2018	3,249	2,143
2017	1,849	1,285
2016	1,055	576
Prior	532	170
Revolver Total at Amortized Cost Basis	0	0
Revolver Total Converted to Term Loans	0	0
Total	12,591	12,778
Consumer | Automobile | 750 plus
Financing Receivable, Credit Quality Indicator [Line Items]
2020	771	2,670
2019	2,381	2,013
2018	1,817	1,144
2017	991	742
2016	608	317
Prior	279	81
Revolver Total at Amortized Cost Basis	0	0
Revolver Total Converted to Term Loans	0	0
Total	6,847	6,967
Consumer | Automobile | 650-749
Financing Receivable, Credit Quality Indicator [Line Items]
2020	479	1,965
2019	1,895	1,343
2018	1,161	755
2017	642	386
2016	315	175
Prior	163	52
Revolver Total at Amortized Cost Basis	0	0
Revolver Total Converted to Term Loans	0	0
Total	4,655	4,676
Consumer | Automobile | Less than 650
Financing Receivable, Credit Quality Indicator [Line Items]
2020	44	312
2019	336	301
2018	271	244
2017	216	157
2016	132	84
Prior	90	37
Revolver Total at Amortized Cost Basis	0	0
Revolver Total Converted to Term Loans	0	0
Total	1,089	1,135
Consumer | Home equity
Financing Receivable, Credit Quality Indicator [Line Items]
2020	225	941
2019	918	36
2018	30	35
2017	29	44
2016	38	122
Prior	724	678
Revolver Total at Amortized Cost Basis	6,297	6,565
Revolver Total Converted to Term Loans	465	472
Total	8,726	8,893
Consumer | Home equity | 750 plus
Financing Receivable, Credit Quality Indicator [Line Items]
2020	187	793
2019	780	26
2018	21	26
2017	22	32
2016	28	89
Prior	479	451
Revolver Total at Amortized Cost Basis	4,201	4,373
Revolver Total Converted to Term Loans	189	192
Total	5,907	5,982
Consumer | Home equity | 650-749
Financing Receivable, Credit Quality Indicator [Line Items]
2020	37	147
2019	137	9
2018	8	8
2017	6	11
2016	8	27
Prior	171	157
Revolver Total at Amortized Cost Basis	1,810	1,906
Revolver Total Converted to Term Loans	176	181
Total	2,353	2,446
Consumer | Home equity | Less than 650
Financing Receivable, Credit Quality Indicator [Line Items]
2020	1	1
2019	1	1
2018	1	1
2017	1	1
2016	2	6
Prior	74	70
Revolver Total at Amortized Cost Basis	286	286
Revolver Total Converted to Term Loans	100	99
Total	466	465
Consumer | Residential mortgage
Financing Receivable, Credit Quality Indicator [Line Items]
2020	1,224	4,294
2019	4,077	1,894
2018	1,588	1,309
2017	1,095	1,450
2016	1,238	1,014
Prior	2,752	2,086
Revolver Total at Amortized Cost Basis	1	1
Revolver Total Converted to Term Loans	0	0
Total	11,975	12,048
Consumer | Residential mortgage | 750 plus
Financing Receivable, Credit Quality Indicator [Line Items]
2020	963	3,269
2019	3,204	1,370
2018	1,143	891
2017	727	1,064
2016	883	762
Prior	1,723	1,243
Revolver Total at Amortized Cost Basis	1	1
Revolver Total Converted to Term Loans	0	0
Total	8,644	8,600
Consumer | Residential mortgage | 650-749
Financing Receivable, Credit Quality Indicator [Line Items]
2020	254	991
2019	836	435
2018	355	307
2017	255	278
2016	249	171
Prior	621	495
Revolver Total at Amortized Cost Basis	0	0
Revolver Total Converted to Term Loans	0	0
Total	2,570	2,677
Consumer | Residential mortgage | Less than 650
Financing Receivable, Credit Quality Indicator [Line Items]
2020	7	34
2019	37	89
2018	90	111
2017	113	108
2016	106	81
Prior	408	348
Revolver Total at Amortized Cost Basis	0	0
Revolver Total Converted to Term Loans	0	0
Total	761	771
Consumer | RV and marine
Financing Receivable, Credit Quality Indicator [Line Items]
2020	313	1,488
2019	1,409	755
2018	699	811
2017	750	495
2016	459	229
Prior	588	412
Revolver Total at Amortized Cost Basis	0	0
Revolver Total Converted to Term Loans	0	0
Total	4,218	4,190
Consumer | RV and marine | 750 plus
Financing Receivable, Credit Quality Indicator [Line Items]
2020	267	1,136
2019	1,050	525
2018	491	589
2017	547	337
2016	311	153
Prior	375	254
Revolver Total at Amortized Cost Basis	0	0
Revolver Total Converted to Term Loans	0	0
Total	3,041	2,994
Consumer | RV and marine | 650-749
Financing Receivable, Credit Quality Indicator [Line Items]
2020	46	348
2019	351	215
2018	193	201
2017	182	136
2016	126	64
Prior	176	129
Revolver Total at Amortized Cost Basis	0	0
Revolver Total Converted to Term Loans	0	0
Total	1,074	1,093
Consumer | RV and marine | Less than 650
Financing Receivable, Credit Quality Indicator [Line Items]
2020	0	4
2019	8	15
2018	15	21
2017	21	22
2016	22	12
Prior	37	29
Revolver Total at Amortized Cost Basis	0	0
Revolver Total Converted to Term Loans	0	0
Total	103	103
Consumer | Other consumer
Financing Receivable, Credit Quality Indicator [Line Items]
2020	31	107
2019	91	122
2018	105	46
2017	39	14
2016	11	6
Prior	21	18
Revolver Total at Amortized Cost Basis	608	660
Revolver Total Converted to Term Loans	53	60
Total	959	1,033
Consumer | Other consumer | 750 plus
Financing Receivable, Credit Quality Indicator [Line Items]
2020	22	69
2019	59	58
2018	52	26
2017	21	8
2016	6	4
Prior	16	14
Revolver Total at Amortized Cost Basis	319	340
Revolver Total Converted to Term Loans	2	2
Total	497	521
Consumer | Other consumer | 650-749
Financing Receivable, Credit Quality Indicator [Line Items]
2020	9	36
2019	30	56
2018	46	17
2017	15	5
2016	4	2
Prior	4	3
Revolver Total at Amortized Cost Basis	264	294
Revolver Total Converted to Term Loans	28	30
Total	400	443
Consumer | Other consumer | Less than 650
Financing Receivable, Credit Quality Indicator [Line Items]
2020	0	2
2019	2	8
2018	7	3
2017	3	1
2016	1	0
Prior	1	1
Revolver Total at Amortized Cost Basis	25	26
Revolver Total Converted to Term Loans	23	28
Total	$ 62	$ 69

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LOANS AND LEASES - Credit Quality Indicators (Details) - USD ($) $ in Millions		Mar. 31, 2021	Dec. 31, 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Commercial and industrial	[1]	$ 80,230	$ 81,608
Automobile
Accounts, Notes, Loans and Financing Receivable [Line Items]
Commercial and industrial		12,591	12,778
Home equity
Accounts, Notes, Loans and Financing Receivable [Line Items]
Commercial and industrial		8,727	8,894
RV and marine
Accounts, Notes, Loans and Financing Receivable [Line Items]
Commercial and industrial		$ 4,218	$ 4,190

[1] Amounts represent loans for which Huntington has elected the fair value option. See Note 11 “Fair Values of Assets and Liabilities”.

