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FAIR VALUES OF ASSETS AND LIABILITIES | 9 Months Ended
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Sep. 30, 2025
Fair Value Disclosures [Abstract] |
FAIR VALUES OF ASSETS AND LIABILITIES | FAIR VALUES OF ASSETS AND LIABILITIES See Note 18 - “Fair Value of Assets and Liabilities” to the Consolidated Financial Statements appearing in Huntington’s 2024 Annual Report on Form 10-K 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 and nine-month periods ended September 30, 2025 and 2024. Assets and Liabilities measured at fair value on a recurring basis The following tables present our assets and liabilities measured at fair value on a recurring basis, including instruments where we have elected the fair value option.
| Fair Value Measurements at Reporting Date Using |  | Netting Adjustments (1) |  | Total
(dollar amounts in millions) | Level 1 |  | Level 2 |  | Level 3 |  |
At September 30, 2025 |  |  |  |  |  |  |  |  |
Assets |  |  |  |  |  |  |  |  |
Trading account securities | $ | 2 |  |  | $ | 79 |  |  | $ | — |  |  | $ | — |  |  | $ | 81 |
Available-for-sale securities: |  |  |  |  |  |  |  |  |
U.S. Treasury securities | 5,410 |  |  | — |  |  | — |  |  | — |  |  | 5,410 |
Residential MBS | — |  |  | 9,675 |  |  | — |  |  | — |  |  | 9,675 |
Residential CMO | — |  |  | 4,442 |  |  | — |  |  | — |  |  | 4,442 |
Commercial MBS | — |  |  | 1,782 |  |  | — |  |  | — |  |  | 1,782 |
Other agencies | — |  |  | 113 |  |  | — |  |  | — |  |  | 113 |
Municipal securities | — |  |  | 25 |  |  | 4,090 |  |  | — |  |  | 4,115 |
Corporate debt | — |  |  | 175 |  |  | — |  |  | — |  |  | 175 |
Asset-backed securities | — |  |  | 221 |  |  | 38 |  |  | — |  |  | 259 |
Private-label CMO | — |  |  | 81 |  |  | 23 |  |  | — |  |  | 104 |
Other securities/sovereign debt | — |  |  | 10 |  |  | — |  |  | — |  |  | 10 |
Total available-for-sale securities | 5,410 |  |  | 16,524 |  |  | 4,151 |  |  | — |  |  | 26,085 |
Other securities | 30 |  |  | 2 |  |  | — |  |  | — |  |  | 32 |
Loans held for sale | — |  |  | 817 |  |  | — |  |  | — |  |  | 817 |
Loans held for investment | — |  |  | 108 |  |  | 63 |  |  | — |  |  | 171 |
MSRs | — |  |  | — |  |  | 576 |  |  | — |  |  | 576 |
Other assets: |  |  |  |  |  |  |  |  |
Derivative assets | — |  |  | 493 |  |  | 9 |  |  | (291) |  |  | 211 |
Assets held in trust for deferred compensation plans | 211 |  |  | — |  |  | — |  |  | — |  |  | 211 |
Liabilities |  |  |  |  |  |  |  |  |
Short-term borrowings (2) | 57 |  |  | 12 |  |  | — |  |  | — |  |  | 69 |
Long-term debt | — |  |  | 1,299 |  |  | — |  |  | — |  |  | 1,299 |
Derivative liabilities | — |  |  | 502 |  |  | 6 |  |  | (163) |  |  | 345 |
(1)Amounts represent the impact of legally enforceable master netting agreements that allow the Company to settle positive and negative positions and cash collateral held or placed with the same counterparties. (2)Includes debt and equity securities held by our broker dealer in its trading inventory and securities sold short as a hedging strategy for purposes of supporting client trading activities. Level 1 fair value positions are determined by quoted market prices available in an active market for identical securities. When quoted market prices are not available, fair values are classified as Level 2 and are determined using quoted prices for similar assets in active markets.
