Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Jan. 31, 2016 | Jun. 30, 2015 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | HUNTINGTON BANCSHARES INC/MD | ||
Entity Central Index Key | 49,196 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2015 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Public Float | $ 8,871,190,906 | ||
Entity Common Stock, Shares Outstanding | 795,025,143 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | |
Assets | |||
Cash and due from banks | $ 847,156 | $ 1,220,565 | |
Interest-bearing deposits in banks | 51,838 | 64,559 | |
Trading account securities | 36,997 | 42,191 | |
Loans held for sale | [1] | 474,621 | 416,327 |
Available-for-sale and other securities | 8,775,441 | 9,384,670 | |
Held-to-maturity securities | 6,159,590 | 3,379,905 | |
Loans and leases (includes $34,637 and $50,617 respectively, measured at fair value) | |||
Commercial and industrial loans and leases | [1] | 20,559,834 | 19,033,146 |
Commercial real estate loans | [1] | 5,268,651 | 5,197,403 |
Automobile loans | [1] | 9,480,678 | 8,689,902 |
Home equity loans | [1] | 8,470,482 | 8,490,915 |
Residential mortgage loans | [1] | 5,998,400 | 5,830,609 |
Other consumer loans | [1] | 563,054 | 413,751 |
Loans and leases | [1] | 50,341,099 | 47,655,726 |
Allowance for loan and lease losses | (597,843) | (605,196) | |
Net loans and leases | 49,743,256 | 47,050,530 | |
Bank owned life insurance | 1,757,668 | 1,718,436 | |
Premises and equipment | 620,540 | 616,407 | |
Goodwill | 676,869 | 522,541 | |
Other intangible assets | 54,978 | 74,671 | |
Accrued income and other assets | 1,845,597 | 1,807,208 | |
Total assets | 71,044,551 | 66,298,010 | |
Deposits in domestic offices | |||
Demand deposits—noninterest-bearing | 16,479,984 | 15,393,226 | |
Interest-bearing | 38,547,587 | 35,937,873 | |
Deposits in foreign offices | 267,408 | 401,052 | |
Deposits | 55,294,979 | 51,732,151 | |
Short-term borrowings | 615,279 | 2,397,101 | |
Long-term debt | 7,067,614 | 4,335,962 | |
Accrued expenses and other liabilities | 1,472,073 | 1,504,626 | |
Total liabilities | $ 64,449,945 | $ 59,969,840 | |
Commitments and contingencies | |||
Shareholders’ equity | |||
Common stock | $ 7,970 | $ 8,131 | |
Capital surplus | 7,038,502 | 7,221,745 | |
Less treasury shares, at cost | (17,932) | (13,382) | |
Accumulated other comprehensive loss | (226,158) | (222,292) | |
Retained (deficit) earnings | (594,067) | (1,052,324) | |
Total shareholders’ equity | 6,594,606 | 6,328,170 | |
Total liabilities and shareholders’ equity | $ 71,044,551 | $ 66,298,010 | |
Common shares authorized (par value of $0.01) (in shares) | 1,500,000,000 | 1,500,000,000 | |
Common shares issued (in shares) | 796,969,694 | 813,136,321 | |
Common shares outstanding (in shares) | 794,928,886 | 811,454,676 | |
Treasury shares outstanding (in shares) | 2,040,808 | 1,681,645 | |
Preferred shares issued (in shares) | 1,967,071 | 1,967,071 | |
Preferred shares outstanding (in shares) | 398,006 | 398,007 | |
Series A Preferred Stock | |||
Shareholders’ equity | |||
Preferred Stock | $ 362,506 | $ 362,507 | |
Total shareholders’ equity | 362,506 | 362,507 | |
Series B Preferred Stock | |||
Shareholders’ equity | |||
Preferred Stock | 23,785 | 23,785 | |
Total shareholders’ equity | $ 23,785 | $ 23,785 | |
[1] | Amounts represent loans for which Huntington has elected the fair value option. |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Assets | ||
Loans held for sale, fair value | $ 337,577 | $ 354,888 |
Loans and leases, fair value | $ 34,637 | $ 50,617 |
Shareholders’ equity | ||
Preferred stock, authorized shares (in shares) | 6,617,808 | 6,617,808 |
Common stock, par value (in usd per share) | $ 0.01 | $ 0.01 |
Series A Preferred Stock | ||
Shareholders’ equity | ||
Preferred Stock, par value (in usd per share) | 0.01 | 0.01 |
Preferred stock, liquidation preference per share (in dollars per share) | $ 1,000 | $ 1,000 |
Preferred stock, dividend percentage | 8.50% | 8.50% |
Series B Preferred Stock | ||
Shareholders’ equity | ||
Preferred Stock, par value (in usd per share) | $ 0.01 | $ 0.01 |
Preferred stock, liquidation preference per share (in dollars per share) | $ 1,000 | $ 1,000 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Interest and fee income: | ||||
Loans and leases | $ 1,759,525 | $ 1,674,563 | $ 1,629,939 | |
Available-for-sale and other securities | ||||
Taxable | 202,104 | 171,080 | 148,557 | |
Tax-exempt | 42,014 | 28,965 | 12,678 | |
Held-to-maturity securities | 86,614 | 88,724 | 50,214 | |
Other | 24,264 | 13,130 | 19,249 | |
Total interest income | 2,114,521 | 1,976,462 | 1,860,637 | |
Interest expense | ||||
Deposits | 82,175 | 86,453 | 116,241 | |
Short-term borrowings | 1,584 | 2,940 | 700 | |
Federal Home Loan Bank advances | 586 | 1,011 | 1,077 | |
Subordinated notes and other long-term debt | 79,439 | 48,917 | 38,011 | |
Total interest expense | 163,784 | 139,321 | 156,029 | |
Net interest income | 1,950,737 | 1,837,141 | 1,704,608 | |
Provision for credit losses | 99,954 | 80,989 | 90,045 | |
Net interest income after provision for credit losses | 1,850,783 | 1,756,152 | 1,614,563 | |
Service charges on deposit accounts | 280,349 | 273,741 | 271,802 | |
Cards and payment processing income | 142,715 | 105,401 | 92,591 | |
Mortgage banking income | 111,853 | 84,887 | 126,855 | |
Trust services | 105,833 | 115,972 | 123,007 | |
Insurance income | 65,264 | 65,473 | 69,264 | |
Brokerage income | 60,205 | 68,277 | 69,624 | |
Capital markets fees | 53,616 | 43,731 | 45,220 | |
Bank owned life insurance income | 52,400 | 57,048 | 56,419 | |
Gain on sale of loans | 33,037 | 21,091 | 18,171 | |
Net gains on sales of securities | 3,184 | 17,554 | 2,220 | |
Impairment losses recognized in earnings on available-for-sale securities | $ 0 | (2,440) | 0 | (1,802) |
Other income | 132,714 | 126,004 | 138,825 | |
Total noninterest income | 1,038,730 | 979,179 | 1,012,196 | |
Personnel costs | 1,122,182 | 1,048,775 | 1,001,637 | |
Outside data processing and other services | 231,353 | 212,586 | 199,547 | |
Equipment | 124,957 | 119,663 | 106,793 | |
Net occupancy | 121,881 | 128,076 | 125,344 | |
Marketing | 52,213 | 50,560 | 51,185 | |
Professional services | 50,291 | 59,555 | 40,587 | |
Deposit and other insurance expense | 44,609 | 49,044 | 50,161 | |
Amortization of intangibles | 27,867 | 39,277 | 41,364 | |
Other expense | 200,555 | 174,810 | 141,385 | |
Total noninterest expense | 1,975,908 | 1,882,346 | 1,758,003 | |
Income before income taxes | 913,605 | 852,985 | 868,756 | |
Provision for income taxes | 220,648 | 220,593 | 227,474 | |
Net income | 692,957 | 632,392 | 641,282 | |
Dividends on preferred shares | 31,873 | 31,854 | 31,869 | |
Net income available to common shareholders | $ 600,538 | $ 661,084 | $ 600,538 | $ 609,413 |
Average common shares—basic (in shares) | 819,917 | 803,412 | 819,917 | 834,205 |
Average common shares—diluted (in shares) | 833,081 | 817,129 | 833,081 | 843,974 |
Per common share: | ||||
Net income - basic (in USD per share) | $ 0.73 | $ 0.82 | $ 0.73 | $ 0.73 |
Net income - diluted (in USD per share) | 0.72 | 0.81 | 0.72 | 0.72 |
Cash dividends declared, prior period (in USD per share) | $ 0.21 | $ 0.25 | $ 0.21 | $ 0.19 |
Impairment losses on available-for-sale securities: | ||||
Total OTTI losses | $ 0 | $ (3,144) | $ (1,870) | |
Noncredit-related portion of loss recognized in other comprehensive income | 0 | 704 | 68 | |
Impairment losses recognized in earnings on available-for-sale securities | $ 0 | $ (2,440) | $ 0 | $ (1,802) |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 692,957 | $ 632,392 | $ 641,282 |
Unrealized gains on available-for-sale and other securities: | |||
Non-credit-related impairment recoveries (losses) on debt securities not expected to be sold | 12,673 | 8,780 | 153 |
Unrealized net gains (losses) on available-for-sale and other securities arising during the period, net of reclassification for net realized gains and losses | (19,757) | 45,783 | (77,593) |
Total unrealized gains (losses) on available-for-sale securities | (7,084) | 54,563 | (77,440) |
Unrealized gains (losses) on cash flow hedging derivatives, net of reclassifications to income | 8,285 | 6,611 | (65,928) |
Change in accumulated unrealized losses for pension and other post-retirement obligations | (5,067) | (69,457) | 80,176 |
Other comprehensive income (loss), net of tax | (3,866) | (8,283) | (63,192) |
Comprehensive income | $ 689,091 | $ 624,109 | $ 578,090 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock | Capital Surplus | Treasury Stock | Accumulated Other Comprehensive Loss | Retained Earnings (Deficit) | Series A Preferred Stock | Series A Preferred StockRetained Earnings (Deficit) | Series B Preferred Stock | Series B Preferred StockRetained Earnings (Deficit) |
Beginning balance (in shares) at Dec. 31, 2012 | 844,105 | (1,292) | 363 | 35 | ||||||
Beginning balance at Dec. 31, 2012 | $ 5,778,500 | $ 8,441 | $ 7,475,149 | $ (10,921) | $ (150,817) | $ (1,929,644) | $ 362,507 | $ 23,785 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net income | 641,282 | 641,282 | ||||||||
Other comprehensive income (loss) | (63,192) | (63,192) | ||||||||
Purchase of common stock (in shares) | (16,708) | |||||||||
Repurchases of common stock | (124,995) | $ (167) | (124,828) | |||||||
Cash dividends declared: | ||||||||||
Common shares dividend (in USD per share) | (158,194) | (158,194) | ||||||||
Preferred shares dividend (in USD per share) | $ (30,813) | $ (30,813) | $ (1,055) | $ (1,055) | ||||||
Recognition of the fair value of share-based compensation | 37,007 | 37,007 | ||||||||
Other share based compensation activity, (in shares) | 4,820 | |||||||||
Other share-based compensation activity | 11,987 | $ 48 | 12,812 | (873) | ||||||
Other (in shares) | (39) | |||||||||
Other | (374) | (1,625) | $ 1,278 | (27) | ||||||
Ending balance (in share) at Dec. 31, 2013 | 832,217 | (1,331) | 363 | 35 | ||||||
Ending balance at Dec. 31, 2013 | 6,090,153 | $ 8,322 | 7,398,515 | $ (9,643) | (214,009) | (1,479,324) | $ 362,507 | $ 23,785 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net income | 632,392 | 632,392 | ||||||||
Other comprehensive income (loss) | (8,283) | (8,283) | ||||||||
Purchase of common stock (in shares) | (35,709) | |||||||||
Repurchases of common stock | (334,429) | $ (357) | (334,072) | |||||||
Cash dividends declared: | ||||||||||
Common shares dividend (in USD per share) | (171,692) | (171,692) | ||||||||
Preferred shares dividend (in USD per share) | $ (30,813) | (30,813) | $ (1,041) | (1,041) | ||||||
Shares issued pursuant to acquisition (in shares) | 8,694 | |||||||||
Shares issued pursuant to acquisition | 91,664 | $ 87 | 91,577 | |||||||
Shares sold to HIP (in shares) | 276 | |||||||||
Shares sold to HIP | 2,597 | $ 3 | 2,594 | |||||||
Recognition of the fair value of share-based compensation | 43,666 | 43,666 | ||||||||
Other share based compensation activity, (in shares) | 6,752 | |||||||||
Other share-based compensation activity | 15,513 | $ 68 | 17,219 | (1,774) | ||||||
Other (in shares) | (351) | |||||||||
Other | (1,557) | 2,246 | $ (3,739) | (72) | ||||||
Ending balance (in share) at Dec. 31, 2014 | 813,136 | (1,682) | 363 | 35 | ||||||
Ending balance at Dec. 31, 2014 | 6,328,170 | $ 8,131 | 7,221,745 | $ (13,382) | (222,292) | (1,052,324) | $ 362,507 | $ 23,785 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net income | 692,957 | 692,957 | ||||||||
Other comprehensive income (loss) | (3,866) | (3,866) | ||||||||
Purchase of common stock (in shares) | (23,036) | |||||||||
Repurchases of common stock | (251,844) | $ (230) | (251,614) | |||||||
Cash dividends declared: | ||||||||||
Common shares dividend (in USD per share) | (200,197) | (200,197) | ||||||||
Preferred shares dividend (in USD per share) | (30,813) | $ (30,813) | $ (1,059) | $ (1,059) | ||||||
Conversion of stock (in share) | 0 | 1 | $ (1) | |||||||
Recognition of the fair value of share-based compensation | 51,415 | 51,415 | ||||||||
Other share based compensation activity, (in shares) | 6,784 | |||||||||
Other share-based compensation activity | 13,492 | $ 68 | 16,068 | (2,644) | ||||||
Other (in shares) | 86 | (359) | ||||||||
Other | (3,649) | $ 1 | 887 | $ (4,550) | 13 | |||||
Ending balance (in share) at Dec. 31, 2015 | 796,970 | (2,041) | 363 | 35 | ||||||
Ending balance at Dec. 31, 2015 | $ 6,594,606 | $ 7,970 | $ 7,038,502 | $ (17,932) | $ (226,158) | $ (594,067) | $ 362,506 | $ 23,785 |
Consolidated Statements of Cha7
Consolidated Statements of Changes in Shareholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Cash dividends declared: | |||
Common stock, cash dividend per share (in USD per share) | $ 0.25 | $ 0.21 | $ 0.19 |
Series A Preferred Stock | |||
Cash dividends declared: | |||
Preferred stock dividend per share (in usd per share) | 85 | 85 | 85 |
Series B Preferred Stock | |||
Cash dividends declared: | |||
Preferred stock dividend per share (in usd per share) | $ 29.84 | $ 29.33 | $ 33.14 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Operating activities | |||
Net income | $ 692,957 | $ 632,392 | $ 641,282 |
Adjustments to reconcile net income to net cash provided by (used for) operating activities: | |||
Impairment of goodwill | 0 | 3,000 | 0 |
Provision for credit losses | 99,954 | 80,989 | 90,045 |
Depreciation and amortization | 341,281 | 332,832 | 281,545 |
Share-based compensation expense | 51,415 | 43,666 | 37,007 |
Net gains on sales of securities | (3,184) | (17,554) | (2,220) |
Impairment losses recognized in earnings on available-for-sale securities | 2,440 | 0 | 1,802 |
Net Change in: | |||
Trading account securities | 5,194 | (6,618) | 55,632 |
Loans held for sale | 53,765 | (58,803) | 127,368 |
Accrued income and other assets | (233,624) | (438,366) | 10,500 |
Change in deferred income taxes | 68,776 | 35,174 | 106,022 |
Accrued expense and other liabilities | (34,846) | 282,074 | (335,738) |
Other, net | (10,766) | 0 | 0 |
Net cash provided by (used for) operating activities | 1,033,362 | 888,786 | 1,013,245 |
Investing activities | |||
Decrease (increase) in interest-bearing deposits in banks | 12,721 | (7,516) | 146,584 |
Net cash (paid) received in acquisitions | (457,836) | 691,637 | 0 |
Proceeds from: | |||
Maturities and calls of available-for-sale securities | 1,907,669 | 1,480,505 | 1,414,114 |
Maturities of held-to-maturity securities | 594,905 | 452,785 | 278,136 |
Sales of available-for-sale securities | 163,224 | 1,152,907 | 410,106 |
Purchases of available-for-sale securities | (4,506,764) | (4,553,857) | (1,416,795) |
Purchases of held-to-maturity securities | (379,351) | 0 | (2,081,373) |
Net proceeds from sales of loans | 1,304,309 | 353,811 | 459,006 |
Net loan and lease activity, excluding sales | (3,186,775) | (4,232,350) | (3,386,753) |
Proceeds from sale of operating lease assets | 2,227 | 17,591 | 10,227 |
Purchases of premises and equipment | (93,097) | (58,862) | (102,208) |
Proceeds from sales of other real estate | 36,038 | 38,479 | 40,448 |
Purchases of loans and leases | (333,726) | (345,039) | (16,170) |
Purchases of customer lists | 0 | (946) | 0 |
Other, net | 7,802 | 6,074 | 4,345 |
Net cash provided by (used for) investing activities | (4,928,654) | (5,004,781) | (4,240,333) |
Financing activities | |||
Increase (decrease) in deposits | 3,644,492 | 2,923,928 | 1,258,038 |
Increase (decrease) in short-term borrowings | (1,818,947) | 118,698 | 854,558 |
Sale of deposits | (47,521) | 0 | 0 |
Proceeds from issuance of long-term debt | 3,232,227 | 2,000,000 | 1,250,000 |
Maturity/redemption of long-term debt | (1,036,717) | (198,922) | (102,086) |
Dividends paid on preferred stock | (31,872) | (31,854) | (31,869) |
Dividends paid on common stock | (192,518) | (166,935) | (150,608) |
Repurchase of common stock | (251,844) | (334,429) | (124,995) |
Proceeds from stock options exercised | 19,000 | 17,710 | 12,601 |
Net proceeds from issuance of common stock | 0 | 2,597 | 0 |
Other, net | 5,583 | 4,635 | (225) |
Net cash provided by (used for) financing activities | 3,521,883 | 4,335,428 | 2,965,414 |
Increase (decrease) in cash and cash equivalents | (373,409) | 219,433 | (261,674) |
Cash and cash equivalents at beginning of period | 1,220,565 | 1,001,132 | 1,262,806 |
Cash and cash equivalents at end of period | 847,156 | 1,220,565 | 1,001,132 |
Supplemental disclosures: | |||
Interest paid | 150,403 | 131,488 | 155,832 |
Income taxes paid (refunded) | 153,590 | 139,918 | 109,432 |
Non-cash activities: | |||
Loans transferred to available-for-sale securities | 0 | 0 | 600,435 |
Loans transferred to held-for-sale from portfolio | 1,727,440 | 96,643 | 53,360 |
Loans transferred to portfolio from held-for-sale | 278,080 | 45,240 | 307,303 |
Transfer of loans to OREO | 24,625 | 39,066 | 34,372 |
Transfer of securities to held-to-maturity from available-for-sale | $ 3,000,180 | $ 0 | $ 292,164 |
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
SIGNIFICANT ACCOUNTING POLICIES | SIGNIFICANT ACCOUNTING POLICIES Nature of Operations — Huntington Bancshares Incorporated (Huntington or the Company) is a multi-state diversified regional bank holding company organized under Maryland law in 1966 and headquartered in Columbus, Ohio. Through its subsidiaries, including its bank subsidiary, The Huntington National Bank (the Bank), Huntington is engaged in providing full-service commercial, small business, consumer banking services, mortgage banking services, automobile financing, equipment leasing, investment management, trust services, brokerage services, customized insurance programs, and other financial products and services. Huntington’s banking offices are located in Ohio, Michigan, Pennsylvania, Indiana, West Virginia, and Kentucky. Select financial services and other activities are also conducted in various other states. International banking services are available through the headquarters office in Columbus, Ohio and a limited purpose office located in the Cayman Islands. Basis of Presentation — The Consolidated Financial Statements include the accounts of Huntington and its majority-owned subsidiaries and are presented in accordance with GAAP. All intercompany transactions and balances have been eliminated in consolidation. Companies in which Huntington holds more than a 50% voting equity interest, or a controlling financial interest, or are a VIE in which Huntington has the power to direct the activities of an entity that most significantly impact the entity’s economic performance and has an obligation to absorb losses or the right to receive benefits from the VIE which could potentially be significant to the VIE are consolidated. VIEs are legal entities with insubstantial equity, whose equity investors lack the ability to make decisions about the entity’s activities, or whose equity investors do not have the right to receive the residual returns of the entity if they occur. VIEs in which Huntington does not hold the power to direct the activities of the entity that most significantly impact the entity’s economic performance or does not have an obligation to absorb losses or the right to receive benefits from the VIE which could potentially be significant to the VIE are not consolidated. For consolidated entities where Huntington holds less than a 100% interest, Huntington recognizes non-controlling interest (included in shareholders’ equity) for the equity held by others and non-controlling profit or loss (included in noninterest expense) for the portion of the entity’s earnings attributable to other’s interests. Investments in companies that are not consolidated are accounted for using the equity method when Huntington has the ability to exert significant influence. Those investments in nonmarketable securities for which Huntington does not have the ability to exert significant influence are generally accounted for using the cost method. Investments in private investment partnerships that are accounted for under the equity method or the cost method are included in Accrued income and other assets and Huntington’s proportional interest in the equity investments’ earnings are included in other noninterest income. Investment interests accounted for under the cost and equity methods are periodically evaluated for impairment. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that significantly affect amounts reported in the Consolidated Financial Statements. Huntington utilizes processes that involve the use of significant estimates and the judgments of management in determining the amount of its allowance for credit losses, income taxes deferred tax assets, and contingent liabilities, as well as fair value measurements of investment securities, derivatives, goodwill, pension assets and liabilities, short-term borrowings, mortgage servicing rights, and loans held for sale. As with any estimate, actual results could differ from those estimates. For statement of cash flows purposes, cash and cash equivalents are defined as the sum of Cash and due from banks, which includes amounts on deposit with the Federal Reserve and Federal funds sold and securities purchased under resale agreements. Certain prior period amounts have been reclassified to conform to the current year’s presentation. Resale and Repurchase Agreements — Securities purchased under agreements to resell and securities sold under agreements to repurchase are treated as collateralized financing transactions and are recorded at the amounts at which the securities were acquired or sold plus accrued interest. The fair value of collateral either received from or provided to a third-party is continually monitored and additional collateral is obtained or requested to be returned to Huntington in accordance with the agreement. Securities — Securities purchased with the intention of recognizing short-term profits or which are actively bought and sold are classified as trading account securities and reported at fair value. The unrealized gains or losses on trading account securities are recorded in other noninterest income, except for gains and losses on trading account securities used to hedge the fair value of MSRs, which are included in mortgage banking income. Debt securities purchased in which Huntington has the positive intent and ability to hold to their maturity are classified as held-to-maturity securities. Held-to-maturity securities are recorded at amortized cost. All other debt and equity securities are classified as available-for-sale and other securities. Unrealized gains or losses on available-for-sale and other securities are reported as a separate component of accumulated OCI in the Consolidated Statements of Changes in Shareholders’ Equity. Credit-related declines in the value of debt securities that are considered other-than-temporary are recorded in noninterest income. Huntington evaluates its investment securities portfolio on a quarterly basis for indicators of OTTI. Huntington assesses whether OTTI has occurred when the fair value of a debt security is less than the amortized cost basis at the balance sheet date. Management reviews the amount of unrealized loss, the length of time the security has been in an unrealized loss position, the credit rating history, market trends of similar security classes, time remaining to maturity, and the source of both interest and principal payments to identify securities which could potentially be impaired. OTTI is considered to have occurred (1) if Huntington intends to sell the security; (2) if it is more likely than not Huntington will be required to sell the security before recovery of its amortized cost basis; or (3) the present value of expected cash flows are not sufficient to recover all contractually required principal and interest payments. For securities that Huntington does not expect to sell, or it is not more likely than not to be required to sell, the OTTI is separated into credit and noncredit components. A discounted cash flow analysis, which includes evaluating the timing of the expected cash flows, is completed for all debt securities subject to credit impairment. The measurement of the credit loss component is equal to the difference between the debt security’s cost basis and the present value of its expected future cash flows discounted at the security’s effective yield. The credit-related OTTI, represented by the expected loss in principal, is recognized in noninterest income. The remaining difference between the security’s fair value and the present value of future expected cash flows is due to factors that are not credit-related and, therefore, are recognized in OCI. Huntington believes that it will fully collect the carrying value of securities on which noncredit-related OTTI has been recognized in OCI. Noncredit-related OTTI results from other factors, including increased liquidity spreads and extension of the security. For securities which Huntington does expect to sell, or if it is more likely than not Huntington will be required to sell the security before recovery of its amortized cost basis, all OTTI is recognized in earnings. Presentation of OTTI is made in the Consolidated Statements of Income on a gross basis with a reduction for the amount of OTTI recognized in OCI. Securities transactions are recognized on the trade date (the date the order to buy or sell is executed). The carrying value plus any related accumulated OCI balance of sold securities is used to compute realized gains and losses. Interest and dividends on securities, including amortization of premiums and accretion of discounts using the effective interest method over the period to maturity, are included in interest income. Nonmarketable equity securities include stock acquired for regulatory purposes, such as Federal Home Loan Bank stock and Federal Reserve Bank stock. These securities are accounted for at cost, evaluated for impairment, and included in available-for-sale and other securities. Loans and Leases — Loans and direct financing leases for which Huntington has the intent and ability to hold for the foreseeable future, or until maturity or payoff, are classified in the Consolidated Balance Sheets as loans and leases. Except for loans for which the fair value option has been elected, loans and leases are carried at the principal amount outstanding, net of unamortized deferred loan origination fees and costs and net of unearned income. Direct financing leases are reported at the aggregate of lease payments receivable and estimated residual values, net of unearned and deferred income. Interest income is accrued as earned using the interest method based on unpaid principal balances. Huntington defers the fees it receives from the origination of loans and leases, as well as the direct costs of those activities. Huntington also acquires loans at a premium and at a discount to their contractual values. Huntington amortizes loan discounts, premiums, and net loan origination fees and costs on a level-yield basis over the estimated lives of the related loans, which would not include purchased credit impaired loans. Troubled debt restructurings are loans for which the original contractual terms have been modified to provide a concession to a borrower experiencing financial difficulties. Loan modifications are considered TDRs when the concessions provided are not available to the borrower through either normal channels or other sources. However, not all loan modifications are TDRs. Modifications resulting in troubled debt restructurings may include changes to one or more terms of the loan, including but not limited to, a change in interest rate, an extension of the amortization period, a reduction in payment amount, and partial forgiveness or deferment of principal or accrued interest. Residual values on leased equipment are evaluated quarterly for impairment. Impairment of the residual values of direct financing leases determined to be other than temporary is recognized by writing the leases down to fair value with a charge to other noninterest expense. Residual value losses arise if the expected fair value at the end of the lease term is less than the residual value recorded at the lease origination, net of estimated amounts reimbursable by the lessee. Future declines in the expected residual value of the leased equipment would result in expected losses of the leased equipment. For leased equipment, the residual component of a direct financing lease represents the estimated fair value of the leased equipment at the end of the lease term. Huntington uses industry data, historical experience, and independent appraisals to establish these residual value estimates. Additional information regarding product life cycle, product upgrades, as well as insight into competing products are obtained through relationships with industry contacts and are factored into residual value estimates where applicable. Loans Held for Sale — Loans in which Huntington does not have the intent and ability to hold for the foreseeable future are classified as loans held for sale. Loans held for sale (excluding loans originated or acquired with the intent to sell, which are carried at fair value) are carried at the lower of cost or fair value less cost to sell. The fair value option is generally elected for mortgage loans held for sale to facilitate hedging of the loans. The fair value of such loans is estimated based on the inputs that include prices of mortgage backed securities adjusted for other variables such as, interest rates, expected credit defaults and market discount rates. The adjusted value reflects the price we expect to receive from the sale of such loans. Nonmortgage loans held for sale are measured on an aggregate asset basis. Allowance for Credit Losses — Huntington maintains two reserves, both of which reflect management’s judgment regarding the appropriate level necessary to absorb credit losses inherent in our loan and lease portfolio: the ALLL and the AULC. Combined, these reserves comprise the total ACL. The determination of the ACL requires significant estimates, including the timing and amounts of expected future cash flows on impaired loans and leases, consideration of current economic conditions, and historical loss experience pertaining to pools of homogeneous loans and leases, all of which may be susceptible to change. The appropriateness of the ACL is based on management’s current judgments about the credit quality of the loan portfolio. These judgments consider on-going evaluations of the loan and lease portfolio, including such factors as the differing economic risks associated with each loan category, the financial condition of specific borrowers, the level of delinquent loans, the value of any collateral and, where applicable, the existence of any guarantees or other documented support. Further, management evaluates the impact of changes in interest rates and overall economic conditions on the ability of borrowers to meet their financial obligations when quantifying our exposure to credit losses and assessing the appropriateness of our ACL at each reporting date. In addition to general economic conditions and the other factors described above, additional factors also considered include: the impact of increasing or decreasing residential real estate values; the diversification of CRE loans; the development of new or expanded Commercial business segments such as healthcare, ABL, leveraged lending, and energy, and the overall condition of the manufacturing industry. Also, the ACL assessment includes the on-going assessment of credit quality metrics, and a comparison of certain ACL benchmarks to current performance. The ALLL consists of two components: (1) the transaction reserve, which includes a loan level allocation, specific reserves related to loans considered to be impaired, and loans involved in troubled debt restructurings, and (2) the general reserve. The transaction reserve component includes both (1) an estimate of loss based on pools of commercial and consumer loans and leases with similar characteristics and (2) an estimate of loss based on an impairment review of each impaired C&I and CRE loan where obligor balance is greater than $1.0 million . For the C&I and CRE portfolios, the estimate of loss based on pools of loans and leases with similar characteristics is made by applying a PD factor and a LGD factor to each individual loan based on a regularly updated loan grade, using a standardized loan grading system. The PD factor and an LGD factor are determined for each loan grade using statistical models based on historical performance data. The PD factor considers on-going reviews of the financial performance of the specific borrower, including cash flow, debt-service coverage ratio, earnings power, debt level, and equity position, in conjunction with an assessment of the borrower’s industry and future prospects. The LGD factor considers analysis of the type of collateral and the relative LTV ratio. These reserve factors are developed based on credit migration models that track historical movements of loans between loan ratings over time and a combination of long-term average loss experience of our own portfolio and external industry data. In the case of more homogeneous portfolios, such as automobile loans, home equity loans, and residential mortgage loans, the determination of the transaction reserve also incorporates PD and LGD factors. The estimate of loss is based on pools of loans and leases with similar characteristics. The PD factor considers current credit scores unless the account is delinquent, in which case a higher PD factor is used. The credit score provides a basis for understanding the borrower’s past and current payment performance, and this information is used to estimate expected losses over the emergence period. The performance of first-lien loans ahead of our junior-lien loans is available to use as part of our updated score process. The LGD factor considers analysis of the type of collateral and the relative LTV ratio. Credit scores, models, analyses, and other factors used to determine both the PD and LGD factors are updated frequently to capture the recent behavioral characteristics of the subject portfolios, as well as any changes in loss mitigation or credit origination strategies, and adjustments to the reserve factors are made as required. The general reserve consists of various risk-profile reserve components. The risk-profile component considers items unique to our structure, policies, processes, and portfolio composition, as well as qualitative measurements and assessments of the loan portfolios including, but not limited to, management quality, concentrations, portfolio composition, industry comparisons, and internal review functions. The estimate for the AULC is determined using the same procedures and methodologies as used for the ALLL. The loss factors used in the AULC are the same as the loss factors used in the ALLL while also considering a historical utilization of unused commitments. The AULC is recorded in Accrued expenses and other liabilities in the Consolidated Balance Sheets. Nonaccrual and Past Due Loans — Loans are considered past due when the contractual amounts due with respect to principal and interest are not received within 30 days of the contractual due date. Any loan in any portfolio may be placed on nonaccrual status prior to the policies described below when collection of principal or interest is in doubt. When a borrower with debt is discharged in a Chapter 7 bankruptcy and not reaffirmed by the borrower, the loan is determined to be collateral dependent and placed on nonaccrual status, unless there is a co-borrower. All classes within the C&I and CRE portfolios (except for purchased credit-impaired loans) are placed on nonaccrual status at 90 -days past due. First-lien home equity loans are placed on nonaccrual status at 150 -days past due. Junior-lien home equity loans are placed on nonaccrual status at the earlier of 120 -days past due or when the related first-lien loan has been identified as nonaccrual. Automobile and other consumer loans are generally charged-off when the loan is 120 -days past due. Residential mortgage loans are placed on nonaccrual status at 150 -days past due, with the exception of residential mortgages guaranteed by government agencies which continue to accrue interest at the rate guaranteed by the government agency. We are reimbursed from the government agency for reasonable expenses incurred in servicing loans. For all classes within all loan portfolios, when a loan is placed on nonaccrual status, any accrued interest income is reversed with current year accruals charged to interest income, and prior year amounts charged-off as a credit loss. For all classes within all loan portfolios, cash receipts received on NALs are applied against principal until the loan or lease has been collected in full, after which time any additional cash receipts are recognized as interest income. However, for secured non-reaffirmed debt in a Chapter 7 bankruptcy, payments are applied to principal and interest when the borrower has demonstrated a capacity to continue payment of the debt and collection of the debt is reasonably assured. For unsecured non-reaffirmed debt in a Chapter 7 bankruptcy where the carrying value has been fully charged-off, payments are recorded as loan recoveries. Regarding all classes within the C&I and CRE portfolios, the determination of a borrower’s ability to make the required principal and interest payments is based on an examination of the borrower’s current financial statements, industry, management capabilities, and other qualitative measures. For all classes within the consumer loan portfolio, the determination of a borrower’s ability to make the required principal and interest payments is based on multiple factors, including number of days past due and, in some instances, an evaluation of the borrower’s financial condition. When, in management’s judgment, the borrower’s ability to make required principal and interest payments resumes and collectability is no longer in doubt, supported by sustained repayment history, the loan is returned to accrual status. For these loans that have been returned to accrual status, cash receipts are applied according to the contractual terms of the loan. Charge-off of Uncollectible Loans — Any loan in any portfolio may be charged-off prior to the policies described below if a loss confirming event has occurred. Loss confirming events include, but are not limited to, bankruptcy (unsecured), continued delinquency, foreclosure, or receipt of an asset valuation indicating a collateral deficiency and that asset is the sole source of repayment. Additionally, discharged, collateral dependent non-reaffirmed debt in Chapter 7 bankruptcy filings will result in a charge-off to estimated collateral value, less anticipated selling costs. C&I and CRE loans are either charged-off or written down to net realizable value at 90 -days past due. Automobile loans and other consumer loans are charged-off at 120 -days past due. First-lien and junior-lien home equity loans are charged-off to the estimated fair value of the collateral, less anticipated selling costs, at 150 -days past due and 120 -days past due, respectively. Residential mortgages are charged-off to the estimated fair value of the collateral at 150 -days past due. Impaired Loans — For all classes within the C&I and CRE portfolios, all loans with an obligor balance of $1.0 million or greater are evaluated on a quarterly basis for impairment. Except for TDRs, consumer loans within any class are generally not individually evaluated on a regular basis for impairment. All TDRs, regardless of the outstanding balance amount, are also considered to be impaired. Loans acquired with evidence of deterioration in credit quality since origination for which it is probable at acquisition that all contractually required payments will not be collected are also considered to be impaired. Once a loan has been identified for an assessment of impairment, the loan is considered impaired when, based on current information and events, it is probable that all amounts due according to the contractual terms of the loan agreement will not be collected. This determination requires significant judgment and use of estimates, and the eventual outcome may differ significantly from those estimates. When a loan in any class has been determined to be impaired, the amount of the impairment is measured using the present value of expected future cash flows discounted at the loan’s effective interest rate or, as a practical expedient, the observable market price of the loan, or the fair value of the collateral, less anticipated selling costs, if the loan is collateral dependent. When the present value of expected future cash flows is used, the effective interest rate is the original contractual interest rate of the loan adjusted for any cost, fee, premium, or discount. When the contractual interest rate is variable, the effective interest rate of the loan changes over time. A specific reserve is established as a component of the ALLL when a loan has been determined to be impaired. Subsequent to the initial measurement of impairment, if there is a significant change to the impaired loan’s expected future cash flows, or if actual cash flows are significantly different from the cash flows previously estimated, Huntington recalculates the impairment and appropriately adjusts the specific reserve. Similarly, if Huntington measures impairment based on the observable market price of an impaired loan or the fair value of the collateral of an impaired collateral dependent loan, Huntington will adjust the specific reserve. When a loan within any class is impaired, the accrual of interest income is discontinued unless the receipt of principal and interest is no longer in doubt. Interest income on TDRs is accrued when all principal and interest is expected to be collected under the post-modification terms. Cash receipts received on nonaccruing impaired loans within any class are generally applied entirely against principal until the loan has been collected in full (including already charged-off portion), after which time any additional cash receipts are recognized as interest income. Cash receipts received on accruing impaired loans within any class are applied in the same manner as accruing loans that are not considered impaired. Purchased Credit-Impaired Loans — Purchased loans with evidence of deterioration in credit quality since origination for which it is probable at acquisition that we will be unable to collect all contractually required payments are considered to be credit impaired. Purchased credit-impaired loans are initially recorded at fair value, which is estimated by discounting the cash flows expected to be collected at the acquisition date. Because the estimate of expected cash flows reflects an estimate of future credit losses expected to be incurred over the life of the loans, an allowance for credit losses is not recorded at the acquisition date. The excess of cash flows expected at acquisition over the estimated fair value, referred to as the accretable yield, is recognized in interest income over the remaining life of the loan, or pool of loans, on a level-yield basis. The difference between the contractually required payments at acquisition and the cash flows expected to be collected at acquisition is referred to as the nonaccretable difference. A subsequent decrease in the estimate of cash flows expected to be received on purchased credit-impaired loans generally results in the recognition of an allowance for credit losses. Subsequent increases in cash flows result in reversal of any nonaccretable difference (or allowance for loan and lease losses to the extent any has been recorded) with a positive impact on interest income subsequently recognized. The measurement of cash flows involves assumptions and judgments for interest rates, prepayments, default rates, loss severity, and collateral values. All of these factors are inherently subjective and significant changes in the cash flow estimates over the life of the loan can result. Transfers of Financial Assets and Securitizations — Transfers of financial assets in which we have surrendered control over the transferred assets are accounted for as sales. In assessing whether control has been surrendered, we consider whether the transferee would be a consolidated affiliate, the existence and extent of any continuing involvement in the transferred financial assets, and the impact of all arrangements or agreements made contemporaneously with, or in contemplation of, the transfer, even if they were not entered into at the time of transfer. Control is generally considered to have been surrendered when (i) the transferred assets have been legally isolated from us or any of our consolidated affiliates, even in bankruptcy or other receivership, (ii) the transferee (or, if the transferee is an entity whose sole purpose is to engage in securitization or asset-backed financing that is constrained from pledging or exchanging the assets it receives, each third-party holder of its beneficial interests) has the right to pledge or exchange the assets (or beneficial interests) it received without any constraints that provide more than a trivial benefit to us, and (iii) neither we nor our consolidated affiliates and agents have (a) both the right and obligation under any agreement to repurchase or redeem the transferred assets before their maturity, (b) the unilateral ability to cause the holder to return specific financial assets that also provides us with a more-than-trivial benefit (other than through a cleanup call) or (c) an agreement that permits the transferee to require us to repurchase the transferred assets at a price so favorable that it is probable that it will require us to repurchase them. If the sale criteria are met, the transferred financial assets are removed from our balance sheet and a gain or loss on sale is recognized. If the sale criteria are not met, the transfer is recorded as a secured borrowing in which the assets remain on our balance sheet and the proceeds from the transaction are recognized as a liability. For the majority of financial asset transfers, it is clear whether or not we have surrendered control. For other transfers, such as in connection with complex transactions or where we have continuing involvement, we generally obtain a legal opinion as to whether the transfer results in a true sale by law. We have historically securitized certain automobile receivables. Gains and losses on the loans and leases sold and servicing rights associated with loan and lease sales are determined when the related loans or leases are sold to either a securitization trust or third-party. For loan or lease sales with servicing retained, a servicing asset is recorded at fair value for the right to service the loans sold. Derivative Financial Instruments — A variety of derivative financial instruments, principally interest rate swaps, caps, floors, and collars, are used in asset and liability management activities to protect against the risk of adverse price or interest rate movements. These instruments provide flexibility in adjusting Huntington’s sensitivity to changes in interest rates without exposure to loss of principal and higher funding requirements. Huntington also uses derivatives, principally loan sale commitments, in hedging its mortgage loan interest rate lock commitments and its mortgage loans held for sale. Mortgage loan sale commitments and the related interest rate lock commitments are carried at fair value on the Consolidated Balance Sheets with changes in fair value reflected in mortgage banking income. Huntington also uses certain derivative financial instruments to offset changes in value of its MSRs. These derivatives consist primarily of forward interest rate agreements and forward mortgage contracts. The derivative instruments used are not designated as qualifying hedges. Accordingly, such derivatives are recorded at fair value with changes in fair value reflected in mortgage banking income. Derivative financial instruments are recorded in the Consolidated Balance Sheets as either an asset or a liability (in accrued income and other assets or accrued expenses and other liabilities, respectively) and measured at fair value. On the date a derivative contract is entered into, we designate it as either: • a qualifying hedge of the fair value of a recognized asset or liability or of an unrecognized firm commitment (fair value hedge); • a qualifying hedge of the variability of cash flows to be received or paid related to a recognized asset liability or forecasted transaction (cash flow hedge); or • a trading instrument or a non-qualifying (economic) hedge. Changes in the fair value of a derivative that has been designated and qualifies as a fair value hedge, along with the changes in the fair value of the hedged asset or liability that is attributable to the hedged risk, are recorded in current period earnings. Changes in the fair value of a derivative that has been designated and qualifies as a cash flow hedge, to the extent effective as a hedge, are recorded in accumulated other comprehensive income, net of income taxes, and reclassified into earnings in the period during which the hedged item affects earnings. Ineffectiveness in the hedging relationship is reflected in current period earnings. Changes in the fair val |
ACCOUNTING STANDARDS UPDATE
ACCOUNTING STANDARDS UPDATE | 12 Months Ended |
Dec. 31, 2015 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