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LOANS AND LEASES - TDRs (Details) $ in Millions	3 Months Ended
	Mar. 31, 2021 USD ($) contract	Mar. 31, 2020 USD ($) contract
Financing Receivable, Troubled Debt Restructuring [Line Items]
Number of Contracts | contract	1,208	1,386
Post-modification outstanding recorded investment	$ 32	$ 88
Interest rate reduction
Financing Receivable, Troubled Debt Restructuring [Line Items]
Post-modification outstanding recorded investment	0	1
Amortization or maturity date change
Financing Receivable, Troubled Debt Restructuring [Line Items]
Post-modification outstanding recorded investment	27	81
Chapter 7 bankruptcy
Financing Receivable, Troubled Debt Restructuring [Line Items]
Post-modification outstanding recorded investment	4	6
Other
Financing Receivable, Troubled Debt Restructuring [Line Items]
Post-modification outstanding recorded investment	$ 1	$ 0
Commercial and industrial | Commercial and industrial
Financing Receivable, Troubled Debt Restructuring [Line Items]
Number of Contracts | contract	12	140
Post-modification outstanding recorded investment	$ 5	$ 62
Commercial and industrial | Commercial and industrial | Interest rate reduction
Financing Receivable, Troubled Debt Restructuring [Line Items]
Post-modification outstanding recorded investment	0	0
Commercial and industrial | Commercial and industrial | Amortization or maturity date change
Financing Receivable, Troubled Debt Restructuring [Line Items]
Post-modification outstanding recorded investment	5	62
Commercial and industrial | Commercial and industrial | Chapter 7 bankruptcy
Financing Receivable, Troubled Debt Restructuring [Line Items]
Post-modification outstanding recorded investment	0	0
Commercial and industrial | Commercial and industrial | Other
Financing Receivable, Troubled Debt Restructuring [Line Items]
Post-modification outstanding recorded investment	$ 0	$ 0
Commercial and industrial | Commercial Real Estate
Financing Receivable, Troubled Debt Restructuring [Line Items]
Number of Contracts | contract		7
Post-modification outstanding recorded investment		$ 2
Commercial and industrial | Commercial Real Estate | Interest rate reduction
Financing Receivable, Troubled Debt Restructuring [Line Items]
Post-modification outstanding recorded investment		0
Commercial and industrial | Commercial Real Estate | Amortization or maturity date change
Financing Receivable, Troubled Debt Restructuring [Line Items]
Post-modification outstanding recorded investment		2
Commercial and industrial | Commercial Real Estate | Chapter 7 bankruptcy
Financing Receivable, Troubled Debt Restructuring [Line Items]
Post-modification outstanding recorded investment		0
Commercial and industrial | Commercial Real Estate | Other
Financing Receivable, Troubled Debt Restructuring [Line Items]
Post-modification outstanding recorded investment		$ 0
Consumer | Automobile
Financing Receivable, Troubled Debt Restructuring [Line Items]
Number of Contracts | contract	902	798
Post-modification outstanding recorded investment	$ 8	$ 8
Consumer | Automobile | Interest rate reduction
Financing Receivable, Troubled Debt Restructuring [Line Items]
Post-modification outstanding recorded investment	0	0
Consumer | Automobile | Amortization or maturity date change
Financing Receivable, Troubled Debt Restructuring [Line Items]
Post-modification outstanding recorded investment	7	6
Consumer | Automobile | Chapter 7 bankruptcy
Financing Receivable, Troubled Debt Restructuring [Line Items]
Post-modification outstanding recorded investment	1	2
Consumer | Automobile | Other
Financing Receivable, Troubled Debt Restructuring [Line Items]
Post-modification outstanding recorded investment	$ 0	$ 0
Consumer | Home equity
Financing Receivable, Troubled Debt Restructuring [Line Items]
Number of Contracts | contract	62	63
Post-modification outstanding recorded investment	$ 3	$ 3
Consumer | Home equity | Interest rate reduction
Financing Receivable, Troubled Debt Restructuring [Line Items]
Post-modification outstanding recorded investment	0	0
Consumer | Home equity | Amortization or maturity date change
Financing Receivable, Troubled Debt Restructuring [Line Items]
Post-modification outstanding recorded investment	1	1
Consumer | Home equity | Chapter 7 bankruptcy
Financing Receivable, Troubled Debt Restructuring [Line Items]
Post-modification outstanding recorded investment	2	2
Consumer | Home equity | Other
Financing Receivable, Troubled Debt Restructuring [Line Items]
Post-modification outstanding recorded investment	$ 0	$ 0
Consumer | Residential Mortgage
Financing Receivable, Troubled Debt Restructuring [Line Items]
Number of Contracts | contract	86	101
Post-modification outstanding recorded investment	$ 14	$ 11
Consumer | Residential Mortgage | Interest rate reduction
Financing Receivable, Troubled Debt Restructuring [Line Items]
Post-modification outstanding recorded investment	0	0
Consumer | Residential Mortgage | Amortization or maturity date change
Financing Receivable, Troubled Debt Restructuring [Line Items]
Post-modification outstanding recorded investment	13	9
Consumer | Residential Mortgage | Chapter 7 bankruptcy
Financing Receivable, Troubled Debt Restructuring [Line Items]
Post-modification outstanding recorded investment	1	2
Consumer | Residential Mortgage | Other
Financing Receivable, Troubled Debt Restructuring [Line Items]
Post-modification outstanding recorded investment	$ 0	$ 0
Consumer | RV and marine
Financing Receivable, Troubled Debt Restructuring [Line Items]
Number of Contracts | contract	49	28
Post-modification outstanding recorded investment	$ 1	$ 1
Consumer | RV and marine | Interest rate reduction
Financing Receivable, Troubled Debt Restructuring [Line Items]
Post-modification outstanding recorded investment	0	0
Consumer | RV and marine | Amortization or maturity date change
Financing Receivable, Troubled Debt Restructuring [Line Items]
Post-modification outstanding recorded investment	1	1
Consumer | RV and marine | Chapter 7 bankruptcy
Financing Receivable, Troubled Debt Restructuring [Line Items]
Post-modification outstanding recorded investment	0	0
Consumer | RV and marine | Other
Financing Receivable, Troubled Debt Restructuring [Line Items]
Post-modification outstanding recorded investment	$ 0	$ 0
Consumer | Other Consumer
Financing Receivable, Troubled Debt Restructuring [Line Items]
Number of Contracts | contract	97	249
Post-modification outstanding recorded investment	$ 1	$ 1
Consumer | Other Consumer | Interest rate reduction
Financing Receivable, Troubled Debt Restructuring [Line Items]
Post-modification outstanding recorded investment	0	1
Consumer | Other Consumer | Amortization or maturity date change
Financing Receivable, Troubled Debt Restructuring [Line Items]
Post-modification outstanding recorded investment	0	0
Consumer | Other Consumer | Chapter 7 bankruptcy
Financing Receivable, Troubled Debt Restructuring [Line Items]
Post-modification outstanding recorded investment	0	0
Consumer | Other Consumer | Other
Financing Receivable, Troubled Debt Restructuring [Line Items]
Post-modification outstanding recorded investment	$ 1	$ 0

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ALLOWANCE FOR CREDIT LOSSES - Allowance for Credit Losses (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020	Dec. 31, 2019
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Total ALLL balance	$ 1,703	$ 1,504	$ 1,814	$ 783
Financing Receivable, Allowance for Credit Loss, Writeoff	(95)	(136)
Allowance for Loan and Lease Loss, Recovery of Bad Debts	31	19
Provision For (Reduction In Allowance) Loan and Lease Losses.	(47)	447
Provision (reduction in allowance) for unfunded loan commitments and letters of credit	(13)	(6)
Additions to Unfunded Loan Commitments and Letters of Credit Allowance	(1)	(1)
AULC Balance	38	99	52	104
Acl Balance End Of Period	1,741	1,603	1,900
Allowance for credit loss, change since adoption	(125)
ASU 2016-13
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Total ALLL balance				391
Consumer
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Total ALLL balance	506	508	578	231
Financing Receivable, Allowance for Credit Loss, Writeoff	(34)	(48)
Allowance for Loan and Lease Loss, Recovery of Bad Debts	19	14
Provision For (Reduction In Allowance) Loan and Lease Losses.	(57)	100
Provision (reduction in allowance) for unfunded loan commitments and letters of credit	(7)	(1)
Additions to Unfunded Loan Commitments and Letters of Credit Allowance	0	0
AULC Balance	11	41	18	2
Acl Balance End Of Period	517	549
Consumer | ASU 2016-13
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Total ALLL balance				211
Commercial and industrial
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Total ALLL balance	1,197	996	1,236	552
Financing Receivable, Allowance for Credit Loss, Writeoff	(61)	(88)
Allowance for Loan and Lease Loss, Recovery of Bad Debts	12	5
Provision For (Reduction In Allowance) Loan and Lease Losses.	10	347
Provision (reduction in allowance) for unfunded loan commitments and letters of credit	(6)	(5)
Additions to Unfunded Loan Commitments and Letters of Credit Allowance	(1)	(1)
AULC Balance	27	58	34	102
Acl Balance End Of Period	$ 1,224	$ 1,054
Commercial and industrial | ASU 2016-13
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Total ALLL balance				$ 180
Cumulative Effect, Period of Adoption, Adjustment | ASU 2016-13
Financing Receivable, Allowance for Credit Loss [Roll Forward]
AULC Balance			2
Cumulative Effect, Period of Adoption, Adjustment | Consumer | ASU 2016-13
Financing Receivable, Allowance for Credit Loss [Roll Forward]
AULC Balance			40
Cumulative Effect, Period of Adoption, Adjustment | Commercial and industrial | ASU 2016-13
Financing Receivable, Allowance for Credit Loss [Roll Forward]
AULC Balance			$ (38)

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ALLOWANCE FOR CREDIT LOSSES - Narritive (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020
Credit Loss [Abstract]
Acl Balance End Of Period	$ 1,741	$ 1,900	$ 1,603
Allowance for credit loss, change since adoption	(125)
Increase (decrease) in Net Charge-offs	$ (48)
Increase (decrease) in Net Charge-offs, percent	(43.00%)

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MORTGAGE LOAN SALES AND SERVICING RIGHTS - Narrative (Details) - Residential Mortgage - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Servicing Assets at Fair Value [Line Items]
Servicing income	$ 18	$ 17
Unpaid principal balance of third party serviced loans	$ 23,600		$ 23,500

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MORTGAGE LOAN SALES AND SERVICING RIGHTS - Residential Mortgage Portfolio (Details) - Commercial Loan [Member] - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Servicing Asset at Amortized Cost [Line Items]
Loans sold with servicing retained	$ 2,256	$ 1,428
Pretax gains resulting from above loan sales	$ 93	$ 39

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MORTGAGE LOAN SALES AND SERVICING RIGHTS - Residential Mortgage Portfolio, MSRs Fair Value Method (Details) - Residential Mortgage - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2021	Mar. 31, 2020
Servicing Asset at Fair Value, Amount [Roll Forward]
Fair value, beginning of period	$ 210	$ 7
Servicing Asset at Fair Value, Additions	33	14
Time decay	(3)	(2)
Servicing Asset At Fair Value Payoffs	(17)	(6)
Changes in valuation inputs or assumptions (less than)	51	(53)
Fair value, end of period:	$ 210	7	$ 274	$ 165
Revision of Prior Period, Adjustment
Servicing Asset at Fair Value, Amount [Roll Forward]
Fair value, beginning of period		205
Fair value, end of period:		$ 205
Fair value method
Servicing Asset at Fair Value, Amount [Roll Forward]
Weighted-average life (years)	7 years	6 years 4 months 24 days

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MORTGAGE LOAN SALES AND SERVICING RIGHTS - Residential Mortgage Portfolio, MSRs Fair Value Method Key Assumptions (Details) - Fair value method - Residential Mortgage - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Servicing Assets at Fair Value [Line Items]
Constant prepayment rate (annualized), actual	12.30%	17.36%
Constant prepayment rate (annualized), 10% adverse change	$ (15)	$ (12)
Constant prepayment rate (annualized), 20% adverse change	$ (28)	$ (23)
Spread over forward interest rate swap rates, actual	5.09%	5.19%
Spread over forward interest rate swap rates, 10% adverse change	$ (6)	$ (4)
Spread over forward interest rate swap rates, 20% adverse change	$ (12)	$ (8)

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OTHER COMPREHENSIVE INCOME - Activity (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Pretax
Other comprehensive income (loss), pretax	$ (319)	$ 620
Tax (Expense) Benefit
Total other comprehensive income (loss), tax (expense) benefit	71	(137)
After-tax
Other comprehensive income, net of tax	(248)	483
Other comprehensive income before reclassifications	(257)	477
Period change	(248)	483
Change in fair value related to cash flow hedges
Pretax
Other comprehensive income (loss), pretax	(44)	396
Tax (Expense) Benefit
Total other comprehensive income (loss), tax (expense) benefit	10	(88)
After-tax
Other comprehensive income, net of tax	(34)	308
Unrealized gains (losses) for pension and other post-retirement obligations
Pretax
Other comprehensive income (loss), pretax	3	2
Tax (Expense) Benefit
Total other comprehensive income (loss), tax (expense) benefit	(1)	0
After-tax
Other comprehensive income, net of tax	2	2
Other comprehensive income before reclassifications	0	0
Period change	2	2
Debt Securities | Unrealized gains and (losses) on debt securities
Pretax
Other comprehensive income (loss), before reclassifications, before tax	(287)	217
Reclassification adjustment, before tax	9	5
Other comprehensive income (loss), pretax	(278)	222
Tax (Expense) Benefit
Other comprehensive income (loss) before reclassifications, tax	64	(48)
Reclassification adjustment, tax	(2)	(1)
Total other comprehensive income (loss), tax (expense) benefit	62	(49)
After-tax
Other comprehensive income (loss), before reclassifications, net of tax	(223)	169
Reclassification adjustment, net of tax	7	4
Other comprehensive income, net of tax	(216)	173
Other comprehensive income before reclassifications	(223)	169
Period change	$ (216)	$ 173