| Fair Value Measurements at Reporting Date Using |  | Netting Adjustments (1) |  | Total
(dollar amounts in millions) | Level 1 |  | Level 2 |  | Level 3 |  |
At December 31, 2024 |  |  |  |  |  |  |  |  |
Assets |  |  |  |  |  |  |  |  |
Trading account securities | $ | 1 |  |  | $ | 52 |  |  | $ | — |  |  | $ | — |  |  | $ | 53 |
Available-for-sale securities: |  |  |  |  |  |  |  |  |
U.S. Treasury securities | 6,556 |  |  | — |  |  | — |  |  | — |  |  | 6,556 |
Residential MBS | — |  |  | 10,017 |  |  | — |  |  | — |  |  | 10,017 |
Residential CMO | — |  |  | 3,345 |  |  | — |  |  | — |  |  | 3,345 |
Commercial MBS | — |  |  | 1,752 |  |  | — |  |  | — |  |  | 1,752 |
Other agencies | — |  |  | 130 |  |  | — |  |  | — |  |  | 130 |
Municipal securities | — |  |  | 34 |  |  | 3,954 |  |  | — |  |  | 3,988 |
Corporate debt | — |  |  | 1,055 |  |  | — |  |  | — |  |  | 1,055 |
Asset-backed securities | — |  |  | 262 |  |  | 49 |  |  | — |  |  | 311 |
Private-label CMO | — |  |  | 88 |  |  | 21 |  |  | — |  |  | 109 |
Other securities/sovereign debt | — |  |  | 10 |  |  | — |  |  | — |  |  | 10 |
Total available-for-sale securities | 6,556 |  |  | 16,693 |  |  | 4,024 |  |  | — |  |  | 27,273 |
Other securities | 29 |  |  | 2 |  |  | — |  |  | — |  |  | 31 |
Loans held for sale | — |  |  | 652 |  |  | — |  |  | — |  |  | 652 |
Loans held for investment | — |  |  | 112 |  |  | 61 |  |  | — |  |  | 173 |
MSRs | — |  |  | — |  |  | 573 |  |  | — |  |  | 573 |
Other assets: |  |  |  |  |  |  |  |  |
Derivative assets | — |  |  | 606 |  |  | 4 |  |  | (344) |  |  | 266 |
Assets held in trust for deferred compensation plans | 191 |  |  | — |  |  | — |  |  | — |  |  | 191 |
Liabilities |  |  |  |  |  |  |  |  |
Long-term debt | — |  |  | 821 |  |  | — |  |  | — |  |  | 821 |
Derivative liabilities | — |  |  | 666 |  |  | 2 |  |  | (90) |  |  | 578 |
(1)Amounts represent the impact of legally enforceable master netting agreements that allow the Company to settle positive and negative positions and cash collateral held or placed with the same counterparties. The following table presents a rollforward of the balance sheet amounts measured at fair value on a recurring basis and classified as Level 3. The classification of an item as Level 3 is based on the significance of the unobservable inputs to the overall fair value measurement. However, Level 3 measurements may also include observable components of value that can be validated externally. Accordingly, the gains and losses in the table below include changes in fair value due in part to observable factors that are part of the valuation methodology.
| Level 3 Fair Value Measurements |
|  |  |  |  | Available-for-sale securities |  | Loans held for investment |
(dollar amounts in millions) | MSRs |  | Derivative instruments |  | Municipal securities |  | Private- label CMO |  | Asset-backed securities |  |  |  |
Three months ended September 30, 2025 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Opening balance | $ | 567 |  |  | $ | 7 |  |  | $ | 4,067 |  |  | $ | 21 |  |  | $ | 38 |  |  |  |  | $ | 62 |  |
Transfers into Level 3 | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | 3 |  |
Transfers out of Level 3 (1) | — |  |  | (14) |  |  | — |  |  | — |  |  | — |  |  |  |  | — |  |
Total gains (losses) for the period: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Included in earnings: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage banking income | (1) |  |  | 12 |  |  | — |  |  | — |  |  | — |  |  |  |  | — |  |
Other noninterest income | — |  |  | (4) |  |  | — |  |  | — |  |  | — |  |  |  |  | — |  |
Included in OCI | — |  |  | — |  |  | 35 |  |  | — |  |  | — |  |  |  |  | — |  |
