Company: HBAN
Filing Date: 2025-04-29
Form Type: 10-Q
Source: 0000049196-25-000038
Chunk: 246

Company: HUNTINGTON BANCSHARES INC /MD/
Filing Date: 2025-04-29
Form: 10-Q
Item: Part II, Item 8
Chunk 246
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’s affordable housing tax credit investments and related unfunded commitments.(dollar amounts in millions)At March 31, 2025At December 31, 2024Affordable housing tax credit investments$3,702 $3,628 Less: amortization(1,289)(1,246)Net affordable housing tax credit investments$2,413 $2,382 Unfunded commitments$1,024 $1,065 The following table presents other information relating to Huntington’s affordable housing tax credit investments.Three Months Ended(dollar amounts in millions)March 31, 2025March 31, 2024Tax credits and other tax benefits recognized$86 $76 Proportional amortization expense included in provision for income taxes70 63 There were no sales of affordable housing tax credit investments during the three-month periods ended March 31, 2025 and 2024. There was no impairment recognized for the three-month periods ended March 31, 2025 and 2024. Trust-Preferred SecuritiesHuntington has certain wholly-owned trusts whose assets, liabilities, equity, income, and expenses are not included within Huntington’s Unaudited 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 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 Consolidated Financial Statements.Other investments Other investments determined to be VIEs include investments in Small Business Investment Companies, Historic Tax Credit Investments, certain equity method investments, renewable energy financings, and other miscellaneous investments.

15. COMMITMENTS AND CONTINGENT LIABILITIES 

Commitments to Extend CreditIn the ordinary course of business, Huntington makes various commitments to extend credit that are not reflected in the Unaudited Consolidated Financial Statements. The contract amounts of these financial agreements were as follows:(dollar amounts in millions)At March 31, 2025At December 31, 2024Contract amount representing credit riskCommitments to extend credit:Commercial and industrial$39,113 $37,422 Consumer loan portfolio20,493 19,993 Commercial real estate2,145 2,089 Standby letters of credit and guarantees on industrial revenue bonds760 725 Commercial letters of credit10 17