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OTHER COMPREHENSIVE INCOME OTHER COMPREHENSIVE INCOME - AOCI Roll Forward (Details) - USD ($) $ in Millions				3 Months Ended
	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020	Mar. 31, 2021	Mar. 31, 2020
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance, beginning of period				$ 12,993	$ 11,795
Other comprehensive income before reclassifications				(257)	477
Amounts reclassified from accumulated OCI to earnings				9	6
Period change				(248)	483
Balance, end of period	$ 13,600	$ 12,993	$ 11,769	13,600	11,769
Accumulated Other Comprehensive Gain (Loss)
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance, beginning of period				192	(256)
Balance, end of period	(56)	192	227	(56)	227
Unrealized gains and (losses) on debt securities | Debt Securities
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance, beginning of period				188	(28)
Other comprehensive income before reclassifications				(223)	169
Amounts reclassified from accumulated OCI to earnings				7	4
Period change				(216)	173
Balance, end of period	(28)	188	145	(28)	145
Change in fair value related to cash flow hedges | Equity securities
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance, beginning of period				257	23
Other comprehensive income before reclassifications				(34)	308
Amounts reclassified from accumulated OCI to earnings				0	0
Period change				(34)	308
Balance, end of period	223	257	331	223	331
Unrealized gains (losses) for pension and other post-retirement obligations
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance, beginning of period				(253)	(251)
Other comprehensive income before reclassifications				0	0
Amounts reclassified from accumulated OCI to earnings				2	2
Period change				2	2
Balance, end of period	(251)	(253)	(249)	$ (251)	$ (249)
Reclassification out of Accumulated Other Comprehensive Income
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Net unrealized loss on securities transfer	$ (60)	$ (69)	$ (87)

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SHAREHOLDERS' EQUITY (Details) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2021 USD ($) $ / shares Rate shares	Mar. 31, 2020 USD ($) $ / shares	Dec. 31, 2020 shares
Class of Stock [Line Items]
Preferred Stock, Liquidation Preference Per Share | $ / shares	$ 1,000
Preferred Stock, Shares Outstanding | shares	1,250,500		750,500
Preferred Stock, Value, Outstanding	$ 2,676,000
Dividends, Preferred Stock, Cash	(31,000)	$ (18,000)
Retained Earnings [Member]
Class of Stock [Line Items]
Dividends, Preferred Stock, Cash	$ (31,000)	$ (18,000)
Series B Preferred Stock
Class of Stock [Line Items]
Depository Share, Percent Interest in Preferred Stock	0.025
Preferred Stock, Shares Outstanding | shares	35,500
Preferred Stock, Value, Outstanding	$ 23,000
Preferred Stock, Redemption Date	Jan. 15, 2017
Preferred Stock, Dividends Per Share, Declared | $ / shares	$ 7.35	$ 11.33
Series B Preferred Stock | Retained Earnings [Member]
Class of Stock [Line Items]
Dividends, Preferred Stock, Cash	$ 0	$ (1,000)
Series C Preferred Stock
Class of Stock [Line Items]
Preferred Stock, Shares Outstanding | shares	100,000
Preferred Stock, Value, Outstanding	$ 100,000
Preferred Stock, Redemption Date	Oct. 15, 2021
Preferred Stock, Dividend Rate, Percentage | Rate	5.875%
Preferred Stock, Dividends Per Share, Declared | $ / shares	$ 14.69	$ 14.69
Series C Preferred Stock | Retained Earnings [Member]
Class of Stock [Line Items]
Dividends, Preferred Stock, Cash	$ (2,000)	$ (1,000)
Series E Preferred Stock
Class of Stock [Line Items]
Preferred Stock, Shares Outstanding | shares	5,000
Preferred Stock, Value, Outstanding	$ 495,000
Preferred Stock, Redemption Date	Apr. 15, 2023
Preferred Stock, Dividend Rate, Percentage | Rate	5.70%
Preferred Stock, Dividends Per Share, Declared | $ / shares	$ 1,425.00	$ 1,425.00
Series E Preferred Stock | Retained Earnings [Member]
Class of Stock [Line Items]
Dividends, Preferred Stock, Cash	$ (7,000)	$ (7,000)
Series D Preferred Stock
Class of Stock [Line Items]
Preferred Stock, Shares Outstanding | shares	400,000
Preferred Stock, Value, Outstanding	$ 386,000
Preferred Stock, Redemption Date	Apr. 15, 2021
Preferred Stock, Dividend Rate, Percentage | Rate	6.25%
Preferred Stock, Dividends Per Share, Declared | $ / shares	$ 15.63	$ 15.63
Series D Preferred Stock | Retained Earnings [Member]
Class of Stock [Line Items]
Dividends, Preferred Stock, Cash	$ (9,000)	$ (9,000)
Series D Preferred Stock2 [Member]
Class of Stock [Line Items]
Preferred Stock, Shares Outstanding | shares	200,000
Preferred Stock, Value, Outstanding	$ 199,000
Preferred Stock, Redemption Date	Apr. 15, 2021
Preferred Stock, Dividend Rate, Percentage | Rate	6.25%
Series F Preferred Stock
Class of Stock [Line Items]
Preferred Stock, Shares Outstanding | shares	5,000
Preferred Stock, Value, Outstanding	$ 494,000
Preferred Stock, Redemption Date	Jul. 15, 2030
Preferred Stock, Dividend Rate, Percentage | Rate	5.625%
Preferred Stock, Liquidation Preference, Value	$ 100
Preferred Stock, Dividends Per Share, Declared | $ / shares	$ 1,406.25	$ 0
Series F Preferred Stock | Retained Earnings [Member]
Class of Stock [Line Items]
Dividends, Preferred Stock, Cash	$ (7,000)	$ 0
Series G Preferred Stock
Class of Stock [Line Items]
Preferred Stock, Shares Outstanding | shares	5,000
Preferred Stock, Value, Outstanding	$ 494,000
Preferred Stock, Redemption Date	Oct. 15, 2027
Preferred Stock, Dividend Rate, Percentage | Rate	4.45%
Preferred Stock, Dividends Per Share, Declared | $ / shares	$ 1,112.50	$ 0
Series G Preferred Stock | Retained Earnings [Member]
Class of Stock [Line Items]
Dividends, Preferred Stock, Cash	$ (6,000)	$ 0
Series H Preferred Stock
Class of Stock [Line Items]
Preferred Stock, Shares Outstanding | shares	500,000
Preferred Stock, Value, Outstanding	$ 485,000
Preferred Stock, Redemption Date	Apr. 15, 2026
Preferred Stock, Dividend Rate, Percentage | Rate	4.50%
London Interbank Offered Rate (LIBOR) | Series B Preferred Stock
Class of Stock [Line Items]
Preferred Stock, Basis Spread On Variable Rate	2.70%

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EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Basic earnings per common share:
Net income	$ 532	$ 48
Preferred stock dividends	(31)	(18)
Net income available to common shareholders	$ 501	$ 30
Average common shares issued and outstanding (in shares)	1,017,512	1,017,643
Basic earnings per common share (in usd per share)	$ 0.49	$ 0.03
Dilutive potential common shares:
Stock options and restricted stock units and awards	18,397	12,363
Shares held in deferred compensation plans	5,094	4,570
Dilutive potential common shares	23,491	16,933
Total diluted average common shares issued and outstanding (in shares)	1,041,003	1,034,576
Diluted earnings per common share (in usd per share)	$ 0.48	$ 0.03
Employee Stock Option
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Options outstanding to purchase common stock shares having antidilutive effect	1,666	8,045

XML

NONINTEREST INCOME - Summary of Noninterest Income (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Revenue from Contract with Customer [Abstract]
Noninterest income from contracts with customers	$ 222	$ 227
Noninterest income within the scope of other GAAP topics	173	134
Total noninterest income	$ 395	$ 361