ACCOUNTING STANDARDS UPDATE | ACCOUNTING STANDARDS UPDATE ASU 2014-04—Receivables (Topic 310): Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure. The ASU clarifies that an in substance repossession or foreclosure occurs upon either the creditor obtaining legal title to the residential real estate property or the borrower conveying all interest in the residential real estate property to the creditor to satisfy that loan through completion of a deed in lieu of foreclosure or through a similar legal agreement. The amendments were effective for annual periods, and interim reporting periods within those annual periods, beginning after December 15, 2014. The amendments did not have a material impact on Huntington’s Consolidated Financial Statements. ASU 2014-09—Revenue from Contracts with Customers (Topic 606): The amendments in ASU 2014-09 supersede the revenue recognition requirements in Topic 605, Revenue Recognition, and most industry-specific guidance. The general principle of the amendments require an entity to recognize revenue upon the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The guidance sets forth a five step approach to be utilized for revenue recognition. The amendments were originally effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. Subsequently, the FASB issued a one-year deferral for implementation, which results in new guidance being effective for annual and interim reporting periods beginning after December 15, 2017. The FASB, however, permitted adoption of the new guidance on the original effective date. Management is currently assessing the impact on Huntington’s Consolidated Financial Statements. ASU 2014-11—Transfers and Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures. The amendments in the ASU require repurchase-to-maturity transactions to be recorded and accounted for as secured borrowings. Amendments to Topic 860 also require separate accounting for a transfer of a financial asset executed contemporaneously with a repurchase agreement with the same counterparty (i.e., a repurchase financing), which will result in secured borrowing accounting for the repurchase agreement, as well as additional required disclosures. The accounting amendments and disclosures are effective for interim and annual periods beginning after December 15, 2014. The disclosures for repurchase agreements, securities lending transactions, and repurchase-to-maturity transactions accounted for as secured borrowings are required to be presented for annual periods beginning after December 15, 2014, and for interim periods beginning after March 15, 2015. The amendments did not have a material impact on Huntington’s Consolidated Financial Statements. ASU 2014-12—Compensation—Stock Compensation (Topic 718): Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period. The amendments require that a performance target that affects vesting, and that could be achieved after the requisite service period, be treated as a performance condition. Specifically, if the performance target becomes probable of being achieved before the end of the requisite service period, the remaining unrecognized compensation cost should be recognized prospectively over the remaining requisite service period. The amendments are effective for annual periods and interim periods within those annual periods beginning after December 15, 2015. Management is currently assessing the impact on Huntington’s Consolidated Financial Statements. ASU 2014-14—Receivables—Troubled Debt Restructurings by Creditors (Subtopic 310-40): Classification of Certain Government-Guaranteed Mortgage Loans upon Foreclosure. The amendments require a mortgage loan to be derecognized and a separate receivable to be recognized upon foreclosure if the loan has a government guarantee that is non-separable from the loan before foreclosure, the creditor has the ability and intent to convey the real estate property to the guarantor, and any amount of the claim that is determined on the basis of the fair value of the real estate is fixed. Additionally, the separate other receivable should be measured based on the amount of the loan balance (principal and interest) expected to be recovered from the guarantor upon foreclosure. The amendments were effective for annual periods and interim periods within those annual periods beginning after December 15, 2014. The amendments did not have a material impact on Huntington’s Consolidated Financial Statements. ASU 2015-02—Consolidation (Topic 810) Amendments to the Consolidation Analysis . The amendment applies to entities in all industries and provides a new scope exception for registered money market funds and similar unregistered money market funds. It also makes targeted amendments to the current consolidation guidance and ends the deferral granted to investment companies from applying the variable interest entity accounting guidance. The amendments are effective for annual periods beginning after December 15, 2015. The amendments are not expected to have a material impact on Huntington’s Consolidated Financial Statements. ASU 2015-03—Imputation of Interest (Topic 835): Simplifying the Presentation of Debt Issuance Costs. This ASU was issued to simplify presentation of debt issuance costs. The amendments in this ASU require debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. Subsequently, the FASB issued ASU 2015-15 to amend the SEC paragraph related to debt issuance cost. The amendment applies to debt issuance costs related to a line-of-credit arrangement which may be presented as an asset. The cost related to the line-of credit should be subsequently amortized ratably over the term of the line-of-credit arrangement. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in this ASU. The amendments are effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. The amendment is not expected to have a material impact on Huntington’s Consolidated Financial Statements. ASU 2015-10—Technical Corrections and Improvements. The technical corrections and improvements included in the ASU are issued in June 2015 with an objective to clarify the Accounting Standards Codification (“Codification”), correct unintended application of guidance, or make minor improvements to the Codification that are minor in nature. One of the corrections is related to disclosure of fair value for non-recurring items. The ASU requires disclosure of fair value for non-recurring items at the relevant measurement date where the fair value is not measured at the end of the reporting period. Also, for nonrecurring measurements estimated at a date during the reporting period other than the end of the reporting period, a reporting entity shall clearly indicate that the fair value information presented is not as of the period’s end as well as the date or period that the measurement was taken. The technical correction is effective upon issuance. The correction in the ASU does not have a significant impact on Huntington’s Consolidated Financial Statements. ASU 2015-16 — Simplifying the Accounting for Measurement-Period Adjustments. The amendments in this Update require that an acquirer recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. The acquirer is required to record, in the same period’s financial statements, the effect on earnings of changes in depreciation, amortization, or other income effects, if any, as a result of the change to the provisional amounts, calculated as if the accounting had been completed at the acquisition date. The amendments require an entity to present separately on the face of the income statement or disclose in the notes the portion of the amount recorded in current-period earnings by line item that would have been recorded in previous reporting periods if the adjustment to the provisional amounts had been recognized as of the acquisition date. The Update is effective for fiscal years beginning after December 15, 2015, including interim periods within those fiscal years. The amendments in this Update should be applied prospectively to adjustments to provisional amounts that occur after the effective date of this Update with earlier application permitted. Management will continue to monitor the applicability of this amendment to Huntington’s Consolidated Financial Statements. ASU 2016-01 — Recognition and Measurement of Financial Assets and Financial Liabilities. The amendments in this Update make targeted improvements to GAAP including, but not limited to, requiring an entity to measure its equity investments (i.e., investment that are not accounted for using equity method of accounting or are consolidated) with changes in the fair value recognized in the income statement, requiring an entity to present separately in OCI the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments (i.e., FVO liability), requiring public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes, and eliminating some of the disclosures required by the existing GAAP while requiring entities to present and disclose some additional information. The new guidance is effective for the fiscal period beginning after December 15, 2017, including interim periods within those fiscal years. An entity may, however, choose to adopt the requirement to present separately the credit mark on FVO liability earlier at the beginning of any fiscal year if the financial statements for the fiscal year or interim periods have not been issued. An entity should apply the amendments by means of a cumulative-effect adjustment to the balance sheet as of the beginning of the fiscal year of adoption. The amendment is not expected to have a material impact on Huntington's Consolidated Financial Statements. |
LOANS AND LEASES AND ALLOWANCE
LOANS AND LEASES AND ALLOWANCE FOR CREDIT LOSSES | 12 Months Ended |
Dec. 31, 2015 | |
Receivables [Abstract] | |
LOANS AND LEASES AND ALLOWANCE FOR CREDIT LOSSES | LOANS AND LEASES AND ALLOWANCE FOR CREDIT LOSSES Except for loans which are accounted for at fair value, loans are carried at the principal amount outstanding, net of unamortized premiums and discounts and deferred loan fees and costs, which resulted in a net premium of $262 million and $230 million , at December 31, 2015 and 2014 , respectively. Loan and Lease Portfolio Composition The table below summarizes the Company’s primary portfolios. For ACL purposes, these portfolios are further disaggregated into classes which are also summarized in the table below. Portfolio Class Commercial and industrial Owner occupied Purchased credit-impaired Other commercial and industrial Commercial real estate Retail properties Multi family Office Industrial and warehouse Purchased credit-impaired Other commercial real estate Automobile NA (1) Home equity Secured by first-lien Secured by junior-lien Residential mortgage Residential mortgage Purchased credit-impaired Other consumer Other consumer Purchased credit-impaired (1) Not applicable. The automobile loan portfolio is not further segregated into classes. Direct Financing Leases Huntington’s loan and lease portfolio includes lease financing receivables consisting of direct financing leases on equipment, which are included in C&I loans. Net investments in lease financing receivables by category at December 31, 2015 and 2014 were as follows: At December 31, (dollar amounts in thousands) 2015 2014 Commercial and industrial: Lease payments receivable $ 1,551,885 $ 1,051,744 Estimated residual value of leased assets 711,181 483,407 Gross investment in commercial lease financing receivables 2,263,066 1,535,151 Net deferred origination costs 7,068 2,557 Unearned income (208,669 ) (131,027 ) Total net investment in commercial lease financing receivables $ 2,061,465 $ 1,406,681 The future lease rental payments due from customers on direct financing leases at December 31, 2015 , totaled $1.6 billion and therefore were as follows: $0.5 billion in 2016 , $0.4 billion in 2017 , $0.3 billion in 2018 , $0.2 billion in 2019 , $0.1 billion in 2020 , and $0.1 billion thereafter. Huntington Technology Finance acquisition On March 31, 2015, Huntington completed its acquisition of Macquarie Equipment Finance, which was re-branded Huntington Technology Finance. Lease receivables with a fair value of $839 million , including a lease residual value of approximately $200 million , were acquired by Huntington. These leases were recorded at fair value. The fair values of the leases were estimated using discounted cash flow analyses using interest rates currently being offered for leases with similar terms (Level 3), and reflected an estimate of credit and other risk associated with the leases. Camco Financial acquisition On March 1, 2014, Huntington completed its acquisition of Camco Financial. Loans with a fair value of $559 million were acquired by Huntington. Purchased Credit-Impaired Loans The following table presents a rollforward of the accretable yield by acquisition for the year ended December 31, 2015 and 2014 : (dollar amounts in thousands) 2015 2014 Fidelity Bank Balance at January 1, $ 19,388 $ 27,995 Accretion (11,032 ) (13,485 ) Reclassification from nonaccretable difference 7,856 4,878 Balance at December 31, $ 16,212 $ 19,388 Camco Financial Balance at January 1, $ 824 $ — Impact of acquisition on March 1, 2014 — 143 Accretion (1,380 ) (5,597 ) Reclassification from nonaccretable difference 556 6,278 Balance at December 31, $ — $ 824 The allowance for loan losses recorded on the purchased credit-impaired loan portfolio at December 31, 2015 and 2014 was $3 million and $4 million , respectively. The following table reflects the ending and unpaid balances of all contractually required payments and carrying amounts of the acquired loans by acquisition at December 31, 2015 and 2014 : December 31, 2015 December 31, 2014 (dollar amounts in thousands) Ending Unpaid Ending Unpaid Fidelity Bank Commercial and industrial $ 21,017 $ 30,676 $ 22,405 $ 33,622 Commercial real estate 13,758 55,358 36,663 87,250 Residential mortgage 1,454 2,189 1,912 3,096 Other consumer 52 101 51 123 Total $ 36,281 $ 88,324 $ 61,031 $ 124,091 Camco Financial Commercial and industrial $ — $ — $ 823 $ 1,685 Commercial real estate — — 1,708 3,826 Residential mortgage — — — — Other consumer — — — — Total $ — $ — $ 2,531 $ 5,511 Loan Purchases and Sales The following table summarizes significant portfolio loan purchase and sale activity for the years ended December 31, 2015 and 2014 . The table below excludes mortgage loans originated for sale. Commercial and Industrial Commercial Real Estate Automobile (1) Home Equity Residential Mortgage Other Consumer Total (dollar amounts in thousands) Portfolio loans purchased during the: Year ended December 31, 2015 $ 316,252 $ — $ — $ — $ 20,463 $ — $ 336,715 Year ended December 31, 2014 326,557 — — — 18,482 — 345,039 Portfolio loans sold or transferred to loans held for sale during the: Year ended December 31, 2015 380,713 — 764,540 96,786 — — 1,242,039 Year ended December 31, 2014 352,062 8,447 — — — 7,592 368,101 (1) Reflects the transfer of approximately $1.0 billion of automobile loans to loans held-for-sale at March 31, 2015, net of approximately $262 million of automobile loans transferred to loans and leases in the 2015 second quarter. NALs and Past Due Loans The following table presents NALs by loan class for the years ended December 31, 2015 and 2014 : December 31, (dollar amounts in thousands) 2015 2014 Commercial and industrial: Owner occupied $ 35,481 $ 41,285 Other commercial and industrial 139,714 30,689 Total commercial and industrial 175,195 71,974 Commercial real estate: Retail properties 7,217 21,385 Multi family 5,819 9,743 Office 10,495 7,707 Industrial and warehouse 2,202 3,928 Other commercial real estate 3,251 5,760 Total commercial real estate 28,984 48,523 Automobile 6,564 4,623 Home equity: Secured by first-lien 35,389 46,938 Secured by junior-lien 30,889 31,622 Total home equity 66,278 78,560 Residential mortgage 94,560 96,564 Other consumer — — Total nonaccrual loans $ 371,581 $ 300,244 The amount of interest that would have been recorded under the original terms for total NAL loans was $20 million , $21 million , and $23 million for 2015 , 2014 , and 2013 , respectively. The total amount of interest recorded to interest income for these loans was $10 million , $8 million , and $5 million in 2015 , 2014 , and 2013 , respectively. The following table presents an aging analysis of loans and leases, including past due loans and leases, by loan class for the years ended December 31, 2015 and 2014 (1): December 31, 2015 Past Due Total Loans 90 or more (dollar amounts in thousands) 30-59 Days 60-89 Days 90 or more days Total Current Commercial and industrial: Owner occupied $ 11,947 $ 3,613 $ 13,793 $ 29,353 $ 3,983,447 $ 4,012,800 $ — Purchased credit-impaired 292 1,436 5,949 7,677 13,340 21,017 5,949 (3) Other commercial and industrial 32,476 8,531 27,236 68,243 16,457,774 16,526,017 2,775 (2) Total commercial and industrial 44,715 13,580 46,978 105,273 20,454,561 20,559,834 8,724 Commercial real estate: Retail properties 1,823 195 3,637 5,655 1,501,054 1,506,709 — Multi family 961 1,137 2,691 4,789 1,073,429 1,078,218 — Office 5,022 256 3,016 8,294 886,331 894,625 — Industrial and warehouse 93 — 373 466 503,701 504,167 — Purchased credit-impaired 102 3,818 9,549 13,469 289 13,758 9,549 (3) Other commercial real estate 1,231 315 2,400 3,946 1,267,228 1,271,174 — Total commercial real estate 9,232 5,721 21,666 36,619 5,232,032 5,268,651 9,549 Automobile 69,553 14,965 7,346 91,864 9,388,814 9,480,678 7,162 Home equity: Secured by first-lien 18,349 7,576 26,304 52,229 5,139,256 5,191,485 4,499 Secured by junior-lien 18,128 9,329 29,996 57,453 3,221,544 3,278,997 4,545 Total home equity 36,477 16,905 56,300 109,682 8,360,800 8,470,482 9,044 Residential mortgage: Residential mortgage 102,670 34,298 119,354 256,322 5,740,624 5,996,946 69,917 (4) Purchased credit-impaired 103 — — 103 1,351 1,454 — Total residential mortgage 102,773 34,298 119,354 256,425 5,741,975 5,998,400 69,917 Other consumer: Other consumer 6,469 1,852 1,395 9,716 553,286 563,002 1,394 Purchased credit-impaired — — — — 52 52 — Total other consumer 6,469 1,852 1,395 9,716 553,338 563,054 1,394 Total loans and leases $ 269,219 $ 87,321 $ 253,039 $ 609,579 $ 49,731,520 $ 50,341,099 $ 105,790 December 31, 2014 Past Due Total Loans 90 or more (dollar amounts in thousands) 30-59 Days 60-89 Days 90 or more days Total Current Commercial and industrial: Owner occupied $ 5,232 $ 2,981 $ 18,222 $ 26,435 $ 4,228,440 $ 4,254,875 $ — Purchased credit-impaired 846 — 4,937 5,783 17,445 23,228 4,937 (3) Other commercial and industrial 15,330 1,536 9,101 25,967 14,729,076 14,755,043 — Total commercial and industrial 21,408 4,517 32,260 58,185 18,974,961 19,033,146 4,937 Commercial real estate: Retail properties 7,866 — 4,021 11,887 1,345,859 1,357,746 — Multi family 1,517 312 3,337 5,166 1,085,250 1,090,416 — Office 464 1,167 4,415 6,046 974,257 980,303 — Industrial and warehouse 688 — 2,649 3,337 510,064 513,401 — Purchased credit-impaired 89 289 18,793 19,171 19,200 38,371 18,793 (3) Other commercial real estate 847 1,281 3,966 6,094 1,211,072 1,217,166 — Total commercial real estate 11,471 3,049 37,181 51,701 5,145,702 5,197,403 18,793 Automobile 56,272 10,427 5,963 72,662 8,617,240 8,689,902 5,703 Home equity Secured by first-lien 15,036 8,085 33,014 56,135 5,072,669 5,128,804 4,471 Secured by junior-lien 22,473 12,297 33,406 68,176 3,293,935 3,362,111 7,688 Total home equity 37,509 20,382 66,420 124,311 8,366,604 8,490,915 12,159 Residential mortgage Residential mortgage 102,702 42,009 139,379 284,090 5,544,607 5,828,697 88,052 (5) Purchased credit-impaired — — — — 1,912 1,912 — Total residential mortgage 102,702 42,009 139,379 284,090 5,546,519 5,830,609 88,052 Other consumer Other consumer 5,491 1,086 837 7,414 406,286 413,700 837 Purchased credit-impaired — — — — 51 51 — Total other consumer 5,491 1,086 837 7,414 406,337 413,751 837 Total loans and leases $ 234,853 $ 81,470 $ 282,040 $ 598,363 $ 47,057,363 $ 47,655,726 $ 130,481 (1) NALs are included in this aging analysis based on the loan’s past due status. (2) Amounts include Huntington Technology Finance administrative lease delinquencies. (3) Amounts represent accruing purchased impaired loans related to acquisitions. Under the applicable accounting guidance (ASC 310-30), the loans were recorded at fair value upon acquisition and remain in accruing status. (4) Includes $56 million guaranteed by the U.S. government. (5) Includes $55 million guaranteed by the U.S. government. Allowance for Credit Losses The ACL is increased through a provision for credit losses that is charged to earnings, based on Management’s quarterly evaluation of the factors disclosed in Note 1. Significant Accounting Policies and is reduced by charge-offs, net of recoveries, and the ACL associated with securitized or sold loans. During the 2015 first quarter, we reviewed our existing commercial and consumer credit models and enhanced certain processes and methods of ACL estimation. During this review, we analyzed the loss emergence periods used for consumer receivables collectively evaluated for impairment and, as a result, extended our loss emergence periods for products within these portfolios. As part of these enhancements to our credit reserve process, we also evaluated the methods used to separately estimate economic risks inherent in our portfolios and decided to no longer utilize these separate estimation techniques. Rather, we now incorporate economic risks in our loss estimates elsewhere in our reserve calculation. The enhancements made to our credit reserve processes during the quarter allow for increased segmentation and analysis of the estimated incurred losses within our loan portfolios. The net ACL impact of these enhancements was immaterial. During the 2015 third quarter, we reviewed our existing commercial and consumer credit models and completed a periodic reassessment of certain ACL assumptions. Specifically, we updated our analysis of the loss emergence periods used for commercial receivables collectively evaluated for impairment. Based on our observed portfolio experience, we extended our loss emergence periods for the C&I portfolio and CRE portfolios. We also updated loss factors in our consumer home equity and residential mortgage portfolios based on more recently observed portfolio experience. The net ACL impact of these enhancements was immaterial. The following table presents ALLL and AULC activity by portfolio segment for the years ended December 31, 2015 , 2014 , and 2013 : (dollar amounts in thousands) Commercial and Industrial Commercial Real Estate Automobile Home Equity Residential Mortgage Other Consumer Total Year ended December 31, 2015: ALLL balance, beginning of period $ 286,995 $ 102,839 $ 33,466 $ 96,413 $ 47,211 $ 38,272 $ 605,196 Loan charge-offs (79,724 ) (18,076 ) (36,489 ) (36,481 ) (15,696 ) (31,415 ) (217,881 ) Recoveries of loans previously charged-off 51,800 34,619 16,198 16,631 5,570 5,270 130,088 Provision (reduction in allowance) for loan and lease losses 39,675 (19,375 ) 38,621 12,173 5,443 12,142 88,679 Write-downs of loans sold or transferred to loans held for sale — — (2,292 ) (5,065 ) (882 ) — (8,239 ) ALLL balance, end of period $ 298,746 $ 100,007 $ 49,504 $ 83,671 $ 41,646 $ 24,269 $ 597,843 AULC balance, beginning of period $ 48,988 $ 6,041 $ — $ 1,924 $ 8 $ 3,845 $ 60,806 Provision (reduction in allowance) for unfunded loan commitments and letters of credit 6,898 1,521 — 144 10 2,702 11,275 AULC balance, end of period $ 55,886 $ 7,562 $ — $ 2,068 $ 18 $ 6,547 $ 72,081 ACL balance, end of period $ 354,632 $ 107,569 $ 49,504 $ 85,739 $ 41,664 $ 30,816 $ 669,924 Year ended December 31, 2014: ALLL balance, beginning of period $ 265,801 $ 162,557 $ 31,053 $ 111,131 $ 39,577 $ 37,751 $ 647,870 Loan charge-offs (76,654 ) (24,704 ) (31,330 ) (54,473 ) (25,946 ) (33,494 ) (246,601 ) Recoveries of loans previously charged-off 44,531 34,071 13,762 17,526 6,194 5,890 121,974 Provision (reduction in allowance) for loan and lease losses 53,317 (69,085 ) 19,981 22,229 27,386 29,254 83,082 Write-downs of loans sold or transferred to loans held for sale — — — — — (1,129 ) (1,129 ) ALLL balance, end of period $ 286,995 $ 102,839 $ 33,466 $ 96,413 $ 47,211 $ 38,272 $ 605,196 AULC balance, beginning of period $ 49,596 $ 9,891 $ — $ 1,763 $ 9 $ 1,640 $ 62,899 Provision (reduction in allowance) for unfunded loan commitments and letters of credit (608 ) (3,850 ) — 161 (1 ) 2,205 (2,093 ) AULC balance, end of period $ 48,988 $ 6,041 $ — $ 1,924 $ 8 $ 3,845 $ 60,806 ACL balance, end of period $ 335,983 $ 108,880 $ 33,466 $ 98,337 $ 47,219 $ 42,117 $ 666,002 (dollar amounts in thousands) Year Ended December 31, 2013: ALLL balance, beginning of period $ 241,051 $ 285,369 $ 34,979 $ 118,764 $ 61,658 $ 27,254 $ 769,075 Loan charge-offs (45,904 ) (69,512 ) (23,912 ) (98,184 ) (34,236 ) (34,568 ) (306,316 ) Recoveries of loans previously charged-off 29,514 44,658 13,375 15,921 7,074 7,108 117,650 Provision (reduction in allowance) for loan and lease losses 41,140 (97,958 ) 6,611 74,630 5,417 37,957 67,797 Write-downs of loans sold or transferred to loans held for sale — — — — (336 ) — (336 ) ALLL balance, end of period $ 265,801 $ 162,557 $ 31,053 $ 111,131 $ 39,577 $ 37,751 $ 647,870 AULC balance, beginning of period $ 33,868 $ 4,740 $ — $ 1,356 $ 3 $ 684 $ 40,651 Provision (reduction in allowance) for unfunded loan commitments and letters of credit 15,728 5,151 — 407 6 956 22,248 AULC balance, end of period $ 49,596 $ 9,891 $ — $ 1,763 $ 9 $ 1,640 $ 62,899 ACL balance, end of period $ 315,397 $ 172,448 $ 31,053 $ 112,894 $ 39,586 $ 39,391 $ 710,769 Credit Quality Indicators To facilitate the monitoring of credit quality for C&I and CRE loans, and for purposes of determining an appropriate ACL level for these loans, Huntington utilizes the following categories of credit grades: Pass - Higher quality loans that do not fit any of the other categories described below. OLEM - The credit risk may be relatively minor yet represent a risk given certain specific circumstances. If the potential weaknesses are not monitored or mitigated, the loan may weaken or the collateral may be inadequate to protect Huntington’s position in the future. For these reasons, Huntington considers the loans to be potential problem loans. Substandard - Inadequately protected loans by the borrower’s ability to repay, equity, and/or the collateral pledged to secure the loan. These loans have identified weaknesses that could hinder normal repayment or collection of the debt. It is likely Huntington will sustain some loss if any identified weaknesses are not mitigated. Doubtful - Loans that have all of the weaknesses inherent in those loans classified as Substandard, with the added elements of the full collection of the loan is improbable and that the possibility of loss is high. The categories above, which are derived from standard regulatory rating definitions, are assigned upon initial approval of the loan or lease and subsequently updated as appropriate. Commercial loans categorized as OLEM, Substandard, or Doubtful are considered Criticized loans. Commercial loans categorized as Substandard or Doubtful are also considered Classified loans. For all classes within all consumer loan portfolios, each loan is assigned a specific PD factor that is partially based on the borrower’s most recent credit bureau score, which we update quarterly. A credit bureau score is a credit score developed by Fair Isaac Corporation based on data provided by the credit bureaus. The credit bureau score is widely accepted as the standard measure of consumer credit risk used by lenders, regulators, rating agencies, and consumers. The higher the credit bureau score, the higher likelihood of repayment and therefore, an indicator of higher credit quality. Huntington assesses the risk in the loan portfolio by utilizing numerous risk characteristics. The classifications described above, and also presented in the table below, represent one of those characteristics that are closely monitored in the overall credit risk management processes. The following table presents each loan and lease class by credit quality indicator for the years ended December 31, 2015 and 2014 : December 31, 2015 Credit Risk Profile by UCS Classification (dollar amounts in thousands) Pass OLEM Substandard Doubtful Total Commercial and industrial: Owner occupied $ 3,731,113 $ 114,490 $ 165,301 $ 1,896 $ 4,012,800 Purchased credit-impaired 3,051 674 15,661 1,631 21,017 Other commercial and industrial 15,523,625 284,175 714,615 3,602 16,526,017 Total commercial and industrial 19,257,789 399,339 895,577 7,129 20,559,834 Commercial real estate: Retail properties 1,473,014 10,865 22,830 — 1,506,709 Multi family 1,029,138 28,862 19,898 320 1,078,218 Office 822,824 35,350 36,011 440 894,625 Industrial and warehouse 493,402 259 10,450 56 504,167 Purchased credit-impaired 7,194 397 6,167 — 13,758 Other commercial real estate 1,240,482 4,054 25,811 827 1,271,174 Total commercial real estate $ 5,066,054 $ 79,787 $ 121,167 $ 1,643 $ 5,268,651 Credit Risk Profile by FICO Score (1) 750+ 650-749 <650 Other (2) Total Automobile $ 4,680,684 $ 3,454,585 $ 1,086,914 $ 258,495 $ 9,480,678 Home equity: Secured by first-lien 3,369,657 1,441,574 258,328 121,926 5,191,485 Secured by junior-lien 1,841,084 1,024,851 323,998 89,064 3,278,997 Total home equity 5,210,741 2,466,425 582,326 210,990 8,470,482 Residential mortgage: Residential mortgage 3,563,683 1,813,002 567,688 52,573 5,996,946 Purchased credit-impaired 381 777 296 — 1,454 Total residential mortgage 3,564,064 1,813,779 567,984 52,573 5,998,400 Other consumer: Other consumer 233,969 269,694 49,650 9,689 563,002 Purchased credit-impaired — 52 — — 52 Total other consumer $ 233,969 $ 269,746 $ 49,650 $ 9,689 $ 563,054 December 31, 2014 Credit Risk Profile by UCS Classification (dollar amounts in thousands) Pass OLEM Substandard Doubtful Total Commercial and industrial: Owner occupied $ 3,959,046 $ 117,637 $ 175,767 $ 2,425 $ 4,254,875 Purchased credit-impaired 3,915 741 14,901 3,671 23,228 Other commercial and industrial 13,925,334 386,666 440,036 3,007 14,755,043 Total commercial and industrial 17,888,295 505,044 630,704 9,103 19,033,146 Commercial real estate: Retail properties 1,279,064 10,204 67,911 567 1,357,746 Multi family 1,044,521 12,608 32,322 965 1,090,416 Office 902,474 33,107 42,578 2,144 980,303 Industrial and warehouse 487,454 7,877 17,781 289 513,401 Purchased credit-impaired 6,914 803 25,460 5,194 38,371 Other commercial real estate 1,166,293 9,635 40,019 1,219 1,217,166 Total commercial real estate $ 4,886,720 $ 74,234 $ 226,071 $ 10,378 $ 5,197,403 Credit Risk Profile by FICO Score (1) 750+ 650-749 <650 Other (2) Total Automobile $ 4,165,811 $ 3,249,141 $ 1,028,381 $ 246,569 $ 8,689,902 Home equity: Secured by first-lien 3,255,088 1,426,191 283,152 164,373 5,128,804 Secured by junior-lien 1,832,663 1,095,332 348,825 85,291 3,362,111 Total home equity 5,087,751 2,521,523 631,977 249,664 8,490,915 Residential mortgage Residential mortgage 3,285,310 1,785,137 666,562 91,688 5,828,697 Purchased credit-impaired 594 1,135 183 — 1,912 Total residential mortgage 3,285,904 1,786,272 666,745 91,688 5,830,609 Other consumer Other consumer 195,128 187,781 30,582 209 413,700 Purchased credit-impaired — 51 — — 51 Total other consumer $ 195,128 $ 187,832 $ 30,582 $ 209 $ 413,751 (1) Reflects most recent customer credit scores. (2) Reflects deferred fees and costs, loans in process, loans to legal entities, etc. Impaired Loans For all classes within the C&I and CRE portfolios, all loans with an outstanding balance of $1 million or greater are considered for individual evaluation on a quarterly basis for impairment . Generally, consumer loans within any class are not individually evaluated on a regular basis for impairment. However, certain home equity and residential mortgage loans are measured for impairment based on the underlying collateral value. All TDRs, regardless of the outstanding balance amount, are also considered to be impaired. Loans acquired with evidence of deterioration of credit quality since origination for which it is probable at acquisition that all contractually required payments will not be collected are also considered to be impaired. Once a loan has been identified for an assessment of impairment, the loan is considered impaired when, based on current information and events, it is probable that all amounts due according to the contractual terms of the loan agreement will not be collected. This determination requires significant judgment and use of estimates, and the eventual outcome may differ significantly from those estimates. The following tables present the balance of the ALLL attributable to loans by portfolio segment individually and collectively evaluated for impairment and the related loan and lease balance for the years ended December 31, 2015 and 2014 (1): (dollar amounts in thousands) Commercial and Industrial Commercial Real Estate Automobile Home Equity Residential Mortgage Other Consumer Total ALL at December 31, 2015: Portion of ALLL balance: Attributable to purchased credit-impaired loans $ 2,602 $ — $ — $ — $ 127 $ — $ 2,729 Attributable to loans individually evaluated for impairment 19,314 8,114 1,779 16,242 16,811 176 62,436 Attributable to loans collectively evaluated for impairment 276,830 91,893 47,725 67,429 24,708 24,093 532,678 Total ALLL balance $ 298,746 $ 100,007 $ 49,504 $ 83,671 $ 41,646 $ 24,269 $ 597,843 Loan and Lease Ending Balances at December 31, 2015: Portion of loan and lease ending balance: Attributable to purchased credit-impaired loans $ 21,017 $ 13,758 $ — $ — $ 1,454 $ 52 $ 36,281 Individually evaluated for impairment 481,033 144,977 31,304 248,839 366,995 4,640 1,277,788 Collectively evaluated for impairment 20,057,784 5,109,916 9,449,374 8,221,643 5,629,951 558,362 49,027,030 Total loans and leases evaluated for impairment $ 20,559,834 $ 5,268,651 $ 9,480,678 $ 8,470,482 $ 5,998,400 $ 563,054 $ 50,341,099 Portion of ending balance of impaired loans: With allowance assigned to the loan and lease balances $ 246,249 $ 90,475 $ 31,304 $ 248,839 $ 368,449 $ 4,640 $ 989,956 With no allowance assigned to the loan and lease balances 255,801 68,260 — — — 52 324,113 Total $ 502,050 $ 158,735 $ 31,304 $ 248,839 $ 368,449 $ 4,692 $ 1,314,069 Average balance of impaired loans $ 382,051 $ 202,192 $ 30,163 $ 292,014 $ 373,573 $ 4,726 $ 1,284,719 ALLL on impaired loans 21,916 8,114 1,779 16,242 16,938 176 65,165 (dollar amounts in thousands) Commercial and Industrial Commercial Real Estate Automobile Home Equity Residential Mortgage Other Consumer Total ALLL at December 31, 2014 Portion of ALLL balance: Attributable to purchased credit-impaired loans $ 3,846 $ — $ — $ — $ 8 $ 245 $ 4,099 Attributable to loans individually evaluated for impairment 11,049 18,887 1,531 26,027 16,535 214 74,243 Attributable to loans collectively evaluated for impairment 272,100 83,952 31,935 70,386 30,668 37,813 526,854 Total ALLL balance: $ 286,995 $ 102,839 $ 33,466 $ 96,413 $ 47,211 $ 38,272 $ 605,196 Loan and Lease Ending Balances at December 31, 2014 Portion of loan and lease ending balances: Attributable to purchased credit-impaired loans $ 23,228 $ 38,371 $ — $ — $ 1,912 $ 51 $ 63,562 Individually evaluated for impairment 216,993 217,262 30,612 310,446 369,577 4,088 1,148,978 Collectively evaluated for impairment 18,792,925 4,941,770 8,659,290 8,180,469 5,459,120 409,612 46,443,186 Total loans and leases evaluated for impairment $ 19,033,146 $ 5,197,403 $ 8,689,902 $ 8,490,915 $ 5,830,609 $ 413,751 $ 47,655,726 Portion of ending balance: With allowance assigned to the loan and lease balances $ 202,376 $ 144,162 $ 30,612 $ 310,446 $ 371,489 $ 4,139 $ 1,063,224 With no allowance assigned to the loan and lease balances 37,845 111,471 — — — — 149,316 Total $ 240,221 $ 255,633 $ 30,612 $ 310,446 $ 371,489 $ 4,139 $ 1,212,540 Average balance of impaired loans $ 174,316 $ 511,590 $ 34,637 $ 258,881 $ 384,026 $ 2,879 $ 1,366,329 ALLL on impaired loans 14,895 18,887 1,531 26,027 16,543 459 78,342 The following tables present by class the ending, unpaid principal balance, and the related ALLL, along with the average balance and interest income recognized only for loans and leases individually evaluated for impairment and purchased credit-impaired loans for the years ended December 31, 2015 and 2014 (1), (2): Year Ended December 31, 2015 December 31, 2015 (dollar amounts in thousands) Ending Balance Unpaid Principal Balance (5) Related Allowance Average Balance Interest Income Recognized With no related allowance recorded: Commercial and industrial: Owner occupied $ 57,832 $ 65,812 $ — $ 30,672 $ 520 Purchased credit-impaired — — — — — Other commercial and industrial 197,969 213,739 — 83,717 2,064 Total commercial and industrial 255,801 279,551 $ — 114,389 2,584 Commercial real estate: Retail properties 42,009 54,021 — 48,903 2,031 Multi family — — — — — Office 9,030 12,919 — 7,767 309 Industrial and warehouse 1,720 1,741 — 777 47 Purchased credit-impaired 13,758 55,358 — 28,168 4,707 Other commercial real estate 1,743 1,775 — 2,558 105 Total commercial real estate 68,260 125,814 — 88,173 7,199 Other consumer Other consumer — — — — — Purchased credit-impaired 52 101 — 51 17 Total other consumer $ 52 $ 101 $ — $ 51 $ 17 With an allowance recorded: Commercial and industrial: (3) Owner occupied $ 54,092 $ 62,527 $ 4,171 $ 54,785 $ 1,985 Purchased credit-impaired 21,017 30,676 2,602 21,046 7,190 Other commercial and industrial 171,140 181,000 15,143 191,831 5,935 Total commercial and industrial 246,249 274,203 21,916 267,662 15,110 Commercial real estate: (4) Retail properties 9,096 11,121 1,190 31,636 1,204 Multi family 34,349 37,208 1,593 17,043 740 Office 14,365 17,350 1,177 31,148 1,301 Industrial and warehouse 9,721 10,550 1,540 7,311 301 Purchased credit-impaired — — — — — Other commercial real estate 22,944 28,701 2,614 26,881 1,287 Total commercial real estate 90,475 104,930 8,114 114,019 4,833 Automobile 31,304 31,878 1,779 30,163 2,224 Home equity: Secured by first-lien 52,672 57,224 4,359 108,942 4,186 Secured by junior-lien 196,167 227,733 11,883 183,072 8,906 Total home equity 248,839 284,957 16,242 292,014 13,092 Residential mortgage (6): Residential mortgage 366,995 408,925 16,811 371,756 12,391 Purchased credit-impaired 1,454 2,189 127 1,817 498 Total residential mortgage 368,449 411,114 16,938 373,573 12,889 Other consumer: Other consumer 4,640 4,649 176 4,675 254 Purchased credit-impaired — — — — — Total other consumer $ 4,640 $ 4,649 $ 176 $ 4,675 $ 254 Year Ended December 31, 2014 December 31, 2014 (dollar amounts in thousands) Ending Balance Unpaid Principal Balance (5) Related Allowance Average Balance Interest Income Recognized With no related allowance recorded: Commercial and industrial: Owner occupied $ 13,536 $ 13,536 $ — $ 5,740 $ 205 Purchased credit-impaired — — — — — Other commercial and industrial 24,309 26,858 — 7,536 375 Total commercial and industrial 37,845 40,394 — 13,276 580 Commercial real estate: Retail properties 61,915 91,627 — 53,121 2,454 Multi family — — — — — Office 1,130 3,574 — 3,709 311 Industrial and warehouse 3,447 3,506 — 5,012 248 Purchased credit-impaired 38,371 91,075 — 59,424 11,519 Other commercial real estate 6,608 6,815 — 6,598 286 Total commercial real estate 111,471 196,597 — 127,864 14,818 Automobile — — — — — Home equity: Secured by first-lien — — — — — Secured by junior-lien — — — — — Total home equity — — — — — Residential mortgage: Residential mortgage — — — — — Purchased credit-impaired — — — — — Total residential mortgage — — — — — Other consumer: Other consumer — — — — — Purchased credit-impaired — — — — — Total other consumer $ — $ — $ — $ — $ — With an allowance recorded: Commercial and industrial: (3) Owner occupied $ 44,869 $ 53,639 $ 4,220 $ 40,192 $ 1,557 Purchased credit-impaired 23,228 35,307 3,846 32,253 6,973 Other commercial and industrial 134,279 162,908 6,829 88,595 2,686 Total commercial and industrial 202,376 251,854 14,895 161,040 11,216 Commercial real estate: (4) Retail properties 37,081 38,397 3,536 63,393 1,983 Multi family 17,277 23,725 2,339 16,897 659 Office 52,953 56,268 8,399 52,831 2,381 Industrial and warehouse 8,888 10,396 720 9,092 274 Purchased credit-impaired — — — — — Other commercial real estate 27,963 33,472 3,893 241,513 1,831 Total commercial real estate 144,162 162,258 18,887 383,726 7,128 Automobile 30,612 32,483 1,531 34,637 2,637 Home equity: Secured by first-lien 145,566 157,978 8,296 126,602 5,496 Secured by junior-lien 164,880 208,118 17,731 132,279 6,379 Total home equity 310,446 366,096 26,027 258,881 11,875 Residential mortgage: (6) Residential mortgage 369,577 415,280 16,535 381,745 11,594 Purchased credit-impaired 1,912 3,096 8 2,281 574 Total residential mortgage 371,489 418,376 16,543 384,026 12,168 Other consumer: Other consumer 4,088 4,209 214 2,796 202 Purchased credit-impaired 51 123 245 83 15 Total other consumer $ 4,139 $ 4,332 $ 459 $ 2,879 $ 217 (1) These tables do not include loans fully charged-off. (2) All automobile, home equity, residential mortgage, and other consumer impaired loans included in these tables are considered impaired due to their status as a TDR. (3) At December 31, 2015 , $91 million of the $246 million C&I loans with an allowance recorded were considered impaired due to their status as a TDR. At December 31, 2014 , $63 million of the $202 million C&I loans with an allowance recorded were considered impaired due to their status as a TDR. (4) At December 31, 2015 , $35 million of the $90 million CRE loans with an allowance recorded were considered impaired due to their status as a TDR. At December 31, 2014 , $27 million of the $144 million CRE loans with an allowance recorded were considered impaired due to their status as a TDR. (5) The differences between the ending balance and unpaid principal balance amounts represent partial charge-offs. (6) At December 31, 2015 , $29 million of the $368 million residential mortgage loans with an allowance recorded were guaranteed by the U.S. government. At December 31, 2014 , $24 million of the $371 million residential mortgage loans with an allowance recorded were guaranteed by the U.S. government. TDR Loans The amount of interest that would have been recorded under the original terms for total accruing TDR loan |
AVAILABLE-FOR-SALE AND OTHER SE
AVAILABLE-FOR-SALE AND OTHER SECURITIES | 12 Months Ended |
Dec. 31, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
AVAILABLE-FOR-SALE AND OTHER SECURITIES | AVAILABLE-FOR-SALE AND OTHER SECURITIES Contractual maturities of available-for-sale and other securities as of December 31, 2015 and 2014 were: 2015 2014 (dollar amounts in thousands) Amortized Cost Fair Value Amortized Cost Fair Value Under 1 year $ 333,891 $ 332,980 $ 355,486 $ 355,465 After 1 year through 5 years 1,184,454 1,189,455 1,047,492 1,066,041 After 5 years through 10 years 1,648,808 1,645,759 1,517,974 1,527,195 After 10 years 5,259,855 5,263,063 6,090,688 6,086,980 Other securities: Nonmarketable equity securities 332,786 332,786 331,559 331,559 Mutual funds 10,604 10,604 16,151 16,161 Marketable equity securities 525 794 536 1,269 Total available-for-sale and other securities $ 8,770,923 $ 8,775,441 $ 9,359,886 $ 9,384,670 Other securities at December 31, 2015 and 2014 include nonmarketable equity securities of $157 million and $157 million of stock issued by the FHLB of Cincinnati, and $176 million and $175 million of Federal Reserve Bank stock, respectively. Nonmarketable equity securities are recorded at amortized cost. Other securities also include marketable equity securities. The following tables provide amortized cost, fair value, and gross unrealized gains and losses recognized in OCI by investment category at December 31, 2015 and 2014 : Unrealized (dollar amounts in thousands) Amortized Cost Gross Gains Gross Losses Fair Value December 31, 2015 U.S. Treasury $ 5,457 $ 15 $ — $ 5,472 Federal agencies: Mortgage-backed securities 4,505,318 30,078 (13,708 ) 4,521,688 Other agencies 115,076 888 (51 ) 115,913 Total U.S. Treasury, Federal agency securities 4,625,851 30,981 (13,759 ) 4,643,073 Municipal securities 2,431,943 51,558 (27,105 ) 2,456,396 Asset-backed securities 901,059 535 (40,181 ) 861,413 Corporate debt 464,207 4,824 (2,554 ) 466,477 Other securities 347,863 271 (52 ) 348,082 Total available-for-sale and other securities $ 8,770,923 $ 88,169 $ (83,651 ) $ 8,775,441 Unrealized (dollar amounts in thousands) Amortized Gross Gross Fair Value December 31, 2014 U.S. Treasury $ 5,435 $ 17 $ — $ 5,452 Federal agencies: Mortgage-backed securities 5,273,899 63,906 (15,104 ) 5,322,701 Other agencies 349,715 2,871 (1,043 ) 351,543 Total U.S. Treasury, Federal agency securities 5,629,049 66,794 (16,147 ) 5,679,696 Municipal securities 1,841,311 37,398 (10,140 ) 1,868,569 Private-label CMO 43,730 1,116 (2,920 ) 41,926 Asset-backed securities 1,014,999 2,061 (61,062 ) 955,998 Corporate debt 479,151 9,442 (2,417 ) 486,176 Other securities 351,646 743 (84 ) 352,305 Total available-for-sale and other securities $ 9,359,886 $ 117,554 $ (92,770 ) $ 9,384,670 The following tables provide detail on investment securities with unrealized losses aggregated by investment category and the length of time the individual securities have been in a continuous loss position at December 31, 2015 and 2014 : Less than 12 Months Over 12 Months Total (dollar amounts in thousands ) Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses December 31, 2015 Federal agencies: Mortgage-backed securities $ 1,658,516 $ (11,341 ) $ 84,147 $ (2,367 ) $ 1,742,663 $ (13,708 ) Other agencies 37,982 (51 ) — — 37,982 (51 ) Total Federal agency securities 1,696,498 (11,392 ) 84,147 (2,367 ) 1,780,645 (13,759 ) Municipal securities 570,916 (15,992 ) 248,204 (11,113 ) 819,120 (27,105 ) Asset-backed securities 552,275 (5,791 ) 207,639 (34,390 ) 759,914 (40,181 ) Corporate debt 167,144 (1,673 ) 21,965 (881 ) 189,109 (2,554 ) Other securities 772 (28 ) 1,476 (24 ) 2,248 (52 ) Total temporarily impaired securities $ 2,987,605 $ (34,876 ) $ 563,431 $ (48,775 ) $ 3,551,036 $ (83,651 ) Less than 12 Months Over 12 Months Total (dollar amounts in thousands ) Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses December 31, 2014 Federal agencies: Mortgage-backed securities $ 501,858 $ (1,909 ) $ 527,280 $ (13,195 ) $ 1,029,138 $ (15,104 ) Other agencies 159,708 (1,020 ) 1,281 (23 ) 160,989 (1,043 ) Total Federal agency securities 661,566 (2,929 ) 528,561 (13,218 ) 1,190,127 (16,147 ) Municipal securities 568,619 (9,127 ) 96,426 (1,013 ) 665,045 (10,140 ) Private-label CMO — — 22,650 (2,920 ) 22,650 (2,920 ) Asset-backed securities 157,613 (641 ) 325,691 (60,421 ) 483,304 (61,062 ) Corporate debt 49,562 (252 ) 88,398 (2,165 ) 137,960 (2,417 ) Other securities — — 1,416 (84 ) 1,416 (84 ) Total temporarily impaired securities $ 1,437,360 $ (12,949 ) $ 1,063,142 $ (79,821 ) $ 2,500,502 $ (92,770 ) At December 31, 2015 , the carrying value of investment securities pledged to secure public and trust deposits, trading account liabilities, U.S. Treasury demand notes, and security repurchase agreements totaled $2.6 billion . There were no securities of a single issuer, which are not governmental or government-sponsored, that exceeded 10% of shareholders’ equity at December 31, 2015 . The following table is a summary of realized securities gains and losses for the years ended December 31, 2015 , 2014 , and 2013 : Year ended December 31, (dollar amounts in thousands) 2015 2014 2013 Gross gains on sales of securities $ 6,730 $ 17,729 $ 2,932 Gross (losses) on sales of securities (3,546 ) (175 ) (712 ) Net gain (loss) on sales of securities $ 3,184 $ 17,554 $ 2,220 Security Impairment Huntington evaluates the available-for-sale securities portfolio on a quarterly basis for impairment. We conduct a comprehensive security-level assessment on all available-for-sale securities. Impairment would exist when the present value of the expected cash flows are not sufficient to recover the entire amortized cost basis at the balance sheet date. Under these circumstances, any impairment would be recognized in earnings. The contractual terms and/or cash flows of the investments do not permit the issuer to settle the securities at a price less than the amortized cost. Huntington does not intend to sell, nor does it believe it will be required to sell these securities until the amortized cost is recovered, which may be maturity. The highest risk segment in our investment portfolio is the trust preferred CDO securities which are in the asset-backed securities portfolio. This portfolio is in run off, and we have not purchased these types of securities since 2005. The fair values of the CDO assets have been impacted by various market conditions. The unrealized losses are primarily the result of wider liquidity spreads on asset-backed securities and the longer expected average lives of the trust-preferred CDO securities, due to changes in the expectations of when the underlying securities will be repaid. Collateralized Debt Obligations are backed by a pool of debt securities issued by financial institutions. The collateral generally consists of trust-preferred securities and subordinated debt securities issued by banks, bank holding companies, and insurance companies. Many collateral issuers have the option of deferring interest payments on their debt for up to five years. A full cash flow analysis is used to estimate fair values and assess impairment for each security within this portfolio. A third-party pricing specialist with direct industry experience in pooled-trust-preferred security evaluations is engaged to provide assistance estimating the fair value and expected cash flows on this portfolio. The full cash flow analysis is completed by evaluating the relevant credit and structural aspects of each pooled-trust-preferred security in the portfolio, including collateral performance projections for each piece of collateral in the security and terms of the security’s structure. The credit review includes an analysis of profitability, credit quality, operating efficiency, leverage, and liquidity using available financial and regulatory information for each underlying collateral issuer. The analysis also includes a review of historical industry default data, current / near term operating conditions, and the impact of macroeconomic and regulatory changes. Using the results of our analysis, we estimate appropriate default and recovery probabilities for each piece of collateral then estimate the expected cash flows for each security. The fair value of each security is obtained by discounting the expected cash flows at a market discount rate. The market discount rate is determined by reference to yields observed in the market for similarly rated collateralized debt obligations, specifically high-yield collateralized loan obligations. The relatively high market discount rate is reflective of the uncertainty of the cash flows and illiquid nature of these securities. The large differential between the fair value and amortized cost of some of the securities reflects the high market discount rate and the expectation that the majority of the cash flows will not be received until near the final maturity of the security (the final maturities range from 2032 to 2035). On December 10, 2013, the Federal Reserve, the OCC, the FDIC, the CFTC and the SEC issued final rules to implement the Volcker Rule contained in section 619 of the Dodd-Frank Act, generally to become effective on July 21, 2015. The Volcker Rule prohibits an insured depository institution and its affiliates (referred to as “banking entities”) from: (i) engaging in “proprietary trading” and (ii) investing in or sponsoring certain types of funds (“covered funds”) subject to certain limited exceptions. These prohibitions impact the ability of U.S. banking entities to provide investment management products and services that are competitive with nonbanking firms generally and with non-U.S. banking organizations in overseas markets. The rule also effectively prohibits short-term trading strategies by any U.S. banking entity if those strategies involve instruments other than those specifically permitted for trading. On January 14, 2014, the five federal agencies approved an interim final rule to permit banking entities to retain interests in certain collateralized debt obligations backed primarily by trust preferred securities from the investment prohibitions of section 619 of the Volcker Rule. Under the interim final rule, the agencies permit the retention of an interest in or sponsorship of covered funds by banking entities if certain qualifications are met. In addition, the agencies released a non-exclusive list of issuers that meet the requirements of the interim final rule. At December 31, 2015 , we had investments in eight different pools of trust preferred securities. Seven of our pools are included in the list of non-exclusive issuers. We have analyzed the ICONS pool that was not included on the list and believe that it is more likely than not that we will be able to hold the ICONS security to recovery under the final Volcker Rule regulations. The following table summarizes the relevant characteristics of our CDO securities portfolio, which are included in asset-backed securities, at December 31, 2015 and 2014 . Each security is part of a pool of issuers and supports a more senior tranche of securities except for the MM Comm III securities which are the most senior class. Collateralized Debt Obligation Securities (dollar amounts in thousands) Deal Name Par Value Amortized Cost Fair Value Unrealized Loss (2) Lowest Credit Rating (3) # of Issuers Currently Performing/ Remaining (4) Actual Deferrals and Defaults as a % of Original Collateral Expected Defaults as a % of Remaining Performing Collateral Excess Subordination (5) Alesco II (1) $ 41,646 $ 28,022 $ 25,296 $ (2,727 ) C 30/32 5 % 7 % 4 % ICONS 19,214 19,214 15,567 (3,647 ) BB 19/21 7 14 52 MM Comm III 4,684 4,475 3,682 (793 ) BB 5/8 5 6 36 Pre TSL IX (1) 5,000 3,955 3,009 (946 ) C 27/38 18 10 7 Pre TSL XI (1) 25,000 20,155 15,418 (4,737 ) C 42/55 16 9 10 Pre TSL XIII (1) 27,530 19,735 16,769 (2,966 ) C 47/56 9 10 24 Reg Diversified (1) 25,500 5,435 1,994 (3,441 ) D 23/39 33 7 — Tropic III 31,000 31,000 18,603 (12,397 ) CCC+ 30/40 19 9 40 Total at December 31, 2015 $ 179,574 $ 131,991 $ 100,338 $ (31,654 ) Total at December 31, 2014 $ 193,597 $ 139,194 $ 82,738 $ (56,456 ) (1) Security was determined to have OTTI. As such, the book value is net of recorded credit impairment. (2) The majority of securities have been in a continuous loss position for 12 months or longer. (3) For purposes of comparability, the lowest credit rating expressed is equivalent to Fitch ratings even where the lowest rating is based on another nationally recognized credit rating agency. (4) Includes both banks and/or insurance companies. (5) Excess subordination percentage represents the additional defaults in excess of both current and projected defaults that the CDO can absorb before the bond experiences credit impairment. Excess subordinated percentage is calculated by (a) determining what percentage of defaults a deal can experience before the bond has credit impairment, and (b) subtracting from this default breakage percentage both total current and expected future default percentages. For the periods ended December 31, 2015 , 2014 , and 2013 , the following table summarizes by security type, the total OTTI losses recognized in the Consolidated Statements of Income for securities evaluated for impairment as described above: Year ended December 31, (dollar amounts in thousands) 2015 2014 2013 Available-for-sale and other securities: Collateralized Debt Obligations $ (2,440 ) $ — $ (1,466 ) Private label CMO — — (336 ) Total debt securities (2,440 ) — (1,802 ) Equity securities — — — Total available-for-sale and other securities $ (2,440 ) $ — $ (1,802 ) The following table rolls forward the OTTI recognized in earnings on debt securities held by Huntington for the years ended December 31, 2015 , and 2014 as follows: Year Ended December 31, (dollar amounts in thousands) 2015 2014 Balance, beginning of year $ 30,869 $ 30,869 Reductions from sales (14,941 ) — Credit losses not previously recognized — — Additional credit losses 2,440 — Balance, end of year $ 18,368 $ 30,869 To reduce asset risk weighting and credit risk in the investment portfolio, the remainder of the private-label CMO portfolio was sold in the 2015 third quarter. Huntington recognized OTTI on this portfolio in prior periods. |