Purchases/originations | 27 |  |  | — |  |  | 160 |  |  | — |  |  | — |  |  |  |  | — |  |
Repayments | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | (2) |  |
Settlements | (17) |  |  | 2 |  |  | (172) |  |  | 2 |  |  | — |  |  |  |  | — |  |
Closing balance | $ | 576 |  |  | $ | 3 |  |  | $ | 4,090 |  |  | $ | 23 |  |  | $ | 38 |  |  |  |  | $ | 63 |  |
Change in unrealized gains or losses for the period included in earnings for assets held at end of the reporting date | $ | (1) |  |  | $ | (1) |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  |  |  | $ | — |  |
Change in unrealized gains or losses for the period included in other comprehensive income for assets held at the end of the reporting period | — |  |  | — |  |  | 34 |  |  | — |  |  | — |  |  |  |  | — |  |
Three months ended September 30, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Opening balance | $ | 543 |  |  | $ | 1 |  |  | $ | 3,341 |  |  | $ | 20 |  |  | $ | 35 |  |  |  |  | $ | 60 |  |
Transfers into Level 3 | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | 3 |  |
Transfers out of Level 3 (1) | — |  |  | (8) |  |  | — |  |  | — |  |  | — |  |  |  |  | — |  |
Total gains (losses) for the period: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Included in earnings: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage banking income | (25) |  |  | 10 |  |  | — |  |  | — |  |  | — |  |  |  |  | — |  |
Other noninterest income | — |  |  | (16) |  |  | — |  |  | — |  |  | — |  |  |  |  | — |  |
Included in OCI | — |  |  | — |  |  | 70 |  |  | — |  |  | — |  |  |  |  | — |  |
Purchases/originations | 12 |  |  | — |  |  | 390 |  |  | — |  |  | — |  |  |  |  | — |  |
Repayments | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | (3) |  |
Settlements | (15) |  |  | 4 |  |  | (190) |  |  | 2 |  |  | (1) |  |  |  |  | — |  |
Closing balance | $ | 515 |  |  | $ | (9) |  |  | $ | 3,611 |  |  | $ | 22 |  |  | $ | 34 |  |  |  |  | $ | 60 |  |
Change in unrealized gains or losses for the period included in earnings for assets held at end of the reporting date | $ | (25) |  |  | $ | 2 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  |  |  | $ | — |  |
Change in unrealized gains or losses for the period included in other comprehensive income for assets held at the end of the reporting period | — |  |  | — |  |  | 68 |  |  | — |  |  | — |  |  |  |  | — |  |
(1)Transfers out of Level 3 represent the settlement value of the derivative instruments (i.e., interest rate lock agreements) that are transferred to loans held for sale, which is classified as Level 2. |
| Level 3 Fair Value Measurements
|  |  |  |  | Available-for-sale securities |  | Loans held for investment
(dollar amounts in millions) | MSRs |  | Derivative instruments |  | Municipal securities |  | Private- label CMO |  | Asset-backed securities |
Nine months ended September 30, 2025 |  |  |  |  |  |  |  |  |  |  |
Opening balance | $ | 573 |  |  | $ | 2 |  |  | $ | 3,954 |  |  | $ | 21 |  |  | $ | 49 |  |  | $ | 61 |
Transfers into Level 3 | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 7 |
Transfers out of Level 3 (1) | — |  |  | (31) |  |  | — |  |  | — |  |  | — |  |  | — |
Total gains (losses) for the period: |  |  |  |  |  |  |  |  |  |  |
Included in earnings: |  |  |  |  |  |  |  |  |  |  |
Interest and fee income | — |  |  | — |  |  | (1) |  |  | — |  |  | — |  |  | — |
Mortgage banking income | (16) |  |  | 34 |  |  | — |  |  | — |  |  | — |  |  | — |
Other noninterest income | — |  |  | (10) |  |  | — |  |  | — |  |  | — |  |  | — |
Included in OCI | — |  |  | — |  |  | 52 |  |  | — |  |  | — |  |  | — |
Purchases/originations | 67 |  |  | — |  |  | 799 |  |  | — |  |  | — |  |  | — |
Repayments | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (5) |