XML

NONINTEREST INCOME - Disaggregation by Segment (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Disaggregation of Revenue [Line Items]
Noninterest income from contracts with customers	$ 222	$ 227
Noninterest income within the scope of other GAAP topics	173	134
Noninterest income	395	361
Mortgage banking income
Disaggregation of Revenue [Line Items]
Noninterest income from contracts with customers	69	87
Service charges on deposit accounts
Disaggregation of Revenue [Line Items]
Noninterest income from contracts with customers	62	56
Card and payment processing income
Disaggregation of Revenue [Line Items]
Noninterest income from contracts with customers	52	47
Insurance income
Disaggregation of Revenue [Line Items]
Noninterest income from contracts with customers	27	23
Other noninterest income
Disaggregation of Revenue [Line Items]
Noninterest income from contracts with customers	12	14
Operating Segments | Consumer & Business Banking
Disaggregation of Revenue [Line Items]
Noninterest income from contracts with customers	137	146
Noninterest income within the scope of other GAAP topics	99	66
Noninterest income	236	212
Operating Segments | Consumer & Business Banking | Mortgage banking income
Disaggregation of Revenue [Line Items]
Noninterest income from contracts with customers	48	68
Operating Segments | Consumer & Business Banking | Service charges on deposit accounts
Disaggregation of Revenue [Line Items]
Noninterest income from contracts with customers	58	52
Operating Segments | Consumer & Business Banking | Card and payment processing income
Disaggregation of Revenue [Line Items]
Noninterest income from contracts with customers	13	10
Operating Segments | Consumer & Business Banking | Insurance income
Disaggregation of Revenue [Line Items]
Noninterest income from contracts with customers	12	8
Operating Segments | Consumer & Business Banking | Other noninterest income
Disaggregation of Revenue [Line Items]
Noninterest income from contracts with customers	6	8
Operating Segments | Commercial Banking
Disaggregation of Revenue [Line Items]
Noninterest income from contracts with customers	28	27
Noninterest income within the scope of other GAAP topics	60	59
Noninterest income	88	86
Operating Segments | Commercial Banking | Mortgage banking income
Disaggregation of Revenue [Line Items]
Noninterest income from contracts with customers	19	17
Operating Segments | Commercial Banking | Service charges on deposit accounts
Disaggregation of Revenue [Line Items]
Noninterest income from contracts with customers	4	4
Operating Segments | Commercial Banking | Card and payment processing income
Disaggregation of Revenue [Line Items]
Noninterest income from contracts with customers	1	1
Operating Segments | Commercial Banking | Insurance income
Disaggregation of Revenue [Line Items]
Noninterest income from contracts with customers	2	2
Operating Segments | Commercial Banking | Other noninterest income
Disaggregation of Revenue [Line Items]
Noninterest income from contracts with customers	2	3
Operating Segments | Vehicle Finance
Disaggregation of Revenue [Line Items]
Noninterest income from contracts with customers	3	2
Noninterest income within the scope of other GAAP topics	0	1
Noninterest income	3	3
Operating Segments | Vehicle Finance | Mortgage banking income
Disaggregation of Revenue [Line Items]
Noninterest income from contracts with customers	2	1
Operating Segments | Vehicle Finance | Service charges on deposit accounts
Disaggregation of Revenue [Line Items]
Noninterest income from contracts with customers	0	0
Operating Segments | Vehicle Finance | Card and payment processing income
Disaggregation of Revenue [Line Items]
Noninterest income from contracts with customers	0	0
Operating Segments | Vehicle Finance | Insurance income
Disaggregation of Revenue [Line Items]
Noninterest income from contracts with customers	0	0
Operating Segments | Vehicle Finance | Other noninterest income
Disaggregation of Revenue [Line Items]
Noninterest income from contracts with customers	1	1
Operating Segments | RBPCG
Disaggregation of Revenue [Line Items]
Noninterest income from contracts with customers	52	50
Noninterest income within the scope of other GAAP topics	1	0
Noninterest income	53	50
Operating Segments | RBPCG | Mortgage banking income
Disaggregation of Revenue [Line Items]
Noninterest income from contracts with customers	0	1
Operating Segments | RBPCG | Service charges on deposit accounts
Disaggregation of Revenue [Line Items]
Noninterest income from contracts with customers	0	0
Operating Segments | RBPCG | Card and payment processing income
Disaggregation of Revenue [Line Items]
Noninterest income from contracts with customers	38	36
Operating Segments | RBPCG | Insurance income
Disaggregation of Revenue [Line Items]
Noninterest income from contracts with customers	13	12
Operating Segments | RBPCG | Other noninterest income
Disaggregation of Revenue [Line Items]
Noninterest income from contracts with customers	1	1
Treasury / Other
Disaggregation of Revenue [Line Items]
Noninterest income from contracts with customers	2	2
Noninterest income within the scope of other GAAP topics	13	8
Noninterest income	15	10
Treasury / Other | Mortgage banking income
Disaggregation of Revenue [Line Items]
Noninterest income from contracts with customers	0	0
Treasury / Other | Service charges on deposit accounts
Disaggregation of Revenue [Line Items]
Noninterest income from contracts with customers	0	0
Treasury / Other | Card and payment processing income
Disaggregation of Revenue [Line Items]
Noninterest income from contracts with customers	0	0
Treasury / Other | Insurance income
Disaggregation of Revenue [Line Items]
Noninterest income from contracts with customers	0	1
Treasury / Other | Other noninterest income
Disaggregation of Revenue [Line Items]
Noninterest income from contracts with customers	$ 2	$ 1

XML

FAIR VALUES OF ASSETS AND LIABILITIES - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans Held-for-sale, Fair Value Disclosure	$ 1,531	$ 1,198
Loans and leases, fair value	$ 118	$ 94

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FAIR VALUES OF ASSETS AND LIABILITIES - Recurring Basis (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Assets measured at fair value on a recurring basis
Loans Held-for-sale, Fair Value Disclosure	$ 1,531	$ 1,198
Consumer loans	118	94
Gross amounts of recognized assets	1,829	1,946
Derivative assets netting	(816)	(889)
Net amounts of assets presented in the condensed consolidated balance sheets	1,013	1,057
Liabilities measured at fair value on a recurring basis
Gross amounts of recognized liabilities	874	1,033
Gross amounts offset in the condensed consolidated balance sheets	(703)	(917)
Derivatives	171	116
Short-term Debt	219	183
Fair Value, Measurements, Recurring
Assets measured at fair value on a recurring basis
Trading account securities	51
Available-for-sale securities	19,375	16,485
Other securities	59	59
Loans Held-for-sale, Fair Value Disclosure	1,531	1,198
MSRs	274	210
Derivative assets netting	(816)	(889)
Net amounts of assets presented in the condensed consolidated balance sheets	1,013	1,057
Liabilities measured at fair value on a recurring basis
Gross amounts offset in the condensed consolidated balance sheets	(703)	(917)
Derivatives	171	116
Fair Value, Measurements, Recurring | Municipal securities
Assets measured at fair value on a recurring basis
Trading account securities	48	62
Available-for-sale securities	3,122	3,004
Fair Value, Measurements, Recurring | Private-label CMO
Assets measured at fair value on a recurring basis
Available-for-sale securities	50	9
Fair Value, Measurements, Recurring | Other securities
Assets measured at fair value on a recurring basis
Available-for-sale securities	4	4
Fair Value, Measurements, Recurring | U.S. Treasury
Assets measured at fair value on a recurring basis
Available-for-sale securities	5	5
Fair Value, Measurements, Recurring | Federal agencies: Mortgage-backed securities
Assets measured at fair value on a recurring basis
Available-for-sale securities	3,172	3,666
Fair Value, Measurements, Recurring | Residential MBS
Assets measured at fair value on a recurring basis
Available-for-sale securities	10,645	7,935
Fair Value, Measurements, Recurring | Commercial MBS
Assets measured at fair value on a recurring basis
Available-for-sale securities	1,227	1,163
Fair Value, Measurements, Recurring | Other agencies
Assets measured at fair value on a recurring basis
Available-for-sale securities	46	62
Fair Value, Measurements, Recurring | Asset-backed securities
Assets measured at fair value on a recurring basis
Available-for-sale securities	247	192
Fair Value, Measurements, Recurring | Corporate debt
Assets measured at fair value on a recurring basis
Trading account securities	3
Available-for-sale securities	857	445
Fair Value, Measurements, Recurring | Level 1
Assets measured at fair value on a recurring basis
Trading account securities	0
Available-for-sale securities	5	5
Other securities	42	59
Loans Held-for-sale, Fair Value Disclosure	0	0
Consumer loans	0	0
MSRs	0	0
Gross amounts of recognized assets	0	0
Liabilities measured at fair value on a recurring basis
Gross amounts of recognized liabilities	0	0
Fair Value, Measurements, Recurring | Level 1 | Municipal securities
Assets measured at fair value on a recurring basis
Trading account securities	0	0
Available-for-sale securities	0	0
Fair Value, Measurements, Recurring | Level 1 | Private-label CMO
Assets measured at fair value on a recurring basis
Available-for-sale securities	0	0
Fair Value, Measurements, Recurring | Level 1 | Other securities
Assets measured at fair value on a recurring basis
Available-for-sale securities	0	0
Fair Value, Measurements, Recurring | Level 1 | U.S. Treasury
Assets measured at fair value on a recurring basis
Available-for-sale securities	5	5
Fair Value, Measurements, Recurring | Level 1 | Federal agencies: Mortgage-backed securities
Assets measured at fair value on a recurring basis
Available-for-sale securities	0	0
Fair Value, Measurements, Recurring | Level 1 | Residential MBS
Assets measured at fair value on a recurring basis
Available-for-sale securities	0	0
Fair Value, Measurements, Recurring | Level 1 | Commercial MBS
Assets measured at fair value on a recurring basis
Available-for-sale securities	0	0
Fair Value, Measurements, Recurring | Level 1 | Other agencies
Assets measured at fair value on a recurring basis
Available-for-sale securities	0	0
Fair Value, Measurements, Recurring | Level 1 | Asset-backed securities
Assets measured at fair value on a recurring basis
Available-for-sale securities	0	0
Fair Value, Measurements, Recurring | Level 1 | Corporate debt
Assets measured at fair value on a recurring basis
Trading account securities	0
Available-for-sale securities	0	0
Fair Value, Measurements, Recurring | Level 2
Assets measured at fair value on a recurring basis
Trading account securities	51
Available-for-sale securities	16,242	13,510
Other securities	17	0
Loans Held-for-sale, Fair Value Disclosure	1,531	1,198
Consumer loans	96	71
MSRs	0	0
Gross amounts of recognized assets	1,808	1,903
Liabilities measured at fair value on a recurring basis
Gross amounts of recognized liabilities	863	1,031
Fair Value, Measurements, Recurring | Level 2 | Municipal securities
Assets measured at fair value on a recurring basis
Trading account securities	48	62
Available-for-sale securities	52	53
Fair Value, Measurements, Recurring | Level 2 | Private-label CMO
Assets measured at fair value on a recurring basis
Available-for-sale securities	39	0
Fair Value, Measurements, Recurring | Level 2 | Other securities
Assets measured at fair value on a recurring basis
Available-for-sale securities	4	4
Fair Value, Measurements, Recurring | Level 2 | U.S. Treasury
Assets measured at fair value on a recurring basis
Available-for-sale securities	0	0
Fair Value, Measurements, Recurring | Level 2 | Federal agencies: Mortgage-backed securities
Assets measured at fair value on a recurring basis
Available-for-sale securities	3,172	3,666
Fair Value, Measurements, Recurring | Level 2 | Residential MBS
Assets measured at fair value on a recurring basis
Available-for-sale securities	10,645	7,935
Fair Value, Measurements, Recurring | Level 2 | Commercial MBS
Assets measured at fair value on a recurring basis
Available-for-sale securities	1,227	1,163
Fair Value, Measurements, Recurring | Level 2 | Other agencies
Assets measured at fair value on a recurring basis
Available-for-sale securities	46	62
Fair Value, Measurements, Recurring | Level 2 | Asset-backed securities
Assets measured at fair value on a recurring basis
Available-for-sale securities	200	182
Fair Value, Measurements, Recurring | Level 2 | Corporate debt
Assets measured at fair value on a recurring basis
Trading account securities	3
Available-for-sale securities	857	445
Fair Value, Measurements, Recurring | Level 3
Assets measured at fair value on a recurring basis
Trading account securities	0
Available-for-sale securities	3,128	2,970
Other securities	0
Loans Held-for-sale, Fair Value Disclosure	0	0
Consumer loans	22	23
MSRs	274	210
Gross amounts of recognized assets	21	43
Liabilities measured at fair value on a recurring basis
Gross amounts of recognized liabilities	11	2
Fair Value, Measurements, Recurring | Level 3 | Municipal securities
Assets measured at fair value on a recurring basis
Trading account securities	0	0
Available-for-sale securities	3,070	2,951
Fair Value, Measurements, Recurring | Level 3 | Private-label CMO
Assets measured at fair value on a recurring basis
Available-for-sale securities	11	9
Fair Value, Measurements, Recurring | Level 3 | Other securities
Assets measured at fair value on a recurring basis
Available-for-sale securities	0	0
Fair Value, Measurements, Recurring | Level 3 | U.S. Treasury
Assets measured at fair value on a recurring basis
Available-for-sale securities	0	0
Fair Value, Measurements, Recurring | Level 3 | Federal agencies: Mortgage-backed securities
Assets measured at fair value on a recurring basis
Available-for-sale securities	0	0
Fair Value, Measurements, Recurring | Level 3 | Residential MBS
Assets measured at fair value on a recurring basis
Available-for-sale securities	0	0
Fair Value, Measurements, Recurring | Level 3 | Commercial MBS
Assets measured at fair value on a recurring basis
Available-for-sale securities	0	0
Fair Value, Measurements, Recurring | Level 3 | Other agencies
Assets measured at fair value on a recurring basis
Available-for-sale securities	0	0
Fair Value, Measurements, Recurring | Level 3 | Asset-backed securities
Assets measured at fair value on a recurring basis
Available-for-sale securities	47	10
Fair Value, Measurements, Recurring | Level 3 | Corporate debt
Assets measured at fair value on a recurring basis
Trading account securities	0
Available-for-sale securities	$ 0	$ 0