HELD-TO-MATURITY SECURITIES
HELD-TO-MATURITY SECURITIES | 12 Months Ended |
Dec. 31, 2015 | |
Held-to-maturity Securities [Abstract] | |
HELD-TO-MATURITY SECURITIES | HELD-TO-MATURITY SECURITIES These are debt securities that Huntington has the intent and ability to hold until maturity. The debt securities are carried at amortized cost and adjusted for amortization of premiums and accretion of discounts using the interest method. During 2015 , Huntington transferred $3.0 billion of federal agencies, mortgage-backed securities and other agency securities from the available-for-sale securities portfolio to the held-to-maturity securities portfolio. At the time of the transfer, $6 million of unrealized net gains were recognized in OCI. The amounts in OCI will be recognized in earnings over the remaining life of the securities as an offset to the adjustment of yield in a manner consistent with the amortization of the premium on the same transferred securities, resulting in an immaterial impact on net income. Listed below are the contractual maturities (under 1 year, 1-5 years, 6-10 years, and over 10 years) of held-to-maturity securities at December 31, 2015 and December 31, 2014 : December 31, 2015 December 31, 2014 (dollar amounts in thousands) Amortized Cost Fair Value Amortized Cost Fair Value Federal agencies: mortgage-backed securities: 1 year or less $ — $ — $ — $ — After 1 year through 5 years — — — — After 5 years through 10 years 25,909 25,227 24,901 24,263 After 10 years 5,506,592 5,484,407 3,136,460 3,140,194 Total Federal agencies: mortgage-backed securities 5,532,501 5,509,634 3,161,361 3,164,457 Other agencies: 1 year or less — — — — After 1 year through 5 years — — — — After 5 years through 10 years 283,960 284,907 54,010 54,843 After 10 years 336,092 334,004 156,553 155,821 Total other agencies 620,052 618,911 210,563 210,664 Total U.S. Government backed agencies 6,152,553 6,128,545 3,371,924 3,375,121 Municipal securities: 1 year or less — — — — After 1 year through 5 years — — — — After 5 years through 10 years — — — — After 10 years 7,037 6,913 7,981 7,594 Total municipal securities 7,037 6,913 7,981 7,594 Total held-to-maturity securities $ 6,159,590 $ 6,135,458 $ 3,379,905 $ 3,382,715 The following table provides amortized cost, gross unrealized gains and losses, and fair value by investment category at December 31, 2015 and 2014 : Unrealized (dollar amounts in thousands) Amortized Cost Gross Gains Gross Losses Fair Value December 31, 2015 Federal Agencies: Mortgage-backed securities $ 5,532,501 $ 14,637 $ (37,504 ) $ 5,509,634 Other agencies 620,052 1,645 (2,786 ) 618,911 Total U.S. Government backed agencies 6,152,553 16,282 (40,290 ) 6,128,545 Municipal securities 7,037 — (124 ) 6,913 Total held-to-maturity securities $ 6,159,590 $ 16,282 $ (40,414 ) $ 6,135,458 Unrealized (dollar amounts in thousands) Amortized Gross Gross Fair Value December 31, 2014 Federal Agencies: Mortgage-backed securities $ 3,161,361 $ 24,832 $ (21,736 ) $ 3,164,457 Other agencies 210,563 1,251 (1,150 ) 210,664 Total U.S. Government backed agencies 3,371,924 26,083 (22,886 ) 3,375,121 Municipal securities 7,981 — (387 ) 7,594 Total held-to-maturity securities $ 3,379,905 $ 26,083 $ (23,273 ) $ 3,382,715 The following tables provide detail on HTM securities with unrealized losses aggregated by investment category and the length of time the individual securities have been in a continuous loss position at December 31, 2015 and 2014 : Less than 12 Months Over 12 Months Total (dollar amounts in thousands ) Fair Unrealized Fair Unrealized Fair Unrealized December 31, 2015 Federal Agencies: Mortgage-backed securities $ 3,692,890 $ (25,418 ) $ 519,872 $ (12,086 ) $ 4,212,762 $ (37,504 ) Other agencies 425,410 (2,689 ) 6,647 (97 ) 432,057 (2,786 ) Total U.S. Government backed securities 4,118,300 (28,107 ) 526,519 (12,183 ) 4,644,819 (40,290 ) Municipal securities — — 6,913 (124 ) 6,913 (124 ) Total temporarily impaired securities $ 4,118,300 $ (28,107 ) $ 533,432 $ (12,307 ) $ 4,651,732 $ (40,414 ) Less than 12 Months Over 12 Months Total (dollar amounts in thousands ) Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses December 31, 2014 Federal Agencies: Mortgage-backed securities $ 707,934 $ (5,550 ) $ 622,026 $ (16,186 ) $ 1,329,960 $ (21,736 ) Other agencies 36,956 (198 ) 71,731 (952 ) 108,687 (1,150 ) Total U.S. Government backed securities 744,890 (5,748 ) 693,757 (17,138 ) 1,438,647 (22,886 ) Municipal securities 7,594 (387 ) — — 7,594 (387 ) Total temporarily impaired securities $ 752,484 $ (6,135 ) $ 693,757 $ (17,138 ) $ 1,446,241 $ (23,273 ) Security Impairment Huntington evaluates the held-to-maturity securities portfolio on a quarterly basis for impairment. Impairment would exist when the present value of the expected cash flows is not sufficient to recover the entire amortized cost basis at the balance sheet date. Under these circumstances, any impairment would be recognized in earnings. As of December 31, 2015 and 2014 , Management evaluated held-to-maturity securities with unrealized losses for impairment and concluded no OTTI is required. |
LOAN SALES AND SECURITIZATIONS
LOAN SALES AND SECURITIZATIONS | 12 Months Ended |
Dec. 31, 2015 | |
Transfers and Servicing [Abstract] | |
LOAN SALES AND SECURITIZATIONS | LOAN SALES AND SECURITIZATIONS Residential Mortgage Portfolio The following table summarizes activity relating to residential mortgage loans sold with servicing retained for the years ended December 31, 2015 , 2014 , and 2013 : Year Ended December 31, (dollar amounts in thousands) 2015 2014 2013 Residential mortgage loans sold with servicing retained $ 3,322,723 $ 2,330,060 $ 3,221,239 Pretax gains resulting from above loan sales (1) 83,148 57,590 102,935 (1) Recorded in mortgage banking income. The following tables summarize the changes in MSRs recorded using either the fair value method or the amortization method for the years ended December 31, 2015 and 2014 : Fair Value Method (dollar amounts in thousands) 2015 2014 Fair value, beginning of year $ 22,786 $ 34,236 Change in fair value during the period due to: Time decay (1) (1,295 ) (2,232 ) Payoffs (2) (3,031 ) (5,814 ) Changes in valuation inputs or assumptions (3) (875 ) (3,404 ) Fair value, end of year $ 17,585 $ 22,786 Weighted-average contractual life (years) 4.6 4.6 (1) Represents decrease in value due to passage of time, including the impact from both regularly scheduled loan principal payments and partial loan paydowns. (2) Represents decrease in value associated with loans that paid off during the period. (3) Represents change in value resulting primarily from market-driven changes in interest rates and prepayment speeds. Amortization Method (dollar amounts in thousands) 2015 2014 Carrying value, beginning of year $ 132,812 $ 128,064 New servicing assets created 35,407 24,629 Servicing assets acquired — 3,505 Impairment recovery (charge) (2,732 ) (7,330 ) Amortization and other (22,354 ) (16,056 ) Carrying value, end of year $ 143,133 $ 132,812 Fair value, end of year $ 143,435 $ 133,049 Weighted-average contractual life (years) 5.9 5.9 MSRs do not trade in an active, open market with readily observable prices. While sales of MSRs occur, the precise terms and conditions are typically not readily available. Therefore, the fair value of MSRs is estimated using a discounted future cash flow model. The model considers portfolio characteristics, contractually specified servicing fees and assumptions related to prepayments, delinquency rates, late charges, other ancillary revenues, costs to service, and other economic factors. Changes in the assumptions used may have a significant impact on the valuation of MSRs. MSR values are very sensitive to movements in interest rates as expected future net servicing income depends on the projected outstanding principal balances of the underlying loans, which can be greatly impacted by the level of prepayments. Huntington hedges the value of certain MSRs against changes in value attributable to changes in interest rates using a combination of derivative instruments and trading securities. For MSRs under the fair value method, a summary of key assumptions and the sensitivity of the MSR value to changes in these assumptions at December 31, 2015 , and 2014 follows: December 31, 2015 December 31, 2014 Decline in fair value due to Decline in fair value due to (dollar amounts in thousands) Actual 10% adverse change 20% adverse change Actual 10% adverse change 20% adverse change Constant prepayment rate (annualized) 14.70 % $ (864 ) $ (1,653 ) 15.60 % $ (1,176 ) $ (2,248 ) Spread over forward interest rate swap rates 539 bps (559 ) (1,083 ) 546 bps (699 ) (1,355 ) For MSRs under the amortization method, a summary of key assumptions and the sensitivity of the MSR value to changes in these assumptions at December 31, 2015 , and 2014 follows: December 31, 2015 December 31, 2014 Decline in fair value due to Decline in fair value due to (dollar amounts in thousands) Actual 10% adverse change 20% adverse change Actual 10% adverse change 20% adverse change Constant prepayment rate (annualized) 11.10 % $ (5,543 ) $ (10,648 ) 11.40 % $ (5,289 ) $ (10,164 ) Spread over forward interest rate swap rates 875 bps (4,662 ) (9,017 ) 856 bps (4,343 ) (8,403 ) Total servicing, late and other ancillary fees included in mortgage banking income was $47 million , $44 million , and $44 million for the years ended December 31, 2015 , 2014 , and 2013 , respectively. Total amortization and impairment of capitalized servicing assets included in mortgage banking income was $27 million , $24 million , and $29 million for the years ended December 31, 2015 , 2014 , and 2013 , respectively. The unpaid principal balance of residential mortgage loans serviced for third parties was $16.2 billion , $15.6 billion , and $15.2 billion at December 31, 2015 , 2014 , and 2013 , respectively. Automobile Loans and Leases The following table summarizes activity relating to automobile loans sold and/or securitized with servicing retained for the years ended December 31, 2015 , 2014 , and 2013 : Year Ended December 31, (dollar amounts in thousands) 2015 2014 (1) 2013 (1) Automobile loans securitized with servicing retained $ 750,000 — — Pretax gains resulting from above loan sales (2) 5,333 — — (1) Huntington did not sell or securitize any automobile loans in 2014 or 2013. (2) Recorded in gain on sale of loans In the 2015 second quarter, the UPB of automobile loans totaling $750 million were transferred to a trust in a securitization transaction in exchange for $780 million of net proceeds. The securitization and resulting sale of all underlying securities qualified for sale accounting. As a result of this transaction, Huntington recognized a $5 million gain which is reflected in gain on sale of loans on the Consolidated Statements of Income and recorded an $11 million servicing asset which is reflected in accrued income and other assets on the Consolidated Balance Sheets. Huntington has retained servicing responsibilities on sold automobile loans and receives annual servicing fees and other ancillary fees on the outstanding loan balances. Automobile loan servicing rights are accounted for using the amortization method. A servicing asset is established at fair value at the time of the sale. The servicing asset is then amortized against servicing income. Impairment, if any, is recognized when carrying value exceeds the fair value as determined by calculating the present value of expected net future cash flows. The primary risk characteristic for measuring servicing assets is payoff rates of the underlying loan pools. Valuation calculations rely on the predicted payoff assumption and, if actual payoff is quicker than expected, then future value would be impaired. Changes in the carrying value of automobile loan servicing rights for the years ended December 31, 2015 , and 2014 , and the fair value at the end of each period were as follows: (dollar amounts in thousands) 2015 2014 Carrying value, beginning of year $ 6,898 $ 17,672 New servicing assets created 11,180 — Amortization and other (9,307 ) (10,774 ) Carrying value, end of year $ 8,771 $ 6,898 Fair value, end of year $ 9,127 $ 6,948 Weighted-average contractual life (years) 3.2 2.6 A summary of key assumptions and the sensitivity of the automobile loan servicing rights value to changes in these assumptions at December 31, 2015 , and 2014 follows: December 31, 2015 December 31, 2014 Decline in fair value due to Decline in fair value due to (dollar amounts in thousands) Actual 10% adverse change 20% adverse change Actual 10% adverse change 20% adverse change Constant prepayment rate (annualized) 18.36 % $ (500 ) $ (895 ) 14.62 % $ (305 ) $ (496 ) Spread over forward interest rate swap rates 500 bps (10 ) (19 ) 500 bps (2 ) (4 ) Servicing income, net of amortization of capitalized servicing assets was $5 million , $8 million , and $10 million for the years ended December 31, 2015 , 2014 , and 2013 , respectively. The unpaid principal balance of automobile loans serviced for third parties was $0.9 billion , $0.8 billion , and $1.6 billion at December 31, 2015 , 2014 , and 2013 , respectively. Small Business Association (SBA) Portfolio The following table summarizes activity relating to SBA loans sold with servicing retained for the years ended December 31, 2015 , 2014 , and 2013 : Year Ended December 31, (dollar amounts in thousands) 2015 2014 2013 SBA loans sold with servicing retained $ 232,848 $ 214,760 $ 178,874 Pretax gains resulting from above loan sales (1) 18,626 24,579 19,556 (1) Recorded in gain on sale of loans. Huntington has retained servicing responsibilities on sold SBA loans and receives annual servicing fees on the outstanding loan balances. SBA loan servicing rights are accounted for using the amortization method. A servicing asset is established at fair value at the time of the sale using a discounted future cash flow model. The servicing asset is then amortized against servicing income. Impairment, if any, is recognized when carrying value exceeds the fair value as determined by calculating the present value of expected net future cash flows. The following tables summarize the changes in the carrying value of the servicing asset for the years ended December 31, 2015 , and 2014 : (dollar amounts in thousands) 2015 2014 Carrying value, beginning of year $ 18,536 $ 16,865 New servicing assets created 8,012 7,269 Amortization and other (6,801 ) (5,598 ) Carrying value, end of year $ 19,747 $ 18,536 Fair value, end of year $ 22,649 $ 20,495 Weighted-average contractual life (years) 3.3 3.5 A summary of key assumptions and the sensitivity of the SBA loan servicing rights value to changes in these assumptions at December 31, 2015 , and 2014 follows: December 31, 2015 December 31, 2014 Decline in fair value due to Decline in fair value due to (dollar amounts in thousands) Actual 10% adverse change 20% adverse change Actual 10% adverse change 20% adverse change Constant prepayment rate (annualized) 7.60 % $ (313 ) $ (622 ) 5.60 % $ (211 ) $ (419 ) Discount rate 15.00 (610 ) (1,194 ) 15.00 (563 ) (1,102 ) Servicing income, net of amortization of capitalized servicing assets was $8 million , $7 million , and $6 million for the years ended December 31, 2015 , 2014 , and 2013 , respectively. The unpaid principal balance of SBA loans serviced for third parties was $1.0 billion , $0.9 billion and $0.9 billion at December 31, 2015 , 2014 , and 2013 , respectively. |
GOODWILL AND OTHER INTANGIBLE A
GOODWILL AND OTHER INTANGIBLE ASSETS | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
GOODWILL AND OTHER INTANGIBLE ASSETS | GOODWILL AND OTHER INTANGIBLE ASSETS Business segments are based on segment leadership structure, which reflects how segment performance is monitored and assessed. We have five major business segments: Retail and Business Banking, Commercial Banking, Automobile Finance and Commercial Real Estate (AFCRE), Regional Banking and The Huntington Private Client Group (RBHPCG), and Home Lending. A Treasury / Other function includes, along with technology and operations, other unallocated assets, liabilities, revenue, and expense. All periods presented have been reclassified to conform to the current period classification. During 2014, we realigned our business segments to drive our ongoing growth and leverage the knowledge of our highly experienced team. Amounts relating to the realignment are disclosed in the table below. A rollforward of goodwill by business segment for the years ended December 31, 2015 and 2014 , is presented in the table below: Retail & Business Commercial Home Treasury/ Huntington (dollar amounts in thousands) Banking Banking AFCRE RBHPCG Lending Other Consolidated Balance, January 1, 2014 $ 286,824 $ 22,108 $ — $ 93,012 $ — $ 42,324 $ 444,268 Goodwill acquired during the period 81,273 — — — — — 81,273 Adjustments — 37,486 — (3,000 ) 3,000 (37,486 ) — Impairment — — — — (3,000 ) — (3,000 ) Balance, December 31, 2014 368,097 59,594 — 90,012 — 4,838 522,541 Goodwill acquired during the period — 155,828 — — — — 155,828 Adjustments — — — (1,500 ) — — (1,500 ) Impairment — — — — — — — Balance, December 31, 2015 $ 368,097 $ 215,422 $ — $ 88,512 $ — $ 4,838 $ 676,869 On March 31, 2015, Huntington completed its acquisition of Macquarie Equipment Finance, which was re-branded Huntington Technology Finance. As part of the transaction, Huntington recorded $156 million of goodwill and $8 million of other intangible assets. For additional information on the acquisition, see Note 23 Business Combinations. During 2015, Huntington adjusted the goodwill in the RBHPCG segment related to a sale of HASI and HAA. The amount was adjusted based on relative fair value methodology. In 2014, Huntington completed an acquisition of 24 Bank of America branches in Michigan and recorded $17 million of goodwill. The remaining $64 million of goodwill acquired during 2014 was the result of the Camco Financial acquisition, which was also completed in 2014. Goodwill is not amortized but is evaluated for impairment on an annual basis at October 1 of each year or whenever events or changes in circumstances indicate the carrying value may not be recoverable. As a result of the 2014 first quarter reorganization in our reported business segments, goodwill was reallocated among the business segments. Immediately following the reallocation, impairment of $3 million was recorded in the Home Lending reporting segment. No impairment was recorded in 2015 or 2013 . Also in 2014, we moved our insurance brokerage business from Treasury / Other to Commercial Banking to align with a change in management responsibilities. Amounts relating to the realignment are disclosed in the table above. At December 31, 2015 and 2014 , Huntington’s other intangible assets consisted of the following: (dollar amounts in thousands) Gross Accumulated Net December 31, 2015 Core deposit intangible $ 400,058 $ (384,606 ) $ 15,452 Customer relationship 116,094 (76,656 ) 39,438 Other 25,164 (25,076 ) 88 Total other intangible assets $ 541,316 $ (486,338 ) $ 54,978 December 31, 2014 Core deposit intangible $ 400,058 $ (366,907 ) $ 33,151 Customer relationship 107,920 (66,534 ) 41,386 Other 25,164 (25,030 ) 134 Total other intangible assets $ 533,142 $ (458,471 ) $ 74,671 The estimated amortization expense of other intangible assets for the next five years is as follows: (dollar amounts in thousands) Amortization Expense 2016 $ 14,290 2017 12,908 2018 11,135 2019 9,825 2020 3,076 |
PREMISES AND EQUIPMENT
PREMISES AND EQUIPMENT | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
PREMISES AND EQUIPMENT | PREMISES AND EQUIPMENT Premises and equipment were comprised of the following at December 31, 2015 and 2014 : At December 31, (dollar amounts in thousands) 2015 2014 Land and land improvements $ 140,414 $ 137,702 Buildings 366,963 367,225 Leasehold improvements 246,222 235,279 Equipment 647,769 627,307 Total premises and equipment 1,401,368 1,367,513 Less accumulated depreciation and amortization (780,828 ) (751,106 ) Net premises and equipment $ 620,540 $ 616,407 Depreciation and amortization charged to expense and rental income credited to net occupancy expense for the three years ended December 31, 2015 , 2014 , and 2013 were: (dollar amounts in thousands) 2015 2014 2013 Total depreciation and amortization of premises and equipment $ 85,805 $ 82,296 $ 78,601 Rental income credited to occupancy expense 12,563 11,556 12,542 |
SHORT-TERM BORROWINGS
SHORT-TERM BORROWINGS | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
SHORT-TERM BORROWINGS | SHORT-TERM BORROWINGS Borrowings with original maturities of one year or less are classified as short-term and were comprised of the following at December 31, 2015 and 2014 : At December 31, (dollar amounts in thousands) 2015 2014 Federal funds purchased and securities sold under agreements to repurchase $ 601,272 $ 1,058,096 Federal Home Loan Bank advances — 1,325,000 Other borrowings 14,007 14,005 Total short-term borrowings $ 615,279 $ 2,397,101 Other borrowings consist of borrowings from the Treasury and other notes payable. |
LONG-TERM DEBT
LONG-TERM DEBT | 12 Months Ended |
Dec. 31, 2015 | |
Debt Instruments [Abstract] | |
LONG-TERM DEBT | LONG-TERM DEBT Huntington’s long-term debt consisted of the following: At December 31, (dollar amounts in thousands) 2015 2014 The Parent Company: Senior Notes: 2.64% Huntington Bancshares Incorporated senior note due 2018 $ 400,544 $ 398,924 Subordinated Notes: Fixed 7.00% subordinated notes due 2020 328,185 330,105 Huntington Capital I Trust Preferred 1.03% junior subordinated debentures due 2027 (1) 111,816 111,816 Sky Financial Capital Trust IV 1.73% junior subordinated debentures due 2036 (3) 74,320 74,320 Sky Financial Capital Trust III 2.01% junior subordinated debentures due 2036 (3) 72,165 72,165 Huntington Capital II Trust Preferred 1.14% junior subordinated debentures due 2028 (2) 54,593 54,593 Camco Statutory Trust I 2.95% due 2037 (4) 4,212 4,181 Total notes issued by the parent 1,045,835 1,046,104 The Bank: Senior Notes: 2.24% Huntington National Bank senior note due 2018 845,016 — 2.10% Huntington National Bank senior note due 2018 750,035 — 1.75% Huntington National Bank senior note due 2018 502,822 — 2.23% Huntington National Bank senior note due 2017 502,549 499,759 2.43% Huntington National Bank senior note due 2020 500,646 — 2.97% Huntington National Bank senior note due 2020 500,489 — 1.43% Huntington National Bank senior note due 2019 500,292 499,760 1.31% Huntington National Bank senior note due 2016 498,925 497,477 1.40% Huntington National Bank senior note due 2016 349,793 349,499 0.74% Huntington National Bank senior note due 2017 (5) 250,000 250,000 5.04% Huntington National Bank medium-term notes due 2018 37,535 38,541 Subordinated Notes: 6.67% subordinated notes due 2018 136,237 140,115 5.59% subordinated notes due 2016 103,357 105,731 5.45% subordinated notes due 2019 83,833 85,783 Total notes issued by the bank 5,561,529 2,466,665 FHLB Advances: 3.46% weighted average rate, varying maturities greater than one year 7,802 758,052 Other: Huntington Technology Finance nonrecourse debt, 4.21% effective interest rate, varying maturities 301,577 — Huntington Technology Finance ABS Trust 2014 1.35% due 2020 123,577 — Huntington Technology Finance ABS Trust 2012 1.79% due 2017 27,153 — Other 141 65,141 Total other 452,448 65,141 Total long-term debt $ 7,067,614 $ 4,335,962 (1) Variable effective rate at December 31, 2015 , based on three-month LIBOR + 0.70% . (2) Variable effective rate at December 31, 2015 , based on three-month LIBOR + 0.625% . (3) Variable effective rate at December 31, 2015 , based on three-month LIBOR + 1.40% . (4) Variable effective rate at December 31, 2015 , based on three-month LIBOR + 1.33% . (5) Variable effective rate at December 31, 2015 , based on three-month LIBOR + 0.425% . Amounts above are net of unamortized discounts and adjustments related to hedging with derivative financial instruments. The derivative instruments, principally interest rate swaps, are used to hedge the fair values of certain fixed-rate debt by converting the debt to a variable rate. See Note 18 for more information regarding such financial instruments. In November 2015, the Bank issued $850 million of senior notes at 99.88% of face value. The senior bank note issuances mature on November 6, 2018 and have a fixed coupon rate of 2.20% . The senior notes may be redeemed one month prior to maturity date at 100% of principal plus accrued and unpaid interest. In August 2015, the Bank issued $500 million of senior notes at 99.58% of face value. The senior bank note issuances mature on August 20, 2020 and have a fixed coupon rate of 2.88% . In June 2015, the Bank issued $750 million of senior notes at 99.71% of face value. The senior bank note issuances mature on June 30, 2018 and have a fixed coupon rate of 2.00% . On March 31, 2015, Huntington completed its acquisition of Huntington Technology Finance. As part of the acquisition, Huntington assumed $293 million of non-recourse debt with various financial institutions and maturity dates. The effective interest rate on the non-recourse debt is 3.20% . Huntington also assumed $255 million of debt associated with two securitizations. The securitization debt has various classes and associated maturity dates and has an effective interest rate of 1.70% . In February 2015, the Bank issued $500 million of senior notes at 99.86% of face value. The senior bank note issuances mature on February 26, 2018 and have a fixed coupon rate of 1.70% . Also, in February 2015, the Bank issued $500 million of senior notes at 99.87% of face value. The senior bank note issuances mature on April 1, 2020 and have a fixed coupon rate of 2.40% . Both senior note issuances may be redeemed one month prior to the maturity date at 100% of principal plus accrued and unpaid interest. In April 2014, the Bank issued $500 million of senior notes at 99.842% of face value. The senior note issuances mature on April 24, 2017 and have a fixed coupon rate of 1.375% . In April 2014, the Bank also issued $250 million of senior notes at 100% of face value. The senior bank note issuances mature on April 24, 2017 and have a variable coupon rate equal to the three-month LIBOR plus 0.425% . Both senior note issuances may be redeemed one month prior to their maturity date at 100% of principal plus accrued and unpaid interest. In February 2014, the Bank issued $500.0 million of senior notes at 99.842% of face value. The senior bank note issuances mature on April 1, 2019 and have a fixed coupon rate of 2.20% . The senior note issuance may be redeemed one month prior to the maturity date at 100% of principal plus accrued and unpaid interest. Long-term debt maturities for the next five years and thereafter are as follows: dollar amounts in thousands 2016 2017 2018 2019 2020 Thereafter Total The Parent Company: Senior notes $ — $ — $ 400,000 $ — $ — $ — $ 400,000 Subordinated notes — — — — 300,000 318,049 618,049 The Bank: Senior notes 850,000 750,000 2,135,000 500,000 1,000,000 — 5,235,000 Subordinated notes 103,009 — 125,539 75,716 — — 304,264 FHLB Advances — 100 1,163 348 2,458 3,921 7,990 Other 144,095 96,715 110,116 43,340 51,537 10,595 456,398 Total $ 1,097,104 $ 846,815 $ 2,771,818 $ 619,404 $ 1,353,995 $ 332,565 $ 7,021,701 These maturities are based upon the par values of the long-term debt. The terms of the long-term debt obligations contain various restrictive covenants including limitations on the acquisition of additional debt in excess of specified levels, dividend payments, and the disposition of subsidiaries. As of December 31, 2015 , Huntington was in compliance with all such covenants. |
OTHER COMPREHENSIVE INCOME
OTHER COMPREHENSIVE INCOME | 12 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
OTHER COMPREHENSIVE INCOME | OTHER COMPREHENSIVE INCOME The components of Huntington’s OCI in the three years ended December 31, 2015 , 2014 , and 2013 , were as follows: 2015 Tax (expense) (dollar amounts in thousands) Pretax Benefit After-tax Noncredit-related impairment recoveries (losses) on debt securities not expected to be sold $ 19,606 $ (6,933 ) $ 12,673 Unrealized holding gains (losses) on available-for-sale debt securities arising during the period (26,021 ) 9,108 (16,913 ) Less: Reclassification adjustment for net losses (gains) included in net income (3,901 ) 1,365 (2,536 ) Net change in unrealized holding gains (losses) on available-for-sale debt securities (10,316 ) 3,540 (6,776 ) Net change in unrealized holding gains (losses) on available-for-sale equity securities (474 ) 166 (308 ) Unrealized gains (losses) on derivatives used in cash flow hedging relationships arising during the period 12,966 (4,538 ) 8,428 Less: Reclassification adjustment for net (gains) losses included in net income (220 ) 77 (143 ) Net change in unrealized gains (losses) on derivatives used in cash flow hedging relationships 12,746 (4,461 ) 8,285 Net change in pension and other post-retirement obligations (7,795 ) 2,728 (5,067 ) Total other comprehensive income (loss) $ (5,839 ) $ 1,973 $ (3,866 ) 2014 Tax (expense) (dollar amounts in thousands) Pretax Benefit After-tax Noncredit-related impairment recoveries (losses) on debt securities not expected to be sold $ 13,583 $ (4,803 ) $ 8,780 Unrealized holding gains (losses) on available-for-sale debt securities arising during the period 86,618 (30,914 ) 55,704 Less: Reclassification adjustment for net losses (gains) included in net income (15,559 ) 5,446 (10,113 ) Net change in unrealized holding gains (losses) on available-for-sale debt securities 84,642 (30,271 ) 54,371 Net change in unrealized holding gains (losses) on available-for-sale equity securities 295 (103 ) 192 Unrealized gains (losses) on derivatives used in cash flow hedging relationships arising during the period 14,141 (4,949 ) 9,192 Less: Reclassification adjustment for net (gains) losses included in net income (3,971 ) 1,390 (2,581 ) Net change in unrealized gains (losses) on derivatives used in cash flow hedging relationships 10,170 (3,559 ) 6,611 Net change in pension and other post-retirement obligations (106,857 ) 37,400 (69,457 ) Total other comprehensive income (loss) $ (11,750 ) $ 3,467 $ (8,283 ) 2013 Tax (expense) (dollar amounts in thousands) Pretax Benefit After-tax Noncredit-related impairment recoveries (losses) on debt securities not expected to be sold $ 235 $ (82 ) $ 153 Unrealized holding gains (losses) on available-for-sale debt securities arising during the period (125,919 ) 44,191 (81,728 ) Less: Reclassification adjustment for net gains (losses) included in net income 6,211 (2,174 ) 4,037 Net change in unrealized holding gains (losses) on available-for-sale debt securities (119,473 ) 41,935 (77,538 ) Net change in unrealized holding gains (losses) on available-for-sale equity securities 151 (53 ) 98 Unrealized gains and losses on derivatives used in cash flow hedging relationships arising during the period (86,240 ) 30,184 (56,056 ) Less: Reclassification adjustment for net losses (gains) losses included in net income (15,188 ) 5,316 (9,872 ) Net change in unrealized gains (losses) on derivatives used in cash flow hedging relationships (101,428 ) 35,500 (65,928 ) Re-measurement obligation 136,452 (47,758 ) 88,694 Defined benefit pension items (13,106 ) 4,588 (8,518 ) Net change in pension and post-retirement obligations 123,346 (43,170 ) 80,176 Total other comprehensive income (loss) $ (97,404 ) $ 34,212 $ (63,192 ) Activity in accumulated OCI for the two years ended December 31, were as follows: (dollar amounts in thousands) Unrealized gains and (losses) on debt securities (1) Unrealized gains and (losses) on equity securities Unrealized gains and (losses) on cash flow hedging derivatives Unrealized gains (losses) for pension and other post- retirement obligations Total December 31, 2013 $ (39,234 ) $ 292 $ (18,844 ) $ (156,223 ) $ (214,009 ) Other comprehensive income before reclassifications 64,484 192 9,192 — 73,868 Amounts reclassified from accumulated OCI to earnings (10,113 ) — (2,581 ) (69,457 ) (82,151 ) Period change 54,371 192 6,611 (69,457 ) (8,283 ) December 31, 2014 15,137 484 (12,233 ) (225,680 ) (222,292 ) Other comprehensive income before reclassifications (4,240 ) (308 ) 8,428 — 3,880 Amounts reclassified from accumulated OCI to earnings (2,536 ) — (143 ) (5,067 ) (7,746 ) Period change (6,776 ) (308 ) 8,285 (5,067 ) (3,866 ) December 31, 2015 $ 8,361 $ 176 $ (3,948 ) $ (230,747 ) $ (226,158 ) (1) Amount at December 31, 2015 includes $9 million of net unrealized gains on securities transferred from the available-for-sale securities portfolio to the held-to-maturity securities portfolio. The net unrealized gains will be recognized in earnings over the remaining life of the security using the effective interest method. The following table presents the reclassification adjustments out of accumulated OCI included in net income and the impacted line items as listed on the Consolidated Statements of Income for the years ended December 31, 2015 and 2014 : Reclassifications out of accumulated OCI Accumulated OCI components Amounts reclassed from accumulated OCI Location of net gain (loss) reclassified from accumulated OCI into earnings (dollar amounts in thousands) 2015 2014 Gains (losses) on debt securities: Amortization of unrealized gains (losses) $ (144 ) $ 597 Interest income—held-to-maturity securities—taxable Realized gain (loss) on sale of securities 6,485 14,962 Noninterest income—net gains (losses) on sale of securities OTTI recorded (2,440 ) — Noninterest income—net gains (losses) on sale of securities Total before tax 3,901 15,559 Tax (expense) benefit (1,365 ) (5,446 ) Net of tax $ 2,536 $ 10,113 Gains (losses) on cash flow hedging relationships: Interest rate contracts $ 210 $ 4,064 Interest and fee income—loans and leases Interest rate contracts 10 (93 ) Noninterest expense—other income Total before tax 220 3,971 Tax (expense) benefit (77 ) (1,390 ) Net of tax $ 143 $ 2,581 Amortization of defined benefit pension and post-retirement items: Actuarial gains (losses) $ 5,827 $ 106,857 Noninterest expense—personnel costs Net periodic benefit costs 1,968 — Noninterest expense—personnel costs Total before tax 7,795 106,857 Tax (expense) benefit (2,728 ) (37,400 ) Net of tax $ 5,067 $ 69,457 |
SHAREHOLDERS' EQUITY
SHAREHOLDERS' EQUITY | 12 Months Ended |
Dec. 31, 2015 | |
Stockholders' Equity Note [Abstract] | |
SHAREHOLDERS' EQUITY | SHAREHOLDERS’ EQUITY Preferred Stock issued and outstanding In 2008, Huntington issued 569,000 shares of 8.50% Series A Non-Cumulative Perpetual Convertible Preferred Stock (Series A Preferred Stock) with a liquidation preference of $1,000 per share. Each share of the Series A Preferred Stock is non-voting and may be converted at any time, at the option of the holder, into 83.668 shares of common stock of Huntington, which represents an approximate initial conversion price of $11.95 per share of common stock. Since April 15, 2013, at the option of Huntington, the Series A Preferred Stock is subject to mandatory conversion into Huntington’s common stock at the prevailing conversion rate if the closing price of Huntington’s common stock exceeds 130% of the conversion price for 20 trading days during any 30 consecutive trading-day period. At the option of the holder, one share was converted to common stock during the fourth quarter of 2015. In 2011, Huntington issued $36 million par value Floating Rate Series B Non-Cumulative Perpetual Preferred Stock with a liquidation preference of $1,000 per share (the Series B Preferred Stock) and, in certain cases, an additional amount of cash consideration, in exchange for $36 million of (1) Huntington Capital I Floating Rate Capital Securities, (2) Huntington Capital II Floating Rate Capital Securities, (3) Sky Financial Capital Trust III Floating Rate Capital Securities and (4) Sky Financial Capital Trust IV Floating Rate Capital Securities. As part of the exchange offer, Huntington issued depositary shares. Each depositary share represents a 1/40th ownership interest in a share of the Series B Preferred Stock. Each holder of a depositary share will be entitled, in proportion to the applicable fraction of a share of Series B Preferred Stock and all the related rights and preferences. Huntington will pay dividends on the Series B Preferred Stock at a floating rate equal to three-month LIBOR plus a spread of 2.70% . The preferred stock was recorded at the par amount of $36 million , with the difference between par amount of the shares and their fair value of $24 million recorded as a discount. 2015 Share Repurchase Program On March 11, 2015, Huntington announced that the Federal Reserve did not object to the proposed capital actions included in Huntington’s capital plan submitted to the Federal Reserve in January 2015. These actions included a potential repurchase of up to $366 million of common stock from the second quarter of 2015 through the second quarter of 2016. Purchases of common stock may include open market purchases, privately negotiated transactions, and accelerated repurchase programs. Huntington’s board of directors authorized a share repurchase program consistent with Huntington’s capital plan. This program replaced the previously authorized share repurchase program authorized by Huntington’s board of directors in 2014. During 2015 , Huntington repurchased a total of 23.0 million shares of common stock at a weighted average price of $10.93 . Huntington has the ability to repurchase up to $166 million of additional common stock through the second quarter of 2016 . On January 26, 2016, Huntington announced the signing of a definitive merger agreement under which Ohio-based FirstMerit Corporation, the parent company of FirstMerit Bank, will merge into Huntington in a stock and cash transaction. The transaction is expected to be completed in the 2016 third quarter, subject to the satisfaction of customary closing conditions, including regulatory approvals and the approval of the shareholders of Huntington and FirstMerit Corporation. As a result, Huntington no longer has the intent to repurchase shares under the current authorization. 2014 Share Repurchase Program During 2014 , Huntington repurchased a total of 35.7 million shares of common stock at a weighted average price of $9.37 . |
EARNINGS PER SHARE
EARNINGS PER SHARE | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE | EARNINGS PER SHARE Basic earnings per share is the amount of earnings (adjusted for dividends declared on preferred stock) available to each share of common stock outstanding during the reporting period. Diluted earnings per share is the amount of earnings available to each share of common stock outstanding during the reporting period adjusted to include the effect of potentially dilutive common shares. Potentially dilutive common shares include incremental shares issued for stock options, restricted stock units and awards, distributions from deferred compensation plans, and the conversion of the Company’s convertible preferred stock (See Note 12 ). Potentially dilutive common shares are excluded from the computation of diluted earnings per share in periods in which the effect would be antidilutive. For diluted earnings per share, net income available to common shares can be affected by the conversion of the Company’s convertible preferred stock. Where the effect of this conversion would be dilutive, net income available to common shareholders is adjusted by the associated preferred dividends and deemed dividend. The calculation of basic and diluted earnings per share for each of the three years ended December 31 was as follows: Year ended December 31, (dollar amounts in thousands, except per share amounts) 2015 2014 2013 Basic earnings per common share: Net income $ 692,957 $ 632,392 $ 641,282 Preferred stock dividends (31,873 ) (31,854 ) (31,869 ) Net income available to common shareholders $ 661,084 $ 600,538 $ 609,413 Average common shares issued and outstanding 803,412 819,917 834,205 Basic earnings per common share: $ 0.82 $ 0.73 $ 0.73 Diluted earnings per common share Net income available to common shareholders $ 661,084 $ 600,538 $ 609,413 Effect of assumed preferred stock conversion — — — Net income applicable to diluted earnings per share $ 661,084 $ 600,538 $ 609,413 Average common shares issued and outstanding 803,412 819,917 834,205 Dilutive potential common shares: Stock options and restricted stock units and awards 11,633 11,421 8,418 Shares held in deferred compensation plans 1,912 1,420 1,351 Other 172 323 — Dilutive potential common shares: 13,717 13,164 9,769 Total diluted average common shares issued and outstanding 817,129 833,081 843,974 Diluted earnings per common share $ 0.81 $ 0.72 $ 0.72 Approximately 1.6 million , 2.6 million , and 6.6 million options to purchase shares of common stock outstanding at the end of December 31, 2015 , 2014 , and 2013 , respectively, were not included in the computation of diluted earnings per share because the effect would be antidilutive. |
SHARE-BASED COMPENSATION
SHARE-BASED COMPENSATION | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
SHARE-BASED COMPENSATION | SHARE-BASED COMPENSATION Huntington sponsors nonqualified and incentive share based compensation plans. These plans provide for the granting of stock options and other awards to officers, directors, and other employees. Compensation costs are included in personnel costs on the Consolidated Statements of Income. Stock options are granted at the closing market price on the date of the grant. Options granted typically vest ratably over four years or when other conditions are met. Stock options, which represented a portion of our grant values, have no intrinsic value until the stock price increases. Options granted on or after May 1, 2015 have a contractual term of ten years . All options granted on or before April 30, 2015 have a contractual term of seven years . 2015 Long-Term Incentive Plan In 2015, shareholders approved the Huntington Bancshares Incorporated 2015 Long-Term Incentive Plan (the 2015 Plan). Shares remaining under the 2012 Plan have been incorporated into the 2015 Plan and reduced the full number of shares covered by all awards. Accordingly, the total number of shares authorized for awards under the 2015 Plan is 30 million shares. At December 31, 2015 , 25 million shares from the Plan were available for future grants. Huntington issues shares to fulfill stock option exercises and restricted stock unit and award vesting from available authorized common shares. At December 31, 2015 , Huntington believes there are adequate authorized common shares to satisfy anticipated stock option exercises and restricted stock unit and award vesting in 2016 . Huntington uses the Black-Scholes option pricing model to value options in determining our share-based compensation expense. Forfeitures are estimated at the date of grant based on historical rates, and updated as necessary, and reduce the compensation expense recognized. The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the date of grant. The expected dividend yield is based on the dividend rate and stock price at the date of the grant. Expected volatility is based on the estimated volatility of Huntington’s stock over the expected term of the option. The following table presents the weighted average assumptions used in the option-pricing model for options granted in the three years ended December 31, 2015 , 2014 , and 2013 : 2015 2014 2013 Assumptions Risk-free interest rate 2.13 % 1.69 % 0.79 % Expected dividend yield 2.57 2.61 2.83 Expected volatility of Huntington’s common stock 29.0 32.3 35.0 Expected option term (years) 6.5 5.0 5.5 Weighted-average grant date fair value per share $ 2.57 $ 2.13 $ 1.71 The following table presents total share-based compensation expense and related tax benefit for the three years ended December 31, 2015 , 2014 , and 2013 : (dollar amounts in thousands) 2015 2014 2013 Share-based compensation expense $ 51,415 $ 43,666 $ 37,007 Tax benefit 17,618 14,779 12,472 Huntington’s stock option activity and related information for the year ended December 31, 2015 , was as follows: (amounts in thousands, except years and per share amounts) Options Weighted- Weighted- Aggregate Outstanding at January 1, 2015 19,619 $ 6.99 Granted 1,249 10.89 Assumed — Exercised (4,269 ) 6.01 Forfeited/expired (478 ) 17.31 Outstanding at December 31, 2015 16,121 $ 7.25 3.7 $ 64,180 Expected to vest (1) 3,499 $ 9.02 6.3 $ 7,154 Exercisable at December 31, 2015 12,299 $ 6.69 2.9 $ 56,450 (1) The number of options expected to vest includes an estimate of 323 thousand shares expected to be forfeited. The aggregate intrinsic value represents the amount by which the fair value of underlying stock exceeds the “in-the-money” option exercise price. For the years ended December 31, 2015 , 2014 , and 2013 , cash received for the exercises of stock options was $26 million , $21 million and $14 million , respectively. The tax benefit realized for the tax deductions from option exercises totaled $7 million , $4 million and $2 million in 2015 , 2014 , and 2013 , respectively. The weighted-average grant date fair value of nonvested shares granted for the years ended December 31, 2015 , 2014 , and 2013 were $10.86 , $9.09 , and $7.12 , respectively. The total fair value of awards vested during the years ended December 31, 2015 , 2014 , and 2013 was $30 million , $26 million , and $14 million , respectively. As of December 31, 2015 , the total unrecognized compensation cost related to nonvested awards was $71 million with a weighted-average expense recognition period of 2.4 years . The following table presents additional information regarding options outstanding as of December 31, 2015 : (amounts in thousands, except years and per share amounts) Options Outstanding Exercisable Options Weighted- Range of Exercise Prices Shares Weighted- Average Remaining Contractual Life (Years) Weighted- Average Exercise Price Shares Weighted- Average Exercise Price $0 to $5.63 704 1.2 $ 4.30 704 $ 4.30 $5.64 to $6.02 5,666 2.6 6.02 5,666 6.02 $6.03 to $15.95 9,482 4.6 6.98 5,660 6.98 $15.96 and over 269 0.3 21.07 269 21.07 Total 16,121 3.7 $ 7.25 12,299 $ 6.69 Huntington also grants restricted stock, restricted stock units, performance share awards, and other stock-based awards. Restricted stock units and awards are issued at no cost to the recipient, and can be settled only in shares at the end of the vesting period. Restricted stock awards provide the holder with full voting rights and cash dividends during the vesting period. Restricted stock units do not provide the holder with voting rights or cash dividends during the vesting period, but do accrue a dividend equivalent that is paid upon vesting, and are subject to certain service restrictions. Performance share awards are payable contingent upon Huntington achieving certain predefined performance objectives over the three -year measurement period. The fair value of these awards is the closing market price of Huntington’s common stock on the grant date. The following table summarizes the status of Huntington’s restricted stock units and performance share awards as of December 31, 2015 , and activity for the year ended December 31, 2015 : Restricted Stock Awards Restricted Stock Units Performance Share Awards (amounts in thousands, except per share amounts) Quantity Weighted- Average Grant Date Fair Value Per Share Quantity Weighted- Average Grant Date Fair Value Per Share Quantity Weighted- Average Grant Date Fair Value Per Share Nonvested at January 1, 2015 12 $ 9.53 11,904 $ 7.79 2,579 $ 7.76 Granted — — 4,550 10.84 883 10.94 Assumed — — — — — — Vested (3 ) 9.53 (3,785 ) 7.11 (513 ) 6.77 Forfeited (2 ) 9.53 (499 ) 8.53 (56 ) 6.88 Nonvested at December 31, 2015 7 $ 9.53 12,170 $ 9.11 2,893 $ 8.99 |