Settlements | (48) |  |  | 8 |  |  | (714) |  |  | 2 |  |  | (11) |  |  | — |
Closing balance | $ | 576 |  |  | $ | 3 |  |  | $ | 4,090 |  |  | $ | 23 |  |  | $ | 38 |  |  | $ | 63 |
Change in unrealized gains or losses for the period included in earnings for assets held at end of the reporting date | $ | (16) |  |  | $ | 4 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Change in unrealized gains or losses for the period included in other comprehensive income for assets held at the end of the reporting period | — |  |  | — |  |  | 48 |  |  | — |  |  | — |  |  | — |
Nine months ended September 30, 2024 |  |  |  |  |  |  |  |  |  |  |
Opening balance | $ | 515 |  |  | $ | (2) |  |  | $ | 3,335 |  |  | $ | 20 |  |  | $ | 75 |  |  | $ | 54 |
Transfers into Level 3 | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 11 |
Transfers out of Level 3 (1) | — |  |  | (19) |  |  | — |  |  | — |  |  | — |  |  | — |
Total gains (losses) for the period: |  |  |  |  |  |  |  |  |  |  |
Included in earnings: |  |  |  |  |  |  |  |  |  |  |
Interest and fee income | — |  |  | — |  |  | (1) |  |  | (1) |  |  | — |  |  | (1) |
Mortgage banking income | 7 |  |  | 21 |  |  | — |  |  | — |  |  | — |  |  | — |
Other noninterest income | — |  |  | (24) |  |  | — |  |  | — |  |  | — |  |  | — |
Provision for credit losses | — |  |  | — |  |  | (2) |  |  | — |  |  | — |  |  | — |
Included in OCI | — |  |  | — |  |  | 56 |  |  | — |  |  | — |  |  | — |
Purchases/originations | 33 |  |  | — |  |  | 690 |  |  |  |  | — |  |  | — |
Repayments | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (4) |
Settlements | (40) |  |  | 15 |  |  | (467) |  |  | 3 |  |  | (41) |  |  | — |
Closing balance | $ | 515 |  |  | $ | (9) |  |  | $ | 3,611 |  |  | $ | 22 |  |  | $ | 34 |  |  | $ | 60 |
Change in unrealized gains or losses for the period included in earnings for assets held at end of the reporting date | $ | 7 |  |  | $ | 2 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Change in unrealized gains or losses for the period included in other comprehensive income for assets held at the end of the reporting period | — |  |  | — |  |  | 52 |  |  | — |  |  | — |  |  | — |
(1)Transfers out of Level 3 represent the settlement value of the derivative instruments (i.e., interest rate lock agreements) that are transferred to loans held for sale, which is classified as Level 2.
Assets and liabilities under the fair value option The following table presents the fair value and aggregate principal balance of certain assets and liabilities under the fair value option.
| Total |  | Loans that are 90 or more days past due
(dollar amounts in millions) | Fair value carrying amount |  | Aggregate unpaid principal |  | Difference |  | Fair value carrying amount |  | Aggregate unpaid principal |  | Difference
At September 30, 2025 |  |  |  |  |  |  |  |  |  |  |
Assets |  |  |  |  |  |  |  |  |  |  |
Loans held for sale | $ | 817 |  |  | $ | 789 |  |  | $ | 28 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Loans held for investment | 171 |  |  | 183 |  |  | (12) |  |  | 3 |  |  | 4 |  |  | (1) |
Liabilities |  |  |  |  |  |  |  |  |  |  |
Long-term debt | 1,299 |  |  | 1,290 |  |  | (9) |  |  |  |  |  |  |
At December 31, 2024 |  |  |  |  |  |  |  |  |  |  |
Assets |  |  |  |  |  |  |  |  |  |  |
Loans held for sale | $ | 652 |  |  | $ | 640 |  |  | $ | 12 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Loans held for investment | 173 |  |  | 184 |  |  | (11) |  |  | 4 |  |  | 4 |  |  | — |
Liabilities |  |  |  |  |  |  |  |  |  |  |
Long-term debt | 821 |  |  | 817 |  |  | (4) |  |  |  |  |  |  |
The following table presents the net gains (losses) from fair value changes.