XML

FAIR VALUES OF ASSETS AND LIABILITIES - Level 3 Roll Forward (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2019
MSRs
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3		$ 0
Assets Level 3 Roll Forward:
Opening balance	$ 210	7
Transfers out of Level 3 (1)	0
Total gains/losses for the period:
Included in earnings	51	(47)
Included in OCI	0	0
Purchases/originations	33	0
Repayments	0
Settlements	(20)	0
Closing balance	210	7	$ 274	$ 210	$ 165	$ 7
Change in unrealized gains or losses for the period included in earnings for assets held at end of the reporting date	51	(47)
Derivative instruments
Assets Level 3 Roll Forward:
Opening balance	41	6
Transfers out of Level 3 (1)	(39)	(20)
Total gains/losses for the period:
Included in earnings	(8)	(53)
Included in OCI	0	0
Purchases/originations	0	0
Repayments	0
Settlements	0	0
Closing balance	41	6	10	41	39	6
Change in unrealized gains or losses for the period included in earnings for assets held at end of the reporting date	(26)	34
Municipal securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3		0
Assets Level 3 Roll Forward:
Opening balance	2,951	2,999
Transfers out of Level 3 (1)	0
Total gains/losses for the period:
Included in earnings	0	(1)
Included in OCI	(4)	(68)
Purchases/originations	209	73
Repayments	0
Settlements	(86)	(66)
Closing balance	2,951	2,999	3,070	2,951	2,937	2,999
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI	(5)	(68)
Private-label CMO
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3		0
Assets Level 3 Roll Forward:
Opening balance	9	2
Transfers out of Level 3 (1)	0
Total gains/losses for the period:
Included in earnings	0	0
Included in OCI	0	0
Purchases/originations	2	0
Repayments	0
Settlements	0	0
Closing balance	9	2	11	9	2	2
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI	0
Asset-backed securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3		0
Assets Level 3 Roll Forward:
Opening balance	10	48
Transfers out of Level 3 (1)	0
Total gains/losses for the period:
Included in earnings	0	0
Included in OCI	0	0
Purchases/originations	37	27
Repayments	0
Settlements	0	(6)
Closing balance	10	48	47	10	69	48
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI	0	0
Real Estate Loan [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3		0
Assets Level 3 Roll Forward:
Opening balance	23	26
Transfers out of Level 3 (1)	0
Total gains/losses for the period:
Included in earnings	0	0
Included in OCI	0	0
Purchases/originations	0	0
Repayments	(1)
Settlements	0	0
Closing balance	23	26	22	23	26	26
Change in unrealized gains or losses for the period included in earnings for assets held at end of the reporting date	$ 0	$ 0
Commercial Loan [Member]
Total gains/losses for the period:
MSRs			274	210	$ 165	7
Commercial Loan [Member] | Revision of Prior Period, Adjustment
Total gains/losses for the period:
MSRs						$ 205
Fair Value, Recurring [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Available-for-sale securities			19,375	16,485
Total gains/losses for the period:
MSRs			274	210
Fair Value, Recurring [Member] | Commercial MBS
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Available-for-sale securities			1,227	1,163
Fair Value, Recurring [Member] | Residential MBS
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Available-for-sale securities			10,645	7,935
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Available-for-sale securities			16,242	13,510
Total gains/losses for the period:
MSRs			0	0
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | Commercial MBS
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Available-for-sale securities			1,227	1,163
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | Residential MBS
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Available-for-sale securities			$ 10,645	$ 7,935

XML

FAIR VALUES OF ASSETS AND LIABILITIES - Level 3 Classification of Gains/Losses (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
MSRs
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings	$ 51	$ (47)
Mortgage banking income	(51)	47
Fair Value, Assets and Liabilities Measured on Recurring Basis, Gain (Loss) Included in Earnings	51	(47)
Fair Value Assets Measured On Recurring Basis Gain Loss Included In Interest and fee income		0
Derivative Financial Instruments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Mortgage banking income	(8)	(53)
Fair Value, Assets and Liabilities Measured on Recurring Basis, Gain (Loss) Included in Earnings	(8)	(53)
Fair Value Assets Measured On Recurring Basis Gain Loss Included In Interest and fee income		0
Municipal securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings	0	(1)
Mortgage banking income		0
Fair Value, Assets and Liabilities Measured on Recurring Basis, Gain (Loss) Included in Earnings		(1)
Fair Value Assets Measured On Recurring Basis Gain Loss Included In Interest and fee income		(1)
Asset-backed securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings	$ 0	$ 0

XML

FAIR VALUES OF ASSETS AND LIABILITIES - Fair Value Option (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Fair Value, Option, Quantitative Disclosures [Line Items]
Loans Held-for-sale, Fair Value Disclosure	$ 1,531	$ 1,198
Loans and leases, fair value	118	94
Fair Value, Measurements, Recurring
Fair Value, Option, Quantitative Disclosures [Line Items]
Loans Held-for-sale, Fair Value Disclosure	1,531	1,198
Fair Value, Measurements, Recurring | Mortgages Held For Sale
Fair Value, Option, Quantitative Disclosures [Line Items]
Loans Held For Sale Unpaid Principal	1,501	1,134
Difference	(30)	(64)
Fair Value, Measurements, Recurring | Mortgages Held To Maturity
Fair Value, Option, Quantitative Disclosures [Line Items]
Loans and leases, fair value	118	94
Loans Held To Maturity Unpaid Principal	123	99
Difference	(5)	(5)
Fair Value, Measurements, Recurring | 90 or  more days | Mortgages Held For Sale
Fair Value, Option, Quantitative Disclosures [Line Items]
Loans Held-for-sale, Fair Value Disclosure	0	2
Loans Held For Sale Unpaid Principal	0	2
Difference	0	0
Fair Value, Measurements, Recurring | 90 or  more days | Mortgages Held To Maturity
Fair Value, Option, Quantitative Disclosures [Line Items]
Loans and leases, fair value	4	7
Loans Held To Maturity Unpaid Principal	5	8
Difference	$ (1)	$ (1)

XML

FAIR VALUES OF ASSETS AND LIABILITIES - Fair Value Option-Changes in Fair Value (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Fair Value, Measurements, Recurring
Fair Value, Option, Quantitative Disclosures [Line Items]
Net gains (losses) from fair value changes	$ (34)	$ 19

XML

FAIR VALUES OF ASSETS AND LIABILITIES - Non-Recurring Basis (Details) - USD ($) $ in Millions		Mar. 31, 2021	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans held for sale	[1]	$ 1,537	$ 1,275
Long-term debt		7,210	8,352
Amortized Cost (1)		7,815	8,861
Assets measured at fair value on a nonrecurring basis
Net loans and direct financing leases		78,527	79,794
Loans Held-for-sale, Fair Value Disclosure		(1,531)	(1,198)
Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities, Trading, and Equity Securities, FV-NI		51	62
Loans held for sale		1,537	1,275
Available-for-sale securities		19,375	16,485
Long-term debt		7,305	8,568
Amortized Cost (1)		8,062	9,255
Other Securities		411	418
Assets measured at fair value on a nonrecurring basis
Net loans and direct financing leases		78,603	80,477
Level 1 | Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities, Trading, and Equity Securities, FV-NI		0	0
Loans held for sale		0	0
Available-for-sale securities		5	5
Long-term debt		0	0
Amortized Cost (1)		0	0
Assets measured at fair value on a nonrecurring basis
Net loans and direct financing leases		0	0
Level 2 | Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities, Trading, and Equity Securities, FV-NI		51	62
Loans held for sale		1,531	1,198
Available-for-sale securities		16,242	13,510
Long-term debt		6,736	7,999
Amortized Cost (1)		8,062	9,255
Assets measured at fair value on a nonrecurring basis
Net loans and direct financing leases		96	71
Level 3 | Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities, Trading, and Equity Securities, FV-NI		0	0
Loans held for sale		6	77
Available-for-sale securities		3,128	2,970
Long-term debt		569	569
Amortized Cost (1)		0	0
Assets measured at fair value on a nonrecurring basis
Net loans and direct financing leases		78,507	80,406
Nonrecurring Basis
Assets measured at fair value on a nonrecurring basis
Collateral-dependent loans			$ (144)
Nonrecurring Basis | Fair Value
Assets measured at fair value on a nonrecurring basis
Collateral-dependent loans		(12)
Nonrecurring Basis | Total Gains/(Losses)
Assets measured at fair value on a nonrecurring basis
Collateral-dependent loans		(1)
Nonrecurring Basis | Level 1 | Fair Value
Assets measured at fair value on a nonrecurring basis
Collateral-dependent loans		0
Nonrecurring Basis | Level 2 | Fair Value
Assets measured at fair value on a nonrecurring basis
Collateral-dependent loans		0
Nonrecurring Basis | Level 3 | Fair Value
Assets measured at fair value on a nonrecurring basis
Collateral-dependent loans		$ (12)

[1] Amounts represent loans for which Huntington has elected the fair value option. See Note 11 “Fair Values of Assets and Liabilities”.