BENEFIT PLANS
BENEFIT PLANS | 12 Months Ended |
Dec. 31, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
BENEFIT PLANS | Huntington sponsors the Plan, a non-contributory defined benefit pension plan covering substantially all employees hired or rehired prior to January 1, 2010. The Plan, which was modified in 2013 and no longer accrues service benefits to participants, provides benefits based upon length of service and compensation levels. The funding policy of Huntington is to contribute an annual amount that is at least equal to the minimum funding requirements but not more than the amount deductible under the Internal Revenue Code. There were no required minimum contributions during 2015. During the 2013 third quarter, the board of directors approved, and management communicated, a curtailment of the Company’s pension plan effective December 31, 2013. In addition, Huntington has an unfunded defined benefit post-retirement plan that provides certain healthcare and life insurance benefits to retired employees who have attained the age of 55 and have at least 10 years of vesting service under this plan. For any employee retiring on or after January 1, 1993, post-retirement healthcare benefits are based upon the employee’s number of months of service and are limited to the actual cost of coverage. Life insurance benefits are a percentage of the employee’s base salary at the time of retirement, with a maximum of $50,000 of coverage. The employer paid portion of the post-retirement health and life insurance plan was eliminated for employees retiring on and after March 1, 2010. Eligible employees retiring on and after March 1, 2010, who elect retiree medical coverage, will pay the full cost of this coverage. Huntington will not provide any employer paid life insurance to employees retiring on and after March 1, 2010. Eligible employees will be able to convert or port their existing life insurance at their own expense under the same terms that are available to all terminated employees. On January 1, 2015, Huntington terminated the company sponsored retiree health care plan for Medicare eligible retirees and their dependents. Instead, Huntington will partner with a third-party to assist the retirees and their dependents in selecting individual policies from a variety of carriers on a private exchange. This plan amendment resulted in a measurement of the liability at the approval date. The result of the measurement was a $5 million reduction of the liability and increase in accumulated other comprehensive income. It will also result in a reduction of expense over the estimated life of plan participants. The following table shows the weighted-average assumptions used to determine the benefit obligation at December 31, 2015 and 2014 , and the net periodic benefit cost for the years then ended: Pension Post-Retirement 2015 2014 2015 2014 Weighted-average assumptions used to determine benefit obligations Discount rate 4.54 % 4.12 % 3.81 % 3.72 % Rate of compensation increase N/A N/A N/A N/A Weighted-average assumptions used to determine net periodic benefit cost Discount rate (1)(2)(3) 4.12 4.89 3.73 4.11 Expected return on plan assets 7.00 7.25 N/A N/A Rate of compensation increase N/A N/A N/A N/A N/A—Not Applicable (1) The 2014 post-retirement benefit expense was remeasured as of July 31, 2014. The discount rate was 4.27% from January 1, 2014 to July 31, 2014, and was changed to 3.89% for the period from July 31, 2014 to December 31, 2014. (2) The 2015 post-retirement benefit expense was remeasured as of September 30, 2015. The discount rate was 3.72% from January 1, 2015 to September 30, 2015, and was changed to 3.77% for the period from September 30, 2015 to December 31, 2015. The expected long-term rate of return on plan assets is an assumption reflecting the average rate of earnings expected on the funds invested or to be invested to provide for the benefits included in the projected benefit obligation. The expected long-term rate of return is established at the beginning of the plan year based upon historical returns and projected returns on the underlying mix of invested assets. The following table reconciles the beginning and ending balances of the benefit obligation of the Plan and the post-retirement benefit plan with the amounts recognized in the consolidated balance sheets at December 31: Pension Benefits Post-Retirement Benefits (dollar amounts in thousands) 2015 2014 2015 2014 Projected benefit obligation at beginning of measurement year $ 799,594 $ 684,999 $ 15,963 $ 25,669 Changes due to: Service cost 1,830 1,740 — — Interest cost 31,937 32,398 506 856 Benefits paid (17,246 ) (16,221 ) (2,211 ) (3,401 ) Settlements (27,976 ) (27,045 ) (6,993 ) — Plan amendments — — — (8,782 ) Plan curtailments — — — — Medicare subsidies — — 117 462 Actuarial assumptions and gains and losses (1) (33,425 ) 123,723 643 1,159 Total changes (44,880 ) 114,595 (7,938 ) (9,706 ) Projected benefit obligation at end of measurement year $ 754,714 $ 799,594 $ 8,025 $ 15,963 (1) The 2014 actuarial assumptions include revised mortality tables. Benefits paid for post-retirement are net of retiree contributions collected by Huntington. The actual contributions received in 2015 and 2014 by Huntington for the retiree medical program were less than $1 million and $3 million , respectively. The following table reconciles the beginning and ending balances of the fair value of Plan assets at the December 31, 2015 and 2014 measurement dates: Pension Benefits (dollar amounts in thousands) 2015 2014 Fair value of plan assets at beginning of measurement year $ 653,013 $ 649,020 Changes due to: Actual return on plan assets (16,122 ) 44,312 Settlements (25,428 ) (24,098 ) Benefits paid (17,246 ) (16,221 ) Total changes (58,796 ) 3,993 Fair value of plan assets at end of measurement year $ 594,217 $ 653,013 Huntington’s accumulated benefit obligation under the Plan was $755 million and $800 million at December 31, 2015 and 2014 . As of December 31, 2015 , the accumulated benefit obligation exceeded the fair value of Huntington’s plan assets by $160 million and is recorded in accrued expenses and other liabilities. The projected benefit obligation exceeded the fair value of Huntington’s plan assets by $160 million . The following table shows the components of net periodic benefit costs recognized in the three years ended December 31, 2015 : Pension Benefits Post-Retirement Benefits (dollar amounts in thousands) 2015 2014 2013 2015 2014 2013 Service cost $ 1,830 $ 1,740 $ 25,122 $ — $ — $ — Interest cost 31,937 32,398 30,112 506 856 862 Expected return on plan assets (44,175 ) (45,783 ) (47,716 ) — — — Amortization of prior service cost — — (2,883 ) (1,968 ) (1,609 ) (1,353 ) Amortization of loss 7,934 5,767 23,044 (401 ) (571 ) (600 ) Curtailment — — (34,613 ) — — — Settlements 12,645 11,200 8,116 (3,090 ) — — Benefit costs $ 10,171 $ 5,322 $ 1,182 $ (4,953 ) $ (1,324 ) $ (1,091 ) Included in benefit costs are $4 million , $2 million , and $2 million of plan expenses that were recognized in the three years ended December 31, 2015 , 2014 , and 2013 . It is Huntington’s policy to recognize settlement gains and losses as incurred. Assuming no cash contributions are made to the Plan during 2016, Management expects net periodic pension benefit, excluding any expense of settlements, to approximate $2 million for 2016. The postretirement medical and life subsidy was eliminated for anyone who retires on or after March 1, 2010. As such, there were no incremental net periodic post-retirement benefits costs associated with this plan. The estimated transition obligation, prior service credit, and net actuarial loss for the plans that will be amortized from OCI into net periodic benefit cost over the next fiscal year is zero , $2 million , and a $8 million benefit, respectively. At December 31, 2015 and 2014 , The Huntington National Bank, as trustee, held all Plan assets. The Plan assets consisted of investments in a variety of corporate and government fixed income investments, money market funds, and Huntington mutual funds as follows: Fair Value (dollar amounts in thousands) 2015 2014 Cash equivalents: Federated-money market $ 15,590 3 % $ — — % Huntington funds—money market — — 16,136 2 Fixed income: Corporate obligations 205,081 34 218,077 33 U.S. Government Obligations 64,456 11 62,627 10 Mutual funds-fixed income 32,874 6 34,761 5 U.S. Government Agencies 6,979 1 7,445 1 Equities: Mutual funds-equities 136,026 23 147,191 23 Other common stock 120,046 20 118,970 18 Huntington funds — — 37,920 6 Exchange Traded Funds 6,530 1 6,840 1 Limited Partnerships 6,635 1 3,046 1 Fair value of plan assets $ 594,217 100 % $ 653,013 100 % Investments of the Plan are accounted for at cost on the trade date and are reported at fair value. The valuation methodologies used to measure the fair value of pension plan assets vary depending on the type of asset. For an explanation of the fair value hierarchy, refer to Note 1 “Significant Accounting Policies” under the heading “Fair Value Measurements”. At December 31, 2015, equities and money market funds are classified as Level 1; mutual funds-fixed income, corporate obligations, U.S. government obligations, and U.S. government agencies are classified as Level 2; and limited partnerships are classified as Level 3. In general, investments of the Plan are exposed to various risks such as interest rate risk, credit risk, and overall market volatility. Due to the level of risk associated with certain investments, it is reasonably possible changes in the values of investments will occur in the near term and such changes could materially affect the amounts reported in the Plan assets. The investment objective of the Plan is to maximize the return on Plan assets over a long-time period, while meeting the Plan obligations. At December 31, 2015 , Plan assets were invested 3% in cash and cash equivalents, 45% in equity investments, and 52% in bonds, with an average duration of 12.2 years on bond investments. The estimated life of benefit obligations was 11.9 years . Although it may fluctuate with market conditions, Management has targeted a long-term allocation of Plan assets of 20% to 50% in equity investments and 80% to 50% in bond investments. The allocation of Plan assets between equity investments and fixed income investments will change from time to time with the allocation to fixed income investments increasing as the funding level increases. The following table shows the number of shares and dividends received on shares of Huntington stock held by the Plan: December 31, (dollar amounts in thousands, except share amounts) 2015 2014 Dividends received on shares of Huntington stock $ — $ 267 At December 31, 2015, the following table shows when benefit payments were expected to be paid: (dollar amounts in thousands) Pension Benefits Post- Retirement Benefits 2016 $ 51,333 $ 986 2017 50,323 823 2018 48,457 743 2019 47,435 686 2020 46,629 644 2021 through 2025 221,569 2,738 Although not required, a cash contribution can be made to the Plan up to the maximum deductible limit in the plan year. Anticipated contributions for 2016 to the post-retirement benefit plan are zero . The 2016 healthcare cost trend rate is projected to be 7.0% for participants. This rate is assumed to decrease gradually until it reaches 4.5% in the year 2028 and remain at that level thereafter. Huntington updated the immediate healthcare cost trend rate assumption based on current market data and Huntington’s claims experience. This trend rate is expected to decline over time to a trend level consistent with medical inflation and long-term economic assumptions. Huntington also sponsors other nonqualified retirement plans, the most significant being the SERP and the SRIP. The SERP provides certain former officers and directors, and the SRIP provides certain current and former officers and directors of Huntington and its subsidiaries with defined pension benefits in excess of limits imposed by federal tax law. At December 31, 2015 and 2014 , Huntington has an accrued pension liability of $34 million and $35 million , respectively, associated with these plans. Pension expense for the plans was $1 million , $1 million , and $4 million in 2015 , 2014 , and 2013 , respectively. During the 2013 third quarter, the board of directors approved, and management communicated, a curtailment of the Company’s SRIP plan effective December 31, 2013. The following table presents the amounts recognized in the Consolidated Balance Sheets at December 31, 2015 and 2014 , for all of Huntington's defined benefit plans: (dollar amounts in thousands) 2015 2014 Accrued expenses and other liabilities (1) $ 192,734 $ 198,947 (1) A current liability of $2 million is included in the amounts above at December 31, 2015 and 2014; the remaining amount is classified as a noncurrent liability. The following tables present the amounts recognized in OCI as of December 31, 2015 , 2014 , and 2013 , and the changes in accumulated OCI for the years ended December 31, 2015 , 2014 , and 2013 : (dollar amounts in thousands) 2015 2014 2013 Net actuarial loss $ (243,984 ) $ (240,197 ) $ (166,078 ) Prior service cost 13,237 14,517 9,855 Defined benefit pension plans $ (230,747 ) $ (225,680 ) $ (156,223 ) 2015 (dollar amounts in thousands) Pretax Benefit After-tax Balance, beginning of year $ (347,202 ) $ 121,522 $ (225,680 ) Net actuarial (loss) gain: Amounts arising during the year (25,520 ) 8,931 (16,589 ) Amortization included in net periodic benefit costs 19,693 (6,892 ) 12,801 Prior service cost: Amounts arising during the year — — — Amortization included in net periodic benefit costs (1,968 ) 689 (1,279 ) Balance, end of year $ (354,997 ) $ 124,250 $ (230,747 ) 2014 (dollar amounts in thousands) Pretax Benefit After-tax Balance, beginning of year $ (240,345 ) $ 84,122 $ (156,223 ) Net actuarial (loss) gain: Amounts arising during the year (133,085 ) 46,580 (86,505 ) Amortization included in net periodic benefit costs 19,056 (6,670 ) 12,386 Prior service cost: Amounts arising during the year 8,781 (3,073 ) 5,708 Amortization included in net periodic benefit costs (1,609 ) 563 (1,046 ) Balance, end of year $ (347,202 ) $ 121,522 $ (225,680 ) 2013 (dollar amounts in thousands) Pretax Benefit After-tax Balance, beginning of year $ (363,691 ) $ 127,292 $ (236,399 ) Net actuarial (loss) gain: Amounts arising during the year 118,666 (41,532 ) 77,134 Amortization included in net periodic benefit costs 29,194 (10,218 ) 18,976 Prior service cost: Amounts arising during the year — — — Amortization included in net periodic benefit costs (24,514 ) 8,580 (15,934 ) Balance, end of year $ (240,345 ) $ 84,122 $ (156,223 ) Huntington has a defined contribution plan that is available to eligible employees. Huntington matches participant contributions, up to the first 4% of base pay contributed to the Plan. For 2014 and 2015, a discretionary profit-sharing contribution equal to 1% of eligible participants’ annual base pay was awarded. The following table shows the costs of providing the defined contribution plan: Year ended December 31, (dollar amounts in thousands) 2015 2014 2013 Defined contribution plan $ 31,896 $ 31,110 $ 18,238 The following table shows the number of shares, market value, and dividends received on shares of Huntington stock held by the defined contribution plan: December 31, (dollar amounts in thousands, except share amounts) 2015 2014 Shares in Huntington common stock 13,076,164 12,883,333 Market value of Huntington common stock $ 144,622 $ 135,533 Dividends received on shares of Huntington stock 3,076 2,694 |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES The Company and its subsidiaries file income tax returns in the U.S. federal jurisdiction and various state, city, and foreign jurisdictions. Federal income tax audits have been completed through 2009. The IRS is currently examining our 2010 and 2011 consolidated federal income tax returns. Various state and other jurisdictions remain open to examination, including Ohio, Kentucky, Indiana, Michigan, Pennsylvania, West Virginia, and Illinois. Huntington accounts for uncertainties in income taxes in accordance with ASC 740, Income Taxes. At December 31, 2015 , Huntington had gross unrecognized tax benefits of $23 million in income tax liability related to uncertain tax positions. Due to the complexities of some of these uncertainties, the ultimate resolution may result in a payment that is materially different from the current estimate of the tax liabilities. Huntington does not anticipate the total amount of gross unrecognized tax benefits to significantly change within the next 12 months. The following table provides a reconciliation of the beginning and ending amounts of gross unrecognized tax benefits: (dollar amounts in thousands) 2015 2014 Unrecognized tax benefits at beginning of year $ 1,172 $ 704 Gross increases for tax positions taken during current period 23,104 — Gross increases for tax positions taken during prior years — 468 Gross decreases for tax positions taken during prior years (1,172 ) — Unrecognized tax benefits at end of year $ 23,104 $ 1,172 Any interest and penalties on income tax assessments or income tax refunds are recognized in the Consolidated Statements of Income as a component of provision for income taxes. Huntington recognized, $0.1 million of interest benefit, $0.1 million of interest expense, and $0.2 million of interest benefit for the years ended December 31, 2015 , 2014 and 2013 , respectively. Total interest accrued was $0.1 million and $0.2 million at December 31, 2015 and 2014 , respectively. All of the gross unrecognized tax benefits would impact the Company’s effective tax rate if recognized. The following is a summary of the provision (benefit) for income taxes: Year Ended December 31, (dollar amounts in thousands) 2015 2014 2013 Current tax provision (benefit) Federal $ 146,195 $ 186,436 $ 117,174 State 5,677 (1,017 ) 4,278 Total current tax provision (benefit) 151,872 185,419 121,452 Deferred tax provision (benefit) Federal 66,823 41,167 112,681 State 1,953 (5,993 ) (6,659 ) Total deferred tax provision (benefit) 68,776 35,174 106,022 Provision for income taxes $ 220,648 $ 220,593 $ 227,474 The following is a reconcilement of provision for income taxes: Year Ended December 31, (dollar amounts in thousands) 2015 2014 2013 Provision for income taxes computed at the statutory rate $ 319,762 $ 298,545 $ 304,065 Increases (decreases): Tax-exempt income (20,839 ) (17,971 ) (34,378 ) Tax-exempt bank owned life insurance income (18,340 ) (19,967 ) (19,747 ) General business credits (47,894 ) (46,047 ) (39,868 ) State deferred tax asset valuation allowance adjustment, net — (7,430 ) (6,020 ) Capital loss (46,288 ) (26,948 ) (961 ) Affordable housing investment amortization, net of tax benefits 31,741 33,752 16,851 State income taxes, net 4,960 2,873 4,472 Other (2,454 ) 3,786 3,060 Provision for income taxes $ 220,648 $ 220,593 $ 227,474 The significant components of deferred tax assets and liabilities at December 31, were as follows: At December 31, (dollar amounts in thousands) 2015 2014 Deferred tax assets: Allowances for credit losses $ 238,415 $ 233,656 Fair value adjustments 121,642 119,512 Net operating and other loss carryforward 61,492 161,548 Accrued expense/prepaid 44,733 48,656 Purchase accounting adjustments 41,917 13,839 Partnership investments 21,614 24,123 Market discount 11,781 12,215 Pension and other employee benefits 2,405 — Tax credit carryforward 1,823 30,825 Other 11,645 9,477 Total deferred tax assets 557,467 653,851 Deferred tax liabilities: Lease financing 261,078 202,298 Loan origination costs 114,488 103,025 Mortgage servicing rights 48,514 47,748 Operating assets 46,685 50,266 Securities adjustments 19,952 27,856 Purchase accounting adjustments 6,944 17,299 Pension and other employee benefits — 9,677 Other 5,463 5,178 Total deferred tax liabilities 503,124 463,347 Net deferred tax asset before valuation allowance 54,343 190,504 Valuation allowance (3,620 ) (73,057 ) Net deferred tax asset $ 50,723 $ 117,447 At December 31, 2015 , Huntington’s net deferred tax asset related to loss and other carryforwards was $63 million . This was comprised of federal net operating loss carryforwards of $3 million , which will begin expiring in 2023 , $45 million of state net operating loss carryforwards, which will begin expiring in 2016 , an alternative minimum tax credit carryforward of $1 million , which may be carried forward indefinitely, a general business credit carryforward of $1 million , which will begin expiring in 2031 , and a capital loss carryforward of $13 million , which expires in 2018 . In prior periods, Huntington established a valuation allowance against deferred tax assets for federal capital loss carryforwards, state deferred tax assets, and state net operating loss carryforwards. The federal valuation allowance was based on the uncertainty of forecasted federal taxable income expected of the required character in order to utilize the capital loss carryforward. The state valuation allowance was based on the uncertainty of forecasted state taxable income expected in applicable jurisdictions in order to utilize the state deferred tax assets and state net operating loss carryforwards. Based on current analysis of both positive and negative evidence and projected forecasted taxable income of the appropriate character and/or within applicable jurisdictions, the Company believes that it is more likely than not the federal capital loss carryforward, and portions of the state deferred tax assets and state net operating loss carryforwards will be realized. As a result of this analysis, there is no federal capital loss carryforward valuation allowance remaining at December 31, 2015 compared to $69 million at December 31, 2014, and the state valuation allowance of $4 million at December 31, 2015 was essentially unchanged compared to $4 million at December 31, 2014. At December 31, 2015 retained earnings included approximately $12 million of base year reserves of acquired thrift institutions, for which no deferred federal income tax liability has been recognized. Under current law, if these bad debt reserves are used for purposes other than to absorb bad debt losses, they will be subject to federal income tax at the current corporate rate. The amount of unrecognized deferred tax liability relating to the cumulative bad debt deduction was approximately $4 million at December 31, 2015 . |
FAIR VALUES OF ASSETS AND LIABI
FAIR VALUES OF ASSETS AND LIABILITIES | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUES OF ASSETS AND LIABILITIES | FAIR VALUES OF ASSETS AND LIABILITIES Following is a description of the valuation methodologies used for instruments measured at fair value, as well as the general classification of such instruments pursuant to the valuation hierarchy. Mortgage loans held for sale Huntington has elected to apply the fair value option for mortgage loans originated with the intent to sell which are included in loans held for sale. Mortgage loans held for sale are classified as Level 2 and are estimated using security prices for similar product types. Mortgage loans held for investment Mortgages are loans originated with the intent to sell and are measured at fair value with adjustments recognized through the Consolidated Statements of Income. During the year, certain mortgage loans have been reclassified to mortgage loans held for investment. These loans continue to be measured at fair value. The fair value is determined using fair value of mortgage-backed securities adjusted for loan specific variables. Available-for-sale securities and trading account securities Securities accounted for at fair value include both the available-for-sale and trading portfolios. Huntington uses prices obtained from third-party pricing services and recent trades to determine the fair value of securities. AFS and trading securities are classified as Level 1 using quoted market prices (unadjusted) in active markets for identical securities that Huntington has the ability to access at the measurement date. Less than 1% of the positions in these portfolios are Level 1, and consist of U.S. Treasury securities and money market mutual funds. When quoted market prices are not available, fair values are classified as Level 2 using quoted prices for similar assets in active markets, quoted prices of identical or similar assets in markets that are not active, and inputs that are observable for the asset, either directly or indirectly, for substantially the full term of the financial instrument. 74% of the positions in these portfolios are Level 2, and consist of U.S. Government and agency debt securities, agency mortgage backed securities, asset-backed securities, municipal securities and other securities. For Level 2 securities management uses various methods and techniques to corroborate prices obtained from the pricing service, including references to dealer or other market quotes, and by reviewing valuations of comparable instruments. If relevant market prices are limited or unavailable, valuations may require significant management judgment or estimation to determine fair value, in which case the fair values are classified as Level 3. 26% of our positions are Level 3, and consist of private-label CMO securities, CDO-preferred securities and municipal securities. A significant change in the unobservable inputs for these securities may result in a significant change in the ending fair value measurement of these securities. The municipal securities portion that is classified as Level 3 uses significant estimates to determine the fair value of these securities which results in greater subjectivity. The fair value is determined by utilizing third-party valuation services. The third-party service provider reviews credit worthiness, prevailing market rates, analysis of similar securities, and projected cash flows. The third-party service provider also incorporates industry and general economic conditions into their analysis. Huntington evaluates the analysis provided for reasonableness. The private label CMO and CDO-preferred securities portfolios are classified as Level 3 and as such use significant estimates to determine the fair value of these securities which results in greater subjectivity. The private label CMO securities portfolios are subjected to a monthly review of the projected cash flows, while the cash flows of the CDO-preferred securities portfolio are reviewed quarterly. These reviews are supported with analysis from independent third parties, and are used as a basis for impairment analysis. Private-label CMO securities are collateralized by first-lien residential mortgage loans. The securities valuation methodology incorporates values obtained from a third-party pricing specialist using a discounted cash flow approach and a proprietary pricing model and includes assumptions management believes market participants would use to value the securities under current market conditions. The model uses inputs such as estimated prepayment speeds, losses, recoveries, default rates that are implied by the underlying performance of collateral in the structure or similar structures, house price depreciation / appreciation rates that are based upon macroeconomic forecasts and discount rates that are implied by market prices for similar securities with similar collateral structures. The Private-label CMO securities were sold during the 2015 third quarter. CDO-preferred securities are CDOs backed by a pool of debt securities issued by financial institutions. The collateral generally consists of trust-preferred securities and subordinated debt securities issued by banks, bank holding companies, and insurance companies. A cash flow analysis is used to estimate fair values and assess impairment for each security within this portfolio. We engage a third-party pricing specialist with direct industry experience in CDO-preferred securities valuations to provide assistance in estimating the fair value and expected cash flows for each security in this portfolio. The PD of each issuer and the market discount rate are the most significant inputs in determining fair value. Management evaluates the PD assumptions provided by the third-party pricing specialist by comparing the current PD to the assumptions used the previous quarter, actual defaults and deferrals in the current period, and trend data on certain financial ratios of the issuers. Huntington also evaluates the assumptions related to discount rates. Relying on cash flows is necessary because there was a lack of observable transactions in the market and many of the original sponsors or dealers for these securities are no longer able to provide a fair value. Automobile loans Effective January 1, 2010, Huntington consolidated an automobile loan securitization that previously had been accounted for as an off-balance sheet transaction. As a result, Huntington elected to account for these automobile loan receivables at fair value per guidance supplied in ASC 825. The automobile loan receivables are classified as Level 3. The key assumptions used to determine the fair value of the automobile loan receivables included projections of expected losses and prepayment of the underlying loans in the portfolio and a market assumption of interest rate spreads. Certain interest rates are available from similarly traded securities while other interest rates are developed internally based on similar asset-backed security transactions in the market. During the first quarter of 2014, Huntington canceled the 2009 and 2006 Automobile Trusts. Huntington continues to report the associated automobile loan receivables at fair value due to its 2010 election. MSRs MSRs do not trade in an active market with readily observable prices. Accordingly, the fair value of these assets is classified as Level 3. Huntington determines the fair value of MSRs using an income approach model based upon our month-end interest rate curve and prepayment assumptions. The model utilizes assumptions to estimate future net servicing income cash flows, including estimates of time decay, payoffs, and changes in valuation inputs and assumptions. Servicing brokers and other sources of information (e.g. discussion with other mortgage servicers and industry surveys) are used to obtain information on market practice and assumptions. On at least a quarterly basis, third-party marks are obtained from at least one servicing broker. Huntington reviews the valuation assumptions against this market data for reasonableness and adjusts the assumptions if deemed appropriate. Any recommended change in assumptions and/or inputs are presented for review to the Mortgage Price Risk Subcommittee for final approval. Derivative assets and liabilities Derivatives classified as Level 2 consist of foreign exchange and commodity contracts, which are valued using exchange traded swaps and futures market data. In addition, Level 2 includes interest rate contracts, which are valued using a discounted cash flow method that incorporates current market interest rates. Level 2 also includes exchange traded options and forward commitments to deliver mortgage-backed securities, which are valued using quoted prices. Derivatives classified as Level 3 consist of interest rate lock agreements related to mortgage loan commitments. The determination of fair value includes assumptions related to the likelihood that a commitment will ultimately result in a closed loan, which is a significant unobservable assumption. A significant increase or decrease in the external market price would result in a significantly higher or lower fair value measurement. Short-term borrowings Short-term borrowings classified as Level 2 consist primarily of U.S. treasury bond securities sold under agreement to repurchase. These securities are borrowed from other institutions and must be repaid by purchasing the securities in the open market. Assets and Liabilities measured at fair value on a recurring basis Assets and liabilities measured at fair value on a recurring basis at December 31, 2015 and 2014 are summarized below: Fair Value Measurements at Reporting Date Using Netting Adjustments (1) December 31, 2015 (dollar amounts in thousands) Level 1 Level 2 Level 3 Assets Loans held for sale $ — $ 337,577 $ — $ — $ 337,577 Loans held for investment — 32,889 — — 32,889 Trading account securities: Municipal securities — 4,159 — — 4,159 Other securities 32,475 363 — — 32,838 32,475 4,522 — — 36,997 Available-for-sale and other securities: U.S. Treasury securities 5,472 — — — 5,472 Federal agencies: Mortgage-backed — 4,521,688 — — 4,521,688 Federal agencies: Other agencies — 115,913 — — 115,913 Municipal securities — 360,845 2,095,551 — 2,456,396 Asset-backed securities — 761,076 100,337 — 861,413 Corporate debt — 466,477 — — 466,477 Other securities 11,397 3,899 — — 15,296 16,869 6,229,898 2,195,888 — 8,442,655 Automobile loans — — 1,748 — 1,748 MSRs — — 17,585 — 17,585 Derivative assets — 429,448 6,721 (161,297 ) 274,872 Liabilities Derivative liabilities — 287,994 665 (144,309 ) 144,350 Short-term borrowings — 1,770 — — 1,770 Fair Value Measurements at Reporting Date Using Netting Adjustments (1) December 31, 2014 (dollar amounts in thousands) Level 1 Level 2 Level 3 Assets Loans held for sale $ — $ 354,888 $ — $ — $ 354,888 Loans held for investment — 40,027 — — 40,027 Trading account securities: Federal agencies: Other agencies — 2,857 — — 2,857 Municipal securities — 5,098 — — 5,098 Other securities 33,121 1,115 — — 34,236 33,121 9,070 — — 42,191 Available-for-sale and other securities: U.S. Treasury securities 5,452 — — — 5,452 Federal agencies: Mortgage-backed — 5,322,701 — — 5,322,701 Federal agencies: Other agencies — 351,543 — — 351,543 Municipal securities — 450,976 1,417,593 — 1,868,569 Private-label CMO — 11,462 30,464 — 41,926 Asset-backed securities — 873,260 82,738 — 955,998 Corporate debt — 486,176 — — 486,176 Other securities 17,430 3,316 — — 20,746 22,882 7,499,434 1,530,795 — 9,053,111 Automobile loans — — 10,590 — 10,590 MSRs — — 22,786 — 22,786 Derivative assets — 449,775 4,064 (101,197 ) 352,642 Liabilities Derivative liabilities — 335,524 704 (51,973 ) 284,255 Short-term borrowings — 2,295 — — 2,295 (1) Amounts represent the impact of legally enforceable master netting agreements that allow the Company to settle positive and negative positions and cash collateral held or placed with the same counterparties. The tables below present a rollforward of the balance sheet amounts for the years ended December 31, 2015 , 2014 , and 2013 for financial instruments measured on a recurring basis and classified as Level 3. The classification of an item as Level 3 is based on the significance of the unobservable inputs to the overall fair value measurement. However, Level 3 measurements may also include observable components of value that can be validated externally. Accordingly, the gains and losses in the table below include changes in fair value due in part to observable factors that are part of the valuation methodology. Level 3 Fair Value Measurements Available-for-sale securities (dollar amounts in thousands) MSRs Derivative instruments Municipal securities Private- label CMO Asset- backed securities Automobile loans Opening balance $ 22,786 $ 3,360 $ 1,417,593 $ 30,464 $ 82,738 $ 10,590 Transfers into Level 3 — — — — — — Transfers out of Level 3 (1) — (2,793 ) — — — — Total gains/losses for the period: Included in earnings (5,201 ) 5,489 149 47 (2,400 ) (497 ) Included in OCI — — (3,652 ) 1,832 24,802 — Purchases/originations — — 1,002,153 — — — Sales — — (9,656 ) (30,077 ) — — Repayments — — — — — (8,345 ) Issues — — — — — — Settlements — — (311,036 ) (2,266 ) (4,803 ) — Closing balance $ 17,585 $ 6,056 $ 2,095,551 $ — $ 100,337 $ 1,748 Change in unrealized gains or losses for the period included in earnings (or changes in net assets) for assets held at end of the reporting date $ (5,201 ) $ 5,489 $ — $ — $ (2,440 ) $ (497 ) (1) Transfers out of Level 3 represent the settlement value of the derivative instruments (i.e. interest rate lock agreements) that is transferred to loans held for sale, which is classified as Level 2. Level 3 Fair Value Measurements Available-for-sale securities (dollar amounts in thousands) MSRs Derivative instruments Municipal securities Private- label CMO Asset- backed securities Automobile loans Opening balance $ 34,236 $ 2,390 $ 654,537 $ 32,140 $ 107,419 $ 52,286 Transfers into Level 3 — — — — — — Transfers out of Level 3 — — — — — — Total gains/losses for the period: Included in earnings (11,450 ) 3,047 — 36 226 (918 ) Included in OCI — — 14,776 452 21,839 — Purchases/originations — — 1,038,348 — — — Sales — — — — (22,870 ) — Repayments — — — — — (40,778 ) Issues — — — — — — Settlements — (2,077 ) (290,068 ) (2,164 ) (23,876 ) — Closing balance $ 22,786 $ 3,360 $ 1,417,593 $ 30,464 $ 82,738 $ 10,590 Change in unrealized gains or losses for the period included in earnings (or changes in net assets) for assets held at end of the reporting date $ (11,450 ) $ 3,047 $ 14,776 $ 452 $ 21,137 $ (1,624 ) Level 3 Fair Value Measurements Available-for-sale securities (dollar amounts in thousands) MSRs Derivative instruments Municipal securities Private label CMO Asset- backed securities Automobile loans Balance, beginning of year $ 35,202 $ 12,702 $ 61,228 $ 48,775 $ 110,037 $ 142,762 Total gains / losses: Included in earnings (966 ) (5,944 ) 2,129 (180 ) (2,244 ) (358 ) Included in OCI — — 9,075 1,703 35,139 — Other (1) — — 600,435 — — — Sales — — — (10,254 ) (16,711 ) — Repayments — — — — — (90,118 ) Settlements — (4,368 ) (18,330 ) (7,904 ) (18,802 ) — Balance, end of year $ 34,236 $ 2,390 $ 654,537 $ 32,140 $ 107,419 $ 52,286 Change in unrealized gains or losses for the period included in earnings (or changes in net assets) for assets held at end of the reporting date $ (966 ) $ (5,944 ) $ 9,075 $ 1,703 $ 35,139 $ (358 ) (1) Effective December 31, 2013 approximately $600 million of direct purchase municipal instruments were reclassified from C&I loans to available-for-sale securities. The tables below summarize the classification of gains and losses due to changes in fair value, recorded in earnings for Level 3 assets and liabilities for the years ended December 31, 2015 , 2014 , and 2013 : Level 3 Fair Value Measurements Available-for-sale securities (dollar amounts in thousands) MSRs Derivative instruments Municipal securities Private- label CMO Asset- backed securities Automobile loans Classification of gains and losses in earnings: Mortgage banking income $ (5,201 ) $ 5,489 $ — $ — $ — $ — Securities gains (losses) — — 149 — (2,440 ) — Interest and fee income — — — 47 40 (497 ) Noninterest income — — — — — — Total $ (5,201 ) $ 5,489 $ 149 $ 47 $ (2,400 ) $ (497 ) Level 3 Fair Value Measurements Available-for-sale securities (dollar amounts in thousands) MSRs Derivative instruments Municipal securities Private- label CMO Asset- backed securities Automobile loans Classification of gains and losses in earnings: Mortgage banking income $ (11,450 ) $ 3,047 $ — $ — $ — $ — Securities gains (losses) — — — — 170 — Interest and fee income — — — 36 56 (1,032 ) Noninterest income — — — — — 114 Total $ (11,450 ) $ 3,047 $ — $ 36 $ 226 $ (918 ) Level 3 Fair Value Measurements Available-for-sale securities (dollar amounts in thousands) MSRs Derivative instruments Municipal securities Private label CMO Asset- backed securities Automobile loans Classification of gains and losses in earnings: Mortgage banking income (loss) $ (966 ) $ (5,944 ) $ — $ — $ — $ — Securities gains (losses) — — — (336 ) (1,466 ) — Interest and fee income — — 2,129 156 (778 ) (3,569 ) Noninterest income — — — — — 3,211 Total $ (966 ) $ (5,944 ) $ 2,129 $ (180 ) $ (2,244 ) $ (358 ) Assets and liabilities under the fair value option The following table presents the fair value and aggregate principal balance of certain assets and liabilities under the fair value option: December 31, 2015 December 31, 2014 (dollar amounts in thousands) Fair value Aggregate Difference Fair value Aggregate Difference Assets Loans held for sale $ 337,577 $ 326,802 $ 10,775 $ 354,888 $ 340,070 $ 14,818 Loans held for investment 32,889 33,637 (748 ) 40,027 40,938 (911 ) Automobile loans 1,748 1,748 — 10,590 10,022 568 The following tables present the net gains (losses) from fair value changes, including net gains (losses) associated with instrument specific credit risk for the years ended December 31, 2015 , 2014 , and 2013 : Net gains (losses) from fair value changes Year ended December 31, (dollar amounts in thousands) 2015 2014 2013 Assets Mortgage loans held for sale $ (2,342 ) $ (1,978 ) $ (12,711 ) Automobile loans (568 ) (918 ) (360 ) Gains (losses) included in fair value changes associated with instrument specific credit risk Year ended December 31, (dollar amounts in thousands) 2015 2014 2013 Assets Automobile loans $ 199 $ 911 $ 2,207 Assets and Liabilities measured at fair value on a nonrecurring basis Certain assets and liabilities may be required to be measured at fair value on a nonrecurring basis in periods subsequent to their initial recognition. These assets and liabilities are not measured at fair value on an ongoing basis; however, they are subject to fair value adjustments in certain circumstances, such as when there is evidence of impairment. For the year ended December 31, 2015 , assets measured at fair value on a nonrecurring basis were as follows: Fair Value Measurements Using (dollar amounts in thousands) Fair Value Quoted Prices In Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Other Unobservable Inputs (Level 3) Total MSRs $ 141,726 $ — $ — $ 141,726 $ (2,732 ) Impaired loans 62,029 — — 62,029 (20,762 ) Other real estate owned 27,342 — — 27,342 (4,005 ) MSRs accounted for under the amortization method are subject to nonrecurring fair value measurement when the fair value is lower than the carrying amount. Periodically, Huntington records nonrecurring adjustments of collateral-dependent loans measured for impairment when establishing the ACL. Such amounts are generally based on the fair value of the underlying collateral supporting the loan. Appraisals are generally obtained to support the fair value of the collateral and incorporate measures such as recent sales prices for comparable properties and cost of construction. In cases where the carrying value exceeds the fair value of the collateral less cost to sell, an impairment charge is recognized. Other real estate owned properties are included in accrued income and other assets and valued based on appraisals and third-party price opinions, less estimated selling costs. The appraisals supporting the fair value of the collateral to recognize loan impairment or unrealized loss on other real estate owned properties may not have been obtained as of December 31, 2015 . Significant unobservable inputs for assets and liabilities measured at fair value on a recurring and nonrecurring basis The table below presents quantitative information about the significant unobservable inputs for assets and liabilities measured at fair value on a recurring and nonrecurring basis at December 31, 2015 : Quantitative Information about Level 3 Fair Value Measurements at December 31, 2015 (dollar amounts in thousands) Fair Value Valuation Technique Significant Unobservable Input Range (Weighted Average) MSRs $ 17,585 Discounted cash flow Constant prepayment rate 7.9% - 25.7% (14.7%) Spread over forward interest rate 3.3% - 9.2% (5.4%) Derivative assets 6,721 Consensus Pricing Net market price -3.2% - 20.9% (1.9%) Derivative liabilities 665 Estimated Pull through % 11.9% - 99.8% (76.7%) Municipal securities 2,095,551 Discounted cash flow Discount rate 0.3% - 7.2% (3.1%) Cumulative default 0.1% - 50.0% (2.1%) Loss given default 5.0% - 80.0% (20.5%) Asset-backed securities 100,337 Discounted cash flow Discount rate 4.6% - 10.9% (6.2%) Cumulative prepayment rate 0.0% - 100.% (9.6%) Cumulative default 1.6% - 100% (11.1%) Loss given default 85% - 100% (96.6%) Cure given deferral 0.0% - 75.0% (36.8%) Automobile loans 1,748 Discounted cash flow Constant prepayment rate 154.2 % Discount rate 0.2% - 5.0% (2.3%) Life of pool cumulative losses 2.1 % Impaired loans 62,029 Appraisal value NA NA Other real estate owned 27,342 Appraisal value NA NA The following provides a general description of the impact of a change in an unobservable input on the fair value measurement and the interrelationship between unobservable inputs, where relevant/significant. Interrelationships may also exist between observable and unobservable inputs. Such relationships have not been included in the discussion below. A significant change in the unobservable inputs may result in a significant change in the ending fair value measurement of Level 3 instruments. In general, prepayment rates increase when market interest rates decline and decrease when market interest rates rise and higher prepayment rates generally result in lower fair values for MSR assets, Private-label CMO securities, Asset-backed securities, and Automobile loans. Credit loss estimates, such as probability of default, constant default, cumulative default, loss given default, cure given deferral, and loss severity, are driven by the ability of the borrowers to pay their loans and the value of the underlying collateral and are impacted by changes in macroeconomic conditions, typically increasing when economic conditions worsen and decreasing when conditions improve. An increase in the estimated prepayment rate typically results in a decrease in estimated credit losses and vice versa. Higher credit loss estimates generally result in lower fair values. Credit spreads generally increase when liquidity risks and market volatility increase and decrease when liquidity conditions and market volatility improve. Discount rates and spread over forward interest rate swap rates typically increase when market interest rates increase and/or credit and liquidity risks increase and decrease when market interest rates decline and/or credit and liquidity conditions improve. Higher discount rates and credit spreads generally result in lower fair market values. Net market price and pull through percentages generally increase when market interest rates increase and decline when market interest rates decline. Higher net market price and pull through percentages generally result in higher fair values. Fair values of financial instruments The following table provides the carrying amounts and estimated fair values of Huntington’s financial instruments that are carried either at fair value or cost at December 31, 2015 and December 31, 2014 : December 31, 2015 December 31, 2014 Carrying Fair Carrying Fair (dollar amounts in thousands) Amount Value Amount Value Financial Assets: Cash and short-term assets $ 898,994 $ 898,994 $ 1,285,124 $ 1,285,124 Trading account securities 36,997 36,997 42,191 42,191 Loans held for sale 474,621 484,511 416,327 416,327 Available-for-sale and other securities 8,775,441 8,775,441 9,384,670 9,384,670 Held-to-maturity securities 6,159,590 6,135,458 3,379,905 3,382,715 Net loans and direct financing leases 49,743,256 48,024,998 47,050,530 45,110,406 Derivatives 274,872 274,872 352,642 352,642 Financial Liabilities: Deposits 55,294,979 55,299,435 51,732,151 52,454,804 Short-term borrowings 615,279 615,279 2,397,101 2,397,101 Long-term debt 7,067,614 7,043,014 4,335,962 4,286,304 Derivatives 144,350 144,350 284,255 284,255 The following table presents the level in the fair value hierarchy for the estimated fair values of only Huntington’s financial instruments that are not already on the Consolidated Balance Sheets at fair value at December 31, 2015 and December 31, 2014 : Estimated Fair Value Measurements at Reporting Date Using December 31, 2015 (dollar amounts in thousands) Level 1 Level 2 Level 3 Financial Assets Held-to-maturity securities $ — $ 6,135,458 $ — $ 6,135,458 Net loans and direct financing leases — — 48,024,998 48,024,998 Financial Liabilities Deposits — 51,869,105 3,430,330 55,299,435 Short-term borrowings — 1,770 613,509 615,279 Long-term debt — — 7,043,014 7,043,014 Estimated Fair Value Measurements at Reporting Date Using December 31, 2014 (dollar amounts in thousands) Level 1 Level 2 Level 3 Financial Assets Held-to-maturity securities $ — $ 3,382,715 $ — $ 3,382,715 Net loans and direct financing leases — — 45,110,406 45,110,406 Financial Liabilities Deposits — 48,183,798 4,271,006 52,454,804 Short-term borrowings — — 2,397,101 2,397,101 Long-term debt — — 4,286,304 4,286,304 The short-term nature of certain assets and liabilities result in their carrying value approximating fair value. These include trading account securities, customers’ acceptance liabilities, short-term borrowings, bank acceptances outstanding, FHLB advances, and cash and short-term assets, which include cash and due from banks, interest-bearing deposits in banks, and federal funds sold and securities purchased under resale agreements. Loan commitments and letters-of-credit generally have short-term, variable-rate features and contain clauses that limit Huntington’s exposure to changes in customer credit quality. Accordingly, their carrying values, which are immaterial at the respective balance sheet dates, are reasonable estimates of fair value. Certain assets, the most significant being operating lease assets, bank owned life insurance, and premises and equipment, do not meet the definition of a financial instrument and are excluded from this disclosure. Similarly, mortgage and nonmortgage servicing rights, deposit base, and other customer relationship intangibles are not considered financial instruments and are not included above. Accordingly, this fair value information is not intended to, and does not, represent Huntington’s underlying value. Many of the assets and liabilities subject to the disclosure requirements are not actively traded, requiring fair values to be estimated by Management. These estimations necessarily involve the use of judgment about a wide variety of factors, including but not limited to, relevancy of market prices of comparable instruments, expected future cash flows, and appropriate discount rates. The following methods and assumptions were used by Huntington to estimate the fair value of the remaining classes of financial instruments: Held-to-maturity securities Fair values are determined by using models that are based on security-specific details, as well as relevant industry and economic factors. The most significant of these inputs are quoted market prices, and interest rate spreads on relevant benchmark securities. Loans and Direct Financing Leases Variable-rate loans that reprice frequently are based on carrying amounts, as adjusted for estimated credit losses. The fair values for other loans and leases are estimated using discounted cash flow analyses and employ interest rates currently being offered for loans and leases with similar terms. The rates take into account the position of the yield curve, as well as an adjustment for prepayment risk, operating costs, and profit. This value is also reduced by an estimate of expected losses and the credit risk associated in the loan and lease portfolio. The valuation of the loan portfolio reflected discounts that Huntington believed are consistent with transactions occurring in the marketplace. Deposits Demand deposits, savings accounts, and money market deposits are, by definition, equal to the amount payable on demand. The fair values of fixed-rate time deposits are estimated by discounting cash flows using interest rates currently being offered on certificates with similar maturities. Debt Long-term debt is based upon quoted market prices, which are inclusive of Huntington’s credit risk. In the absence of quoted market prices, discounted cash flows using market rates for similar debt with the same maturities are used in the determination of fair value. |