|  |  | Three Months Ended |  | Nine Months Ended
(dollar amounts in millions) | Classification |  | September 30, 2025 |  | September 30, 2024 |  | September 30, 2025 |  | September 30, 2024
Loans held for sale | Mortgage banking income |  | $ | 1 |  |  | $ | 5 |  |  | $ | 16 |  |  | $ | 2 |
Loans held for investment | Mortgage banking income |  | — |  |  | — |  |  | (1) |  |  | (1) |
Long-term debt | Other noninterest income |  | — |  |  | (3) |  |  | (5) |  |  | (5) |
Assets and Liabilities measured at fair value on a nonrecurring basis Certain assets and liabilities may be required to be measured at fair value on a nonrecurring basis in periods subsequent to their initial recognition. These assets and liabilities are not measured at fair value on an ongoing basis; however, they are subject to fair value adjustments in certain circumstances, for example, when there is evidence of impairment. The gains (losses) represent the amounts recorded during the period regardless of whether the asset is still held at period end. The amounts measured at fair value on a nonrecurring basis were as follows.
|  |  |  |  |  |  | Fair Value Measurements Using Significant Unobservable Inputs (Level 3) |  |  |  | Total Losses
|  |  |  |  |  |  |  |  |  | Three Months Ended |  | Nine Months Ended
(dollar amounts in millions) |  |  |  |  |  |  | At September 30, 2025 |  | At December 31, 2024 |  |  |  | September 30, 2025 |  | September 30, 2024 |  | September 30, 2025 |  | September 30, 2024
Collateral-dependent loans |  |  |  |  |  |  | $ | 37 |  |  | $ | 192 |  |  |  |  | $ | (14) |  |  | $ | (4) |  |  | $ | (57) |  |  | $ | (45) |
Huntington records nonrecurring adjustments of collateral-dependent loans held for investment. Such amounts are generally based on the fair value of the underlying collateral supporting the loan. Appraisals are generally obtained to support the fair value of the collateral and incorporate measures such as recent sales prices for comparable properties and cost of construction. Periodically, in cases where the carrying value exceeds the fair value of the collateral less cost to sell, an impairment charge is recognized in the form of a charge-off. Significant unobservable inputs for assets and liabilities measured at fair value The following table presents quantitative information about the significant unobservable inputs for assets and liabilities measured at fair value.
|  |  | Quantitative Information about Level 3 Fair Value Measurements (1)
|  |  |  |  |  |  | At September 30, 2025 |  | At December 31, 2024
(dollar amounts in millions) |  |  | Valuation Technique |  | Significant Unobservable Input |  | Range |  | Weighted Average |  | Range |  | Weighted Average
Measured at fair value on a recurring basis: |  |  |  |  |  |
MSRs |  |  | Discounted cash flow |  | Constant prepayment rate |  | 7 | % | - | 59 | % |  | 9 | % |  | 6 | % | - | 43 | % |  | 8 | %
|  |  |  |  | Spread over forward interest rate swap rates |  | 5 | % | - | 10 | % |  | 6 | % |  | 5 | % | - | 10 | % |  | 6 | %
Municipal securities and asset-backed securities |  |  | Discounted cash flow |  | Discount rate |  | 4 | % | - | 4 | % |  | 4 | % |  | 4 | % | - | 5 | % |  | 5 | %
|  |  |  |  | Cumulative default |  | — | % | - | 64 | % |  | 4 | % |  | — | % | - | 39 | % |  | 4 | %
|  |  |  |  | Loss given default (2) |  |  |  |  |  | 20 | % |  |  |  |  |  | 20 | %
(1) Certain disclosures related to quantitative level 3 fair value measurements do not include those deemed to be immaterial. (2) The range is not meaningful for this unobservable input. The following provides a general description of the impact of a change in an unobservable input on the fair value measurement and the interrelationship between unobservable inputs, where relevant/significant. Interrelationships may also exist between observable and unobservable inputs. Components of credit loss estimates including probability of default, constant default, cumulative default, loss given default, cure given deferral, and loss severity, are driven by the ability of the borrowers to pay their loans and the value of the underlying collateral and are impacted by changes in macroeconomic conditions, typically increasing when economic conditions worsen and decreasing when conditions improve. An increase in the estimated prepayment rate typically results in a decrease in estimated credit losses and vice versa. Higher credit loss estimates generally result in lower fair values. Credit spreads generally increase when liquidity risks and market volatility increase and decrease when liquidity conditions and market volatility improve. Discount rates and spread over forward interest rate swap rates typically increase when market interest rates increase and/or credit and liquidity