XML

FAIR VALUES OF ASSETS AND LIABILITIES - Significant Unobservable Level 3 Inputs (Details) $ in Millions	Mar. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Fair Value Disclosures [Abstract]
Gross amounts of recognized assets	$ 1,829	$ 1,946
Derivative Liability, Fair Value, Gross Liability	874	1,033
Consumer loans	118	94
Loans Held-for-sale, Fair Value Disclosure	1,531	1,198
Fair Value, Measurements, Recurring
Fair Value Disclosures [Abstract]
MSRs	274	210
Available-for-sale securities	19,375	16,485
Loans Held-for-sale, Fair Value Disclosure	1,531	1,198
Level 3 | Fair Value, Measurements, Recurring
Fair Value Disclosures [Abstract]
MSRs	274	210
Gross amounts of recognized assets	21	43
Derivative Liability, Fair Value, Gross Liability	11	2
Available-for-sale securities	3,128	2,970
Consumer loans	22	23
Loans Held-for-sale, Fair Value Disclosure	0	0
Residential MBS | Fair Value, Measurements, Recurring
Fair Value Disclosures [Abstract]
Available-for-sale securities	10,645	7,935
Residential MBS | Level 3 | Fair Value, Measurements, Recurring
Fair Value Disclosures [Abstract]
Available-for-sale securities	$ 0	$ 0
Residential MBS | Maximum | Valuation Technique, Discounted Cash Flow [Member] | Level 3 | Measurement Input, Constant Prepayment Rate [Member] | Fair Value, Measurements, Recurring
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Servicing Asset, Measurement Input	0.22	0.24
Residential MBS | Maximum | Valuation Technique, Discounted Cash Flow [Member] | Level 3 | Measurement Input, Option Adjusted Spread [Member] | Fair Value, Measurements, Recurring
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Servicing Asset, Measurement Input	0.11	0.11
Residential MBS | Minimum | Valuation Technique, Discounted Cash Flow [Member] | Level 3 | Measurement Input, Constant Prepayment Rate [Member] | Fair Value, Measurements, Recurring
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Servicing Asset, Measurement Input	0.06	0.08
Residential MBS | Minimum | Valuation Technique, Discounted Cash Flow [Member] | Level 3 | Measurement Input, Option Adjusted Spread [Member] | Fair Value, Measurements, Recurring
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Servicing Asset, Measurement Input	0.03	0.04
Residential MBS | Weighted Average | Valuation Technique, Discounted Cash Flow [Member] | Level 3 | Measurement Input, Constant Prepayment Rate [Member] | Fair Value, Measurements, Recurring
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Servicing Asset, Measurement Input	0.12	0.17
Residential MBS | Weighted Average | Valuation Technique, Discounted Cash Flow [Member] | Level 3 | Measurement Input, Option Adjusted Spread [Member] | Fair Value, Measurements, Recurring
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Servicing Asset, Measurement Input	0.05	0.05
Asset-backed securities | Fair Value, Measurements, Recurring
Fair Value Disclosures [Abstract]
Available-for-sale securities	$ 247	$ 192
Asset-backed securities | Level 3 | Fair Value, Measurements, Recurring
Fair Value Disclosures [Abstract]
Available-for-sale securities	47	10
Municipal securities | Fair Value, Measurements, Recurring
Fair Value Disclosures [Abstract]
Available-for-sale securities	3,122	3,004
Municipal securities | Level 3 | Fair Value, Measurements, Recurring
Fair Value Disclosures [Abstract]
Available-for-sale securities	3,070	2,951
Corporate debt | Fair Value, Measurements, Recurring
Fair Value Disclosures [Abstract]
Available-for-sale securities	857	445
Corporate debt | Level 3 | Fair Value, Measurements, Recurring
Fair Value Disclosures [Abstract]
Available-for-sale securities	$ 0	$ 0
Corporate debt | Maximum | Valuation Technique, Discounted Cash Flow [Member] | Level 3 | Measurement Input, Discount Rate [Member] | Fair Value, Measurements, Recurring
Fair Value Disclosures [Abstract]
Debt Securities, Available-for-sale, Measurement Input	0.02	0.01
Corporate debt | Maximum | Valuation Technique, Discounted Cash Flow [Member] | Level 3 | Measurement Input, Default Rate [Member] | Fair Value, Measurements, Recurring
Fair Value Disclosures [Abstract]
Debt Securities, Available-for-sale, Measurement Input	0.39	0.39
Corporate debt | Maximum | Valuation Technique, Discounted Cash Flow [Member] | Level 3 | Measurement Input, Loss Severity [Member] | Fair Value, Measurements, Recurring
Fair Value Disclosures [Abstract]
Debt Securities, Available-for-sale, Measurement Input	0.80	0.80
Corporate debt | Minimum | Valuation Technique, Discounted Cash Flow [Member] | Level 3 | Measurement Input, Discount Rate [Member] | Fair Value, Measurements, Recurring
Fair Value Disclosures [Abstract]
Debt Securities, Available-for-sale, Measurement Input	0	0
Corporate debt | Minimum | Valuation Technique, Discounted Cash Flow [Member] | Level 3 | Measurement Input, Default Rate [Member] | Fair Value, Measurements, Recurring
Fair Value Disclosures [Abstract]
Debt Securities, Available-for-sale, Measurement Input	0	0
Corporate debt | Minimum | Valuation Technique, Discounted Cash Flow [Member] | Level 3 | Measurement Input, Loss Severity [Member] | Fair Value, Measurements, Recurring
Fair Value Disclosures [Abstract]
Debt Securities, Available-for-sale, Measurement Input	0.05	0.05
Corporate debt | Weighted Average | Valuation Technique, Discounted Cash Flow [Member] | Level 3 | Measurement Input, Discount Rate [Member] | Fair Value, Measurements, Recurring
Fair Value Disclosures [Abstract]
Debt Securities, Available-for-sale, Measurement Input	0.01	0.01
Corporate debt | Weighted Average | Valuation Technique, Discounted Cash Flow [Member] | Level 3 | Measurement Input, Default Rate [Member] | Fair Value, Measurements, Recurring
Fair Value Disclosures [Abstract]
Debt Securities, Available-for-sale, Measurement Input	0.04	0.04
Corporate debt | Weighted Average | Valuation Technique, Discounted Cash Flow [Member] | Level 3 | Measurement Input, Loss Severity [Member] | Fair Value, Measurements, Recurring
Fair Value Disclosures [Abstract]
Debt Securities, Available-for-sale, Measurement Input	0.25	0.25
Derivative Financial Instruments, Assets [Member] | Maximum | Valuation Technique, Consensus Pricing Model [Member] | Level 3 | Measurement Input, Net Market Price [Member] | Fair Value, Measurements, Recurring
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Derivative Asset, Measurement Input	0.12	0.11
Derivative Financial Instruments, Assets [Member] | Maximum | Valuation Technique, Consensus Pricing Model [Member] | Level 3 | Measurement Input, Estimated Pull Thru [Member] | Fair Value, Measurements, Recurring
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Derivative Asset, Measurement Input	1	1
Derivative Financial Instruments, Assets [Member] | Minimum | Valuation Technique, Consensus Pricing Model [Member] | Level 3 | Measurement Input, Net Market Price [Member] | Fair Value, Measurements, Recurring
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Derivative Asset, Measurement Input	(0.05)	(0.04)
Fair Value Disclosures [Abstract]
Loans held for investment, Measurement Input	0.01
Derivative Financial Instruments, Assets [Member] | Minimum | Valuation Technique, Consensus Pricing Model [Member] | Level 3 | Measurement Input, Estimated Pull Thru [Member] | Fair Value, Measurements, Recurring
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Derivative Asset, Measurement Input	0.06	0.01
Derivative Financial Instruments, Assets [Member] | Minimum | Market Approach Valuation Technique | Level 3 | Measurement Input, Estimated Pull Thru [Member] | Fair Value, Measurements, Recurring
Fair Value Disclosures [Abstract]
Loans held for investment, Measurement Input	0.90
Derivative Financial Instruments, Assets [Member] | Weighted Average | Valuation Technique, Consensus Pricing Model [Member] | Level 3 | Measurement Input, Net Market Price [Member] | Fair Value, Measurements, Recurring
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Derivative Asset, Measurement Input		0.03
Derivative Financial Instruments, Assets [Member] | Weighted Average | Valuation Technique, Consensus Pricing Model [Member] | Level 3 | Measurement Input, Estimated Pull Thru [Member] | Fair Value, Measurements, Recurring
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Derivative Asset, Measurement Input		0.88

