Quarterly report pursuant to Section 13 or 15(d)

VARIABLE INTEREST ENTITIES (Tables)

v3.23.3
VARIABLE INTEREST ENTITIES (Tables)
9 Months Ended
Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Carrying amount and classification of the trusts assets and liabilities
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, of the VIE at September 30, 2023, and December 31, 2022:
At September 30, 2023
(dollar amounts in millions)
Total Assets
Total Liabilities
Maximum Exposure to Loss
Affordable Housing Tax Credit Partnerships $ 2,231  $ 1,309  $ 2,231 
Trust Preferred Securities 14  248  — 
Other Investments
777  136  777 
Total
$ 3,022  $ 1,693  $ 3,008 
At December 31, 2022
(dollar amounts in millions) Total Assets Total Liabilities Maximum Exposure to Loss
Affordable Housing Tax Credit Partnerships $ 2,036  $ 1,260  $ 2,036 
Trust Preferred Securities 14  248  — 
Other Investments 522  141  522 
Total $ 2,572  $ 1,649  $ 2,558 
Affordable housing tax credit investments
The following table presents the balances of Huntington’s affordable housing tax credit investments and related unfunded commitments at September 30, 2023 and December 31, 2022.
(dollar amounts in millions) At September 30, 2023 At December 31, 2022
Affordable housing tax credit investments $ 3,229  $ 2,891 
Less: amortization (998) (855)
Net affordable housing tax credit investments $ 2,231  $ 2,036 
Unfunded commitments $ 1,309  $ 1,260 
The following table presents other information relating to Huntington’s affordable housing tax credit investments for the three-month and nine-month periods ended September 30, 2023 and 2022.
Three months ended September 30, Nine months ended September 30,
(dollar amounts in millions) 2023 2022 2023 2022
Tax credits and other tax benefits recognized $ 66  $ 52  $ 197  $ 159 
Proportional amortization expense included in provision for income taxes 55  45  164  131