risks increase and decrease when market interest rates decline and/or credit and liquidity conditions improve. Higher discount rates and credit spreads generally result in lower fair market values. Fair values of financial instruments Many of the assets and liabilities subject to the disclosure requirements are not actively traded, requiring fair values to be estimated by management. These estimations necessarily involve the use of judgment about a wide variety of factors, including, but not limited to, relevancy of market prices of comparable instruments, expected future cash flows, and appropriate discount rates. The short-term nature of certain assets and liabilities result in their carrying value approximating fair value. These include trading account securities, customers’ acceptance liabilities, short-term borrowings, bank acceptances outstanding, and cash and short-term assets, which include cash and due from banks and interest-earning deposits with banks. Loan commitments and letters-of-credit generally have short-term, variable-rate features and contain clauses that limit Huntington’s exposure to changes in customer credit quality. Accordingly, their carrying values, which are immaterial at the respective balance sheet dates, are reasonable estimates of fair value. Certain assets, the most significant being operating lease assets, bank-owned life insurance, and premises and equipment, do not meet the definition of a financial instrument and are excluded from this disclosure. Similarly, mortgage servicing rights and relationship intangibles are not considered financial instruments and are not included in the following tables. Accordingly, this fair value information is not intended to, and does not, represent Huntington’s underlying value. The following table provides the carrying amounts and estimated fair values of Huntington’s financial instruments.
(dollar amounts in millions) | Amortized Cost |  | Lower of Cost or Market |  | Fair Value or Fair Value Option |  | Total Carrying Amount |  | Estimated Fair Value
At September 30, 2025 |  |  |  |  |  |  |  |  |
Financial Assets |  |  |  |  |  |  |  |  |
Cash and short-term assets | $ | 13,232 |  |  | $ | — |  |  | $ | — |  |  | $ | 13,232 |  |  | $ | 13,232 |
Trading account securities | — |  |  | — |  |  | 81 |  |  | 81 |  |  | 81 |
Available-for-sale securities | — |  |  | — |  |  | 26,085 |  |  | 26,085 |  |  | 26,085 |
Held-to-maturity securities | 15,597 |  |  | — |  |  | — |  |  | 15,597 |  |  | 13,869 |
Other securities | 838 |  |  | — |  |  | 32 |  |  | 870 |  |  | 870 |
Loans held for sale | — |  |  | 6 |  |  | 817 |  |  | 823 |  |  | 823 |
Net loans and leases (1) | 135,411 |  |  | — |  |  | 171 |  |  | 135,582 |  |  | 134,953 |
Derivative assets | — |  |  | — |  |  | 211 |  |  | 211 |  |  | 211 |
Assets held in trust for deferred compensation plans | — |  |  | — |  |  | 211 |  |  | 211 |  |  | 211 |
Financial Liabilities |  |  |  |  |  |  |  |  |
Deposits (2) | 165,212 |  |  | — |  |  | — |  |  | 165,212 |  |  | 165,212 |
Short-term borrowings | 183 |  |  | — |  |  | 69 |  |  | 252 |  |  | 252 |
Long-term debt | 16,016 |  |  | — |  |  | 1,299 |  |  | 17,315 |  |  | 17,571 |
Derivative liabilities | — |  |  | — |  |  | 345 |  |  | 345 |  |  | 345 |
At December 31, 2024 |  |  |  |  |  |  |  |  |
Financial Assets |  |  |  |  |  |  |  |  |
Cash and short-term assets | $ | 13,332 |  |  | $ | — |  |  | $ | — |  |  | $ | 13,332 |  |  | $ | 13,332 |
Trading account securities | — |  |  | — |  |  | 53 |  |  | 53 |  |  | 53 |
Available-for-sale securities | — |  |  | — |  |  | 27,273 |  |  | 27,273 |  |  | 27,273 |
Held-to-maturity securities | 16,368 |  |  | — |  |  | — |  |  | 16,368 |  |  | 14,086 |
Other securities | 792 |  |  | — |  |  | 31 |  |  | 823 |  |  | 823 |
Loans held for sale | — |  |  | 2 |  |  | 652 |  |  | 654 |  |  | 654 |
Net loans and leases (1) | 127,625 |  |  | — |  |  | 173 |  |  | 127,798 |  |  | 125,557 |
Derivative assets | — |  |  | — |  |  | 266 |  |  | 266 |  |  | 266 |
Assets held in trust for deferred compensation plans | — |  |  | — |  |  | 191 |  |  | 191 |  |  | 191 |
Financial Liabilities |  |  |  |  |  |  |  |  |
Deposits (2) | 162,448 |  |  | — |  |  | — |  |  | 162,448 |  |  | 162,455 |
Short-term borrowings | 199 |  |  | — |  |  | — |  |  | 199 |  |  | 199 |
Long-term debt | 15,553 |  |  | — |  |  | 821 |  |  | 16,374 |  |  | 16,573 |
Derivative liabilities | — |  |  | — |  |  | 578 |  |  | 578 |  |  | 578 |
(1)Includes collateral-dependent loans. (2)Includes $1.3 billion and $1.5 billion in time deposits in excess of the FDIC insurance coverage limit at September 30, 2025 and December 31, 2024, respectively. The following table presents the level in the fair value hierarchy for the estimated fair values.