XML

FAIR VALUES OF ASSETS AND LIABILITIES - Balance Sheet Location (Details) - USD ($) $ in Millions		Mar. 31, 2021	Dec. 31, 2020
Financial Assets:
Held-to-maturity securities		$ 7,815	$ 8,861
Loans held for sale	[1]	1,537	1,275
Net loans and direct financing leases		78,527	79,794
Derivatives		1,013	1,057
Derivative Asset, Fair Value, Gross Asset		1,829	1,946
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset		(816)	(889)
Financial Liabilities:
Deposits		102,184	98,948
Short-term borrowings		219	183
Long-term borrowings		7,210	8,352
Derivatives		171	116
Derivative Liability, Fair Value, Gross Liability		874	1,033
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset		(703)	(917)
Reported Value Measurement [Member]
Financial Assets:
Cash and short term assets		8,641	6,712
Trading account securities		51	62
Available-for-sale securities		19,375	16,485
Held-to-maturity securities		7,815	8,861
Other Securities		411	418
Loans held for sale		1,537	1,275
Net loans and direct financing leases		78,527	79,794
Derivatives		1,013	1,057
Financial Liabilities:
Deposits		102,184	98,948
Short-term borrowings		219	183
Long-term borrowings		7,210	8,352
Derivatives		171	116
Estimate of Fair Value Measurement [Member]
Financial Assets:
Cash and short term assets		8,641	6,712
Trading account securities		51	62
Available-for-sale securities		19,375	16,485
Held-to-maturity securities		8,062	9,255
Other Securities		411	418
Loans held for sale		1,537	1,275
Other securities (2)		59	59
Net loans and direct financing leases		78,603	80,477
Derivatives		1,013	1,057
Financial Liabilities:
Deposits		102,231	99,021
Short-term borrowings		219	183
Long-term borrowings		7,305	8,568
Derivatives		171	116
Estimate of Fair Value Measurement [Member] | Level 1
Financial Assets:
Trading account securities		0	0
Available-for-sale securities		5	5
Held-to-maturity securities		0	0
Loans held for sale		0	0
Other securities (2)		42	59
Net loans and direct financing leases		0	0
Financial Liabilities:
Deposits		0	0
Short-term borrowings		0	0
Long-term borrowings		0	0
Estimate of Fair Value Measurement [Member] | Level 2
Financial Assets:
Trading account securities		51	62
Available-for-sale securities		16,242	13,510
Held-to-maturity securities		8,062	9,255
Loans held for sale		1,531	1,198
Other securities (2)		17	0
Net loans and direct financing leases		96	71
Derivative Asset, Fair Value, Gross Asset		1,808	1,903
Financial Liabilities:
Deposits		99,998	96,656
Short-term borrowings		219	183
Long-term borrowings		6,736	7,999
Derivative Liability, Fair Value, Gross Liability		863	1,031
Estimate of Fair Value Measurement [Member] | Level 3
Financial Assets:
Trading account securities		0	0
Available-for-sale securities		3,128	2,970
Held-to-maturity securities		0	0
Loans held for sale		6	77
Other securities (2)		0	0
Net loans and direct financing leases		78,507	80,406
Derivative Asset, Fair Value, Gross Asset		21	43
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset		816	889
Financial Liabilities:
Deposits		2,233	2,365
Short-term borrowings		0	0
Long-term borrowings		569	569
Derivative Liability, Fair Value, Gross Liability		11	2
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset		(703)	(917)
Fair Value, Recurring [Member]
Financial Assets:
Trading account securities		51
Available-for-sale securities		19,375	16,485
Derivatives		1,013	1,057
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset		(816)	(889)
Financial Liabilities:
Derivatives		171	116
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset		(703)	(917)
Fair Value, Recurring [Member] | Level 1
Financial Assets:
Trading account securities		0
Available-for-sale securities		5	5
Derivative Asset, Fair Value, Gross Asset		0	0
Financial Liabilities:
Derivative Liability, Fair Value, Gross Liability		0	0
Fair Value, Recurring [Member] | Level 2
Financial Assets:
Trading account securities		51
Available-for-sale securities		16,242	13,510
Derivative Asset, Fair Value, Gross Asset		1,808	1,903
Financial Liabilities:
Derivative Liability, Fair Value, Gross Liability		863	1,031
Fair Value, Recurring [Member] | Level 3
Financial Assets:
Trading account securities		0
Available-for-sale securities		3,128	2,970
Derivative Asset, Fair Value, Gross Asset		21	43
Financial Liabilities:
Derivative Liability, Fair Value, Gross Liability		11	2
Other securities | Fair Value, Recurring [Member]
Financial Assets:
Available-for-sale securities		4	4
Other securities | Fair Value, Recurring [Member] | Level 1
Financial Assets:
Available-for-sale securities		0	0
Other securities | Fair Value, Recurring [Member] | Level 2
Financial Assets:
Available-for-sale securities		4	4
Other securities | Fair Value, Recurring [Member] | Level 3
Financial Assets:
Available-for-sale securities		0	0
Amortized Cost [Member] | Reported Value Measurement [Member]
Financial Assets:
Cash and short term assets		8,641	6,712
Held-to-maturity securities		7,815	8,861
Other Securities		352	359
Net loans and direct financing leases		78,409	79,700
Financial Liabilities:
Deposits		102,184	98,948
Short-term borrowings		219	183
Long-term borrowings		7,210	8,352
Fair Value Fair Value Option [Member] | Reported Value Measurement [Member]
Financial Assets:
Trading account securities		51	62
Available-for-sale securities		19,375	16,485
Other Securities		59	59
Loans held for sale		1,531	1,198
Net loans and direct financing leases		118	94
Derivatives		1,013	1,057
Financial Liabilities:
Derivatives		171	116
LowerOfCostOrMarket [Member] | Reported Value Measurement [Member]
Financial Assets:
Loans held for sale		$ 6	$ 77

[1] Amounts represent loans for which Huntington has elected the fair value option. See Note 11 “Fair Values of Assets and Liabilities”.

XML

DERIVATIVE FINANCIAL INSTRUMENTS - Narrative (Details) $ in Millions	3 Months Ended		6 Months Ended
	Mar. 31, 2021 USD ($) group	Mar. 31, 2020 USD ($)	Jun. 30, 2020 USD ($)	Dec. 31, 2020 USD ($)
Derivative [Line Items]
Increase (decrease) to net interest income due to derivative adjustment	$ 225	$ 16
Fair value hedging adjustments	(50)		$ (62)
Derivative, Notional Amount	34,208			$ 33,327
Credit risks from interest rate swaps used for trading purposes	593			882
Derivative Liability	$ 171			116
Number of primary groups | group	2
Aggregate credit risk, net of collateral	$ 420			175
Investment securities and cash collateral pledged by Huntington	69
Investment securities and cash collateral pledged to Huntington	434
Loans Payable [Member]
Derivative [Line Items]
Derivative, Notional Amount	17,621			18,646
Derivative used in trading activity
Derivative [Line Items]
Net derivative asset (liability)	73			70
Derivative financial instruments used by Huntington on behalf of customers including offsetting derivatives, notional value	46,000			37,000
Derivative used in Mortgage Banking Activities
Derivative [Line Items]
Derivative, Notional Amount	875			1,170
Derivative, Fair Value, Net	65			26
Fair Value Hedging | Designated as Hedging Instrument [Member]
Derivative [Line Items]
Derivative, Notional Amount	8,587			9,681
Fair Value Hedging | Designated as Hedging Instrument [Member] | Loans Payable [Member]
Derivative [Line Items]
Derivative, Notional Amount	0			0
Cash Flow Hedging | Designated as Hedging Instrument [Member]
Derivative [Line Items]
Derivative, Notional Amount	16,350			17,375
Cash Flow Hedging | Designated as Hedging Instrument [Member] | Loans Payable [Member]
Derivative [Line Items]
Derivative, Notional Amount	16,350			17,375
Commitments to Sell Loans [Member]
Derivative [Line Items]
Commitments to sell residential real estate loans	$ 2,900			$ 2,900

XML

DERIVATIVE FINANCIAL INSTRUMENTS - Hedging Instruments (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	$ 34,208	$ 33,327
Asset derivatives included in accrued income and other assets
Total contracts	1,829	1,946
Liability derivatives included in accrued expenses and other liabilities
Total contracts	874	1,033
Accrued income and other assets
Asset derivatives included in accrued income and other assets
Interest rate contracts designated as hedging instruments	638	719
Interest rate contracts not designated as hedging instruments	1,034	1,074
Foreign exchange contracts not designated as hedging instruments	44	46
Commodities contracts not designated as hedging instruments	101	107
Derivative Instruments Not Designated as Hedging Instruments, Asset, at Fair Value	12	0
Total contracts	1,829	1,946
Accrued expenses and other liabilities
Liability derivatives included in accrued expenses and other liabilities
Interest rate contracts designated as hedging instruments	42	51
Interest rate contracts not designated as hedging instruments	686	828
Foreign exchange contracts not designated as hedging instruments	42	47
Commodities contracts not designated as hedging instruments	98	103
Derivative Instruments Not Designated as Hedging Instruments, Liability, at Fair Value	6	4
Total contracts	874	1,033
Designated as Hedging Instrument [Member] | Accrued income and other assets
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	24,937	27,056
Not Designated as Hedging Instrument [Member] | Accrued income and other assets
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	85,628	76,738
Not Designated as Hedging Instrument [Member] | Interest Rate Contract [Member] | Accrued income and other assets
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	55,792	44,495
Not Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | Accrued income and other assets
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	2,737	2,718
Not Designated as Hedging Instrument [Member] | Commodity Contract [Member] | Accrued income and other assets
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	1,660	1,952
Not Designated as Hedging Instrument [Member] | Equity Contract [Member] | Accrued income and other assets
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	$ 502	$ 517

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DERIVATIVE FINANCIAL INSTRUMENTS - Gain (Loss) (Details) - Not Designated as Hedging Instrument [Member] - Fair Value Hedging - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Derivative Instruments, Gain (Loss) [Line Items]
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net	$ 147	$ 120
Interest Rate Contract [Member] | Capital markets fees
Derivative Instruments, Gain (Loss) [Line Items]
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net	12	18
Interest Rate Contract [Member] | Mortgage banking income
Derivative Instruments, Gain (Loss) [Line Items]
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net	(6)	96
Interest Rate Floor [Member] | Other noninterest expense
Derivative Instruments, Gain (Loss) [Line Items]
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net	(2)	0
Foreign Exchange Contract [Member] | Capital markets fees
Derivative Instruments, Gain (Loss) [Line Items]
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net	6	6
Commodity Contract [Member] | Capital markets fees
Derivative Instruments, Gain (Loss) [Line Items]
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net	0	2
Equity Contract [Member] | Other noninterest expense
Derivative Instruments, Gain (Loss) [Line Items]
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net	(7)	(2)
Interest Rate Cap | Other noninterest expense
Derivative Instruments, Gain (Loss) [Line Items]
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net	$ 144	$ 0

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DERIVATIVE FINANCIAL INSTRUMENTS - Asset and Liability Management (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Notional Disclosures [Abstract]
Derivative, Notional Amount	$ 34,208	$ 33,327
Not Designated as Hedging Instrument, Economic Hedge
Notional Disclosures [Abstract]
Derivative, Notional Amount	9,271	6,271
Fair Value Hedging | Designated as Hedging Instrument [Member]
Notional Disclosures [Abstract]
Derivative, Notional Amount	8,587	9,681
Cash Flow Hedging | Designated as Hedging Instrument [Member]
Notional Disclosures [Abstract]
Derivative, Notional Amount	16,350	17,375
Loans Payable [Member]
Notional Disclosures [Abstract]
Derivative, Notional Amount	17,621	18,646
Loans Payable [Member] | Not Designated as Hedging Instrument, Economic Hedge
Notional Disclosures [Abstract]
Derivative, Notional Amount	1,271	1,271
Loans Payable [Member] | Fair Value Hedging | Designated as Hedging Instrument [Member]
Notional Disclosures [Abstract]
Derivative, Notional Amount	0	0
Loans Payable [Member] | Cash Flow Hedging | Designated as Hedging Instrument [Member]
Notional Disclosures [Abstract]
Derivative, Notional Amount	16,350	17,375
Securities Investment [Member]
Notional Disclosures [Abstract]
Derivative, Notional Amount	3,190	3,484
Securities Investment [Member] | Not Designated as Hedging Instrument, Economic Hedge
Notional Disclosures [Abstract]
Derivative, Notional Amount	0	0
Securities Investment [Member] | Fair Value Hedging | Designated as Hedging Instrument [Member]
Notional Disclosures [Abstract]
Derivative, Notional Amount	3,190	3,484
Securities Investment [Member] | Cash Flow Hedging | Designated as Hedging Instrument [Member]
Notional Disclosures [Abstract]
Derivative, Notional Amount	0	0
Other long-term debt
Notional Disclosures [Abstract]
Derivative, Notional Amount	13,397	11,197
Other long-term debt | Not Designated as Hedging Instrument, Economic Hedge
Notional Disclosures [Abstract]
Derivative, Notional Amount	8,000	5,000
Other long-term debt | Fair Value Hedging | Designated as Hedging Instrument [Member]
Notional Disclosures [Abstract]
Derivative, Notional Amount	5,397	6,197
Other long-term debt | Cash Flow Hedging | Designated as Hedging Instrument [Member]
Notional Disclosures [Abstract]
Derivative, Notional Amount	$ 0	$ 0