DERIVATIVE FINANCIAL INSTRUMENT
DERIVATIVE FINANCIAL INSTRUMENTS | 12 Months Ended |
Dec. 31, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
DERIVATIVE FINANCIAL INSTRUMENTS | DERIVATIVE FINANCIAL INSTRUMENTS Derivative financial instruments are recorded in the Consolidated Balance Sheet as either an asset or a liability (in accrued income and other assets or accrued expenses and other liabilities, respectively) and measured at fair value. Derivative financial instruments can be designated as accounting hedges under GAAP. Designating a derivative as an accounting hedge allows Huntington to recognize gains and losses, less any ineffectiveness, in the income statement within the same period that the hedged item affects earnings. Gains and losses on derivatives that are not designated to an effective hedge relationship under GAAP immediately impact earnings within the period they occur. Derivatives used in Asset and Liability Management Activities Huntington engages in balance sheet hedging activity, principally for asset liability management purposes, to convert fixed rate assets or liabilities into floating rate or vice versa. Balance sheet hedging activity is arranged to receive hedge accounting treatment and is classified as either fair value or cash flow hedges. Fair value hedges are purchased to convert deposits and subordinated and other long-term debt from fixed-rate obligations to floating rate. Cash flow hedges are also used to convert floating rate loans made to customers into fixed rate loans. The following table presents the gross notional values of derivatives used in Huntington’s asset and liability management activities at December 31, 2015 , identified by the underlying interest rate-sensitive instruments: (dollar amounts in thousands) Fair Value Hedges Cash Flow Hedges Total Instruments associated with: Loans $ — $ 8,223,000 $ 8,223,000 Deposits 69,100 — 69,100 Subordinated notes 475,000 — 475,000 Long-term debt 5,385,000 — 5,385,000 Total notional value at December 31, 2015 $ 5,929,100 $ 8,223,000 $ 14,152,100 The following table presents additional information about the interest rate swaps used in Huntington’s asset and liability management activities at December 31, 2015 : Weighted-Average (dollar amounts in thousands ) Notional Value Average Maturity (years) Fair Value Receive Pay Asset conversion swaps Receive fixed—generic $ 8,223,000 1.1 $ (3,103 ) 0.83 % 0.43 % Total asset conversion swaps 8,223,000 1.1 (3,103 ) 0.83 0.43 Liability conversion swaps Receive fixed—generic 5,929,100 2.7 68,401 1.55 0.40 Total liability conversion swaps 5,929,100 2.7 68,401 1.55 0.40 Total swap portfolio at December 31, 2015 $ 14,152,100 1.8 $ 65,298 1.13 % 0.42 % These derivative financial instruments were entered into for the purpose of managing the interest rate risk of assets and liabilities. Consequently, net amounts receivable or payable on contracts hedging either interest earning assets or interest bearing liabilities were accrued as an adjustment to either interest income or interest expense. The net amounts resulted in an increase to net interest income of $108 million , $98 million , and $95 million for the years ended December 31, 2015 , 2014 , and 2013 , respectively. In connection with the sale of Huntington’s Class B Visa ® shares, Huntington entered into a swap agreement with the purchaser of the shares. The swap agreement adjusts for dilution in the conversion ratio of Class B shares resulting from the Visa ® litigation. At December 31, 2015 , the fair value of the swap liability of less than $1 million is an estimate of the exposure liability based upon Huntington’s assessment of the potential Visa ® litigation losses. The following table presents the fair values at December 31, 2015 and 2014 of Huntington’s derivatives that are designated and not designated as hedging instruments. Amounts in the table below are presented gross without the impact of any net collateral arrangements: Asset derivatives included in accrued income and other assets: (dollar amounts in thousands) December 31, 2015 December 31, 2014 Interest rate contracts designated as hedging instruments $ 80,513 $ 53,114 Interest rate contracts not designated as hedging instruments 190,846 183,610 Foreign exchange contracts not designated as hedging instruments 37,727 32,798 Commodity contracts not designated as hedging instruments 117,894 180,218 Total contracts $ 426,980 $ 449,740 Liability derivatives included in accrued expenses and other liabilities: (dollar amounts in thousands) December 31, 2015 December 31, 2014 Interest rate contracts designated as hedging instruments $ 15,215 $ 12,648 Interest rate contracts not designated as hedging instruments 121,815 110,627 Foreign exchange contracts not designated as hedging instruments 35,283 29,754 Commodity contracts not designated as hedging instruments 114,887 179,180 Total contracts $ 287,200 $ 332,209 The changes in fair value of the fair value hedges are, to the extent that the hedging relationship is effective, recorded through earnings and offset against changes in the fair value of the hedged item. 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 thousands) 2015 2014 2013 Interest rate contracts Change in fair value of interest rate swaps hedging deposits (1) $ (996 ) $ (1,045 ) $ (4,006 ) Change in fair value of hedged deposits (1) 992 1,025 4,003 Change in fair value of interest rate swaps hedging subordinated notes (2) (8,237 ) 476 (44,699 ) Change in fair value of hedged subordinated notes (2) 8,237 (476 ) 44,699 Change in fair value of interest rate swaps hedging long-term debt (2) 3,903 1,990 (5,716 ) Change in fair value of hedged other long-term debt (2) (3,602 ) 828 6,843 (1) Effective portion of the hedging relationship is recognized in Interest expense—deposits in the Consolidated Statements of Income. Any resulting ineffective portion of the hedging relationship is recognized in noninterest income in the Consolidated Statements of Income. (2) Effective portion of the hedging relationship is recognized in Interest expense—subordinated notes and other long-term debt in the Consolidated Statements of Income. Any resulting ineffective portion of the hedging relationship is recognized in noninterest income in the Consolidated Statements of Income. The following table presents the gains and (losses) recognized in OCI and the location in the Consolidated Statements of Income of gains and (losses) reclassified from OCI into earnings for derivatives designated as effective cash flow hedges: Derivatives in cash flow hedging relationships Amount of gain or (loss) recognized in OCI on derivatives (effective portion) Location of gain or (loss) reclassified from accumulated OCI into earnings (effective portion) Amount of (gain) or loss reclassified from accumulated OCI into earnings (effective portion) (pre-tax) (dollar amounts in thousands) 2015 2014 2013 2015 2014 2013 Interest rate contracts Loans $ 8,428 $ 9,192 $ (56,056 ) Interest and fee income—loans and leases $ (210 ) $ (4,064 ) $ (14,979 ) Loans — — — Noninterest income - other income (10 ) 93 (209 ) Total $ 8,428 $ 9,192 $ (56,056 ) $ (220 ) $ (3,971 ) $ (15,188 ) Reclassified gains and losses on swaps related to loans and investment securities and swaps related to subordinated debt are recorded within interest income and interest expense, respectively. During the next twelve months, Huntington expects to reclassify to earnings approximately $3 million after-tax, of unrealized gains on cash flow hedging derivatives currently in OCI. To the extent these derivatives are effective in offsetting the variability of the hedged cash flows, changes in the derivatives’ fair value will not be included in current earnings but are reported as a component of OCI in the Consolidated Statements of Shareholders’ Equity. These changes in fair value will be included in earnings of future periods when earnings are also affected by the changes in the hedged cash flows. To the extent these derivatives are not effective, changes in their fair values are immediately included in noninterest income. The following table presents the gains and (losses) recognized in noninterest income for the ineffective portion of interest rate contracts for derivatives designated as cash flow hedges for the years ending December 31, 2015 , 2014 , and 2013 : December 31, (dollar amounts in thousands) 2015 2014 2013 Derivatives in cash flow hedging relationships Interest rate contracts: Loans $ (763 ) $ 74 $ 878 Derivatives used in mortgage banking activities Mortgage loan origination hedging activity Huntington’s mortgage origination hedging activity is related to the hedging of the mortgage pricing commitments to customers and the secondary sale to third parties. The value of a newly originated mortgage is not firm until the interest rate is committed or locked. The interest rate lock commitments are derivative positions offset by forward commitments to sell loans. Huntington uses two types of mortgage-backed securities in its forward commitment to sell loans. The first type of forward commitment is a “To Be Announced” (or TBA), the second is a “Specified Pool” mortgage-backed security. Huntington uses these derivatives to hedge the value of mortgage-backed securities until they are sold. The following table summarizes the derivative assets and liabilities used in mortgage banking activities: (dollar amounts in thousands) December 31, 2015 December 31, 2014 Derivative assets: Interest rate lock agreements $ 6,721 $ 4,064 Forward trades and options 2,468 35 Total derivative assets 9,189 4,099 Derivative liabilities: Interest rate lock agreements (220 ) (259 ) Forward trades and options (1,239 ) (3,760 ) Total derivative liabilities (1,459 ) (4,019 ) Net derivative asset $ 7,730 $ 80 MSR hedging activity Huntington’s MSR economic hedging activity uses securities and derivatives to manage the value of the MSR asset and to mitigate the various types of risk inherent in the MSR asset, including risks related to duration, basis, convexity, volatility, and yield curve. The hedging instruments include forward commitments, interest rate swaps, and options on interest rate swaps. The total notional value of these derivative financial instruments at December 31, 2015 and 2014 , was $0.5 billion and $0.6 billion , respectively. The total notional amount at December 31, 2015 corresponds to trading assets with a fair value of less than $1 million and trading liabilities with a fair value of $1 million . Net trading gains (losses) related to MSR hedging for the years ended December 31, 2015 , 2014 , and 2013 , were $(2) million , $7 million , and $(25) million , respectively. These amounts are included in mortgage banking income in the Consolidated Statements of Income. Derivatives used in trading activities Various derivative financial instruments are offered to enable customers to meet their financing and investing objectives and for their risk management purposes. Derivative financial instruments used in trading activities consisted of commodity, interest rate, and foreign exchange contracts. The derivative contracts grant the option holder the right to buy or sell an underlying financial instrument for a predetermined price before the contract expires. Huntington may enter into offsetting third-party contracts with approved, reputable counterparties with substantially matching terms and currencies in order to economically hedge significant exposure related to derivatives used in trading activities. The interest rate risk of customer derivatives is mitigated by entering into similar derivatives having offsetting terms with other counterparties. The credit risk to these customers is evaluated and included in the calculation of fair value. Foreign currency derivatives help the customer hedge risk and reduce exposure to fluctuations in exchange rates. Transactions are primarily in liquid currencies with Canadian dollars and Euros comprising a majority of all transactions. The net fair values of these derivative financial instruments, for which the gross amounts are included in accrued income and other assets or accrued expenses and other liabilities at December 31, 2015 and December 31, 2014 , were $76 million and $74 million , respectively. The total notional values of derivative financial instruments used by Huntington on behalf of customers, including offsetting derivatives, were $14.6 billion and $14.4 billion at December 31, 2015 and December 31, 2014 , respectively. Huntington’s credit risks from interest rate swaps used for trading purposes were $224 million and $219 million at the same dates, respectively. Risk Participation Agreements Huntington periodically enters into risk participation agreement in order to manage credit risk of its derivative positions. These agreements transfer counterparty credit risk related to interest rate swaps to and from other financial institutions. Huntington can mitigate exposure to certain counterparties or take on exposure to generate additional income. Huntington’s notional exposure for interest rate swaps originated by other financial institutions was $344 million and $457 million at December 31, 2015 and December 31, 2014 , respectively. Huntington will make payments under these agreements if a customer defaults on its obligation to perform under the terms of the underlying interest rate derivative contract. The amount Huntington will have to pay if all counterparties defaulted on their swap contracts is the fair value of these risk participations, which was $6 million and $7 million at December 31, 2015 and December 31, 2014 , respectively. These contracts mature between 2015 and 2043 and are deemed investment grade. Financial assets and liabilities that are offset in the Consolidated Balance Sheets Huntington records derivatives at fair value as further described in Note 17 . Huntington records these derivatives net of any master netting arrangement in the Consolidated Balance Sheets. Collateral agreements are regularly entered into as part of the underlying derivative agreements with Huntington’s counterparties to mitigate counterparty credit risk. All derivatives are carried on the Consolidated Balance Sheets at fair value. Derivative balances are presented on a net basis taking into consideration the effects of legally enforceable master netting agreements. Cash collateral exchanged with counterparties is also netted against the applicable derivative fair values. Huntington enters into derivative transactions with two primary groups: broker-dealers and banks, and Huntington’s customers. Different methods are utilized for managing counterparty credit exposure and credit risk for each of these groups. Huntington enters into transactions with broker-dealers and banks for various risk management purposes. These types of transactions generally are high dollar volume. Huntington enters into bilateral collateral and master netting agreements with these counterparties, and routinely exchange cash and high quality securities collateral with these counterparties. Huntington enters into transactions with customers to meet their financing, investing, payment and risk management needs. These types of transactions generally are low dollar volume. Huntington generally enters into master netting agreements with customer counterparties, however collateral is generally not exchanged with customer counterparties. At December 31, 2015 and December 31, 2014 , aggregate credit risk associated with these derivatives, net of collateral that has been pledged by the counterparty, was $15 million and $20 million , respectively. The credit risk associated with interest rate swaps is calculated after considering master netting agreements with broker-dealers and banks. At December 31, 2015 , Huntington pledged $110 million of investment securities and cash collateral to counterparties, while other counterparties pledged $107 million of investment securities and cash collateral to Huntington to satisfy collateral netting agreements. In the event of credit downgrades, Huntington would not be required to provide additional collateral. The following tables present the gross amounts of these assets and liabilities with any offsets to arrive at the net amounts recognized in the Consolidated Balance Sheets at December 31, 2015 and December 31, 2014 : Offsetting of Financial Assets and Derivative Assets Gross amounts not offset in the consolidated balance sheets (dollar amounts in thousands) Gross amounts of recognized assets Gross amounts offset in the consolidated balance sheets Net amounts of assets presented in the consolidated balance sheets Financial instruments Cash collateral received Net amount Offsetting of Financial Assets and Derivative Assets December 31, 2015 Derivatives $ 436,169 $ (161,297 ) $ 274,872 $ (39,305 ) $ (3,462 ) $ 232,105 December 31, 2014 Derivatives 480,803 (128,161 ) 352,642 (27,744 ) (1,095 ) 323,803 Offsetting of Financial Liabilities and Derivative Liabilities Gross amounts not offset in the consolidated balance sheets (dollar amounts in thousands) Gross amounts of recognized liabilities Gross amounts offset in the consolidated balance sheets Net amounts of assets presented in the consolidated balance sheets Financial instruments Cash collateral delivered Net amount Offsetting of Financial Liabilities and Derivative Liabilities December 31, 2015 Derivatives $ 288,659 $ (144,309 ) $ 144,350 $ (62,460 ) $ (20 ) $ 81,870 December 31, 2014 Derivatives 363,192 (78,937 ) 284,255 (78,654 ) (111 ) 205,490 |
VIEs
VIEs | 12 Months Ended |
Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
VIEs | VIEs Consolidated VIEs Consolidated VIEs at December 31, 2015 , consisted of certain loan and lease securitization trusts. Huntington has determined the trusts are VIEs. Huntington has concluded that it is the primary beneficiary of these trusts because it has the power to direct the activities of the entity that most significantly affect the entity’s economic performance and it has either the obligation to absorb losses of the entity that could potentially be significant to the VIE or the right to receive benefits from the entity that could potentially be significant to the VIE. During the 2015 first quarter, Huntington acquired two securitization trusts with its acquisition of Huntington Technology Finance. The following tables present the carrying amount and classification of the consolidated trusts’ assets and liabilities that were included in the Consolidated Balance Sheets at December 31, 2015 and 2014 : December 31, 2015 Huntington Technology Other Consolidated Trusts Total (dollar amounts in thousands) Series 2012A Series 2014A Assets: Cash $ 1,377 $ 1,561 $ — $ 2,938 Net loans and leases 32,180 152,331 — 184,511 Accrued income and other assets — — 229 229 Total assets $ 33,557 $ 153,892 $ 229 $ 187,678 Liabilities: Other long-term debt $ 27,153 $ 123,577 $ — $ 150,730 Accrued interest and other liabilities — — 229 229 Total liabilities 27,153 123,577 229 150,959 Equity: Beneficial Interest owned by third party 6,404 30,315 — 36,719 Total liabilities and equity $ 33,557 $ 153,892 $ 229 $ 187,678 December 31, 2014 (dollar amounts in thousands) Other Total Assets: Cash $ — $ — Net loans and leases — — Accrued income and other assets 243 243 Total assets $ 243 $ 243 Liabilities: Other long-term debt $ — $ — Accrued interest and other liabilities 243 243 Total liabilities 243 243 Equity: Beneficial Interest owned by third party — — Total liabilities and equity $ 243 $ 243 The loans and leases were designated to repay the securitized notes. Huntington services the loans and leases and uses the proceeds from principal and interest payments to pay the securitized notes during the amortization period. Huntington has not provided financial or other support that was not previously contractually required. Unconsolidated VIEs The following tables provide a summary of the assets and liabilities included in Huntington’s 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, but is not the primary beneficiary, to the VIE at December 31, 2015 , and 2014 : December 31, 2015 (dollar amounts in thousands) Total Assets Total Liabilities Maximum Exposure to Loss 2015-1 Automobile Trust $ 7,695 $ — $ 7,695 2012-1 Automobile Trust 94 — 94 2012-2 Automobile Trust 771 — 771 Trust Preferred Securities 13,919 317,106 — Low Income Housing Tax Credit Partnerships 425,500 196,001 425,500 Other Investments 68,746 25,762 68,746 Total $ 516,725 $ 538,869 $ 502,806 December 31, 2014 (dollar amounts in thousands) Total Assets Total Liabilities Maximum Exposure to Loss 2012-1 Automobile Trust $ 2,136 $ — $ 2,136 2012-2 Automobile Trust 3,220 — 3,220 2011 Automobile Trust 944 — 944 Tower Hill Securities, Inc. 55,611 65,000 55,611 Trust Preferred Securities 13,919 317,075 — Low Income Housing Tax Credit Partnerships 368,283 154,861 368,283 Other Investments 83,400 20,760 83,400 Total $ 527,513 $ 557,696 $ 513,594 2015-1, 2012-1, 2012-2 , and 2011 AUTOMOBILE TRUST During 2015 second quarter, 2012 first and fourth quarters, and 2011 third quarter, we transferred automobile loans totaling $0.8 billion , $1.3 billion , $1.0 billion , and $1.0 billion , respectively to trusts in separate securitization transactions. The securitizations and the resulting sale of all underlying securities qualified for sale accounting. Huntington has concluded that it is not the primary beneficiary of these trusts because it has neither the obligation to absorb losses of the entities that could potentially be significant to the VIEs nor the right to receive benefits from the entities that could potentially be significant to the VIEs. Huntington is not required and does not currently intend to provide any additional financial support to the trusts. Investors and creditors only have recourse to the assets held by the trusts. The interest Huntington holds in the VIEs relates to servicing rights which are included within accrued income and other assets of Huntington’s Consolidated Balance Sheets. The maximum exposure to loss is equal to the carrying value of the servicing asset. During the 2015 third quarter, Huntington canceled the 2011 Automobile Trust. As a result, any remaining assets at the time of the cancellation were no longer part of the trust. TOWER HILL SECURITIES, INC. In 2010, we transferred approximately $92 million of municipal securities, $86 million in Huntington Preferred Capital, Inc. (Real Estate Investment Trust) Class E Preferred Stock and cash of $6 million to Tower Hill Securities, Inc. in exchange for $184 million of Common and Preferred Stock of Tower Hill Securities, Inc. In 2015, the mandatorily redeemable securities issued by Tower Hill Securities, Inc. were redeemed in full. As of November 16, 2015, Tower Hill Securities, Inc. is a 100% owned consolidated entity. TRUST-PREFERRED SECURITIES Huntington has certain wholly-owned trusts whose assets, liabilities, equity, income, and expenses are not included within Huntington’s 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 Consolidated Balance Sheet as subordinated notes. The trust securities are the obligations of the trusts, and as such, are not consolidated within Huntington’s Consolidated Financial Statements. A list of trust-preferred securities outstanding at December 31, 2015 follows: (dollar amounts in thousands) Rate Principal amount of subordinated note/ debenture issued to trust (1) Investment in unconsolidated subsidiary Huntington Capital I 1.03 % (2) $ 111,816 $ 6,186 Huntington Capital II 1.14 (3) 54,593 3,093 Sky Financial Capital Trust III 2.01 (4) 72,165 2,165 Sky Financial Capital Trust IV 1.73 (4) 74,320 2,320 Camco Financial Trust 2.95 (5) 4,212 155 Total $ 317,106 $ 13,919 (1) Represents the principal amount of debentures issued to each trust, including unamortized original issue discount. (2) Variable effective rate at December 31, 2015 , based on three-month LIBOR + 0.70 . (3) Variable effective rate at December 31, 2015 , based on three-month LIBOR + 62.5 . (4) Variable effective rate at December 31, 2015 , based on three-month LIBOR + 1.40 . (5) Variable effective rate (including impact of purchase accounting accretion) at December 31, 2015, based on three month LIBOR + 1.33 . Each issue of the junior subordinated debentures has an interest rate equal to the corresponding trust securities distribution rate. Huntington has the right to defer payment of interest on the debentures at any time, or from time-to-time for a period not exceeding five years provided that no extension period may extend beyond the stated maturity of the related debentures. During any such extension period, distributions to the trust securities will also be deferred and Huntington’s ability to pay dividends on its common stock will be restricted. Periodic cash payments and payments upon liquidation or redemption with respect to trust securities are guaranteed by Huntington to the extent of funds held by the trusts. The guarantee ranks subordinate and junior in right of payment to all indebtedness of the Company to the same extent as the junior subordinated debt. The guarantee does not place a limitation on the amount of additional indebtedness that may be incurred by Huntington. LOW INCOME HOUSING TAX CREDIT PARTNERSHIPS Huntington makes certain equity investments in various limited partnerships that sponsor affordable housing projects utilizing the Low Income Housing Tax Credit (LIHTC) pursuant to Section 42 of the Internal Revenue Code. The purpose of these investments is to achieve a satisfactory return on capital, to facilitate the sale of additional affordable housing product offerings, and to assist in achieving goals associated with the Community Reinvestment Act. The primary activities of the limited partnerships include the identification, development, and operation of multi family housing that is leased to qualifying residential tenants. Generally, these types of investments are funded through a combination of debt and equity. Huntington is a limited partner in each Low Income Housing Tax Credit Partnership. A separate unrelated third-party is the general partner. Each limited partnership is managed by the general partner, who exercises full and exclusive control over the affairs of the limited partnership. The general partner has all the rights, powers and authority granted or permitted to be granted to a general partner of a limited partnership under the Ohio Revised Uniform Limited Partnership Act. Duties entrusted to the general partner of each limited partnership include, but are not limited to: investment in operating companies, company expenditures, investment of excess funds, borrowing funds, employment of agents, disposition of fund property, prepayment and refinancing of liabilities, votes and consents, contract authority, disbursement of funds, accounting methods, tax elections, bank accounts, insurance, litigation, cash reserve, and use of working capital reserve funds. Except for limited rights granted to consent to certain transactions, the limited partner(s) may not participate in the operation, management, or control of the limited partnership’s business, transact any business in the limited partnership’s name or have any power to sign documents for or otherwise bind the limited partnership. In addition, the general partner may only be removed by the limited partner(s) in the event the general partner fails to comply with the terms of the agreement and/or is negligent in performing its duties. Huntington believes the general partner of each limited partnership has the power to direct the activities which most significantly affect the performance of each partnership, therefore, Huntington has determined that it is not the primary beneficiary of any LIHTC partnership. Huntington uses the proportional amortization method to account for a majority of its investments in these entities. These investments are included in accrued income and other assets. Investments that do not meet the requirements of the proportional amortization method are recognized using the equity method. Investment losses related to these investments are included in noninterest income in the Consolidated Statements of Income. The following table presents the balances of Huntington’s affordable housing tax credit investments and related unfunded commitments at December 31, 2015 and 2014. (dollar amounts in thousands) December 31, December 31, Affordable housing tax credit investments $ 674,157 $ 576,381 Less: amortization (248,657 ) (208,098 ) Net affordable housing tax credit investments $ 425,500 $ 368,283 Unfunded commitments $ 196,001 $ 154,861 The following table presents other information relating to Huntington’s affordable housing tax credit investments for the years ended December 31, 2015, 2014, and 2013: Year Ended December 31, (dollar amounts in thousands) 2015 2014 2013 Tax credits and other tax benefits recognized $ 59,614 $ 51,317 $ 55,819 Proportional amortization method Tax credit amortization expense included in provision for income taxes 42,951 39,021 32,789 Equity method Tax credit investment losses included in noninterest income 355 434 1,176 There were no sales of LIHTC investments in 2015 or 2014 . During the year ended December 31, 2013, Huntington sold LIHTC investments resulting in gains of $9 million . The gains were recorded in noninterest income in the Consolidated Statements of Income. Huntington recognized immaterial impairment losses for the years ended December 31, 2015 , 2014 and 2013 . The impairment losses recognized related to the fair value of the tax credit investments that were less than carrying value. OTHER INVESTMENTS Other investments determined to be VIE’s include investments in New Market Tax Credit Investments, Historic Tax Credit Investments, Small Business Investment Companies, Rural Business Investment Companies, certain equity method investments and other miscellaneous investments. |
COMMITMENTS AND CONTINGENT LIAB
COMMITMENTS AND CONTINGENT LIABILITIES | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENT LIABILITIES | COMMITMENTS AND CONTINGENT LIABILITIES Commitments to extend credit In the ordinary course of business, Huntington makes various commitments to extend credit that are not reflected in the Consolidated Financial Statements. The contract amounts of these financial agreements at December 31, 2015 , and December 31, 2014 were as follows: At December 31, (dollar amounts in thousands) 2015 2014 Contract amount represents credit risk Commitments to extend credit: Commercial $ 11,448,927 $ 11,181,522 Consumer 8,574,093 7,579,632 Commercial real estate 813,271 908,112 Standby letters of credit 511,706 497,457 Commitments to extend credit generally have fixed expiration dates, are variable-rate, and contain clauses that permit Huntington to terminate or otherwise renegotiate the contracts in the event of a significant deterioration in the customer’s credit quality. These arrangements normally require the payment of a fee by the customer, the pricing of which is based on prevailing market conditions, credit quality, probability of funding, and other relevant factors. Since many of these commitments are expected to expire without being drawn upon, the contract amounts are not necessarily indicative of future cash requirements. The interest rate risk arising from these financial instruments is insignificant as a result of their predominantly short-term, variable-rate nature. Standby letters-of-credit are conditional commitments issued to guarantee the performance of a customer to a third-party. These guarantees are primarily issued to support public and private borrowing arrangements, including commercial paper, bond financing, and similar transactions. Most of these arrangements mature within two years . The carrying amount of deferred revenue associated with these guarantees was $7 million and $4 million at December 31, 2015 and 2014 , respectively. Through the Company’s credit process, Huntington monitors the credit risks of outstanding standby letters-of-credit. When it is probable that a standby letter-of-credit will be drawn and not repaid in full, losses are recognized in the provision for credit losses. At December 31, 2015 , Huntington had $512 million of standby letters-of-credit outstanding, of which 80% were collateralized. Included in this $512 million total are letters-of-credit issued by the Bank that support securities that were issued by customers and remarketed by The Huntington Investment Company, the Company’s broker-dealer subsidiary. Huntington uses an internal grading system to assess an estimate of loss on its loan and lease portfolio. This same loan grading system is used to monitor credit risk associated with standby letters-of-credit. Under this risk rating system as of December 31, 2015 , approximately $186 million of the standby letters-of-credit were rated strong with sufficient asset quality, liquidity, and good debt capacity and coverage, approximately $326 million were rated average with acceptable asset quality, liquidity, and modest debt capacity; and less than $1 million were rated substandard with negative financial trends, structural weaknesses, operating difficulties, and higher leverage. Commercial letters-of-credit represent short-term, self-liquidating instruments that facilitate customer trade transactions and generally have maturities of no longer than 90 days . The goods or cargo being traded normally secures these instruments. As of December 31, 2015 , Huntington had $56 million of commercial letters-of-credit outstanding. Commitments to sell loans Activity related to our mortgage origination activity supports the hedging of the mortgage pricing commitments to customers and the secondary sale to third parties. At December 31, 2015 and 2014 , Huntington had commitments to sell residential real estate loans of $659 million and $545 million , respectively. These contracts mature in less than one year . Litigation The nature of Huntington’s business ordinarily results in a certain amount of pending as well as threatened claims, litigation, investigations, regulatory and legal and administrative cases, matters and proceedings, all of which are considered incidental to the normal conduct of business. When the Company determines it has meritorious defenses to the claims asserted, it vigorously defends itself. The Company considers settlement of cases when, in management’s judgment, it is in the best interests of both the Company and its shareholders to do so. On at least a quarterly basis, Huntington assesses its liabilities and contingencies in connection with threatened and outstanding legal cases, matters and proceedings, utilizing the latest information available. For cases, matters and proceedings where it is both probable the Company will incur a loss and the amount can be reasonably estimated, Huntington establishes an accrual for the loss. Once established, the accrual is adjusted as appropriate to reflect any relevant developments. For cases, matters or proceedings where a loss is not probable or the amount of the loss cannot be estimated, no accrual is established. In certain cases, matters and proceedings, exposure to loss exists in excess of the accrual to the extent such loss is reasonably possible, but not probable. Management believes an estimate of the aggregate range of reasonably possible losses, in excess of amounts accrued, for current legal proceedings is from $0 to approximately $80 million at December 31, 2015 . For certain other cases, and matters, Management cannot reasonably estimate the possible loss at this time. Any estimate involves significant judgment, given the varying stages of the proceedings (including the fact that many of them are currently in preliminary stages), the existence of multiple defendants in several of the current proceedings whose share of liability has yet to be determined, the numerous unresolved issues in many of the proceedings, and the inherent uncertainty of the various potential outcomes of such proceedings. Accordingly, Management’s estimate will change from time-to-time, and actual losses may be more or less than the current estimate. While the final outcome of legal cases, matters, and proceedings is inherently uncertain, based on information currently available, advice of counsel, and available insurance coverage, Management believes that the amount it has already accrued is adequate and any incremental liability arising from the Company’s legal cases, matters, or proceedings will not have a material negative adverse effect on the Company’s consolidated financial position as a whole. However, in the event of unexpected future developments, it is possible that the ultimate resolution of these cases, matters, and proceedings, if unfavorable, may be material to the Company’s consolidated financial position in a particular period. Cyberco Litigation. The Bank has been named a defendant in two lawsuits, arising from the Bank’s commercial lending, depository, and equipment leasing relationships with Cyberco Holdings, Inc. (Cyberco), based in Grand Rapids, Michigan. In November 2004, the Federal Bureau of Investigation and the Internal Revenue Service raided Cyberco’s facilities and Cyberco’s operations ceased. An equipment leasing fraud was uncovered, whereby Cyberco sought financing from equipment lessors and financial institutions, including the Bank, allegedly to purchase computer equipment from Teleservices Group, Inc. (Teleservices). Cyberco created fraudulent documentation to close the financing transactions when, in fact, no computer equipment was ever purchased or leased from Teleservices, which later proved to be a shell corporation. Cyberco filed a Chapter 7 bankruptcy petition on December 9, 2004, and a state court receiver for Teleservices then filed a Chapter 7 bankruptcy petition for Teleservices on January 21, 2005. In an adversary proceeding commenced against the Bank on December 8, 2006, the Cyberco bankruptcy trustee sought recovery of over $70 million he alleged was transferred to the Bank. The Cyberco bankruptcy trustee also alleged preferential transfers were made to the Bank in the amount of approximately $1 million . The Bank moved to dismiss the complaint and all but the preference claims were dismissed on January 29, 2008. The Bankruptcy Court ordered the case to be tried in July 2012, and entered an order governing all pretrial conduct. The Bank filed a motion for summary judgment on the basis that the Cyberco trustee sought recovery of the same alleged transfers as the Teleservices trustee in a separate case described below. The Bankruptcy Court granted the motion in principal part and the parties stipulated to a full dismissal which was entered on June 19, 2012. The Teleservices bankruptcy trustee filed a separate adversary proceeding against the Bank on January 19, 2007, seeking to avoid and recover alleged transfers that occurred in two ways: (1) checks made payable to the Bank for application to Cyberco’s indebtedness to the Bank, and (2) deposits into Cyberco’s bank accounts with the Bank. A trial was held as to only the Bank’s defenses. Subsequently, the trustee filed a summary judgment motion on the affirmative case, alleging the fraudulent transfers to the Bank totaled approximately $73 million and seeking judgment in that amount (which includes the $1 million alleged to be preferential transfers by the Cyberco bankruptcy trustee). On March 17, 2011, the Bankruptcy Court issued an Opinion determining that the alleged transfers made to the Bank during the period from April 30, 2004 through November 2004 were not received in good faith and that the Bank failed to show a lack of knowledge of the avoidability of the alleged transfers made from September 2003 through November 2004. The trustee then filed an amended motion for summary judgment in the affirmative case and a hearing was held on July 1, 2011. On March 30, 2012, the Bankruptcy Court issued an Opinion on the Teleservices trustee’s motion determining the Bank was the initial transferee of the checks made payable to it and was a subsequent transferee of all deposits into Cyberco’s accounts. The Bankruptcy Court ruled Cyberco’s deposits were themselves transfers to the Bank under the Bankruptcy Code, and the Bank was liable for both the checks and the deposits, totaling approximately $73 million . The Bankruptcy Court delivered its report and recommendation to the District Court for the Western District of Michigan, recommending that the District Court enter a final judgment against the Bank in the principal amount of $72 million , plus interest through July 27, 2012, in the amount of $9 million . The parties filed their respective objections and responses to the Bankruptcy Court’s report and recommendation. The District Court held a hearing in September 2014 and conducted a de novo review of the fact findings and legal conclusions in the Bankruptcy Court’s report and recommendation. On September 28, 2015, the District Court entered a judgment against the Bank in the amount of $72 million plus costs and pre- and post-judgment interest. While Huntington has appealed the decision and plans to continue to aggressively contest the claims of this complex case, Huntington increased its legal reserves by approximately $38 million in the 2015 third quarter to fully accrue for the amount of the judgment. MERSCORP Litigation. The Bank is a defendant in an action filed on January 17, 2012 against MERSCORP, Inc. and numerous other financial institutions that participate in the mortgage electronic registration system (MERS). The putative class action was filed on behalf of all 88 counties in Ohio. The plaintiffs allege that the recording of mortgages and assignments thereof is mandatory under Ohio law and seek a declaratory judgment that the defendants are required to record every mortgage and assignment on real property located in Ohio and pay the attendant statutory recording fees. The complaint also seeks damages, attorney’s fees and costs. Huntington filed a motion to dismiss the complaint, which has been fully briefed, but no ruling has been issued by the Geauga County, Ohio Court of Common Pleas. Similar litigation has been initiated against MERSCORP, Inc. and other financial institutions in other jurisdictions throughout the country, however, the Bank has not been named a defendant in those other cases. Powell v. Huntington National Bank. The Bank is a defendant in a putative class action filed on October 15, 2013. The plaintiffs filed the action in West Virginia state court on behalf of themselves and other West Virginia mortgage loan borrowers who allege they were charged late fees in violation of West Virginia law and the loan documents. Plaintiffs seek statutory civil penalties, compensatory damages and attorney’s fees. The Bank removed the case to federal court, answered the complaint, and, on January 17, 2014, filed a motion for judgment on the pleadings, asserting that West Virginia law is preempted by federal law and therefore does not apply to the Bank. Following further briefing by the parties, the federal district court denied the Bank’s motion for judgment on the pleadings on September 26, 2014. On June 8, 2015, the Fourth Circuit Court of Appeals granted the Bank’s motion for an interlocutory appeal of the district court’s decision. The matter was briefed and oral argument held, but after the oral argument, the Fourth Circuit dismissed the appeal as improvidently granted and remanded the case back to the district court for further proceedings. Commitments Under Operating Lease Obligations At December 31, 2015 , Huntington and its subsidiaries were obligated under noncancelable leases for land, buildings, and equipment. Many of these leases contain renewal options and certain leases provide options to purchase the leased property during or at the expiration of the lease period at specified prices. Some leases contain escalation clauses calling for rentals to be adjusted for increased real estate taxes and other operating expenses or proportionately adjusted for increases in the consumer or other price indices. The future minimum rental payments required under operating leases that have initial or remaining noncancelable lease terms in excess of one year as of December 31, 2015 , were as follows: $53 million in 2016 , $49 million in 2017 , $46 million in 2018 , $42 million in 2019 , $41 million in 2020 , and $191 million thereafter. At December 31, 2015 , total minimum lease payments have not been reduced by minimum sublease rentals of $11 million due in the future under noncancelable subleases. At December 31, 2015 , the future minimum sublease rental payments that Huntington expects to receive were as follows: $4 million in 2016 , $2 million in 2017 , $2 million in 2018 , $1 million in 2019 , $1 million in 2020 , and $1 million thereafter. The rental expense for all operating leases was $58 million , $57 million , and $55 million for 2015 , 2014 , and 2013 , respectively. Huntington had no material obligations under capital leases. |
OTHER REGULATORY MATTERS
OTHER REGULATORY MATTERS | 12 Months Ended |
Dec. 31, 2015 | |
Banking and Thrift [Abstract] | |
