Company: HBAN
Filing Date: 2025-04-29
Form Type: 10-Q
Source: 0000049196-25-000038
Chunk: 124

Company: HUNTINGTON BANCSHARES INC /MD/
Filing Date: 2025-04-29
Form: 10-Q
Item: Part I, Item 2
Chunk 124
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 notes due April 12, 2028. These notes bear an initial fixed rate of 4.871% until April 12, 2027, at which time they will reset to a floating rate equal to a benchmark rate based on the Compounded SOFR Index Rate plus 72.6 basis points. The Bank also issued $500 million of floating interest rate senior notes due April 12, 2028, which bear a floating rate equal to a benchmark rate based on the Compounded SOFR Index Rate plus 72 basis points.During the first quarter of 2025, the Bank completed a CLN transaction whereby it issued $415 million of unsecured credit linked notes to third-party investors. There are four classes of notes, each maturing in March 2033. One note class bears interest at a fixed rate of 4.957% and the remaining three note classes bear interest at SOFR plus a spread rate that ranges from 2.25% to 7.15% (weighted average spread of 4.28%). These notes transfer a portion of the risk of losses to third-party investors on an initial $3.5 billion reference pool of Huntington’s auto-secured loans.

58     Huntington Bancshares Incorporated

8. OTHER COMPREHENSIVE INCOME 

The following table summarizes the components of Huntington’s OCI.(dollar amounts in millions)PretaxTax (expense) benefitAfter-taxThree months ended March 31, 2025Unrealized gains on available-for-sale securities arising during the period, net of hedges$329 $(76)$253 Reclassification adjustment for realized net losses included in net income2 — 2 Total unrealized gains on available-for-sale securities, net of hedges331 (76)255 Unrealized gains on cash flow hedges during the period202 (47)155 Reclassification adjustment for cash flow hedges included in net income28 (6)22 Net change related to cash flow hedges on loans230 (53)177 Translation adjustments, net of hedges (1)1 — 1 Other comprehensive income$562 $(129)$433 Three months ended March 31, 2024Unrealized losses on available-for-sale securities arising during the period, net of hedges$(170)$40 $(130)Reclassification adjustment for realized net losses included in net income3 (1)2 Total unrealized losses on available-for