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DERIVATIVE FINANCIAL INSTRUMENTS - Asset and Liability Management Add Info (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative, Notional Amount	$ 34,208		$ 33,327
Increase decrease to net interest income due to derivative adjustment	$ 225	$ 16

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DERIVATIVE FINANCIAL INSTRUMENTS - Fair Value Hedges (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Jun. 30, 2020	Dec. 31, 2020
Derivative Instruments, Gain (Loss) [Line Items]
Fair value hedging adjustments	$ 50		$ 62
Investment Securities [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Amortized Cost	5,713			$ 6,637
Cumulative Amount of Fair Value Hedging Adjustment To Hedged Items	1			3
Amortized cost basis of the closed portfolios used in hedging relationships	5,300
Designated hedged items	2,800
Subordinated notes [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Amortized Cost	5,538			6,383
Cumulative Amount of Fair Value Hedging Adjustment To Hedged Items	180			$ 232
Interest income available for sale securities taxable [Member] | Investment Securities [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Change in fair value for derivatives designated as fair value hedges	43	$ 0
Interest income available for sale securities taxable [Member] | Hedged investment securities [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Change in fair value for derivatives designated as fair value hedges	(44)	0
Interest expense subordinated notes and other long term debt [Member] | Subordinated notes [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Change in fair value for derivatives designated as fair value hedges	(50)	200
Interest expense subordinated notes and other long term debt [Member] | Hedged Subordinated notes [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Change in fair value for derivatives designated as fair value hedges	$ 52	$ (190)

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DERIVATIVE FINANCIAL INSTRUMENTS - Cash Flow Hedges (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) on Interest Rate Cash Flow Hedge Ineffectiveness	$ (34)	$ 308
Derivative, Notional Amount	34,208		$ 33,327
Loans Payable [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Notional Amount	$ 17,621		$ 18,646

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DERIVATIVE FINANCIAL INSTRUMENTS - MSR Hedging Activities (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, Notional Amount	$ 34,208		$ 33,327
Derivative used in Mortgage Banking Activities
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, Fair Value, Net	65		26
Derivative, Notional Amount	875		1,170
Trading Assets	9		$ 43
Derivative, Gain (Loss) on Derivative, Net	$ (46)	$ 57

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DERIVATIVE FINANCIAL INSTRUMENTS - Offsetting Assets (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Offsetting Derivative Assets [Abstract]
Gross amounts of recognized assets	$ 1,829	$ 1,946
Gross amounts offset in the condensed consolidated balance sheets	816	889
Net amounts of assets presented in the condensed consolidated balance sheets	1,013	1,057
Gross amounts not offset in the condensed consolidated balance sheets, Financial instruments	(82)	(112)
Gross amounts not offset in the condensed consolidated balance sheets, cash collateral received	(190)	(142)
Net amount	$ 741	$ 803

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DERIVATIVE FINANCIAL INSTRUMENTS - Offsetting Liabilities (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Offsetting Derivative Liabilities [Abstract]
Gross amounts of recognized liabilities	$ 874	$ 1,033
Gross amounts offset in the condensed consolidated balance sheets	(703)	(917)
Derivatives	171	116
Gross amounts not offset in the condensed consolidated balance sheets, Financial instruments	(17)	(9)
Gross amounts not offset in the condensed consolidated balance sheets, Cash collateral received	(173)	(105)
Net amount	$ (19)	$ (2)

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VIEs - Narrative (Details)	3 Months Ended
	Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Maximum year to defer payment of interest on Debenture	5 years

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VIEs - Unconsolidated VIEs (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Variable Interest Entity [Line Items]
Total Assets	$ 125,768	$ 123,038
Total Liabilities	112,168	110,045
Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Total Assets	1,288	1,278
Total Liabilities	770	824
Maximum Exposure to Loss	1,274	1,264
Trust Preferred Securities | Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Total Assets	14	14
Total Liabilities	253	252
Maximum Exposure to Loss	0	0
Affordable Housing Tax Credit Partnerships | Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Total Assets	945	956
Total Liabilities	445	500
Maximum Exposure to Loss	945	956
Other Investments | Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Total Assets	329	308
Total Liabilities	72	72
Maximum Exposure to Loss	$ 329	$ 308

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VIEs - Trust Preferred Securities (Details) $ in Millions	3 Months Ended
	Mar. 31, 2021 USD ($)
Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Long-term Debt, Gross	$ 253
Investment in unconsolidated subsidiary	$ 14
Huntington Capital I [Member] | London Interbank Offered Rate (LIBOR)
Variable Interest Entity [Line Items]
Basis spread on variable rate	0.70%
Huntington Capital I [Member] | Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Rate	0.81%
Long-term Debt, Gross	$ 70
Investment in unconsolidated subsidiary	$ 6
Huntington Capital II | London Interbank Offered Rate (LIBOR)
Variable Interest Entity [Line Items]
Basis spread on variable rate	0.625%
Huntington Capital II | Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Rate	0.74%
Long-term Debt, Gross	$ 32
Investment in unconsolidated subsidiary	$ 3
Sky Financial Capital Trust III | London Interbank Offered Rate (LIBOR)
Variable Interest Entity [Line Items]
Basis spread on variable rate	1.40%
Sky Financial Capital Trust III | Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Rate	1.51%
Long-term Debt, Gross	$ 72
Investment in unconsolidated subsidiary	$ 2
Sky Financial Capital Trust IV | London Interbank Offered Rate (LIBOR)
Variable Interest Entity [Line Items]
Basis spread on variable rate	1.33%
Sky Financial Capital Trust IV | Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Rate	1.51%
Long-term Debt, Gross	$ 74
Investment in unconsolidated subsidiary	$ 2
Camco Financial Trust [Member] | Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Rate	1.44%
Long-term Debt, Gross	$ 5
Investment in unconsolidated subsidiary	$ 1

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VIEs - Low Income Housing Tax Credit Partnerships (Details) - Variable Interest Entity, Not Primary Beneficiary - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Affordable Housing Tax Credit Partnerships
Variable Interest Entity [Line Items]
Affordable housing tax credit investments	$ 1,582		$ 1,568
Less: amortization	(637)		(612)
Net affordable housing tax credit investments	945		956
Unfunded commitments	445		$ 500
Tax credits and other tax benefits recognized	33	$ 29
Proportional Amortization Method
Variable Interest Entity [Line Items]
Proportional amortization expense included in provision for income taxes	$ 28	$ 25

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COMMITMENTS AND CONTINGENT LIABILITIES - Commitments to Extend Credit (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Commercial
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Contract amount represents credit risk	$ 21,580	$ 20,701
Consumer
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Contract amount represents credit risk	14,966	14,808
Commercial real estate
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Contract amount represents credit risk	1,315	1,313
Standby letters of credit
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Contract amount represents credit risk	632	581
Commercial | Commercial letters-of-credit
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Contract amount represents credit risk	$ 12	$ 21

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COMMITMENTS AND CONTINGENT LIABILITIES - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Loss Contingencies [Line Items]
Maturity period of majority of standby letters of credit	two years
Maturity period of Commercial letters of credit	90 days
Standby letters of credit
Loss Contingencies [Line Items]
Carrying amount of deferred revenue associated with guarantees	$ 6	$ 5
Outstanding standby letters of credit	632	$ 581
Maximum
Loss Contingencies [Line Items]
Aggregate range of reasonably possible losses current legal proceedings	10
Minimum
Loss Contingencies [Line Items]
Aggregate range of reasonably possible losses current legal proceedings	$ 0

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SEGMENT REPORTING (Details) $ in Millions	3 Months Ended
	Mar. 31, 2021 USD ($) numberOfSegments	Mar. 31, 2020 USD ($)	Dec. 31, 2020 USD ($)
Segment Reporting Information [Line Items]
Number of reporting segments | numberOfSegments	4
Net interest income	$ 972	$ 790
Provision (reduction in allowance) for credit losses	60	(441)
Noninterest income	395	361
Noninterest expense	793	652
Provision (benefit) for income taxes	102	10
Net income	532	48
Total Assets	125,768		$ 123,038
Deposits	102,184		98,948
Operating Segments | Consumer & Business Banking
Segment Reporting Information [Line Items]
Net interest income	337	364
Provision (reduction in allowance) for credit losses	36	(82)
Noninterest income	236	212
Noninterest expense	469	418
Provision (benefit) for income taxes	29	16
Net income	111	60
Total Assets	30,627		30,758
Deposits	65,437		60,910
Operating Segments | Commercial Banking
Segment Reporting Information [Line Items]
Net interest income	199	232
Provision (reduction in allowance) for credit losses	(5)	(298)
Noninterest income	88	86
Noninterest expense	133	129
Provision (benefit) for income taxes	31	(23)
Net income	118	(86)
Total Assets	36,797		36,311
Deposits	25,420		24,766
Operating Segments | Vehicle Finance [Member]
Segment Reporting Information [Line Items]
Net interest income	107	106
Provision (reduction in allowance) for credit losses	22	(60)
Noninterest income	3	3
Noninterest expense	35	35
Provision (benefit) for income taxes	21	3
Net income	76	11
Total Assets	19,208		19,789
Deposits	849		722
Operating Segments | RBPCG
Segment Reporting Information [Line Items]
Net interest income	34	43
Provision (reduction in allowance) for credit losses	7	(1)
Noninterest income	53	50
Noninterest expense	62	62
Provision (benefit) for income taxes	7	6
Net income	25	24
Total Assets	6,837		7,064
Deposits	7,163		7,635
Treasury / Other
Segment Reporting Information [Line Items]
Net interest income	295	45
Provision (reduction in allowance) for credit losses	0	0
Noninterest income	15	10
Noninterest expense	94	8
Provision (benefit) for income taxes	14	8
Net income	202	$ 39
Total Assets	32,299		29,116
Deposits	$ 3,315		$ 4,915