OTHER REGULATORY MATTERS | OTHER REGULATORY MATTERS Huntington and its bank subsidiary, The Huntington National Bank (the Bank), are subject to various regulatory capital requirements administered banking regulators. These requirements involve qualitative judgments and quantitative measures of assets, liabilities, capital amounts, and certain off-balance sheet items as calculated under regulatory accounting practices. Failure to meet minimum capital requirements can initiate certain actions by regulators that, if undertaken, could have a material adverse effect on Huntington’s and the Bank’s financial statements. Beginning in the 2015 first quarter, we became subject to the Basel III capital requirements including the standardized approach for calculating risk-weighted assets in accordance with subpart D of the final capital rule. The Basel III capital requirements emphasize CET1 capital, the most loss-absorbing form of capital, and implement strict eligibility criteria for regulatory capital instruments. CET1 capital primarily includes common shareholders’ equity less certain deductions for goodwill and other intangibles net of related taxes, and DTAs that arise from tax loss and credit carryforwards. Tier 1 capital is primarily comprised of CET1 capital, perpetual preferred stock and certain qualifying capital instruments (TRUPS) that are subject to phase-out from tier 1 capital. Tier 2 capital primarily includes qualifying subordinated debt and qualifying ALLL. We are also subject to CCAR and must submit annual capital plans to our banking regulators. We may pay dividends and repurchase stock up to the levels submitted in our capital plan to which the FRB did not object. As of December 31, 2015 , Huntington and the Bank met all capital adequacy requirements and had regulatory capital ratios in excess of the levels established for well-capitalized institutions. The period-end capital amounts and capital ratios of Huntington and the Bank are as follows, including the CET1 ratio on a Basel III basis. The implementation of the Basel III capital requirements is transitional and phases-in from January 1, 2015 through the end of 2018. Amounts presented prior to January 1, 2015 are calculated using the Basel I capital requirements. Well- December 31, capitalized Minimum 2015 2014 Capital Capital Basel III Basel I (dollar amounts in thousands) Ratios Ratios Ratio Amount Ratio Amount Common equity tier 1 risk-based capital Consolidated N.A. 4.50 % 9.79 % $ 5,721,028 N.A. N.A. Bank 6.50 % 4.50 9.46 5,518,748 N.A. N.A. Tier 1 risk-based capital Consolidated 6.00 6.00 10.53 6,154,000 11.50 % $ 6,265,900 Bank 8.00 6.00 9.83 5,735,274 11.28 6,136,190 Total risk-based capital Consolidated 10.00 8.00 12.64 7,386,936 13.56 7,388,336 Bank 10.00 8.00 11.74 6,850,596 12.79 6,956,242 Tier 1 leverage capital Consolidated N.A. 4.00 8.79 6,154,000 9.74 6,265,900 Bank 5.00 4.00 8.21 5,735,274 9.56 6,136,190 Huntington has the ability to provide additional capital to the Bank to maintain the Bank’s risk-based capital ratios at levels at which would be considered well-capitalized. Huntington and its subsidiaries are also subject to various regulatory requirements that impose restrictions on cash, debt, and dividends. The Bank is required to maintain cash reserves based on the level of certain of its deposits. This reserve requirement may be met by holding cash in banking offices or on deposit at the Federal Reserve Bank. During 2015 and 2014 , the average balances of these deposits were $0.5 billion and $0.2 billion , respectively. Under current Federal Reserve regulations, the Bank is limited as to the amount and type of loans it may make to the parent company and nonbank subsidiaries. At December 31, 2015 , the Bank could lend $678 million to a single affiliate, subject to the qualifying collateral requirements defined in the regulations. Dividends from the Bank are one of the major sources of funds for the Company. These funds aid the Company in the payment of dividends to shareholders, expenses, and other obligations. Payment of dividends to the parent company is subject to various legal and regulatory limitations. During 2015 , the Bank paid dividends of $822 million to the holding company. Also, there are statutory and regulatory limitations on the ability of national banks to pay dividends or make other capital distributions. The amount available for dividend payments to the parent company by Huntington National Bank without prior regulatory approval was approximately $179 million at December 31, 2015 . |
PARENT COMPANY FINANCIAL STATEM
PARENT COMPANY FINANCIAL STATEMENTS | 12 Months Ended |
Dec. 31, 2015 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
PARENT COMPANY FINANCIAL STATEMENTS | PARENT COMPANY FINANCIAL STATEMENTS The parent company financial statements, which include transactions with subsidiaries, are as follows: Balance Sheets December 31, (dollar amounts in thousands) 2015 2014 Assets Cash and cash equivalents $ 917,368 $ 662,768 Due from The Huntington National Bank 406,253 276,851 Due from non-bank subsidiaries 48,151 51,129 Investment in The Huntington National Bank 5,966,783 6,073,408 Investment in non-bank subsidiaries 489,205 509,114 Accrued interest receivable and other assets 192,444 279,366 Total assets $ 8,020,204 $ 7,852,636 Liabilities and shareholders’ equity Long-term borrowings $ 1,045,835 $ 1,046,104 Dividends payable, accrued expenses, and other liabilities 379,763 478,361 Total liabilities 1,425,598 1,524,465 Shareholders’ equity (1) 6,594,606 6,328,170 Total liabilities and shareholders’ equity $ 8,020,204 $ 7,852,635 (1) See Consolidated Statements of Changes in Shareholders’ Equity. Statements of Income Year Ended December 31, (dollar amounts in thousands) 2015 2014 2013 Income Dividends from The Huntington National Bank $ 822,000 $ 244,000 $ — Non-bank subsidiaries 38,883 27,773 55,473 Interest from The Huntington National Bank 5,954 3,906 6,598 Non-bank subsidiaries 2,317 2,613 3,129 Other 4,529 2,994 2,148 Total income 873,683 281,286 67,348 Expense Personnel costs 4,770 53,359 52,846 Interest on borrowings 17,428 17,031 20,739 Other 92,735 52,662 36,728 Total expense 114,933 123,052 110,313 Income (loss) before income taxes and equity in undistributed net income of subsidiaries 758,750 158,234 (42,965 ) Provision (benefit) for income taxes (109,867 ) (62,897 ) (22,298 ) Income (loss) before equity in undistributed net income of subsidiaries 868,617 221,131 (20,667 ) Increase (decrease) in undistributed net income (loss) of: The Huntington National Bank (160,567 ) 414,049 692,392 Non-bank subsidiaries (15,093 ) (2,788 ) (30,443 ) Net income $ 692,957 $ 632,392 $ 641,282 Other comprehensive income (loss) (1) (3,866 ) (8,283 ) (63,192 ) Comprehensive income $ 689,091 $ 624,109 $ 578,090 (1) See Consolidated Statements of Comprehensive Income for other comprehensive income (loss) detail. Statements of Cash Flows Year Ended December 31, (dollar amounts in thousands) 2015 2014 2013 Operating activities Net income $ 692,957 $ 632,392 $ 641,282 Adjustments to reconcile net income to net cash provided by operating activities: Equity in undistributed net income of subsidiaries 175,660 (411,261 ) (718,144 ) Depreciation and amortization 609 548 513 Loss on sales of securities available-for-sale 540 — — Other, net (44,197 ) 26,685 15,965 Net cash (used for) provided by operating activities 825,569 248,364 (60,384 ) Investing activities Repayments from subsidiaries 494,905 9,250 285,792 Advances to subsidiaries (612,610 ) (32,350 ) (249,050 ) Proceeds from sale of securities available-for-sale 449 — — Cash paid for acquisitions, net of cash received — (13,452 ) — Proceeds from business divestitures 9,029 — — Net cash (used for) provided by investing activities (108,227 ) (36,552 ) 36,742 Financing activities Proceeds from issuance of long-term borrowings — — 400,000 Payment of borrowings — — (50,000 ) Dividends paid on stock (224,390 ) (198,789 ) (182,476 ) Net proceeds from issuance of common stock — 2,597 — Repurchases of common stock (251,844 ) (334,429 ) (124,995 ) Other, net 13,492 15,512 25,707 Net cash provided by (used for) financing activities (462,742 ) (515,109 ) 68,236 Change in cash and cash equivalents 254,600 (303,297 ) 44,594 Cash and cash equivalents at beginning of year 662,768 966,065 921,471 Cash and cash equivalents at end of year $ 917,368 $ 662,768 $ 966,065 Supplemental disclosure: Interest paid $ 17,384 $ 21,321 $ 20,739 |
BUSINESS COMBINATIONS
BUSINESS COMBINATIONS | 12 Months Ended |
Dec. 31, 2015 | |
Business Combinations [Abstract] | |
BUSINESS COMBINATIONS | BUSINESS COMBINATIONS MACQUARIE EQUIPMENT FINANCE On March 31, 2015 , Huntington completed its acquisition of Macquarie, subsequently rebranded Huntington Technology Finance, in a cash transaction valued at $458 million . The acquisition gives us the ability to drive added growth to our national equipment finance business as well as additional small business finance capabilities. As a result of the acquisition, Huntington recorded approximately $1.1 billion of assets and assumed $617 million of debt, securitizations, and other liabilities. Assets acquired and liabilities assumed were recorded at fair value in accordance with ASC 805, “Business Combinations”. The fair values for assets were estimated using discounted cash flow analyses using interest rates currently being offered for leases with similar terms (Level 3). This value was reduced by an estimate of probable losses and the credit risk associated with leased assets. The fair values of debt, securitizations, and other liabilities were estimated by discounting cash flows using interest rates currently being offered with similar maturities (Level 3). As part of the acquisition, Huntington recorded $156 million of goodwill, all of which is deductible for tax purposes. Pro forma results have not been disclosed, as those amounts are not significant to the audited consolidated financial statements. |
SEGMENT REPORTING
SEGMENT REPORTING | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
SEGMENT REPORTING | SEGMENT REPORTING Our business segments are based on our internally-aligned segment leadership structure, which is how we monitor results and assess performance. We have five major business segments: Retail and Business Banking, Commercial Banking, Automobile Finance and Commercial Real Estate (AFCRE), Regional Banking and The Huntington Private Client Group (RBHPCG), and Home Lending. The Treasury / Other function includes our technology and operations, other unallocated assets, liabilities, revenue, and expense. Business segment results are determined based upon our management reporting system, which assigns balance sheet and income statement items to each of the business segments. The process is designed around our organizational and management structure and, accordingly, the results derived are not necessarily comparable with similar information published by other financial institutions. Additionally, because of the interrelationships of the various segments, the information presented is not indicative of how the segments would perform if they operated as independent entities Revenue is recorded in the business segment responsible for the related product or service. Fee sharing is recorded to allocate portions of such revenue to other business segments involved in selling to, or providing service to customers. Results of operations for the business segments reflect these fee sharing allocations. The management accounting process that develops the business segment reporting utilizes various estimates and allocation methodologies to measure the performance of the business segments. Expenses are allocated to business segments using a two-phase approach. The first phase consists of measuring and assigning unit costs (activity-based costs) to activities related to product origination and servicing. These activity-based costs are then extended, based on volumes, with the resulting amount allocated to business segments that own the related products. The second phase consists of the allocation of overhead costs to all five business segments from Treasury / Other. We utilize a full-allocation methodology, where all Treasury / Other expenses, except reported Significant Items, and a small amount of other residual unallocated expenses, are allocated to the five business segments. We use an active and centralized Funds Transfer Pricing (FTP) methodology to attribute appropriate income to the business segments. The intent of the FTP methodology is to transfer interest rate risk from the business segments by providing matched duration funding of assets and liabilities. The result is to centralize the financial impact, management, and reporting of interest rate risk in the Treasury / Other function where it can be centrally monitored and managed. The Treasury / Other function charges (credits) an internal cost of funds for assets held in (or pays for funding provided by) each business segment. The FTP rate is based on prevailing market interest rates for comparable duration assets (or liabilities). Retail and Business Banking - The Retail and Business Banking segment provides a wide array of financial products and services to consumer and small business customers including but not limited to checking accounts, savings accounts, money market accounts, certificates of deposit, consumer loans, and small business loans. Other financial services available to consumer and small business customers include investments, insurance, interest rate risk protection, foreign exchange, and treasury management. Business Banking is defined as serving companies with revenues up to $20 million and consists of approximately 165,000 businesses Commercial Banking - Through a relationship banking model, this segment provides a wide array of products and services to the middle market, large corporate, and government public sector customers located primarily within our geographic footprint. The segment is divided into seven business units: middle market, large corporate, specialty banking, asset finance, capital markets, treasury management, and insurance. Automobile Finance and Commercial Real Estate - : This segment provides lending and other banking products and services to customers outside of our traditional retail and commercial banking segments. Our products and services include providing financing for the purchase of vehicles by customers at franchised automotive dealerships, financing the acquisition of new and used vehicle inventory of franchised automotive dealerships, and financing for land, buildings, and other commercial real estate owned or constructed by real estate developers, automobile dealerships, or other customers with real estate project financing needs. Products and services are delivered through highly specialized relationship-focused bankers and product partners. Regional Banking and The Huntington Private Client Group - Regional Banking and The Huntington Private Client Group is closely aligned with our eleven regional banking markets. The Huntington Private Client Group is organized into units consisting of The Huntington Private Bank, The Huntington Trust, and The Huntington Investment Company. Our private banking, trust, and investment functions focus their efforts in our Midwest footprint and Florida. Huntington sold Huntington Asset Advisors, Huntington Asset Services and Unified Financial Securities in the 2015 fourth quarter. Home Lending - Home Lending originates and services consumer loans and mortgages for customers who are generally located in our primary banking markets. Consumer and mortgage lending products are primarily distributed through the Retail and Business Banking segment, as well as through commissioned loan originators. Home lending earns interest on loans held in the warehouse and portfolio, earns fee income from the origination and servicing of mortgage loans, and recognizes gains or losses from the sale of mortgage loans. Home Lending supports the origination and servicing of mortgage loans across all segments. Listed below is certain financial information reconciled to Huntington’s December 31, 2015 , December 31, 2014 , and December 31, 2013 , reported results by business segment: Income Statements (dollar amounts in thousands) Retail & Business Banking Commercial Banking AFCRE RBHPCG Home Lending Treasury / Other Huntington Consolidated 2015 Net interest income $ 1,030,238 $ 365,181 $ 381,189 $ 115,608 $ 65,884 $ (7,363 ) $ 1,950,737 Provision for credit losses 42,828 49,460 4,931 65 2,670 — 99,954 Noninterest income 440,261 258,191 29,257 153,160 87,021 70,840 1,038,730 Noninterest expense 1,029,727 283,448 152,010 254,380 157,266 99,077 1,975,908 Provision (benefit) for income taxes 139,280 101,662 88,727 5,013 (2,461 ) (111,573 ) 220,648 Net income (loss) $ 258,664 $ 188,802 $ 164,778 $ 9,310 $ (4,570 ) $ 75,973 $ 692,957 2014 Net interest income $ 912,992 $ 306,434 $ 379,363 $ 101,839 $ 58,015 $ 78,498 $ 1,837,141 Provision (Benefit) for credit losses 75,529 31,521 (52,843 ) 4,893 21,889 — 80,989 Noninterest income 409,746 209,238 26,628 173,550 69,899 90,118 979,179 Noninterest expense 982,288 249,300 156,715 236,634 136,374 121,035 1,882,346 Provision (benefit) for income taxes 92,722 82,198 105,742 11,852 (10,622 ) (61,299 ) 220,593 Net income (loss) $ 172,199 $ 152,653 $ 196,377 $ 22,010 $ (19,727 ) $ 108,880 $ 632,392 2013 Net interest income $ 902,526 $ 281,461 $ 366,508 $ 105,862 $ 51,839 $ (3,588 ) $ 1,704,608 Provision (Benefit) for credit losses 137,978 27,464 (82,269 ) (5,376 ) 12,249 (1 ) 90,045 Noninterest income 398,065 200,573 46,819 186,430 106,006 74,303 1,012,196 Noninterest expense 964,193 254,629 156,469 236,895 141,489 4,328 1,758,003 Provision (benefit) for income taxes 69,447 69,979 118,694 21,271 1,437 (53,354 ) 227,474 Net income $ 128,973 $ 129,962 $ 220,433 $ 39,502 $ 2,670 $ 119,742 $ 641,282 Assets at December 31, Deposits at December 31, (dollar amounts in thousands) 2015 2014 2015 2014 Retail & Business Banking $ 15,822,568 $ 15,146,857 $ 30,875,607 $ 29,350,255 Commercial Banking 16,943,458 15,043,477 11,424,778 11,184,566 AFCRE 17,855,600 16,027,910 1,651,702 1,377,921 RBHPCG 3,458,847 3,871,020 7,690,581 6,727,892 Home Lending 3,917,198 3,949,247 361,881 326,841 Treasury / Other 13,046,880 12,259,499 3,290,430 2,764,676 Total $ 71,044,551 $ 66,298,010 $ 55,294,979 $ 51,732,151 |
QUARTERLY RESULTS OF OPERATIONS
QUARTERLY RESULTS OF OPERATIONS (UNAUDITED) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
QUARTERLY RESULTS OF OPERATIONS (UNAUDITED) | QUARTERLY RESULTS OF OPERATIONS (UNAUDITED) The following is a summary of the quarterly results of operations, for the years ended December 31, 2015 and 2014 : Three months ended December 31, September 30, June 30, March 31, (dollar amounts in thousands, except per share data) 2015 2015 2015 2015 Interest income $ 544,153 $ 538,477 $ 529,795 $ 502,096 Interest expense 47,242 43,022 39,109 34,411 Net interest income 496,911 495,455 490,686 467,685 Provision for credit losses 36,468 22,476 20,419 20,591 Noninterest income 272,215 253,119 281,773 231,623 Noninterest expense 498,766 526,508 491,777 458,857 Income before income taxes 233,892 199,590 260,263 219,860 Provision for income taxes 55,583 47,002 64,057 54,006 Net income 178,309 152,588 196,206 165,854 Dividends on preferred shares 7,972 7,968 7,968 7,965 Net income applicable to common shares $ 170,337 $ 144,620 $ 188,238 $ 157,889 Net income per common share — Basic $ 0.21 $ 0.18 $ 0.23 $ 0.19 Net income per common share — Diluted 0.21 0.18 0.23 0.19 Three months ended December 31, September 30, June 30, March 31, (dollar amounts in thousands, except per share data) 2014 2014 2014 2014 Interest income $ 507,625 $ 501,060 $ 495,322 $ 472,455 Interest expense 34,373 34,725 35,274 34,949 Net interest income 473,252 466,335 460,048 437,506 Provision for credit losses 2,494 24,480 29,385 24,630 Noninterest income 233,278 247,349 250,067 248,485 Noninterest expense 483,271 480,318 458,636 460,121 Income before income taxes 220,765 208,886 222,094 201,240 Provision for income taxes 57,151 53,870 57,475 52,097 Net income 163,614 155,016 164,619 149,143 Dividends on preferred shares 7,963 7,964 7,963 7,964 Net income applicable to common shares $ 155,651 $ 147,052 $ 156,656 $ 141,179 Net income per common share — Basic $ 0.19 $ 0.18 $ 0.19 $ 0.17 Net income per common share — Diluted 0.19 0.18 0.19 0.17 |
SUBSEQUENT EVENTS (Notes)
SUBSEQUENT EVENTS (Notes) | 12 Months Ended |
Dec. 31, 2015 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | SUBSEQUENT EVENTS On January 26, 2016, Huntington announced the signing of a definitive merger agreement under which Ohio-based FirstMerit Corporation, the parent company of FirstMerit Bank, will merge into Huntington in a stock and cash transaction valued at approximately $3.4 billion based on the closing stock price on the day preceding the announcement. FirstMerit Corporation is a diversified financial services company headquartered in Akron, Ohio, which reported assets of approximately $25.5 billion based on their December 31, 2015 unaudited balance sheet. Under the terms of the agreement, shareholders of FirstMerit Corporation will receive 1.72 shares of Huntington common stock, and $5.00 in cash, for each share of FirstMerit Corporation common stock. The transaction is expected to be completed in the 2016 third quarter, subject to the satisfaction of customary closing conditions, including regulatory approvals and the approval of the shareholders of Huntington and FirstMerit Corporation. |
SIGNIFICANT ACCOUNTING POLICI35
SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation — The Consolidated Financial Statements include the accounts of Huntington and its majority-owned subsidiaries and are presented in accordance with GAAP. All intercompany transactions and balances have been eliminated in consolidation. Companies in which Huntington holds more than a 50% voting equity interest, or a controlling financial interest, or are a VIE in which Huntington has the power to direct the activities of an entity that most significantly impact the entity’s economic performance and has an obligation to absorb losses or the right to receive benefits from the VIE which could potentially be significant to the VIE are consolidated. VIEs are legal entities with insubstantial equity, whose equity investors lack the ability to make decisions about the entity’s activities, or whose equity investors do not have the right to receive the residual returns of the entity if they occur. VIEs in which Huntington does not hold the power to direct the activities of the entity that most significantly impact the entity’s economic performance or does not have an obligation to absorb losses or the right to receive benefits from the VIE which could potentially be significant to the VIE are not consolidated. For consolidated entities where Huntington holds less than a 100% interest, Huntington recognizes non-controlling interest (included in shareholders’ equity) for the equity held by others and non-controlling profit or loss (included in noninterest expense) for the portion of the entity’s earnings attributable to other’s interests. Investments in companies that are not consolidated are accounted for using the equity method when Huntington has the ability to exert significant influence. Those investments in nonmarketable securities for which Huntington does not have the ability to exert significant influence are generally accounted for using the cost method. Investments in private investment partnerships that are accounted for under the equity method or the cost method are included in Accrued income and other assets and Huntington’s proportional interest in the equity investments’ earnings are included in other noninterest income. Investment interests accounted for under the cost and equity methods are periodically evaluated for impairment. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that significantly affect amounts reported in the Consolidated Financial Statements. Huntington utilizes processes that involve the use of significant estimates and the judgments of management in determining the amount of its allowance for credit losses, income taxes deferred tax assets, and contingent liabilities, as well as fair value measurements of investment securities, derivatives, goodwill, pension assets and liabilities, short-term borrowings, mortgage servicing rights, and loans held for sale. As with any estimate, actual results could differ from those estimates. For statement of cash flows purposes, cash and cash equivalents are defined as the sum of Cash and due from banks, which includes amounts on deposit with the Federal Reserve and Federal funds sold and securities purchased under resale agreements. Certain prior period amounts have been reclassified to conform to the current year’s presentation. |
Resale and Repurchase Agreements | Resale and Repurchase Agreements — Securities purchased under agreements to resell and securities sold under agreements to repurchase are treated as collateralized financing transactions and are recorded at the amounts at which the securities were acquired or sold plus accrued interest. The fair value of collateral either received from or provided to a third-party is continually monitored and additional collateral is obtained or requested to be returned to Huntington in accordance with the agreement. |
Securities | Securities — Securities purchased with the intention of recognizing short-term profits or which are actively bought and sold are classified as trading account securities and reported at fair value. The unrealized gains or losses on trading account securities are recorded in other noninterest income, except for gains and losses on trading account securities used to hedge the fair value of MSRs, which are included in mortgage banking income. Debt securities purchased in which Huntington has the positive intent and ability to hold to their maturity are classified as held-to-maturity securities. Held-to-maturity securities are recorded at amortized cost. All other debt and equity securities are classified as available-for-sale and other securities. Unrealized gains or losses on available-for-sale and other securities are reported as a separate component of accumulated OCI in the Consolidated Statements of Changes in Shareholders’ Equity. Credit-related declines in the value of debt securities that are considered other-than-temporary are recorded in noninterest income. Huntington evaluates its investment securities portfolio on a quarterly basis for indicators of OTTI. Huntington assesses whether OTTI has occurred when the fair value of a debt security is less than the amortized cost basis at the balance sheet date. Management reviews the amount of unrealized loss, the length of time the security has been in an unrealized loss position, the credit rating history, market trends of similar security classes, time remaining to maturity, and the source of both interest and principal payments to identify securities which could potentially be impaired. OTTI is considered to have occurred (1) if Huntington intends to sell the security; (2) if it is more likely than not Huntington will be required to sell the security before recovery of its amortized cost basis; or (3) the present value of expected cash flows are not sufficient to recover all contractually required principal and interest payments. For securities that Huntington does not expect to sell, or it is not more likely than not to be required to sell, the OTTI is separated into credit and noncredit components. A discounted cash flow analysis, which includes evaluating the timing of the expected cash flows, is completed for all debt securities subject to credit impairment. The measurement of the credit loss component is equal to the difference between the debt security’s cost basis and the present value of its expected future cash flows discounted at the security’s effective yield. The credit-related OTTI, represented by the expected loss in principal, is recognized in noninterest income. The remaining difference between the security’s fair value and the present value of future expected cash flows is due to factors that are not credit-related and, therefore, are recognized in OCI. Huntington believes that it will fully collect the carrying value of securities on which noncredit-related OTTI has been recognized in OCI. Noncredit-related OTTI results from other factors, including increased liquidity spreads and extension of the security. For securities which Huntington does expect to sell, or if it is more likely than not Huntington will be required to sell the security before recovery of its amortized cost basis, all OTTI is recognized in earnings. Presentation of OTTI is made in the Consolidated Statements of Income on a gross basis with a reduction for the amount of OTTI recognized in OCI. Securities transactions are recognized on the trade date (the date the order to buy or sell is executed). The carrying value plus any related accumulated OCI balance of sold securities is used to compute realized gains and losses. Interest and dividends on securities, including amortization of premiums and accretion of discounts using the effective interest method over the period to maturity, are included in interest income. Nonmarketable equity securities include stock acquired for regulatory purposes, such as Federal Home Loan Bank stock and Federal Reserve Bank stock. These securities are accounted for at cost, evaluated for impairment, and included in available-for-sale and other securities. |
Loans and Leases | Loans and Leases — Loans and direct financing leases for which Huntington has the intent and ability to hold for the foreseeable future, or until maturity or payoff, are classified in the Consolidated Balance Sheets as loans and leases. Except for loans for which the fair value option has been elected, loans and leases are carried at the principal amount outstanding, net of unamortized deferred loan origination fees and costs and net of unearned income. Direct financing leases are reported at the aggregate of lease payments receivable and estimated residual values, net of unearned and deferred income. Interest income is accrued as earned using the interest method based on unpaid principal balances. Huntington defers the fees it receives from the origination of loans and leases, as well as the direct costs of those activities. Huntington also acquires loans at a premium and at a discount to their contractual values. Huntington amortizes loan discounts, premiums, and net loan origination fees and costs on a level-yield basis over the estimated lives of the related loans, which would not include purchased credit impaired loans. Troubled debt restructurings are loans for which the original contractual terms have been modified to provide a concession to a borrower experiencing financial difficulties. Loan modifications are considered TDRs when the concessions provided are not available to the borrower through either normal channels or other sources. However, not all loan modifications are TDRs. Modifications resulting in troubled debt restructurings may include changes to one or more terms of the loan, including but not limited to, a change in interest rate, an extension of the amortization period, a reduction in payment amount, and partial forgiveness or deferment of principal or accrued interest. Residual values on leased equipment are evaluated quarterly for impairment. Impairment of the residual values of direct financing leases determined to be other than temporary is recognized by writing the leases down to fair value with a charge to other noninterest expense. Residual value losses arise if the expected fair value at the end of the lease term is less than the residual value recorded at the lease origination, net of estimated amounts reimbursable by the lessee. Future declines in the expected residual value of the leased equipment would result in expected losses of the leased equipment. For leased equipment, the residual component of a direct financing lease represents the estimated fair value of the leased equipment at the end of the lease term. Huntington uses industry data, historical experience, and independent appraisals to establish these residual value estimates. Additional information regarding product life cycle, product upgrades, as well as insight into competing products are obtained through relationships with industry contacts and are factored into residual value estimates where applicable. |
Loans Held for Sale | Loans Held for Sale — Loans in which Huntington does not have the intent and ability to hold for the foreseeable future are classified as loans held for sale. Loans held for sale (excluding loans originated or acquired with the intent to sell, which are carried at fair value) are carried at the lower of cost or fair value less cost to sell. The fair value option is generally elected for mortgage loans held for sale to facilitate hedging of the loans. The fair value of such loans is estimated based on the inputs that include prices of mortgage backed securities adjusted for other variables such as, interest rates, expected credit defaults and market discount rates. The adjusted value reflects the price we expect to receive from the sale of such loans. Nonmortgage loans held for sale are measured on an aggregate asset basis. |
Allowance for Credit Losses | Allowance for Credit Losses — Huntington maintains two reserves, both of which reflect management’s judgment regarding the appropriate level necessary to absorb credit losses inherent in our loan and lease portfolio: the ALLL and the AULC. Combined, these reserves comprise the total ACL. The determination of the ACL requires significant estimates, including the timing and amounts of expected future cash flows on impaired loans and leases, consideration of current economic conditions, and historical loss experience pertaining to pools of homogeneous loans and leases, all of which may be susceptible to change. The appropriateness of the ACL is based on management’s current judgments about the credit quality of the loan portfolio. These judgments consider on-going evaluations of the loan and lease portfolio, including such factors as the differing economic risks associated with each loan category, the financial condition of specific borrowers, the level of delinquent loans, the value of any collateral and, where applicable, the existence of any guarantees or other documented support. Further, management evaluates the impact of changes in interest rates and overall economic conditions on the ability of borrowers to meet their financial obligations when quantifying our exposure to credit losses and assessing the appropriateness of our ACL at each reporting date. In addition to general economic conditions and the other factors described above, additional factors also considered include: the impact of increasing or decreasing residential real estate values; the diversification of CRE loans; the development of new or expanded Commercial business segments such as healthcare, ABL, leveraged lending, and energy, and the overall condition of the manufacturing industry. Also, the ACL assessment includes the on-going assessment of credit quality metrics, and a comparison of certain ACL benchmarks to current performance. The ALLL consists of two components: (1) the transaction reserve, which includes a loan level allocation, specific reserves related to loans considered to be impaired, and loans involved in troubled debt restructurings, and (2) the general reserve. The transaction reserve component includes both (1) an estimate of loss based on pools of commercial and consumer loans and leases with similar characteristics and (2) an estimate of loss based on an impairment review of each impaired C&I and CRE loan where obligor balance is greater than $1.0 million . For the C&I and CRE portfolios, the estimate of loss based on pools of loans and leases with similar characteristics is made by applying a PD factor and a LGD factor to each individual loan based on a regularly updated loan grade, using a standardized loan grading system. The PD factor and an LGD factor are determined for each loan grade using statistical models based on historical performance data. The PD factor considers on-going reviews of the financial performance of the specific borrower, including cash flow, debt-service coverage ratio, earnings power, debt level, and equity position, in conjunction with an assessment of the borrower’s industry and future prospects. The LGD factor considers analysis of the type of collateral and the relative LTV ratio. These reserve factors are developed based on credit migration models that track historical movements of loans between loan ratings over time and a combination of long-term average loss experience of our own portfolio and external industry data. In the case of more homogeneous portfolios, such as automobile loans, home equity loans, and residential mortgage loans, the determination of the transaction reserve also incorporates PD and LGD factors. The estimate of loss is based on pools of loans and leases with similar characteristics. The PD factor considers current credit scores unless the account is delinquent, in which case a higher PD factor is used. The credit score provides a basis for understanding the borrower’s past and current payment performance, and this information is used to estimate expected losses over the emergence period. The performance of first-lien loans ahead of our junior-lien loans is available to use as part of our updated score process. The LGD factor considers analysis of the type of collateral and the relative LTV ratio. Credit scores, models, analyses, and other factors used to determine both the PD and LGD factors are updated frequently to capture the recent behavioral characteristics of the subject portfolios, as well as any changes in loss mitigation or credit origination strategies, and adjustments to the reserve factors are made as required. The general reserve consists of various risk-profile reserve components. The risk-profile component considers items unique to our structure, policies, processes, and portfolio composition, as well as qualitative measurements and assessments of the loan portfolios including, but not limited to, management quality, concentrations, portfolio composition, industry comparisons, and internal review functions. The estimate for the AULC is determined using the same procedures and methodologies as used for the ALLL. The loss factors used in the AULC are the same as the loss factors used in the ALLL while also considering a historical utilization of unused commitments. The AULC is recorded in Accrued expenses and other liabilities in the Consolidated Balance Sheets. |
Nonaccrual and Past Due Loans | Nonaccrual and Past Due Loans — Loans are considered past due when the contractual amounts due with respect to principal and interest are not received within 30 days of the contractual due date. Any loan in any portfolio may be placed on nonaccrual status prior to the policies described below when collection of principal or interest is in doubt. When a borrower with debt is discharged in a Chapter 7 bankruptcy and not reaffirmed by the borrower, the loan is determined to be collateral dependent and placed on nonaccrual status, unless there is a co-borrower. All classes within the C&I and CRE portfolios (except for purchased credit-impaired loans) are placed on nonaccrual status at 90 -days past due. First-lien home equity loans are placed on nonaccrual status at 150 -days past due. Junior-lien home equity loans are placed on nonaccrual status at the earlier of 120 -days past due or when the related first-lien loan has been identified as nonaccrual. Automobile and other consumer loans are generally charged-off when the loan is 120 -days past due. Residential mortgage loans are placed on nonaccrual status at 150 -days past due, with the exception of residential mortgages guaranteed by government agencies which continue to accrue interest at the rate guaranteed by the government agency. We are reimbursed from the government agency for reasonable expenses incurred in servicing loans. For all classes within all loan portfolios, when a loan is placed on nonaccrual status, any accrued interest income is reversed with current year accruals charged to interest income, and prior year amounts charged-off as a credit loss. For all classes within all loan portfolios, cash receipts received on NALs are applied against principal until the loan or lease has been collected in full, after which time any additional cash receipts are recognized as interest income. However, for secured non-reaffirmed debt in a Chapter 7 bankruptcy, payments are applied to principal and interest when the borrower has demonstrated a capacity to continue payment of the debt and collection of the debt is reasonably assured. For unsecured non-reaffirmed debt in a Chapter 7 bankruptcy where the carrying value has been fully charged-off, payments are recorded as loan recoveries. Regarding all classes within the C&I and CRE portfolios, the determination of a borrower’s ability to make the required principal and interest payments is based on an examination of the borrower’s current financial statements, industry, management capabilities, and other qualitative measures. For all classes within the consumer loan portfolio, the determination of a borrower’s ability to make the required principal and interest payments is based on multiple factors, including number of days past due and, in some instances, an evaluation of the borrower’s financial condition. When, in management’s judgment, the borrower’s ability to make required principal and interest payments resumes and collectability is no longer in doubt, supported by sustained repayment history, the loan is returned to accrual status. For these loans that have been returned to accrual status, cash receipts are applied according to the contractual terms of the loan. |
Charge-off of Uncollectible Loans | Charge-off of Uncollectible Loans — Any loan in any portfolio may be charged-off prior to the policies described below if a loss confirming event has occurred. Loss confirming events include, but are not limited to, bankruptcy (unsecured), continued delinquency, foreclosure, or receipt of an asset valuation indicating a collateral deficiency and that asset is the sole source of repayment. Additionally, discharged, collateral dependent non-reaffirmed debt in Chapter 7 bankruptcy filings will result in a charge-off to estimated collateral value, less anticipated selling costs. C&I and CRE loans are either charged-off or written down to net realizable value at 90 -days past due. Automobile loans and other consumer loans are charged-off at 120 -days past due. First-lien and junior-lien home equity loans are charged-off to the estimated fair value of the collateral, less anticipated selling costs, at 150 -days past due and 120 -days past due, respectively. Residential mortgages are charged-off to the estimated fair value of the collateral at 150 -days past due. |
Impaired Loans | Impaired Loans — For all classes within the C&I and CRE portfolios, all loans with an obligor balance of $1.0 million or greater are evaluated on a quarterly basis for impairment. Except for TDRs, consumer loans within any class are generally not individually evaluated on a regular basis for impairment. All TDRs, regardless of the outstanding balance amount, are also considered to be impaired. Loans acquired with evidence of deterioration in credit quality since origination for which it is probable at acquisition that all contractually required payments will not be collected are also considered to be impaired. Once a loan has been identified for an assessment of impairment, the loan is considered impaired when, based on current information and events, it is probable that all amounts due according to the contractual terms of the loan agreement will not be collected. This determination requires significant judgment and use of estimates, and the eventual outcome may differ significantly from those estimates. When a loan in any class has been determined to be impaired, the amount of the impairment is measured using the present value of expected future cash flows discounted at the loan’s effective interest rate or, as a practical expedient, the observable market price of the loan, or the fair value of the collateral, less anticipated selling costs, if the loan is collateral dependent. When the present value of expected future cash flows is used, the effective interest rate is the original contractual interest rate of the loan adjusted for any cost, fee, premium, or discount. When the contractual interest rate is variable, the effective interest rate of the loan changes over time. A specific reserve is established as a component of the ALLL when a loan has been determined to be impaired. Subsequent to the initial measurement of impairment, if there is a significant change to the impaired loan’s expected future cash flows, or if actual cash flows are significantly different from the cash flows previously estimated, Huntington recalculates the impairment and appropriately adjusts the specific reserve. Similarly, if Huntington measures impairment based on the observable market price of an impaired loan or the fair value of the collateral of an impaired collateral dependent loan, Huntington will adjust the specific reserve. When a loan within any class is impaired, the accrual of interest income is discontinued unless the receipt of principal and interest is no longer in doubt. Interest income on TDRs is accrued when all principal and interest is expected to be collected under the post-modification terms. Cash receipts received on nonaccruing impaired loans within any class are generally applied entirely against principal until the loan has been collected in full (including already charged-off portion), after which time any additional cash receipts are recognized as interest income. Cash receipts received on accruing impaired loans within any class are applied in the same manner as accruing loans that are not considered impaired. Purchased Credit-Impaired Loans — Purchased loans with evidence of deterioration in credit quality since origination for which it is probable at acquisition that we will be unable to collect all contractually required payments are considered to be credit impaired. Purchased credit-impaired loans are initially recorded at fair value, which is estimated by discounting the cash flows expected to be collected at the acquisition date. Because the estimate of expected cash flows reflects an estimate of future credit losses expected to be incurred over the life of the loans, an allowance for credit losses is not recorded at the acquisition date. The excess of cash flows expected at acquisition over the estimated fair value, referred to as the accretable yield, is recognized in interest income over the remaining life of the loan, or pool of loans, on a level-yield basis. The difference between the contractually required payments at acquisition and the cash flows expected to be collected at acquisition is referred to as the nonaccretable difference. A subsequent decrease in the estimate of cash flows expected to be received on purchased credit-impaired loans generally results in the recognition of an allowance for credit losses. Subsequent increases in cash flows result in reversal of any nonaccretable difference (or allowance for loan and lease losses to the extent any has been recorded) with a positive impact on interest income subsequently recognized. The measurement of cash flows involves assumptions and judgments for interest rates, prepayments, default rates, loss severity, and collateral values. All of these factors are inherently subjective and significant changes in the cash flow estimates over the life of the loan can result. |
Transfers of Financial Assets and Securitizations | Transfers of Financial Assets and Securitizations — Transfers of financial assets in which we have surrendered control over the transferred assets are accounted for as sales. In assessing whether control has been surrendered, we consider whether the transferee would be a consolidated affiliate, the existence and extent of any continuing involvement in the transferred financial assets, and the impact of all arrangements or agreements made contemporaneously with, or in contemplation of, the transfer, even if they were not entered into at the time of transfer. Control is generally considered to have been surrendered when (i) the transferred assets have been legally isolated from us or any of our consolidated affiliates, even in bankruptcy or other receivership, (ii) the transferee (or, if the transferee is an entity whose sole purpose is to engage in securitization or asset-backed financing that is constrained from pledging or exchanging the assets it receives, each third-party holder of its beneficial interests) has the right to pledge or exchange the assets (or beneficial interests) it received without any constraints that provide more than a trivial benefit to us, and (iii) neither we nor our consolidated affiliates and agents have (a) both the right and obligation under any agreement to repurchase or redeem the transferred assets before their maturity, (b) the unilateral ability to cause the holder to return specific financial assets that also provides us with a more-than-trivial benefit (other than through a cleanup call) or (c) an agreement that permits the transferee to require us to repurchase the transferred assets at a price so favorable that it is probable that it will require us to repurchase them. If the sale criteria are met, the transferred financial assets are removed from our balance sheet and a gain or loss on sale is recognized. If the sale criteria are not met, the transfer is recorded as a secured borrowing in which the assets remain on our balance sheet and the proceeds from the transaction are recognized as a liability. For the majority of financial asset transfers, it is clear whether or not we have surrendered control. For other transfers, such as in connection with complex transactions or where we have continuing involvement, we generally obtain a legal opinion as to whether the transfer results in a true sale by law. We have historically securitized certain automobile receivables. Gains and losses on the loans and leases sold and servicing rights associated with loan and lease sales are determined when the related loans or leases are sold to either a securitization trust or third-party. For loan or lease sales with servicing retained, a servicing asset is recorded at fair value for the right to service the loans sold. |
