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VARIABLE INTEREST ENTITIES (Tables)

9 Months Ended

Sep. 30, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Carrying Amount and Classification of the Trusts Assets and Liabilities

The following table provides a summary of the assets and liabilities of VIEs carried on Huntington’s Unaudited Consolidated Balance Sheets.


(dollar amounts in millions)	At September 30, 2025		At December 31, 2024
Assets
Net loans and leases	$	769	$	1,122
Other assets	334		264
Total assets	$	1,103	$	1,386
Liabilities
Long-term borrowings	$	694	$	1,023
Other liabilities	123		109
Total liabilities	$	817	$	1,132

The following tables provide a summary of the assets and liabilities included in Huntington’s Unaudited 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.


(dollar amounts in millions)	Total Assets		Total Liabilities		Maximum Exposure to Loss
At September 30, 2025
Affordable housing tax credit partnerships	$	2,469	$	1,017	$	2,469
Trust preferred securities	14		248		—
Other investments	1,367		180		1,367
Total	$	3,850	$	1,445	$	3,836
At December 31, 2024
Affordable housing tax credit partnerships	$	2,382	$	1,065	$	2,382
Trust preferred securities	14		248		—
Other investments	1,201		168		1,201
Total	$	3,597	$	1,481	$	3,583

Affordable Housing Tax Credit Investments

The following table presents the balances of Huntington’s affordable housing tax credit investments and related unfunded commitments.


(dollar amounts in millions)	At September 30, 2025		At December 31, 2024
Affordable housing tax credit investments	$	3,880	$	3,628
Less: amortization	(1,411)		(1,246)
Net affordable housing tax credit investments	$	2,469	$	2,382
Unfunded commitments	$	1,017	$	1,065

The following table presents other information relating to Huntington’s affordable housing tax credit investments.


	Three Months Ended				Nine Months Ended
(dollar amounts in millions)	September 30, 2025		September 30, 2024		September 30, 2025		September 30, 2024
Tax credits and other tax benefits recognized	$	86	$	78	$	259	$	230

Proportional amortization expense included in provision for income taxes	68		63		209		189

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

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