| Estimated Fair Value Measurements at Reporting Date Using |  | Netting Adjustments (1) |  | Estimated Fair Value
(dollar amounts in millions) | Level 1 |  | Level 2 |  | Level 3 |  |
At September 30, 2025 |  |  |  |  |  |  |  |  |
Financial Assets |  |  |  |  |  |  |  |  |
Trading account securities | $ | 2 |  |  | $ | 79 |  |  | $ | — |  |  | $ | — |  |  | $ | 81 |
Available-for-sale securities | 5,410 |  |  | 16,524 |  |  | 4,151 |  |  | — |  |  | 26,085 |
Held-to-maturity securities | 2,354 |  |  | 11,515 |  |  | — |  |  | — |  |  | 13,869 |
Other securities (2) | 30 |  |  | 2 |  |  | — |  |  | — |  |  | 32 |
Loans held for sale | — |  |  | 817 |  |  | 6 |  |  | — |  |  | 823 |
Net loans and leases | — |  |  | 108 |  |  | 134,845 |  |  | — |  |  | 134,953 |
Derivative assets | — |  |  | 493 |  |  | 9 |  |  | (291) |  |  | 211 |
Financial Liabilities |  |  |  |  |  |  |  |  |
Deposits | — |  |  | 151,413 |  |  | 13,799 |  |  | — |  |  | 165,212 |
Short-term borrowings | 57 |  |  | 195 |  |  | — |  |  | — |  |  | 252 |
Long-term debt | — |  |  | 12,415 |  |  | 5,156 |  |  | — |  |  | 17,571 |
Derivative liabilities | — |  |  | 502 |  |  | 6 |  |  | (163) |  |  | 345 |
At December 31, 2024 |  |  |  |  |  |  |  |  |
Financial Assets |  |  |  |  |  |  |  |  |
Trading account securities | $ | 1 |  |  | $ | 52 |  |  | $ | — |  |  | $ | — |  |  | $ | 53 |
Available-for-sale securities | 6,556 |  |  | 16,693 |  |  | 4,024 |  |  | — |  |  | 27,273 |
Held-to-maturity securities | 2,023 |  |  | 12,063 |  |  | — |  |  | — |  |  | 14,086 |
Other securities (2) | 29 |  |  | 2 |  |  | — |  |  | — |  |  | 31 |
Loans held for sale | — |  |  | 652 |  |  | 2 |  |  | — |  |  | 654 |
Net loans and leases | — |  |  | 113 |  |  | 125,444 |  |  | — |  |  | 125,557 |
Derivative assets | — |  |  | 606 |  |  | 4 |  |  | (344) |  |  | 266 |
Financial Liabilities |  |  |  |  |  |  |  |  |
Deposits | — |  |  | 147,045 |  |  | 15,410 |  |  | — |  |  | 162,455 |
Short-term borrowings | — |  |  | 199 |  |  | — |  |  | — |  |  | 199 |
Long-term debt | — |  |  | 11,242 |  |  | 5,331 |  |  | — |  |  | 16,573 |
Derivative liabilities | — |  |  | 666 |  |  | 2 |  |  | (90) |  |  | 578 |
(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.

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 107 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-107 Reference 3: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 100 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-100 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2E -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 940 -SubTopic 820 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478119/940-820-50-1 + Details
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