Derivative Financial Instruments | Derivative Financial Instruments — A variety of derivative financial instruments, principally interest rate swaps, caps, floors, and collars, are used in asset and liability management activities to protect against the risk of adverse price or interest rate movements. These instruments provide flexibility in adjusting Huntington’s sensitivity to changes in interest rates without exposure to loss of principal and higher funding requirements. Huntington also uses derivatives, principally loan sale commitments, in hedging its mortgage loan interest rate lock commitments and its mortgage loans held for sale. Mortgage loan sale commitments and the related interest rate lock commitments are carried at fair value on the Consolidated Balance Sheets with changes in fair value reflected in mortgage banking income. Huntington also uses certain derivative financial instruments to offset changes in value of its MSRs. These derivatives consist primarily of forward interest rate agreements and forward mortgage contracts. The derivative instruments used are not designated as qualifying hedges. Accordingly, such derivatives are recorded at fair value with changes in fair value reflected in mortgage banking income. Derivative financial instruments are recorded in the Consolidated Balance Sheets as either an asset or a liability (in accrued income and other assets or accrued expenses and other liabilities, respectively) and measured at fair value. On the date a derivative contract is entered into, we designate it as either: • a qualifying hedge of the fair value of a recognized asset or liability or of an unrecognized firm commitment (fair value hedge); • a qualifying hedge of the variability of cash flows to be received or paid related to a recognized asset liability or forecasted transaction (cash flow hedge); or • a trading instrument or a non-qualifying (economic) hedge. Changes in the fair value of a derivative that has been designated and qualifies as a fair value hedge, along with the changes in the fair value of the hedged asset or liability that is attributable to the hedged risk, are recorded in current period earnings. Changes in the fair value of a derivative that has been designated and qualifies as a cash flow hedge, to the extent effective as a hedge, are recorded in accumulated other comprehensive income, net of income taxes, and reclassified into earnings in the period during which the hedged item affects earnings. Ineffectiveness in the hedging relationship is reflected in current period earnings. Changes in the fair value of derivatives held for trading purposes or which do not qualify for hedge accounting are reported in current period earnings. For those derivatives to which hedge accounting is applied, Huntington formally documents the hedging relationship and the risk management objective and strategy for undertaking the hedge. This documentation identifies the hedging instrument, the hedged item or transaction, the nature of the risk being hedged, and, unless the hedge meets all of the criteria to assume there is no ineffectiveness, the method that will be used to assess the effectiveness of the hedging instrument and how ineffectiveness will be measured. The methods utilized to assess retrospective hedge effectiveness, as well as the frequency of testing, vary based on the type of item being hedged and the designated hedge period. For specifically designated fair value hedges of certain fixed-rate debt, Huntington utilizes the short-cut method when certain criteria are met. For other fair value hedges of fixed-rate debt, including certificates of deposit, Huntington utilizes the regression method to evaluate hedge effectiveness on a quarterly basis. For fair value hedges of portfolio loans, the regression method is used to evaluate effectiveness on a daily basis. For cash flow hedges, the regression method is applied on a quarterly basis. Hedge accounting is discontinued prospectively when: • the derivative is no longer effective or expected to be effective in offsetting changes in the fair value or cash flows of a hedged item (including firm commitments or forecasted transactions); • the derivative expires or is sold, terminated, or exercised; • it is unlikely that a forecasted transaction will occur; • the hedged firm commitment no longer meets the definition of a firm commitment; or • the designation of the derivative as a hedging instrument is removed. When hedge accounting is discontinued because it is determined that the derivative no longer qualifies as an effective fair value or cash flow hedge, the derivative will continue to be carried on the balance sheet at fair value. In the case of a discontinued fair value hedge of a recognized asset or liability, as long as the hedged item continues to exist on the balance sheet, the hedged item will no longer be adjusted for changes in fair value. The basis adjustment that had previously been recorded to the hedged item during the period from the hedge designation date to the hedge discontinuation date is recognized as an adjustment to the yield of the hedged item over the remaining life of the hedged item. In the case of a discontinued cash flow hedge of a recognized asset or liability, as long as the hedged item continues to exist on the balance sheet, the effective portion of the changes in fair value of the hedging derivative will no longer be recorded to other comprehensive income. The balance applicable to the discontinued hedging relationship will be recognized in earnings over the remaining life of the hedged item as an adjustment to yield. If the discontinued hedged item was a forecasted transaction that is not expected to occur, any amounts recorded on the balance sheet related to the hedged item, including any amounts recorded in accumulated other comprehensive income, are immediately reclassified to current period earnings. In the case of either a fair value hedge or a cash flow hedge, if the previously hedged item is sold or extinguished, the basis adjustment to the underlying asset or liability or any remaining unamortized other comprehensive income balance will be reclassified to current period earnings. In all other situations in which hedge accounting is discontinued, the derivative will be carried at fair value on the consolidated balance sheets, with changes in its fair value recognized in current period earnings unless re-designated as a qualifying hedge. Like other financial instruments, derivatives contain an element of credit risk, which is the possibility that Huntington will incur a loss because the counterparty fails to meet its contractual obligations. Notional values of interest rate swaps and other off-balance sheet financial instruments significantly exceed the credit risk associated with these instruments and represent contractual balances on which calculations of amounts to be exchanged are based. Credit exposure is limited to the sum of the aggregate fair value of positions that have become favorable to Huntington, including any accrued interest receivable due from counterparties. Potential credit losses are mitigated through careful evaluation of counterparty credit standing, selection of counterparties from a limited group of high quality institutions, collateral agreements, and other contract provisions. Huntington considers the value of collateral held and collateral provided in determining the net carrying value of derivatives. Huntington offsets the fair value amounts recognized for derivative instruments and the fair value for the right to reclaim cash collateral or the obligation to return cash collateral arising from derivative instrument(s) recognized at fair value executed with the same counterparty under a master netting arrangement. |
Repossessed Collateral | Repossessed Collateral — Repossessed collateral, also referred to as other real estate owned (OREO), is comprised principally of commercial and residential real estate properties obtained in partial or total satisfaction of loan obligations, and is carried at fair value. Collateral obtained in satisfaction of a loan is recorded at the estimated fair value less anticipated selling costs based upon the property’s appraised value at the date of foreclosure, with any difference between the fair value of the property and the carrying value of the loan recorded as a charge-off. If the fair value is higher than the carrying amount of the loan the excess is recognized first as a recovery and then as noninterest income. Subsequent declines in value are reported as adjustments to the carrying amount and are recorded in noninterest expense. Gains or losses resulting from the sale of collateral are recognized in noninterest expense at the date of sale. |
Collateral | Collateral — We pledge assets as collateral as required for various transactions including security repurchase agreements, public deposits, loan notes, derivative financial instruments, short-term borrowings and long-term borrowings. Assets that have been pledged as collateral, including those that can be sold or repledged by the secured party, continue to be reported on our Consolidated Balance Sheets. We also accept collateral, primarily as part of various transactions including derivative and security resale agreements. Collateral accepted by us, including collateral that we can sell or repledge, is excluded from our Consolidated Balance Sheets. The market value of collateral we have accepted or pledged is regularly monitored and additional collateral is obtained or provided as necessary to ensure appropriate collateral coverage in these transactions. |
Premises and Equipment | Premises and Equipment — Premises and equipment are stated at cost, less accumulated depreciation and amortization. Depreciation is computed principally by the straight-line method over the estimated useful lives of the related assets. Buildings and building improvements are depreciated over an average of 30 to 40 years and 10 to 30 years, respectively. Land improvements and furniture and fixtures are depreciated over an average of 5 to 20 years, while equipment is depreciated over a range of 3 to 10 years. Leasehold improvements are amortized over the lesser of the asset’s useful life or the lease term, including any renewal periods for which renewal is reasonably assured. Maintenance and repairs are charged to expense as incurred, while improvements that extend the useful life of an asset are capitalized and depreciated over the remaining useful life. Premises and equipment is evaluated for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. |
Mortgage Servicing Rights | Mortgage Servicing Rights — Huntington recognizes the rights to service mortgage loans as separate assets, which are included in Accrued income and other assets in the Consolidated Balance Sheets when purchased, or when servicing is contractually separated from the underlying mortgage loans by sale or securitization of the loans with servicing rights retained. For loan sales with servicing retained, a servicing asset is recorded on the day of the sale at fair value for the right to service the loans sold. To determine the fair value of a MSR, Huntington uses an option adjusted spread cash flow analysis incorporating market implied forward interest rates to estimate the future direction of mortgage and market interest rates. The forward rates utilized are derived from the current yield curve for U.S. dollar interest rate swaps and are consistent with pricing of capital markets instruments. The current and projected mortgage interest rate influences the prepayment rate and, therefore, the timing and magnitude of the cash flows associated with the MSR. Servicing revenues on mortgage loans are included in mortgage banking income. At the time of initial capitalization, MSRs may be grouped into servicing classes based on the availability of market inputs used in determining fair value and the method used for managing the risks of the servicing assets. MSR assets are recorded using the fair value method or the amortization method. The election of the fair value or amortization method is made at the time each servicing class is established. All newly created MSRs since 2009 were recorded using the amortization method. Any change in the fair value of MSRs carried under the fair value method, as well as amortization and impairment of MSRs under the amortization method, during the period is recorded in mortgage banking income, which is reflected in the Consolidated Statements of Income. Huntington economically hedges the value of certain MSRs using derivative instruments and trading securities. Changes in fair value of these derivatives and trading securities are reported as a component of mortgage banking income. |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets — Under the acquisition method of accounting, the net assets of entities acquired by Huntington are recorded at their estimated fair value at the date of acquisition. The excess cost of the acquisition over the fair value of net assets acquired is recorded as goodwill. Other intangible assets are amortized either on an accelerated or straight-line basis over their estimated useful lives. Goodwill is evaluated for impairment on an annual basis at October 1 st of each year or whenever events or changes in circumstances indicate that the carrying value may not be recoverable. Other intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. |
Pension and Other Postretirement Benefits | Pension and Other Postretirement Benefits — We recognize the funded status of the postretirement benefit plans on the Consolidated Balance Sheets. Net postretirement benefit cost charged to current earnings related to these plans is based on various actuarial assumptions regarding expected future experience. Certain employees are participants in various defined contribution and other non-qualified supplemental retirement plans. Our contributions to these plans are charged to current earnings. In addition, we maintain a 401(k) plan covering substantially all employees. Employer contributions to the plan, which are charged to current earnings, are based on employee contributions. |
Share-Based Compensation | Share-Based Compensation — We use the fair value based method of accounting for awards of HBAN stock granted to employees under various stock option and restricted share plans. Stock compensation costs are recognized prospectively for all new awards granted under these plans. Compensation expense relating to share options is calculated using a methodology that is based on the underlying assumptions of the Black-Scholes option pricing model and is charged to expense over the requisite service period (e.g. vesting period). Compensation expense relating to restricted stock awards is based upon the fair value of the awards on the date of grant and is charged to earnings over the requisite service period (e.g., vesting period) of the award. |
Stock Repurchases | Stock Repurchases — Acquisitions of Huntington stock are recorded at cost. The re-issuance of shares is recorded at weighted-average cost. |
Income Taxes | Income Taxes — Income taxes are accounted for under the asset and liability method. Accordingly, deferred tax assets and liabilities are recognized for the future book and tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are determined using enacted tax rates expected to apply in the year in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income at the time of enactment of such change in tax rates. Any interest or penalties due for payment of income taxes are included in the provision for income taxes. To the extent that we do not consider it more likely than not that a deferred tax asset will be recovered, a valuation allowance is recorded. All positive and negative evidence is reviewed when determining how much of a valuation allowance is recognized on a quarterly basis. In determining the requirements for a valuation allowance, sources of possible taxable income are evaluated including future reversals of existing taxable temporary differences, future taxable income exclusive of reversing temporary differences and carryforwards, taxable income in appropriate carryback years, and tax-planning strategies. Huntington applies a more likely than not recognition threshold for all tax uncertainties. |
Bank Owned Life Insurance | Bank Owned Life Insurance — Huntington’s bank owned life insurance policies are recorded at their cash surrender value. Huntington recognizes tax-exempt income from the periodic increases in the cash surrender value of these policies and from death benefits. A portion of the cash surrender value is supported by holdings in separate accounts. Book value protection for the separate accounts is provided by the insurance carriers and a highly rated major bank. |
Fair Value Measurements | Fair Value Measurements — The Company records or discloses certain of its assets and liabilities at fair value. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Fair value measurements are classified within one of three levels in a valuation hierarchy based upon the observability of inputs to the valuation of an asset or liability as of the measurement date. The three levels are defined as follows: Level 1 – inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. Level 2 – inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. Level 3 – inputs to the valuation methodology are unobservable and significant to the fair value measurement. A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. |
Segment Results | Segment Results — Accounting policies for the business segments are the same as those used in the preparation of the Consolidated Financial Statements with respect to activities specifically attributable to each business segment. However, the preparation of business segment results requires management to establish methodologies to allocate funding costs and benefits, expenses, and other financial elements to each business segment. |
Accounting Standards Update | ASU 2014-04—Receivables (Topic 310): Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure. The ASU clarifies that an in substance repossession or foreclosure occurs upon either the creditor obtaining legal title to the residential real estate property or the borrower conveying all interest in the residential real estate property to the creditor to satisfy that loan through completion of a deed in lieu of foreclosure or through a similar legal agreement. The amendments were effective for annual periods, and interim reporting periods within those annual periods, beginning after December 15, 2014. The amendments did not have a material impact on Huntington’s Consolidated Financial Statements. ASU 2014-09—Revenue from Contracts with Customers (Topic 606): The amendments in ASU 2014-09 supersede the revenue recognition requirements in Topic 605, Revenue Recognition, and most industry-specific guidance. The general principle of the amendments require an entity to recognize revenue upon the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The guidance sets forth a five step approach to be utilized for revenue recognition. The amendments were originally effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. Subsequently, the FASB issued a one-year deferral for implementation, which results in new guidance being effective for annual and interim reporting periods beginning after December 15, 2017. The FASB, however, permitted adoption of the new guidance on the original effective date. Management is currently assessing the impact on Huntington’s Consolidated Financial Statements. ASU 2014-11—Transfers and Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures. The amendments in the ASU require repurchase-to-maturity transactions to be recorded and accounted for as secured borrowings. Amendments to Topic 860 also require separate accounting for a transfer of a financial asset executed contemporaneously with a repurchase agreement with the same counterparty (i.e., a repurchase financing), which will result in secured borrowing accounting for the repurchase agreement, as well as additional required disclosures. The accounting amendments and disclosures are effective for interim and annual periods beginning after December 15, 2014. The disclosures for repurchase agreements, securities lending transactions, and repurchase-to-maturity transactions accounted for as secured borrowings are required to be presented for annual periods beginning after December 15, 2014, and for interim periods beginning after March 15, 2015. The amendments did not have a material impact on Huntington’s Consolidated Financial Statements. ASU 2014-12—Compensation—Stock Compensation (Topic 718): Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period. The amendments require that a performance target that affects vesting, and that could be achieved after the requisite service period, be treated as a performance condition. Specifically, if the performance target becomes probable of being achieved before the end of the requisite service period, the remaining unrecognized compensation cost should be recognized prospectively over the remaining requisite service period. The amendments are effective for annual periods and interim periods within those annual periods beginning after December 15, 2015. Management is currently assessing the impact on Huntington’s Consolidated Financial Statements. ASU 2014-14—Receivables—Troubled Debt Restructurings by Creditors (Subtopic 310-40): Classification of Certain Government-Guaranteed Mortgage Loans upon Foreclosure. The amendments require a mortgage loan to be derecognized and a separate receivable to be recognized upon foreclosure if the loan has a government guarantee that is non-separable from the loan before foreclosure, the creditor has the ability and intent to convey the real estate property to the guarantor, and any amount of the claim that is determined on the basis of the fair value of the real estate is fixed. Additionally, the separate other receivable should be measured based on the amount of the loan balance (principal and interest) expected to be recovered from the guarantor upon foreclosure. The amendments were effective for annual periods and interim periods within those annual periods beginning after December 15, 2014. The amendments did not have a material impact on Huntington’s Consolidated Financial Statements. ASU 2015-02—Consolidation (Topic 810) Amendments to the Consolidation Analysis . The amendment applies to entities in all industries and provides a new scope exception for registered money market funds and similar unregistered money market funds. It also makes targeted amendments to the current consolidation guidance and ends the deferral granted to investment companies from applying the variable interest entity accounting guidance. The amendments are effective for annual periods beginning after December 15, 2015. The amendments are not expected to have a material impact on Huntington’s Consolidated Financial Statements. ASU 2015-03—Imputation of Interest (Topic 835): Simplifying the Presentation of Debt Issuance Costs. This ASU was issued to simplify presentation of debt issuance costs. The amendments in this ASU require debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. Subsequently, the FASB issued ASU 2015-15 to amend the SEC paragraph related to debt issuance cost. The amendment applies to debt issuance costs related to a line-of-credit arrangement which may be presented as an asset. The cost related to the line-of credit should be subsequently amortized ratably over the term of the line-of-credit arrangement. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in this ASU. The amendments are effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. The amendment is not expected to have a material impact on Huntington’s Consolidated Financial Statements. ASU 2015-10—Technical Corrections and Improvements. The technical corrections and improvements included in the ASU are issued in June 2015 with an objective to clarify the Accounting Standards Codification (“Codification”), correct unintended application of guidance, or make minor improvements to the Codification that are minor in nature. One of the corrections is related to disclosure of fair value for non-recurring items. The ASU requires disclosure of fair value for non-recurring items at the relevant measurement date where the fair value is not measured at the end of the reporting period. Also, for nonrecurring measurements estimated at a date during the reporting period other than the end of the reporting period, a reporting entity shall clearly indicate that the fair value information presented is not as of the period’s end as well as the date or period that the measurement was taken. The technical correction is effective upon issuance. The correction in the ASU does not have a significant impact on Huntington’s Consolidated Financial Statements. ASU 2015-16 — Simplifying the Accounting for Measurement-Period Adjustments. The amendments in this Update require that an acquirer recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. The acquirer is required to record, in the same period’s financial statements, the effect on earnings of changes in depreciation, amortization, or other income effects, if any, as a result of the change to the provisional amounts, calculated as if the accounting had been completed at the acquisition date. The amendments require an entity to present separately on the face of the income statement or disclose in the notes the portion of the amount recorded in current-period earnings by line item that would have been recorded in previous reporting periods if the adjustment to the provisional amounts had been recognized as of the acquisition date. The Update is effective for fiscal years beginning after December 15, 2015, including interim periods within those fiscal years. The amendments in this Update should be applied prospectively to adjustments to provisional amounts that occur after the effective date of this Update with earlier application permitted. Management will continue to monitor the applicability of this amendment to Huntington’s Consolidated Financial Statements. ASU 2016-01 — Recognition and Measurement of Financial Assets and Financial Liabilities. The amendments in this Update make targeted improvements to GAAP including, but not limited to, requiring an entity to measure its equity investments (i.e., investment that are not accounted for using equity method of accounting or are consolidated) with changes in the fair value recognized in the income statement, requiring an entity to present separately in OCI the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments (i.e., FVO liability), requiring public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes, and eliminating some of the disclosures required by the existing GAAP while requiring entities to present and disclose some additional information. The new guidance is effective for the fiscal period beginning after December 15, 2017, including interim periods within those fiscal years. An entity may, however, choose to adopt the requirement to present separately the credit mark on FVO liability earlier at the beginning of any fiscal year if the financial statements for the fiscal year or interim periods have not been issued. An entity should apply the amendments by means of a cumulative-effect adjustment to the balance sheet as of the beginning of the fiscal year of adoption. The amendment is not expected to have a material impact on Huntington's Consolidated Financial Statements. |
Consolidated VIEs | Consolidated VIEs Consolidated VIEs at December 31, 2015 , consisted of certain loan and lease securitization trusts. Huntington has determined the trusts are VIEs. Huntington has concluded that it is the primary beneficiary of these trusts because it has the power to direct the activities of the entity that most significantly affect the entity’s economic performance and it has either the obligation to absorb losses of the entity that could potentially be significant to the VIE or the right to receive benefits from the entity that could potentially be significant to the VIE. |
Commitments and Contingencies | Through the Company’s credit process, Huntington monitors the credit risks of outstanding standby letters-of-credit. When it is probable that a standby letter-of-credit will be drawn and not repaid in full, losses are recognized in the provision for credit losses. |
LOANS AND LEASES AND ALLOWANC36
LOANS AND LEASES AND ALLOWANCE FOR CREDIT LOSSES (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Receivables [Abstract] | |
Schedule of financing receivable portfolio segments | The table below summarizes the Company’s primary portfolios. For ACL purposes, these portfolios are further disaggregated into classes which are also summarized in the table below. Portfolio Class Commercial and industrial Owner occupied Purchased credit-impaired Other commercial and industrial Commercial real estate Retail properties Multi family Office Industrial and warehouse Purchased credit-impaired Other commercial real estate Automobile NA (1) Home equity Secured by first-lien Secured by junior-lien Residential mortgage Residential mortgage Purchased credit-impaired Other consumer Other consumer Purchased credit-impaired (1) Not applicable. The automobile loan portfolio is not further segregated into classes. |
Lease financing receivables | Net investments in lease financing receivables by category at December 31, 2015 and 2014 were as follows: At December 31, (dollar amounts in thousands) 2015 2014 Commercial and industrial: Lease payments receivable $ 1,551,885 $ 1,051,744 Estimated residual value of leased assets 711,181 483,407 Gross investment in commercial lease financing receivables 2,263,066 1,535,151 Net deferred origination costs 7,068 2,557 Unearned income (208,669 ) (131,027 ) Total net investment in commercial lease financing receivables $ 2,061,465 $ 1,406,681 |
Loans acquired with deteriorated credit quality | The following table presents a rollforward of the accretable yield by acquisition for the year ended December 31, 2015 and 2014 : (dollar amounts in thousands) 2015 2014 Fidelity Bank Balance at January 1, $ 19,388 $ 27,995 Accretion (11,032 ) (13,485 ) Reclassification from nonaccretable difference 7,856 4,878 Balance at December 31, $ 16,212 $ 19,388 Camco Financial Balance at January 1, $ 824 $ — Impact of acquisition on March 1, 2014 — 143 Accretion (1,380 ) (5,597 ) Reclassification from nonaccretable difference 556 6,278 Balance at December 31, $ — $ 824 The following table reflects the ending and unpaid balances of all contractually required payments and carrying amounts of the acquired loans by acquisition at December 31, 2015 and 2014 : December 31, 2015 December 31, 2014 (dollar amounts in thousands) Ending Unpaid Ending Unpaid Fidelity Bank Commercial and industrial $ 21,017 $ 30,676 $ 22,405 $ 33,622 Commercial real estate 13,758 55,358 36,663 87,250 Residential mortgage 1,454 2,189 1,912 3,096 Other consumer 52 101 51 123 Total $ 36,281 $ 88,324 $ 61,031 $ 124,091 Camco Financial Commercial and industrial $ — $ — $ 823 $ 1,685 Commercial real estate — — 1,708 3,826 Residential mortgage — — — — Other consumer — — — — Total $ — $ — $ 2,531 $ 5,511 |
Loan Purchases and Sales | The following table summarizes significant portfolio loan purchase and sale activity for the years ended December 31, 2015 and 2014 . The table below excludes mortgage loans originated for sale. Commercial and Industrial Commercial Real Estate Automobile (1) Home Equity Residential Mortgage Other Consumer Total (dollar amounts in thousands) Portfolio loans purchased during the: Year ended December 31, 2015 $ 316,252 $ — $ — $ — $ 20,463 $ — $ 336,715 Year ended December 31, 2014 326,557 — — — 18,482 — 345,039 Portfolio loans sold or transferred to loans held for sale during the: Year ended December 31, 2015 380,713 — 764,540 96,786 — — 1,242,039 Year ended December 31, 2014 352,062 8,447 — — — 7,592 368,101 (1) Reflects the transfer of approximately $1.0 billion of automobile loans to loans held-for-sale at March 31, 2015, net of approximately $262 million of automobile loans transferred to loans and leases in the 2015 second quarter. |
Nonaccrual loans by loan class | The following table presents NALs by loan class for the years ended December 31, 2015 and 2014 : December 31, (dollar amounts in thousands) 2015 2014 Commercial and industrial: Owner occupied $ 35,481 $ 41,285 Other commercial and industrial 139,714 30,689 Total commercial and industrial 175,195 71,974 Commercial real estate: Retail properties 7,217 21,385 Multi family 5,819 9,743 Office 10,495 7,707 Industrial and warehouse 2,202 3,928 Other commercial real estate 3,251 5,760 Total commercial real estate 28,984 48,523 Automobile 6,564 4,623 Home equity: Secured by first-lien 35,389 46,938 Secured by junior-lien 30,889 31,622 Total home equity 66,278 78,560 Residential mortgage 94,560 96,564 Other consumer — — Total nonaccrual loans $ 371,581 $ 300,244 |
Aging analysis of loans and leases | The following table presents an aging analysis of loans and leases, including past due loans and leases, by loan class for the years ended December 31, 2015 and 2014 (1): December 31, 2015 Past Due Total Loans 90 or more (dollar amounts in thousands) 30-59 Days 60-89 Days 90 or more days Total Current Commercial and industrial: Owner occupied $ 11,947 $ 3,613 $ 13,793 $ 29,353 $ 3,983,447 $ 4,012,800 $ — Purchased credit-impaired 292 1,436 5,949 7,677 13,340 21,017 5,949 (3) Other commercial and industrial 32,476 8,531 27,236 68,243 16,457,774 16,526,017 2,775 (2) Total commercial and industrial 44,715 13,580 46,978 105,273 20,454,561 20,559,834 8,724 Commercial real estate: Retail properties 1,823 195 3,637 5,655 1,501,054 1,506,709 — Multi family 961 1,137 2,691 4,789 1,073,429 1,078,218 — Office 5,022 256 3,016 8,294 886,331 894,625 — Industrial and warehouse 93 — 373 466 503,701 504,167 — Purchased credit-impaired 102 3,818 9,549 13,469 289 13,758 9,549 (3) Other commercial real estate 1,231 315 2,400 3,946 1,267,228 1,271,174 — Total commercial real estate 9,232 5,721 21,666 36,619 5,232,032 5,268,651 9,549 Automobile 69,553 14,965 7,346 91,864 9,388,814 9,480,678 7,162 Home equity: Secured by first-lien 18,349 7,576 26,304 52,229 5,139,256 5,191,485 4,499 Secured by junior-lien 18,128 9,329 29,996 57,453 3,221,544 3,278,997 4,545 Total home equity 36,477 16,905 56,300 109,682 8,360,800 8,470,482 9,044 Residential mortgage: Residential mortgage 102,670 34,298 119,354 256,322 5,740,624 5,996,946 69,917 (4) Purchased credit-impaired 103 — — 103 1,351 1,454 — Total residential mortgage 102,773 34,298 119,354 256,425 5,741,975 5,998,400 69,917 Other consumer: Other consumer 6,469 1,852 1,395 9,716 553,286 563,002 1,394 Purchased credit-impaired — — — — 52 52 — Total other consumer 6,469 1,852 1,395 9,716 553,338 563,054 1,394 Total loans and leases $ 269,219 $ 87,321 $ 253,039 $ 609,579 $ 49,731,520 $ 50,341,099 $ 105,790 December 31, 2014 Past Due Total Loans 90 or more (dollar amounts in thousands) 30-59 Days 60-89 Days 90 or more days Total Current Commercial and industrial: Owner occupied $ 5,232 $ 2,981 $ 18,222 $ 26,435 $ 4,228,440 $ 4,254,875 $ — Purchased credit-impaired 846 — 4,937 5,783 17,445 23,228 4,937 (3) Other commercial and industrial 15,330 1,536 9,101 25,967 14,729,076 14,755,043 — Total commercial and industrial 21,408 4,517 32,260 58,185 18,974,961 19,033,146 4,937 Commercial real estate: Retail properties 7,866 — 4,021 11,887 1,345,859 1,357,746 — Multi family 1,517 312 3,337 5,166 1,085,250 1,090,416 — Office 464 1,167 4,415 6,046 974,257 980,303 — Industrial and warehouse 688 — 2,649 3,337 510,064 513,401 — Purchased credit-impaired 89 289 18,793 19,171 19,200 38,371 18,793 (3) Other commercial real estate 847 1,281 3,966 6,094 1,211,072 1,217,166 — Total commercial real estate 11,471 3,049 37,181 51,701 5,145,702 5,197,403 18,793 Automobile 56,272 10,427 5,963 72,662 8,617,240 8,689,902 5,703 Home equity Secured by first-lien 15,036 8,085 33,014 56,135 5,072,669 5,128,804 4,471 Secured by junior-lien 22,473 12,297 33,406 68,176 3,293,935 3,362,111 7,688 Total home equity 37,509 20,382 66,420 124,311 8,366,604 8,490,915 12,159 Residential mortgage Residential mortgage 102,702 42,009 139,379 284,090 5,544,607 5,828,697 88,052 (5) Purchased credit-impaired — — — — 1,912 1,912 — Total residential mortgage 102,702 42,009 139,379 284,090 5,546,519 5,830,609 88,052 Other consumer Other consumer 5,491 1,086 837 7,414 406,286 413,700 837 Purchased credit-impaired — — — — 51 51 — Total other consumer 5,491 1,086 837 7,414 406,337 413,751 837 Total loans and leases $ 234,853 $ 81,470 $ 282,040 $ 598,363 $ 47,057,363 $ 47,655,726 $ 130,481 (1) NALs are included in this aging analysis based on the loan’s past due status. (2) Amounts include Huntington Technology Finance administrative lease delinquencies. (3) Amounts represent accruing purchased impaired loans related to acquisitions. Under the applicable accounting guidance (ASC 310-30), the loans were recorded at fair value upon acquisition and remain in accruing status. (4) Includes $56 million guaranteed by the U.S. government. (5) Includes $55 million guaranteed by the U.S. government. |
ALLL and AULC activity by portfolio segment | The following table presents ALLL and AULC activity by portfolio segment for the years ended December 31, 2015 , 2014 , and 2013 : (dollar amounts in thousands) Commercial and Industrial Commercial Real Estate Automobile Home Equity Residential Mortgage Other Consumer Total Year ended December 31, 2015: ALLL balance, beginning of period $ 286,995 $ 102,839 $ 33,466 $ 96,413 $ 47,211 $ 38,272 $ 605,196 Loan charge-offs (79,724 ) (18,076 ) (36,489 ) (36,481 ) (15,696 ) (31,415 ) (217,881 ) Recoveries of loans previously charged-off 51,800 34,619 16,198 16,631 5,570 5,270 130,088 Provision (reduction in allowance) for loan and lease losses 39,675 (19,375 ) 38,621 12,173 5,443 12,142 88,679 Write-downs of loans sold or transferred to loans held for sale — — (2,292 ) (5,065 ) (882 ) — (8,239 ) ALLL balance, end of period $ 298,746 $ 100,007 $ 49,504 $ 83,671 $ 41,646 $ 24,269 $ 597,843 AULC balance, beginning of period $ 48,988 $ 6,041 $ — $ 1,924 $ 8 $ 3,845 $ 60,806 Provision (reduction in allowance) for unfunded loan commitments and letters of credit 6,898 1,521 — 144 10 2,702 11,275 AULC balance, end of period $ 55,886 $ 7,562 $ — $ 2,068 $ 18 $ 6,547 $ 72,081 ACL balance, end of period $ 354,632 $ 107,569 $ 49,504 $ 85,739 $ 41,664 $ 30,816 $ 669,924 Year ended December 31, 2014: ALLL balance, beginning of period $ 265,801 $ 162,557 $ 31,053 $ 111,131 $ 39,577 $ 37,751 $ 647,870 Loan charge-offs (76,654 ) (24,704 ) (31,330 ) (54,473 ) (25,946 ) (33,494 ) (246,601 ) Recoveries of loans previously charged-off 44,531 34,071 13,762 17,526 6,194 5,890 121,974 Provision (reduction in allowance) for loan and lease losses 53,317 (69,085 ) 19,981 22,229 27,386 29,254 83,082 Write-downs of loans sold or transferred to loans held for sale — — — — — (1,129 ) (1,129 ) ALLL balance, end of period $ 286,995 $ 102,839 $ 33,466 $ 96,413 $ 47,211 $ 38,272 $ 605,196 AULC balance, beginning of period $ 49,596 $ 9,891 $ — $ 1,763 $ 9 $ 1,640 $ 62,899 Provision (reduction in allowance) for unfunded loan commitments and letters of credit (608 ) (3,850 ) — 161 (1 ) 2,205 (2,093 ) AULC balance, end of period $ 48,988 $ 6,041 $ — $ 1,924 $ 8 $ 3,845 $ 60,806 ACL balance, end of period $ 335,983 $ 108,880 $ 33,466 $ 98,337 $ 47,219 $ 42,117 $ 666,002 (dollar amounts in thousands) Year Ended December 31, 2013: ALLL balance, beginning of period $ 241,051 $ 285,369 $ 34,979 $ 118,764 $ 61,658 $ 27,254 $ 769,075 Loan charge-offs (45,904 ) (69,512 ) (23,912 ) (98,184 ) (34,236 ) (34,568 ) (306,316 ) Recoveries of loans previously charged-off 29,514 44,658 13,375 15,921 7,074 7,108 117,650 Provision (reduction in allowance) for loan and lease losses 41,140 (97,958 ) 6,611 74,630 5,417 37,957 67,797 Write-downs of loans sold or transferred to loans held for sale — — — — (336 ) — (336 ) ALLL balance, end of period $ 265,801 $ 162,557 $ 31,053 $ 111,131 $ 39,577 $ 37,751 $ 647,870 AULC balance, beginning of period $ 33,868 $ 4,740 $ — $ 1,356 $ 3 $ 684 $ 40,651 Provision (reduction in allowance) for unfunded loan commitments and letters of credit 15,728 5,151 — 407 6 956 22,248 AULC balance, end of period $ 49,596 $ 9,891 $ — $ 1,763 $ 9 $ 1,640 $ 62,899 ACL balance, end of period $ 315,397 $ 172,448 $ 31,053 $ 112,894 $ 39,586 $ 39,391 $ 710,769 |
Loan and lease balances by credit quality indicator | The following table presents each loan and lease class by credit quality indicator for the years ended December 31, 2015 and 2014 : December 31, 2015 Credit Risk Profile by UCS Classification (dollar amounts in thousands) Pass OLEM Substandard Doubtful Total Commercial and industrial: Owner occupied $ 3,731,113 $ 114,490 $ 165,301 $ 1,896 $ 4,012,800 Purchased credit-impaired 3,051 674 15,661 1,631 21,017 Other commercial and industrial 15,523,625 284,175 714,615 3,602 16,526,017 Total commercial and industrial 19,257,789 399,339 895,577 7,129 20,559,834 Commercial real estate: Retail properties 1,473,014 10,865 22,830 — 1,506,709 Multi family 1,029,138 28,862 19,898 320 1,078,218 Office 822,824 35,350 36,011 440 894,625 Industrial and warehouse 493,402 259 10,450 56 504,167 Purchased credit-impaired 7,194 397 6,167 — 13,758 Other commercial real estate 1,240,482 4,054 25,811 827 1,271,174 Total commercial real estate $ 5,066,054 $ 79,787 $ 121,167 $ 1,643 $ 5,268,651 Credit Risk Profile by FICO Score (1) 750+ 650-749 <650 Other (2) Total Automobile $ 4,680,684 $ 3,454,585 $ 1,086,914 $ 258,495 $ 9,480,678 Home equity: Secured by first-lien 3,369,657 1,441,574 258,328 121,926 5,191,485 Secured by junior-lien 1,841,084 1,024,851 323,998 89,064 3,278,997 Total home equity 5,210,741 2,466,425 582,326 210,990 8,470,482 Residential mortgage: Residential mortgage 3,563,683 1,813,002 567,688 52,573 5,996,946 Purchased credit-impaired 381 777 296 — 1,454 Total residential mortgage 3,564,064 1,813,779 567,984 52,573 5,998,400 Other consumer: Other consumer 233,969 269,694 49,650 9,689 563,002 Purchased credit-impaired — 52 — — 52 Total other consumer $ 233,969 $ 269,746 $ 49,650 $ 9,689 $ 563,054 December 31, 2014 Credit Risk Profile by UCS Classification (dollar amounts in thousands) Pass OLEM Substandard Doubtful Total Commercial and industrial: Owner occupied $ 3,959,046 $ 117,637 $ 175,767 $ 2,425 $ 4,254,875 Purchased credit-impaired 3,915 741 14,901 3,671 23,228 Other commercial and industrial 13,925,334 386,666 440,036 3,007 14,755,043 Total commercial and industrial 17,888,295 505,044 630,704 9,103 19,033,146 Commercial real estate: Retail properties 1,279,064 10,204 67,911 567 1,357,746 Multi family 1,044,521 12,608 32,322 965 1,090,416 Office 902,474 33,107 42,578 2,144 980,303 Industrial and warehouse 487,454 7,877 17,781 289 513,401 Purchased credit-impaired 6,914 803 25,460 5,194 38,371 Other commercial real estate 1,166,293 9,635 40,019 1,219 1,217,166 Total commercial real estate $ 4,886,720 $ 74,234 $ 226,071 $ 10,378 $ 5,197,403 Credit Risk Profile by FICO Score (1) 750+ 650-749 <650 Other (2) Total Automobile $ 4,165,811 $ 3,249,141 $ 1,028,381 $ 246,569 $ 8,689,902 Home equity: Secured by first-lien 3,255,088 1,426,191 283,152 164,373 5,128,804 Secured by junior-lien 1,832,663 1,095,332 348,825 85,291 3,362,111 Total home equity 5,087,751 2,521,523 631,977 249,664 8,490,915 Residential mortgage Residential mortgage 3,285,310 1,785,137 666,562 91,688 5,828,697 Purchased credit-impaired 594 1,135 183 — 1,912 Total residential mortgage 3,285,904 1,786,272 666,745 91,688 5,830,609 Other consumer Other consumer 195,128 187,781 30,582 209 413,700 Purchased credit-impaired — 51 — — 51 Total other consumer $ 195,128 $ 187,832 $ 30,582 $ 209 $ 413,751 (1) Reflects most recent customer credit scores. (2) Reflects deferred fees and costs, loans in process, loans to legal entities, etc. |
Summarized data for impaired loans and the related ALLL by portfolio segment | The following tables present the balance of the ALLL attributable to loans by portfolio segment individually and collectively evaluated for impairment and the related loan and lease balance for the years ended December 31, 2015 and 2014 (1): (dollar amounts in thousands) Commercial and Industrial Commercial Real Estate Automobile Home Equity Residential Mortgage Other Consumer Total ALL at December 31, 2015: Portion of ALLL balance: Attributable to purchased credit-impaired loans $ 2,602 $ — $ — $ — $ 127 $ — $ 2,729 Attributable to loans individually evaluated for impairment 19,314 8,114 1,779 16,242 16,811 176 62,436 Attributable to loans collectively evaluated for impairment 276,830 91,893 47,725 67,429 24,708 24,093 532,678 Total ALLL balance $ 298,746 $ 100,007 $ 49,504 $ 83,671 $ 41,646 $ 24,269 $ 597,843 Loan and Lease Ending Balances at December 31, 2015: Portion of loan and lease ending balance: Attributable to purchased credit-impaired loans $ 21,017 $ 13,758 $ — $ — $ 1,454 $ 52 $ 36,281 Individually evaluated for impairment 481,033 144,977 31,304 248,839 366,995 4,640 1,277,788 Collectively evaluated for impairment 20,057,784 5,109,916 9,449,374 8,221,643 5,629,951 558,362 49,027,030 Total loans and leases evaluated for impairment $ 20,559,834 $ 5,268,651 $ 9,480,678 $ 8,470,482 $ 5,998,400 $ 563,054 $ 50,341,099 Portion of ending balance of impaired loans: With allowance assigned to the loan and lease balances $ 246,249 $ 90,475 $ 31,304 $ 248,839 $ 368,449 $ 4,640 $ 989,956 With no allowance assigned to the loan and lease balances 255,801 68,260 — — — 52 324,113 Total $ 502,050 $ 158,735 $ 31,304 $ 248,839 $ 368,449 $ 4,692 $ 1,314,069 Average balance of impaired loans $ 382,051 $ 202,192 $ 30,163 $ 292,014 $ 373,573 $ 4,726 $ 1,284,719 ALLL on impaired loans 21,916 8,114 1,779 16,242 16,938 176 65,165 (dollar amounts in thousands) Commercial and Industrial Commercial Real Estate Automobile Home Equity Residential Mortgage Other Consumer Total ALLL at December 31, 2014 Portion of ALLL balance: Attributable to purchased credit-impaired loans $ 3,846 $ — $ — $ — $ 8 $ 245 $ 4,099 Attributable to loans individually evaluated for impairment 11,049 18,887 1,531 26,027 16,535 214 74,243 Attributable to loans collectively evaluated for impairment 272,100 83,952 31,935 70,386 30,668 37,813 526,854 Total ALLL balance: $ 286,995 $ 102,839 $ 33,466 $ 96,413 $ 47,211 $ 38,272 $ 605,196 Loan and Lease Ending Balances at December 31, 2014 Portion of loan and lease ending balances: Attributable to purchased credit-impaired loans $ 23,228 $ 38,371 $ — $ — $ 1,912 $ 51 $ 63,562 Individually evaluated for impairment 216,993 217,262 30,612 310,446 369,577 4,088 1,148,978 Collectively evaluated for impairment 18,792,925 4,941,770 8,659,290 8,180,469 5,459,120 409,612 46,443,186 Total loans and leases evaluated for impairment $ 19,033,146 $ 5,197,403 $ 8,689,902 $ 8,490,915 $ 5,830,609 $ 413,751 $ 47,655,726 Portion of ending balance: With allowance assigned to the loan and lease balances $ 202,376 $ 144,162 $ 30,612 $ 310,446 $ 371,489 $ 4,139 $ 1,063,224 With no allowance assigned to the loan and lease balances 37,845 111,471 — — — — 149,316 Total $ 240,221 $ 255,633 $ 30,612 $ 310,446 $ 371,489 $ 4,139 $ 1,212,540 Average balance of impaired loans $ 174,316 $ 511,590 $ 34,637 $ 258,881 $ 384,026 $ 2,879 $ 1,366,329 ALLL on impaired loans 14,895 18,887 1,531 26,027 16,543 459 78,342 |
Detailed impaired loan information by class | The following tables present by class the ending, unpaid principal balance, and the related ALLL, along with the average balance and interest income recognized only for loans and leases individually evaluated for impairment and purchased credit-impaired loans for the years ended December 31, 2015 and 2014 (1), (2): Year Ended December 31, 2015 December 31, 2015 (dollar amounts in thousands) Ending Balance Unpaid Principal Balance (5) Related Allowance Average Balance Interest Income Recognized With no related allowance recorded: Commercial and industrial: Owner occupied $ 57,832 $ 65,812 $ — $ 30,672 $ 520 Purchased credit-impaired — — — — — Other commercial and industrial 197,969 213,739 — 83,717 2,064 Total commercial and industrial 255,801 279,551 $ — 114,389 2,584 Commercial real estate: Retail properties 42,009 54,021 — 48,903 2,031 Multi family — — — — — Office 9,030 12,919 — 7,767 309 Industrial and warehouse 1,720 1,741 — 777 47 Purchased credit-impaired 13,758 55,358 — 28,168 4,707 Other commercial real estate 1,743 1,775 — 2,558 105 Total commercial real estate 68,260 125,814 — 88,173 7,199 Other consumer Other consumer — — — — — Purchased credit-impaired 52 101 — 51 17 Total other consumer $ 52 $ 101 $ — $ 51 $ 17 With an allowance recorded: Commercial and industrial: (3) Owner occupied $ 54,092 $ 62,527 $ 4,171 $ 54,785 $ 1,985 Purchased credit-impaired 21,017 30,676 2,602 21,046 7,190 Other commercial and industrial 171,140 181,000 15,143 191,831 5,935 Total commercial and industrial 246,249 274,203 21,916 267,662 15,110 Commercial real estate: (4) Retail properties 9,096 11,121 1,190 31,636 1,204 Multi family 34,349 37,208 1,593 17,043 740 Office 14,365 17,350 1,177 31,148 1,301 Industrial and warehouse 9,721 10,550 1,540 7,311 301 Purchased credit-impaired — — — — — Other commercial real estate 22,944 28,701 2,614 26,881 1,287 Total commercial real estate 90,475 104,930 8,114 114,019 4,833 Automobile 31,304 31,878 1,779 30,163 2,224 Home equity: Secured by first-lien 52,672 57,224 4,359 108,942 4,186 Secured by junior-lien 196,167 227,733 11,883 183,072 8,906 Total home equity 248,839 284,957 16,242 292,014 13,092 Residential mortgage (6): Residential mortgage 366,995 408,925 16,811 371,756 12,391 Purchased credit-impaired 1,454 2,189 127 1,817 498 Total residential mortgage 368,449 411,114 16,938 373,573 12,889 Other consumer: Other consumer 4,640 4,649 176 4,675 254 Purchased credit-impaired — — — — — Total other consumer $ 4,640 $ 4,649 $ 176 $ 4,675 $ 254 Year Ended December 31, 2014 December 31, 2014 (dollar amounts in thousands) Ending Balance Unpaid Principal Balance (5) Related Allowance Average Balance Interest Income Recognized With no related allowance recorded: Commercial and industrial: Owner occupied $ 13,536 $ 13,536 $ — $ 5,740 $ 205 Purchased credit-impaired — — — — — Other commercial and industrial 24,309 26,858 — 7,536 375 Total commercial and industrial 37,845 40,394 — 13,276 580 Commercial real estate: Retail properties 61,915 91,627 — 53,121 2,454 Multi family — — — — — Office 1,130 3,574 — 3,709 311 Industrial and warehouse 3,447 3,506 — 5,012 248 Purchased credit-impaired 38,371 91,075 — 59,424 11,519 Other commercial real estate 6,608 6,815 — 6,598 286 Total commercial real estate 111,471 196,597 — 127,864 14,818 Automobile — — — — — Home equity: Secured by first-lien — — — — — Secured by junior-lien — — — — — Total home equity — — — — — Residential mortgage: Residential mortgage — — — — — Purchased credit-impaired — — — — — Total residential mortgage — — — — — Other consumer: Other consumer — — — — — Purchased credit-impaired — — — — — Total other consumer $ — $ — $ — $ — $ — With an allowance recorded: Commercial and industrial: (3) Owner occupied $ 44,869 $ 53,639 $ 4,220 $ 40,192 $ 1,557 Purchased credit-impaired 23,228 35,307 3,846 32,253 6,973 Other commercial and industrial 134,279 162,908 6,829 88,595 2,686 Total commercial and industrial 202,376 251,854 14,895 161,040 11,216 Commercial real estate: (4) Retail properties 37,081 38,397 3,536 63,393 1,983 Multi family 17,277 23,725 2,339 16,897 659 Office 52,953 56,268 8,399 52,831 2,381 Industrial and warehouse 8,888 10,396 720 9,092 274 Purchased credit-impaired — — — — — Other commercial real estate 27,963 33,472 3,893 241,513 1,831 Total commercial real estate 144,162 162,258 18,887 383,726 7,128 Automobile 30,612 32,483 1,531 34,637 2,637 Home equity: Secured by first-lien 145,566 157,978 8,296 126,602 5,496 Secured by junior-lien 164,880 208,118 17,731 132,279 6,379 Total home equity 310,446 366,096 26,027 258,881 11,875 Residential mortgage: (6) Residential mortgage 369,577 415,280 16,535 381,745 11,594 Purchased credit-impaired 1,912 3,096 8 2,281 574 Total residential mortgage 371,489 418,376 16,543 384,026 12,168 Other consumer: Other consumer 4,088 4,209 214 2,796 202 Purchased credit-impaired 51 123 245 83 15 Total other consumer $ 4,139 $ 4,332 $ 459 $ 2,879 $ 217 (1) These tables do not include loans fully charged-off. (2) All automobile, home equity, residential mortgage, and other consumer impaired loans included in these tables are considered impaired due to their status as a TDR. (3) At December 31, 2015 , $91 million of the $246 million C&I loans with an allowance recorded were considered impaired due to their status as a TDR. At December 31, 2014 , $63 million of the $202 million C&I loans with an allowance recorded were considered impaired due to their status as a TDR. (4) At December 31, 2015 , $35 million of the $90 million CRE loans with an allowance recorded were considered impaired due to their status as a TDR. At December 31, 2014 , $27 million of the $144 million CRE loans with an allowance recorded were considered impaired due to their status as a TDR. (5) The differences between the ending balance and unpaid principal balance amounts represent partial charge-offs. (6) At December 31, 2015 , $29 million of the $368 million residential mortgage loans with an allowance recorded were guaranteed by the U.S. government. At December 31, 2014 , $24 million of the $371 million residential mortgage loans with an allowance recorded were guaranteed by the U.S. government. |
