Company: HBAN
Filing Date: 2025-02-14
Form Type: 10-K
Source: 0000049196-25-000020
Chunk: 79

Company: HUNTINGTON BANCSHARES INC /MD/
Filing Date: 2025-02-14
Form: 10-K
Item: Item 8
Chunk 79
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 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 portfolio level basis adjustment on our hedged mortgage-backed securities portfolio has not been attributed to the individual available-for-sale securities in our Consolidated Balance Sheets.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. Year Ended December 31,(dollar amounts in millions)202420232022Interest rate contractsChange in fair value of interest rate swaps hedging investment securities (1)$(246)$(284)$875 Change in fair value of hedged investment securities (1)239 282 (862)Change in fair value of interest rate swaps hedging long-term debt (2)(109)141 (300)Change in fair value of hedged long term debt (2)108 (141)300 (1)Recognized in Interest income—available-for-sale securities—taxable in the Consolidated Statements of Income.(2)Recognized in Interest expense - long-term debt in the Consolidated Statements of Income.

2024 Form 10-K     149

Table of Contents

The following amounts were recorded on the balance sheet related to cumulative basis adjustments for fair value hedges.Amortized CostCumulative Amount of Fair Value Hedging Adjustment To Hedged ItemsAt December 31,At December 31,(dollar amounts in millions)2024202320242023AssetsInvestment securities (1)$16,390 $18,241 $(458)$(698)LiabilitiesLong-term debt (2)11,589 9,909 (223)(115)(1)Amounts include the amortized cost basis of closed portfolios used to designate hedging relationships under the portfolio layer method. The hedged item is a layer of the closed portfolio which is expected to be remaining at the end of the hedging relationship. (2)Excluded from the above table are the cumulative amount of fair value hedge adjustments remaining for long-term debt for which hedge accounting has been discontinued in the amounts of $(56) million at December 31, 2024 and $(69) million at December 31, 2023.Cash Flow HedgesAt December 31, 2024, Huntington had $23.3 billion of interest rate swaps and floors. These are designated as cash flow hedges for variable rate commercial loans. The change in