Detailed troubled debt restructuring information by class | The following table presents by class and by the reason for the modification the number of contracts, post-modification outstanding balance, and the financial effects of the modification for the years ended December 31, 2015 and 2014 : New Troubled Debt Restructurings During The Year Ended (1) December 31, 2015 December 31, 2014 (dollar amounts in thousands) Number of Contracts Post-modification Outstanding Ending Balance Financial effects of modification(2) Number of Contracts Post-modification Outstanding Balance Financial effects of modification (2) C&I—Owner occupied: (3) Interest rate reduction 4 $ 372 $ (3 ) 19 $ 2,484 $ 20 Amortization or maturity date change 222 103,686 (2,089 ) 97 32,145 336 Other 4 661 (22 ) 7 2,051 (36 ) Total C&I—Owner occupied 230 104,719 (2,114 ) 123 36,680 320 C&I—Other commercial and industrial: (3) Interest rate reduction 9 7,871 (1,039 ) 25 50,534 (1,982 ) Amortization or maturity date change 543 420,670 (3,764 ) 285 149,339 (2,407 ) Other 12 29,181 (427 ) 21 7,613 (7 ) Total C&I—Other commercial and industrial 564 457,722 (5,230 ) 331 207,486 (4,396 ) CRE—Retail properties: (3) Interest rate reduction 2 1,803 (11 ) 5 11,381 420 Amortization or maturity date change 23 16,377 (1,658 ) 24 27,415 (267 ) Other — — — 9 13,765 (35 ) Total CRE—Retail properties 25 18,180 (1,669 ) 38 52,561 118 CRE—Multi family: (3) Interest rate reduction 1 90 — 20 3,484 (75 ) Amortization or maturity date change 50 35,369 (1,843 ) 40 9,791 197 Other 8 216 (6 ) 8 5,016 57 Total CRE—Multi family 59 35,675 (1,849 ) 68 18,291 179 CRE—Office: (3) Interest rate reduction 1 356 7 2 120 (1 ) Amortization or maturity date change 30 73,148 902 22 18,157 (424 ) Other 1 30 (2 ) 5 35,476 (3,153 ) Total CRE—Office 32 73,534 907 29 53,753 (3,578 ) CRE—Industrial and warehouse: (3) Interest rate reduction — — — 2 4,046 — Amortization or maturity date change 13 6,383 1,279 17 9,187 164 Other — — — 1 977 — Total CRE—Industrial and Warehouse 13 6,383 1,279 20 14,210 164 CRE—Other commercial real estate: (3) Interest rate reduction — — — 8 5,224 146 Amortization or maturity date change 27 9,961 71 55 76,353 (2,789 ) Other 2 234 (22 ) 4 1,809 (127 ) Total CRE—Other commercial real estate 29 10,195 49 67 83,386 (2,770 ) Automobile: (3) Interest rate reduction 41 121 5 92 758 15 Amortization or maturity date change 1,591 12,268 533 1,880 12,120 151 Chapter 7 bankruptcy 926 7,390 423 625 4,938 66 Other — — — — — — Total Automobile 2,558 19,779 961 2,597 17,816 232 Residential mortgage: (3) Interest rate reduction 15 1,565 (61 ) 27 3,692 19 Amortization or maturity date change 518 57,859 (455 ) 333 44,027 552 Chapter 7 bankruptcy 139 14,183 (164 ) 182 18,635 715 Other 11 1,266 — 5 526 5 Total Residential mortgage 683 74,873 (680 ) 547 66,880 1,291 First-lien home equity: (3) Interest rate reduction 37 3,665 112 193 15,172 764 Amortization or maturity date change 204 19,005 (953 ) 289 23,272 (1,051 ) Chapter 7 bankruptcy 117 7,350 428 105 7,296 727 Other — — — — — — Total First-lien home equity 358 30,020 (413 ) 587 45,740 440 Junior-lien home equity: (3) Interest rate reduction 18 734 49 187 6,960 296 Amortization or maturity date change 1,387 60,018 (9,686 ) 1,467 58,129 (6,955 ) Chapter 7 bankruptcy 213 2,505 3,843 201 3,014 3,141 Other — — — — — — Total Junior-lien home equity 1,618 63,257 (5,794 ) 1,855 68,103 (3,518 ) Other consumer: (3) Interest rate reduction 1 96 3 7 123 3 Amortization or maturity date change 10 198 8 48 1,803 12 Chapter 7 bankruptcy 11 69 9 25 483 (50 ) Other — — — — — — Total Other consumer 22 363 20 80 2,409 (35 ) Total new troubled debt restructurings 6,191 $ 894,700 $ (14,533 ) 6,342 $ 667,315 $ (11,553 ) (1) TDRs may include multiple concessions and the disclosure classifications are based on the primary concession provided to the borrower. (2) Amounts represent the financial impact via provision (recovery) for loan and lease losses as a result of the modification. (3) Post-modification balances approximate pre-modification balances. The aggregate amount of charge-offs as a result of a restructuring are not significant. Any loan within any portfolio or class is considered as payment redefaulted at 90 -days past due. The following table presents TDRs that have redefaulted within one year of modification during the years ended December 31, 2015 and 2014 : Troubled Debt Restructurings That Have Redefaulted Within One Year of Modification During The Year Ended December 31, 2015 (1) December 31, 2014 (1) (dollar amounts in thousands) Number of Contracts Ending Balance Number of Contracts Ending Balance C&I—Owner occupied: Interest rate reduction 1 $ 110 — $ — Amortization or maturity date change 7 1,440 6 946 Other — — 1 230 Total C&I—Owner occupied 8 1,550 7 1,176 C&I—Other commercial and industrial: Interest rate reduction 1 27 1 30 Amortization or maturity date change 29 3,566 14 1,555 Other — — 3 37 Total C&I—Other commercial and industrial 30 3,593 18 1,622 CRE—Retail Properties: Interest rate reduction 1 47 — — Amortization or maturity date change 3 8,020 1 483 Other — — — — Total CRE—Retail properties 4 8,067 1 483 CRE—Multi family: Interest rate reduction — — — — Amortization or maturity date change 10 1,354 4 2,827 Other 1 140 1 176 Total CRE—Multi family 11 1,494 5 3,003 CRE—Office: Interest rate reduction — — — — Amortization or maturity date change 3 2,984 3 1,738 Other — — — — Total CRE—Office 3 2,984 3 1,738 CRE—Industrial and Warehouse: Interest rate reduction — — 1 1,339 Amortization or maturity date change 2 822 1 756 Other — — — — Total CRE—Industrial and Warehouse 2 822 2 2,095 CRE—Other commercial real estate: Interest rate reduction — — 1 169 Amortization or maturity date change 1 93 2 758 Other — — — — Total CRE—Other commercial real estate 1 93 3 927 Automobile: Interest rate reduction 1 4 — — Amortization or maturity date change 41 423 40 328 Chapter 7 bankruptcy 21 172 53 374 Other — — — — Total Automobile 63 599 93 702 Residential mortgage: Interest rate reduction 3 239 11 1,516 Amortization or maturity date change 73 6,776 82 8,974 Chapter 7 bankruptcy 8 843 37 3,187 Other — — — — Total Residential mortgage 84 7,858 130 13,677 First-lien home equity: Interest rate reduction 4 387 5 335 Amortization or maturity date change 4 258 16 2,109 Chapter 7 bankruptcy 28 2,283 16 1,005 Other — — — — Total First-lien home equity 36 2,928 37 3,449 Junior-lien home equity: Interest rate reduction 3 411 1 11 Amortization or maturity date change 41 1,644 31 1,841 Chapter 7 bankruptcy 18 401 39 620 Other — — — — Total Junior-lien home equity 62 2,456 71 2,472 Other consumer: Interest rate reduction — — — — Amortization or maturity date change — — — — Chapter 7 bankruptcy — — — — Other — — — — Total Other consumer — — — — Total troubled debt restructurings with subsequent redefault 304 $ 32,444 370 $ 31,344 (1) Subsequent redefault is defined as a payment redefault within 12 months of the restructuring date. Payment redefault is defined as 90 -days past due for any loan in any portfolio or class. Any loan in any portfolio may be considered to be in payment redefault prior to the guidelines noted above when collection of principal or interest is in doubt. |
AVAILABLE-FOR-SALE AND OTHER 37
AVAILABLE-FOR-SALE AND OTHER SECURITIES (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Contractual maturities of investment securities | Contractual maturities of available-for-sale and other securities as of December 31, 2015 and 2014 were: 2015 2014 (dollar amounts in thousands) Amortized Cost Fair Value Amortized Cost Fair Value Under 1 year $ 333,891 $ 332,980 $ 355,486 $ 355,465 After 1 year through 5 years 1,184,454 1,189,455 1,047,492 1,066,041 After 5 years through 10 years 1,648,808 1,645,759 1,517,974 1,527,195 After 10 years 5,259,855 5,263,063 6,090,688 6,086,980 Other securities: Nonmarketable equity securities 332,786 332,786 331,559 331,559 Mutual funds 10,604 10,604 16,151 16,161 Marketable equity securities 525 794 536 1,269 Total available-for-sale and other securities $ 8,770,923 $ 8,775,441 $ 9,359,886 $ 9,384,670 |
Amortized cost, fair value, and gross unrealized gain and losses recognized in accumulated other comprehensive income | The following tables provide amortized cost, fair value, and gross unrealized gains and losses recognized in OCI by investment category at December 31, 2015 and 2014 : Unrealized (dollar amounts in thousands) Amortized Cost Gross Gains Gross Losses Fair Value December 31, 2015 U.S. Treasury $ 5,457 $ 15 $ — $ 5,472 Federal agencies: Mortgage-backed securities 4,505,318 30,078 (13,708 ) 4,521,688 Other agencies 115,076 888 (51 ) 115,913 Total U.S. Treasury, Federal agency securities 4,625,851 30,981 (13,759 ) 4,643,073 Municipal securities 2,431,943 51,558 (27,105 ) 2,456,396 Asset-backed securities 901,059 535 (40,181 ) 861,413 Corporate debt 464,207 4,824 (2,554 ) 466,477 Other securities 347,863 271 (52 ) 348,082 Total available-for-sale and other securities $ 8,770,923 $ 88,169 $ (83,651 ) $ 8,775,441 Unrealized (dollar amounts in thousands) Amortized Gross Gross Fair Value December 31, 2014 U.S. Treasury $ 5,435 $ 17 $ — $ 5,452 Federal agencies: Mortgage-backed securities 5,273,899 63,906 (15,104 ) 5,322,701 Other agencies 349,715 2,871 (1,043 ) 351,543 Total U.S. Treasury, Federal agency securities 5,629,049 66,794 (16,147 ) 5,679,696 Municipal securities 1,841,311 37,398 (10,140 ) 1,868,569 Private-label CMO 43,730 1,116 (2,920 ) 41,926 Asset-backed securities 1,014,999 2,061 (61,062 ) 955,998 Corporate debt 479,151 9,442 (2,417 ) 486,176 Other securities 351,646 743 (84 ) 352,305 Total available-for-sale and other securities $ 9,359,886 $ 117,554 $ (92,770 ) $ 9,384,670 |
Available for sale securities in an unrealized loss position | The following tables provide detail on investment securities with unrealized losses aggregated by investment category and the length of time the individual securities have been in a continuous loss position at December 31, 2015 and 2014 : Less than 12 Months Over 12 Months Total (dollar amounts in thousands ) Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses December 31, 2015 Federal agencies: Mortgage-backed securities $ 1,658,516 $ (11,341 ) $ 84,147 $ (2,367 ) $ 1,742,663 $ (13,708 ) Other agencies 37,982 (51 ) — — 37,982 (51 ) Total Federal agency securities 1,696,498 (11,392 ) 84,147 (2,367 ) 1,780,645 (13,759 ) Municipal securities 570,916 (15,992 ) 248,204 (11,113 ) 819,120 (27,105 ) Asset-backed securities 552,275 (5,791 ) 207,639 (34,390 ) 759,914 (40,181 ) Corporate debt 167,144 (1,673 ) 21,965 (881 ) 189,109 (2,554 ) Other securities 772 (28 ) 1,476 (24 ) 2,248 (52 ) Total temporarily impaired securities $ 2,987,605 $ (34,876 ) $ 563,431 $ (48,775 ) $ 3,551,036 $ (83,651 ) Less than 12 Months Over 12 Months Total (dollar amounts in thousands ) Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses December 31, 2014 Federal agencies: Mortgage-backed securities $ 501,858 $ (1,909 ) $ 527,280 $ (13,195 ) $ 1,029,138 $ (15,104 ) Other agencies 159,708 (1,020 ) 1,281 (23 ) 160,989 (1,043 ) Total Federal agency securities 661,566 (2,929 ) 528,561 (13,218 ) 1,190,127 (16,147 ) Municipal securities 568,619 (9,127 ) 96,426 (1,013 ) 665,045 (10,140 ) Private-label CMO — — 22,650 (2,920 ) 22,650 (2,920 ) Asset-backed securities 157,613 (641 ) 325,691 (60,421 ) 483,304 (61,062 ) Corporate debt 49,562 (252 ) 88,398 (2,165 ) 137,960 (2,417 ) Other securities — — 1,416 (84 ) 1,416 (84 ) Total temporarily impaired securities $ 1,437,360 $ (12,949 ) $ 1,063,142 $ (79,821 ) $ 2,500,502 $ (92,770 ) |
Realized securities gains and losses | The following table is a summary of realized securities gains and losses for the years ended December 31, 2015 , 2014 , and 2013 : Year ended December 31, (dollar amounts in thousands) 2015 2014 2013 Gross gains on sales of securities $ 6,730 $ 17,729 $ 2,932 Gross (losses) on sales of securities (3,546 ) (175 ) (712 ) Net gain (loss) on sales of securities $ 3,184 $ 17,554 $ 2,220 |
Credit ratings on selected investment securities | The following table summarizes the relevant characteristics of our CDO securities portfolio, which are included in asset-backed securities, at December 31, 2015 and 2014 . Each security is part of a pool of issuers and supports a more senior tranche of securities except for the MM Comm III securities which are the most senior class. Collateralized Debt Obligation Securities (dollar amounts in thousands) Deal Name Par Value Amortized Cost Fair Value Unrealized Loss (2) Lowest Credit Rating (3) # of Issuers Currently Performing/ Remaining (4) Actual Deferrals and Defaults as a % of Original Collateral Expected Defaults as a % of Remaining Performing Collateral Excess Subordination (5) Alesco II (1) $ 41,646 $ 28,022 $ 25,296 $ (2,727 ) C 30/32 5 % 7 % 4 % ICONS 19,214 19,214 15,567 (3,647 ) BB 19/21 7 14 52 MM Comm III 4,684 4,475 3,682 (793 ) BB 5/8 5 6 36 Pre TSL IX (1) 5,000 3,955 3,009 (946 ) C 27/38 18 10 7 Pre TSL XI (1) 25,000 20,155 15,418 (4,737 ) C 42/55 16 9 10 Pre TSL XIII (1) 27,530 19,735 16,769 (2,966 ) C 47/56 9 10 24 Reg Diversified (1) 25,500 5,435 1,994 (3,441 ) D 23/39 33 7 — Tropic III 31,000 31,000 18,603 (12,397 ) CCC+ 30/40 19 9 40 Total at December 31, 2015 $ 179,574 $ 131,991 $ 100,338 $ (31,654 ) Total at December 31, 2014 $ 193,597 $ 139,194 $ 82,738 $ (56,456 ) (1) Security was determined to have OTTI. As such, the book value is net of recorded credit impairment. (2) The majority of securities have been in a continuous loss position for 12 months or longer. (3) For purposes of comparability, the lowest credit rating expressed is equivalent to Fitch ratings even where the lowest rating is based on another nationally recognized credit rating agency. (4) Includes both banks and/or insurance companies. (5) Excess subordination percentage represents the additional defaults in excess of both current and projected defaults that the CDO can absorb before the bond experiences credit impairment. Excess subordinated percentage is calculated by (a) determining what percentage of defaults a deal can experience before the bond has credit impairment, and (b) subtracting from this default breakage percentage both total current and expected future default percentages. |
OTTI recognized in earnings | For the periods ended December 31, 2015 , 2014 , and 2013 , the following table summarizes by security type, the total OTTI losses recognized in the Consolidated Statements of Income for securities evaluated for impairment as described above: Year ended December 31, (dollar amounts in thousands) 2015 2014 2013 Available-for-sale and other securities: Collateralized Debt Obligations $ (2,440 ) $ — $ (1,466 ) Private label CMO — — (336 ) Total debt securities (2,440 ) — (1,802 ) Equity securities — — — Total available-for-sale and other securities $ (2,440 ) $ — $ (1,802 ) The following table rolls forward the OTTI recognized in earnings on debt securities held by Huntington for the years ended December 31, 2015 , and 2014 as follows: Year Ended December 31, (dollar amounts in thousands) 2015 2014 Balance, beginning of year $ 30,869 $ 30,869 Reductions from sales (14,941 ) — Credit losses not previously recognized — — Additional credit losses 2,440 — Balance, end of year $ 18,368 $ 30,869 |
HELD-TO-MATURITY SECURITIES (Ta
HELD-TO-MATURITY SECURITIES (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Held-to-maturity Securities [Abstract] | |
Contractual maturities of held-to-maturity securities | Listed below are the contractual maturities (under 1 year, 1-5 years, 6-10 years, and over 10 years) of held-to-maturity securities at December 31, 2015 and December 31, 2014 : December 31, 2015 December 31, 2014 (dollar amounts in thousands) Amortized Cost Fair Value Amortized Cost Fair Value Federal agencies: mortgage-backed securities: 1 year or less $ — $ — $ — $ — After 1 year through 5 years — — — — After 5 years through 10 years 25,909 25,227 24,901 24,263 After 10 years 5,506,592 5,484,407 3,136,460 3,140,194 Total Federal agencies: mortgage-backed securities 5,532,501 5,509,634 3,161,361 3,164,457 Other agencies: 1 year or less — — — — After 1 year through 5 years — — — — After 5 years through 10 years 283,960 284,907 54,010 54,843 After 10 years 336,092 334,004 156,553 155,821 Total other agencies 620,052 618,911 210,563 210,664 Total U.S. Government backed agencies 6,152,553 6,128,545 3,371,924 3,375,121 Municipal securities: 1 year or less — — — — After 1 year through 5 years — — — — After 5 years through 10 years — — — — After 10 years 7,037 6,913 7,981 7,594 Total municipal securities 7,037 6,913 7,981 7,594 Total held-to-maturity securities $ 6,159,590 $ 6,135,458 $ 3,379,905 $ 3,382,715 |
Amortized cost, gross unrealized gains and losses, and fair value by investment category | The following table provides amortized cost, gross unrealized gains and losses, and fair value by investment category at December 31, 2015 and 2014 : Unrealized (dollar amounts in thousands) Amortized Cost Gross Gains Gross Losses Fair Value December 31, 2015 Federal Agencies: Mortgage-backed securities $ 5,532,501 $ 14,637 $ (37,504 ) $ 5,509,634 Other agencies 620,052 1,645 (2,786 ) 618,911 Total U.S. Government backed agencies 6,152,553 16,282 (40,290 ) 6,128,545 Municipal securities 7,037 — (124 ) 6,913 Total held-to-maturity securities $ 6,159,590 $ 16,282 $ (40,414 ) $ 6,135,458 Unrealized (dollar amounts in thousands) Amortized Gross Gross Fair Value December 31, 2014 Federal Agencies: Mortgage-backed securities $ 3,161,361 $ 24,832 $ (21,736 ) $ 3,164,457 Other agencies 210,563 1,251 (1,150 ) 210,664 Total U.S. Government backed agencies 3,371,924 26,083 (22,886 ) 3,375,121 Municipal securities 7,981 — (387 ) 7,594 Total held-to-maturity securities $ 3,379,905 $ 26,083 $ (23,273 ) $ 3,382,715 |
Investment securities in an unrealized loss position | The following tables provide detail on HTM securities with unrealized losses aggregated by investment category and the length of time the individual securities have been in a continuous loss position at December 31, 2015 and 2014 : Less than 12 Months Over 12 Months Total (dollar amounts in thousands ) Fair Unrealized Fair Unrealized Fair Unrealized December 31, 2015 Federal Agencies: Mortgage-backed securities $ 3,692,890 $ (25,418 ) $ 519,872 $ (12,086 ) $ 4,212,762 $ (37,504 ) Other agencies 425,410 (2,689 ) 6,647 (97 ) 432,057 (2,786 ) Total U.S. Government backed securities 4,118,300 (28,107 ) 526,519 (12,183 ) 4,644,819 (40,290 ) Municipal securities — — 6,913 (124 ) 6,913 (124 ) Total temporarily impaired securities $ 4,118,300 $ (28,107 ) $ 533,432 $ (12,307 ) $ 4,651,732 $ (40,414 ) Less than 12 Months Over 12 Months Total (dollar amounts in thousands ) Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses December 31, 2014 Federal Agencies: Mortgage-backed securities $ 707,934 $ (5,550 ) $ 622,026 $ (16,186 ) $ 1,329,960 $ (21,736 ) Other agencies 36,956 (198 ) 71,731 (952 ) 108,687 (1,150 ) Total U.S. Government backed securities 744,890 (5,748 ) 693,757 (17,138 ) 1,438,647 (22,886 ) Municipal securities 7,594 (387 ) — — 7,594 (387 ) Total temporarily impaired securities $ 752,484 $ (6,135 ) $ 693,757 $ (17,138 ) $ 1,446,241 $ (23,273 ) |
LOAN SALES AND SECURITIZATIONS
LOAN SALES AND SECURITIZATIONS (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Transfers and Servicing [Abstract] | |
Schedule of activity relating to loans securitized sold with servicing rights | The following table summarizes activity relating to residential mortgage loans sold with servicing retained for the years ended December 31, 2015 , 2014 , and 2013 : Year Ended December 31, (dollar amounts in thousands) 2015 2014 2013 Residential mortgage loans sold with servicing retained $ 3,322,723 $ 2,330,060 $ 3,221,239 Pretax gains resulting from above loan sales (1) 83,148 57,590 102,935 (1) Recorded in mortgage banking income. The following table summarizes activity relating to automobile loans sold and/or securitized with servicing retained for the years ended December 31, 2015 , 2014 , and 2013 : Year Ended December 31, (dollar amounts in thousands) 2015 2014 (1) 2013 (1) Automobile loans securitized with servicing retained $ 750,000 — — Pretax gains resulting from above loan sales (2) 5,333 — — (1) Huntington did not sell or securitize any automobile loans in 2014 or 2013. (2) Recorded in gain on sale of loans The following table summarizes activity relating to SBA loans sold with servicing retained for the years ended December 31, 2015 , 2014 , and 2013 : Year Ended December 31, (dollar amounts in thousands) 2015 2014 2013 SBA loans sold with servicing retained $ 232,848 $ 214,760 $ 178,874 Pretax gains resulting from above loan sales (1) 18,626 24,579 19,556 (1) Recorded in gain on sale of loans. |
Servicing asset at fair value | The following tables summarize the changes in MSRs recorded using either the fair value method or the amortization method for the years ended December 31, 2015 and 2014 : Fair Value Method (dollar amounts in thousands) 2015 2014 Fair value, beginning of year $ 22,786 $ 34,236 Change in fair value during the period due to: Time decay (1) (1,295 ) (2,232 ) Payoffs (2) (3,031 ) (5,814 ) Changes in valuation inputs or assumptions (3) (875 ) (3,404 ) Fair value, end of year $ 17,585 $ 22,786 Weighted-average contractual life (years) 4.6 4.6 (1) Represents decrease in value due to passage of time, including the impact from both regularly scheduled loan principal payments and partial loan paydowns. (2) Represents decrease in value associated with loans that paid off during the period. (3) Represents change in value resulting primarily from market-driven changes in interest rates and prepayment speeds. |
Servicing asset at amortized cost | Changes in the carrying value of automobile loan servicing rights for the years ended December 31, 2015 , and 2014 , and the fair value at the end of each period were as follows: (dollar amounts in thousands) 2015 2014 Carrying value, beginning of year $ 6,898 $ 17,672 New servicing assets created 11,180 — Amortization and other (9,307 ) (10,774 ) Carrying value, end of year $ 8,771 $ 6,898 Fair value, end of year $ 9,127 $ 6,948 Weighted-average contractual life (years) 3.2 2.6 Amortization Method (dollar amounts in thousands) 2015 2014 Carrying value, beginning of year $ 132,812 $ 128,064 New servicing assets created 35,407 24,629 Servicing assets acquired — 3,505 Impairment recovery (charge) (2,732 ) (7,330 ) Amortization and other (22,354 ) (16,056 ) Carrying value, end of year $ 143,133 $ 132,812 Fair value, end of year $ 143,435 $ 133,049 Weighted-average contractual life (years) 5.9 5.9 The following tables summarize the changes in the carrying value of the servicing asset for the years ended December 31, 2015 , and 2014 : (dollar amounts in thousands) 2015 2014 Carrying value, beginning of year $ 18,536 $ 16,865 New servicing assets created 8,012 7,269 Amortization and other (6,801 ) (5,598 ) Carrying value, end of year $ 19,747 $ 18,536 Fair value, end of year $ 22,649 $ 20,495 Weighted-average contractual life (years) 3.3 3.5 |
Summary of key assumptions and the sensitivity analysis of servicing rights | For MSRs under the fair value method, a summary of key assumptions and the sensitivity of the MSR value to changes in these assumptions at December 31, 2015 , and 2014 follows: December 31, 2015 December 31, 2014 Decline in fair value due to Decline in fair value due to (dollar amounts in thousands) Actual 10% adverse change 20% adverse change Actual 10% adverse change 20% adverse change Constant prepayment rate (annualized) 14.70 % $ (864 ) $ (1,653 ) 15.60 % $ (1,176 ) $ (2,248 ) Spread over forward interest rate swap rates 539 bps (559 ) (1,083 ) 546 bps (699 ) (1,355 ) For MSRs under the amortization method, a summary of key assumptions and the sensitivity of the MSR value to changes in these assumptions at December 31, 2015 , and 2014 follows: December 31, 2015 December 31, 2014 Decline in fair value due to Decline in fair value due to (dollar amounts in thousands) Actual 10% adverse change 20% adverse change Actual 10% adverse change 20% adverse change Constant prepayment rate (annualized) 11.10 % $ (5,543 ) $ (10,648 ) 11.40 % $ (5,289 ) $ (10,164 ) Spread over forward interest rate swap rates 875 bps (4,662 ) (9,017 ) 856 bps (4,343 ) (8,403 ) A summary of key assumptions and the sensitivity of the SBA loan servicing rights value to changes in these assumptions at December 31, 2015 , and 2014 follows: December 31, 2015 December 31, 2014 Decline in fair value due to Decline in fair value due to (dollar amounts in thousands) Actual 10% adverse change 20% adverse change Actual 10% adverse change 20% adverse change Constant prepayment rate (annualized) 7.60 % $ (313 ) $ (622 ) 5.60 % $ (211 ) $ (419 ) Discount rate 15.00 (610 ) (1,194 ) 15.00 (563 ) (1,102 ) A summary of key assumptions and the sensitivity of the automobile loan servicing rights value to changes in these assumptions at December 31, 2015 , and 2014 follows: December 31, 2015 December 31, 2014 Decline in fair value due to Decline in fair value due to (dollar amounts in thousands) Actual 10% adverse change 20% adverse change Actual 10% adverse change 20% adverse change Constant prepayment rate (annualized) 18.36 % $ (500 ) $ (895 ) 14.62 % $ (305 ) $ (496 ) Spread over forward interest rate swap rates 500 bps (10 ) (19 ) 500 bps (2 ) (4 ) |
GOODWILL AND OTHER INTANGIBLE40
GOODWILL AND OTHER INTANGIBLE ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill by business segment | A rollforward of goodwill by business segment for the years ended December 31, 2015 and 2014 , is presented in the table below: Retail & Business Commercial Home Treasury/ Huntington (dollar amounts in thousands) Banking Banking AFCRE RBHPCG Lending Other Consolidated Balance, January 1, 2014 $ 286,824 $ 22,108 $ — $ 93,012 $ — $ 42,324 $ 444,268 Goodwill acquired during the period 81,273 — — — — — 81,273 Adjustments — 37,486 — (3,000 ) 3,000 (37,486 ) — Impairment — — — — (3,000 ) — (3,000 ) Balance, December 31, 2014 368,097 59,594 — 90,012 — 4,838 522,541 Goodwill acquired during the period — 155,828 — — — — 155,828 Adjustments — — — (1,500 ) — — (1,500 ) Impairment — — — — — — — Balance, December 31, 2015 $ 368,097 $ 215,422 $ — $ 88,512 $ — $ 4,838 $ 676,869 |
Summary of other intangible assets | At December 31, 2015 and 2014 , Huntington’s other intangible assets consisted of the following: (dollar amounts in thousands) Gross Accumulated Net December 31, 2015 Core deposit intangible $ 400,058 $ (384,606 ) $ 15,452 Customer relationship 116,094 (76,656 ) 39,438 Other 25,164 (25,076 ) 88 Total other intangible assets $ 541,316 $ (486,338 ) $ 54,978 December 31, 2014 Core deposit intangible $ 400,058 $ (366,907 ) $ 33,151 Customer relationship 107,920 (66,534 ) 41,386 Other 25,164 (25,030 ) 134 Total other intangible assets $ 533,142 $ (458,471 ) $ 74,671 |
Estimated amortization expense of other intangible assets | The estimated amortization expense of other intangible assets for the next five years is as follows: (dollar amounts in thousands) Amortization Expense 2016 $ 14,290 2017 12,908 2018 11,135 2019 9,825 2020 3,076 |
PREMISES AND EQUIPMENT (Tables)
PREMISES AND EQUIPMENT (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Schedule of property, plant and equipment | Premises and equipment were comprised of the following at December 31, 2015 and 2014 : At December 31, (dollar amounts in thousands) 2015 2014 Land and land improvements $ 140,414 $ 137,702 Buildings 366,963 367,225 Leasehold improvements 246,222 235,279 Equipment 647,769 627,307 Total premises and equipment 1,401,368 1,367,513 Less accumulated depreciation and amortization (780,828 ) (751,106 ) Net premises and equipment $ 620,540 $ 616,407 |
Depreciation and amortization charged to expense and rental income credited to net occupancy expense | Depreciation and amortization charged to expense and rental income credited to net occupancy expense for the three years ended December 31, 2015 , 2014 , and 2013 were: (dollar amounts in thousands) 2015 2014 2013 Total depreciation and amortization of premises and equipment $ 85,805 $ 82,296 $ 78,601 Rental income credited to occupancy expense 12,563 11,556 12,542 |
SHORT-TERM BORROWINGS (Tables)
SHORT-TERM BORROWINGS (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Schedule of Short-term Debt | Borrowings with original maturities of one year or less are classified as short-term and were comprised of the following at December 31, 2015 and 2014 : At December 31, (dollar amounts in thousands) 2015 2014 Federal funds purchased and securities sold under agreements to repurchase $ 601,272 $ 1,058,096 Federal Home Loan Bank advances — 1,325,000 Other borrowings 14,007 14,005 Total short-term borrowings $ 615,279 $ 2,397,101 |
LONG-TERM DEBT (Tables)
LONG-TERM DEBT (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Debt Instruments [Abstract] | |
Schedule of Long-Term Debt | Huntington’s long-term debt consisted of the following: At December 31, (dollar amounts in thousands) 2015 2014 The Parent Company: Senior Notes: 2.64% Huntington Bancshares Incorporated senior note due 2018 $ 400,544 $ 398,924 Subordinated Notes: Fixed 7.00% subordinated notes due 2020 328,185 330,105 Huntington Capital I Trust Preferred 1.03% junior subordinated debentures due 2027 (1) 111,816 111,816 Sky Financial Capital Trust IV 1.73% junior subordinated debentures due 2036 (3) 74,320 74,320 Sky Financial Capital Trust III 2.01% junior subordinated debentures due 2036 (3) 72,165 72,165 Huntington Capital II Trust Preferred 1.14% junior subordinated debentures due 2028 (2) 54,593 54,593 Camco Statutory Trust I 2.95% due 2037 (4) 4,212 4,181 Total notes issued by the parent 1,045,835 1,046,104 The Bank: Senior Notes: 2.24% Huntington National Bank senior note due 2018 845,016 — 2.10% Huntington National Bank senior note due 2018 750,035 — 1.75% Huntington National Bank senior note due 2018 502,822 — 2.23% Huntington National Bank senior note due 2017 502,549 499,759 2.43% Huntington National Bank senior note due 2020 500,646 — 2.97% Huntington National Bank senior note due 2020 500,489 — 1.43% Huntington National Bank senior note due 2019 500,292 499,760 1.31% Huntington National Bank senior note due 2016 498,925 497,477 1.40% Huntington National Bank senior note due 2016 349,793 349,499 0.74% Huntington National Bank senior note due 2017 (5) 250,000 250,000 5.04% Huntington National Bank medium-term notes due 2018 37,535 38,541 Subordinated Notes: 6.67% subordinated notes due 2018 136,237 140,115 5.59% subordinated notes due 2016 103,357 105,731 5.45% subordinated notes due 2019 83,833 85,783 Total notes issued by the bank 5,561,529 2,466,665 FHLB Advances: 3.46% weighted average rate, varying maturities greater than one year 7,802 758,052 Other: Huntington Technology Finance nonrecourse debt, 4.21% effective interest rate, varying maturities 301,577 — Huntington Technology Finance ABS Trust 2014 1.35% due 2020 123,577 — Huntington Technology Finance ABS Trust 2012 1.79% due 2017 27,153 — Other 141 65,141 Total other 452,448 65,141 Total long-term debt $ 7,067,614 $ 4,335,962 (1) Variable effective rate at December 31, 2015 , based on three-month LIBOR + 0.70% . (2) Variable effective rate at December 31, 2015 , based on three-month LIBOR + 0.625% . (3) Variable effective rate at December 31, 2015 , based on three-month LIBOR + 1.40% . (4) Variable effective rate at December 31, 2015 , based on three-month LIBOR + 1.33% . (5) Variable effective rate at December 31, 2015 , based on three-month LIBOR + 0.425% . The trust securities are the obligations of the trusts, and as such, are not consolidated within Huntington’s Consolidated Financial Statements. A list of trust-preferred securities outstanding at December 31, 2015 follows: (dollar amounts in thousands) Rate Principal amount of subordinated note/ debenture issued to trust (1) Investment in unconsolidated subsidiary Huntington Capital I 1.03 % (2) $ 111,816 $ 6,186 Huntington Capital II 1.14 (3) 54,593 3,093 Sky Financial Capital Trust III 2.01 (4) 72,165 2,165 Sky Financial Capital Trust IV 1.73 (4) 74,320 2,320 Camco Financial Trust 2.95 (5) 4,212 155 Total $ 317,106 $ 13,919 (1) Represents the principal amount of debentures issued to each trust, including unamortized original issue discount. (2) Variable effective rate at December 31, 2015 , based on three-month LIBOR + 0.70 . (3) Variable effective rate at December 31, 2015 , based on three-month LIBOR + 62.5 . (4) Variable effective rate at December 31, 2015 , based on three-month LIBOR + 1.40 . (5) Variable effective rate (including impact of purchase accounting accretion) at December 31, 2015, based on three month LIBOR + 1.33 . |
Schedule of Maturities of Long-term Debt | Long-term debt maturities for the next five years and thereafter are as follows: dollar amounts in thousands 2016 2017 2018 2019 2020 Thereafter Total The Parent Company: Senior notes $ — $ — $ 400,000 $ — $ — $ — $ 400,000 Subordinated notes — — — — 300,000 318,049 618,049 The Bank: Senior notes 850,000 750,000 2,135,000 500,000 1,000,000 — 5,235,000 Subordinated notes 103,009 — 125,539 75,716 — — 304,264 FHLB Advances — 100 1,163 348 2,458 3,921 7,990 Other 144,095 96,715 110,116 43,340 51,537 10,595 456,398 Total $ 1,097,104 $ 846,815 $ 2,771,818 $ 619,404 $ 1,353,995 $ 332,565 $ 7,021,701 |
OTHER COMPREHENSIVE INCOME (Tab
OTHER COMPREHENSIVE INCOME (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
Components of other comprehensive income | The components of Huntington’s OCI in the three years ended December 31, 2015 , 2014 , and 2013 , were as follows: 2015 Tax (expense) (dollar amounts in thousands) Pretax Benefit After-tax Noncredit-related impairment recoveries (losses) on debt securities not expected to be sold $ 19,606 $ (6,933 ) $ 12,673 Unrealized holding gains (losses) on available-for-sale debt securities arising during the period (26,021 ) 9,108 (16,913 ) Less: Reclassification adjustment for net losses (gains) included in net income (3,901 ) 1,365 (2,536 ) Net change in unrealized holding gains (losses) on available-for-sale debt securities (10,316 ) 3,540 (6,776 ) Net change in unrealized holding gains (losses) on available-for-sale equity securities (474 ) 166 (308 ) Unrealized gains (losses) on derivatives used in cash flow hedging relationships arising during the period 12,966 (4,538 ) 8,428 Less: Reclassification adjustment for net (gains) losses included in net income (220 ) 77 (143 ) Net change in unrealized gains (losses) on derivatives used in cash flow hedging relationships 12,746 (4,461 ) 8,285 Net change in pension and other post-retirement obligations (7,795 ) 2,728 (5,067 ) Total other comprehensive income (loss) $ (5,839 ) $ 1,973 $ (3,866 ) 2014 Tax (expense) (dollar amounts in thousands) Pretax Benefit After-tax Noncredit-related impairment recoveries (losses) on debt securities not expected to be sold $ 13,583 $ (4,803 ) $ 8,780 Unrealized holding gains (losses) on available-for-sale debt securities arising during the period 86,618 (30,914 ) 55,704 Less: Reclassification adjustment for net losses (gains) included in net income (15,559 ) 5,446 (10,113 ) Net change in unrealized holding gains (losses) on available-for-sale debt securities 84,642 (30,271 ) 54,371 Net change in unrealized holding gains (losses) on available-for-sale equity securities 295 (103 ) 192 Unrealized gains (losses) on derivatives used in cash flow hedging relationships arising during the period 14,141 (4,949 ) 9,192 Less: Reclassification adjustment for net (gains) losses included in net income (3,971 ) 1,390 (2,581 ) Net change in unrealized gains (losses) on derivatives used in cash flow hedging relationships 10,170 (3,559 ) 6,611 Net change in pension and other post-retirement obligations (106,857 ) 37,400 (69,457 ) Total other comprehensive income (loss) $ (11,750 ) $ 3,467 $ (8,283 ) 2013 Tax (expense) (dollar amounts in thousands) Pretax Benefit After-tax Noncredit-related impairment recoveries (losses) on debt securities not expected to be sold $ 235 $ (82 ) $ 153 Unrealized holding gains (losses) on available-for-sale debt securities arising during the period (125,919 ) 44,191 (81,728 ) Less: Reclassification adjustment for net gains (losses) included in net income 6,211 (2,174 ) 4,037 Net change in unrealized holding gains (losses) on available-for-sale debt securities (119,473 ) 41,935 (77,538 ) Net change in unrealized holding gains (losses) on available-for-sale equity securities 151 (53 ) 98 Unrealized gains and losses on derivatives used in cash flow hedging relationships arising during the period (86,240 ) 30,184 (56,056 ) Less: Reclassification adjustment for net losses (gains) losses included in net income (15,188 ) 5,316 (9,872 ) Net change in unrealized gains (losses) on derivatives used in cash flow hedging relationships (101,428 ) 35,500 (65,928 ) Re-measurement obligation 136,452 (47,758 ) 88,694 Defined benefit pension items (13,106 ) 4,588 (8,518 ) Net change in pension and post-retirement obligations 123,346 (43,170 ) 80,176 Total other comprehensive income (loss) $ (97,404 ) $ 34,212 $ (63,192 ) |
Activity in accumulated other comprehensive income, net of tax | Activity in accumulated OCI for the two years ended December 31, were as follows: (dollar amounts in thousands) Unrealized gains and (losses) on debt securities (1) Unrealized gains and (losses) on equity securities Unrealized gains and (losses) on cash flow hedging derivatives Unrealized gains (losses) for pension and other post- retirement obligations Total December 31, 2013 $ (39,234 ) $ 292 $ (18,844 ) $ (156,223 ) $ (214,009 ) Other comprehensive income before reclassifications 64,484 192 9,192 — 73,868 Amounts reclassified from accumulated OCI to earnings (10,113 ) — (2,581 ) (69,457 ) (82,151 ) Period change 54,371 192 6,611 (69,457 ) (8,283 ) December 31, 2014 15,137 484 (12,233 ) (225,680 ) (222,292 ) Other comprehensive income before reclassifications (4,240 ) (308 ) 8,428 — 3,880 Amounts reclassified from accumulated OCI to earnings (2,536 ) — (143 ) (5,067 ) (7,746 ) Period change (6,776 ) (308 ) 8,285 (5,067 ) (3,866 ) December 31, 2015 $ 8,361 $ 176 $ (3,948 ) $ (230,747 ) $ (226,158 ) (1) Amount at December 31, 2015 includes $9 million of net unrealized gains on securities transferred from the available-for-sale securities portfolio to the held-to-maturity securities portfolio. The net unrealized gains will be recognized in earnings over the remaining life of the security using the effective interest method. |
Reclassification Out Of Accumulated OCI | The following table presents the reclassification adjustments out of accumulated OCI included in net income and the impacted line items as listed on the Consolidated Statements of Income for the years ended December 31, 2015 and 2014 : Reclassifications out of accumulated OCI Accumulated OCI components Amounts reclassed from accumulated OCI Location of net gain (loss) reclassified from accumulated OCI into earnings (dollar amounts in thousands) 2015 2014 Gains (losses) on debt securities: Amortization of unrealized gains (losses) $ (144 ) $ 597 Interest income—held-to-maturity securities—taxable Realized gain (loss) on sale of securities 6,485 14,962 Noninterest income—net gains (losses) on sale of securities OTTI recorded (2,440 ) — Noninterest income—net gains (losses) on sale of securities Total before tax 3,901 15,559 Tax (expense) benefit (1,365 ) (5,446 ) Net of tax $ 2,536 $ 10,113 Gains (losses) on cash flow hedging relationships: Interest rate contracts $ 210 $ 4,064 Interest and fee income—loans and leases Interest rate contracts 10 (93 ) Noninterest expense—other income Total before tax 220 3,971 Tax (expense) benefit (77 ) (1,390 ) Net of tax $ 143 $ 2,581 Amortization of defined benefit pension and post-retirement items: Actuarial gains (losses) $ 5,827 $ 106,857 Noninterest expense—personnel costs Net periodic benefit costs 1,968 — Noninterest expense—personnel costs Total before tax 7,795 106,857 Tax (expense) benefit (2,728 ) (37,400 ) Net of tax $ 5,067 $ 69,457 |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Basic and diluted earnings loss per share | The calculation of basic and diluted earnings per share for each of the three years ended December 31 was as follows: Year ended December 31, (dollar amounts in thousands, except per share amounts) 2015 2014 2013 Basic earnings per common share: Net income $ 692,957 $ 632,392 $ 641,282 Preferred stock dividends (31,873 ) (31,854 ) (31,869 ) Net income available to common shareholders $ 661,084 $ 600,538 $ 609,413 Average common shares issued and outstanding 803,412 819,917 834,205 Basic earnings per common share: $ 0.82 $ 0.73 $ 0.73 Diluted earnings per common share Net income available to common shareholders $ 661,084 $ 600,538 $ 609,413 Effect of assumed preferred stock conversion — — — Net income applicable to diluted earnings per share $ 661,084 $ 600,538 $ 609,413 Average common shares issued and outstanding 803,412 819,917 834,205 Dilutive potential common shares: Stock options and restricted stock units and awards 11,633 11,421 8,418 Shares held in deferred compensation plans 1,912 1,420 1,351 Other 172 323 — Dilutive potential common shares: 13,717 13,164 9,769 Total diluted average common shares issued and outstanding 817,129 833,081 843,974 Diluted earnings per common share $ 0.81 $ 0.72 $ 0.72 |
SHARE-BASED COMPENSATION (Table
SHARE-BASED COMPENSATION (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Weighted average assumptions used in the option pricing model | The following table presents the weighted average assumptions used in the option-pricing model for options granted in the three years ended December 31, 2015 , 2014 , and 2013 : 2015 2014 2013 Assumptions Risk-free interest rate 2.13 % 1.69 % 0.79 % Expected dividend yield 2.57 2.61 2.83 Expected volatility of Huntington’s common stock 29.0 32.3 35.0 Expected option term (years) 6.5 5.0 5.5 Weighted-average grant date fair value per share $ 2.57 $ 2.13 $ 1.71 |
Share based compensation expense and related tax benefit | The following table presents total share-based compensation expense and related tax benefit for the three years ended December 31, 2015 , 2014 , and 2013 : (dollar amounts in thousands) 2015 2014 2013 Share-based compensation expense $ 51,415 $ 43,666 $ 37,007 Tax benefit 17,618 14,779 12,472 |
Stock option activity and related information | Huntington’s stock option activity and related information for the year ended December 31, 2015 , was as follows: (amounts in thousands, except years and per share amounts) Options Weighted- Weighted- Aggregate Outstanding at January 1, 2015 19,619 $ 6.99 Granted 1,249 10.89 Assumed — Exercised (4,269 ) 6.01 Forfeited/expired (478 ) 17.31 Outstanding at December 31, 2015 16,121 $ 7.25 3.7 $ 64,180 Expected to vest (1) 3,499 $ 9.02 6.3 $ 7,154 Exercisable at December 31, 2015 12,299 $ 6.69 2.9 $ 56,450 (1) The number of options expected to vest includes an estimate of 323 thousand shares expected to be forfeited. |
Summary of options by exercise price range | The following table presents additional information regarding options outstanding as of December 31, 2015 : (amounts in thousands, except years and per share amounts) Options Outstanding Exercisable Options Weighted- Range of Exercise Prices Shares Weighted- Average Remaining Contractual Life (Years) Weighted- Average Exercise Price Shares Weighted- Average Exercise Price $0 to $5.63 704 1.2 $ 4.30 704 $ 4.30 $5.64 to $6.02 5,666 2.6 6.02 5,666 6.02 $6.03 to $15.95 9,482 4.6 6.98 5,660 6.98 $15.96 and over 269 0.3 21.07 269 21.07 Total 16,121 3.7 $ 7.25 12,299 $ 6.69 |
Schedule of restricted stock, restricted stock units, and performance shares | The following table summarizes the status of Huntington’s restricted stock units and performance share awards as of December 31, 2015 , and activity for the year ended December 31, 2015 : Restricted Stock Awards Restricted Stock Units Performance Share Awards (amounts in thousands, except per share amounts) Quantity Weighted- Average Grant Date Fair Value Per Share Quantity Weighted- Average Grant Date Fair Value Per Share Quantity Weighted- Average Grant Date Fair Value Per Share Nonvested at January 1, 2015 12 $ 9.53 11,904 $ 7.79 2,579 $ 7.76 Granted — — 4,550 10.84 883 10.94 Assumed — — — — — — Vested (3 ) 9.53 (3,785 ) 7.11 (513 ) 6.77 Forfeited (2 ) 9.53 (499 ) 8.53 (56 ) 6.88 Nonvested at December 31, 2015 7 $ 9.53 12,170 $ 9.11 2,893 $ 8.99 |
BENEFIT PLANS (Tables)
BENEFIT PLANS (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Schedule of weighted-average assumptions used | The following table shows the weighted-average assumptions used to determine the benefit obligation at December 31, 2015 and 2014 , and the net periodic benefit cost for the years then ended: Pension Post-Retirement 2015 2014 2015 2014 Weighted-average assumptions used to determine benefit obligations Discount rate 4.54 % 4.12 % 3.81 % 3.72 % Rate of compensation increase N/A N/A N/A N/A Weighted-average assumptions used to determine net periodic benefit cost Discount rate (1)(2)(3) 4.12 4.89 3.73 4.11 Expected return on plan assets 7.00 7.25 N/A N/A Rate of compensation increase N/A N/A N/A N/A N/A—Not Applicable (1) The 2014 post-retirement benefit expense was remeasured as of July 31, 2014. The discount rate was 4.27% from January 1, 2014 to July 31, 2014, and was changed to 3.89% for the period from July 31, 2014 to December 31, 2014. (2) The 2015 post-retirement benefit expense was remeasured as of September 30, 2015. The discount rate was 3.72% from January 1, 2015 to September 30, 2015, and was changed to 3.77% for the period from September 30, 2015 to December 31, 2015. |
Schedule of changes in projected benefit obligation | The following table reconciles the beginning and ending balances of the benefit obligation of the Plan and the post-retirement benefit plan with the amounts recognized in the consolidated balance sheets at December 31: Pension Benefits Post-Retirement Benefits (dollar amounts in thousands) 2015 2014 2015 2014 Projected benefit obligation at beginning of measurement year $ 799,594 $ 684,999 $ 15,963 $ 25,669 Changes due to: Service cost 1,830 1,740 — — Interest cost 31,937 32,398 506 856 Benefits paid (17,246 ) (16,221 ) (2,211 ) (3,401 ) Settlements (27,976 ) (27,045 ) (6,993 ) — Plan amendments — — — (8,782 ) Plan curtailments — — — — Medicare subsidies — — 117 462 Actuarial assumptions and gains and losses (1) (33,425 ) 123,723 643 1,159 Total changes (44,880 ) 114,595 (7,938 ) (9,706 ) Projected benefit obligation at end of measurement year $ 754,714 $ 799,594 $ 8,025 $ 15,963 (1) The 2014 actuarial assumptions include revised mortality tables. |
Schedule of changes in fair value of plan assets | The following table reconciles the beginning and ending balances of the fair value of Plan assets at the December 31, 2015 and 2014 measurement dates: Pension Benefits (dollar amounts in thousands) 2015 2014 Fair value of plan assets at beginning of measurement year $ 653,013 $ 649,020 Changes due to: Actual return on plan assets (16,122 ) 44,312 Settlements (25,428 ) (24,098 ) Benefits paid (17,246 ) (16,221 ) Total changes (58,796 ) 3,993 Fair value of plan assets at end of measurement year $ 594,217 $ 653,013 |
Schedule of net periodic benefit costs | The following table shows the components of net periodic benefit costs recognized in the three years ended December 31, 2015 : Pension Benefits Post-Retirement Benefits (dollar amounts in thousands) 2015 2014 2013 2015 2014 2013 Service cost $ 1,830 $ 1,740 $ 25,122 $ — $ — $ — Interest cost 31,937 32,398 30,112 506 856 862 Expected return on plan assets (44,175 ) (45,783 ) (47,716 ) — — — Amortization of prior service cost — — (2,883 ) (1,968 ) (1,609 ) (1,353 ) Amortization of loss 7,934 5,767 23,044 (401 ) (571 ) (600 ) Curtailment — — (34,613 ) — — — Settlements 12,645 11,200 8,116 (3,090 ) — — Benefit costs $ 10,171 $ 5,322 $ 1,182 $ (4,953 ) $ (1,324 ) $ (1,091 ) |
Schedule of allocation of plan assets | At December 31, 2015 and 2014 , The Huntington National Bank, as trustee, held all Plan assets. The Plan assets consisted of investments in a variety of corporate and government fixed income investments, money market funds, and Huntington mutual funds as follows: Fair Value (dollar amounts in thousands) 2015 2014 Cash equivalents: Federated-money market $ 15,590 3 % $ — — % Huntington funds—money market — — 16,136 2 Fixed income: Corporate obligations 205,081 34 218,077 33 U.S. Government Obligations 64,456 11 62,627 10 Mutual funds-fixed income 32,874 6 34,761 5 U.S. Government Agencies 6,979 1 7,445 1 Equities: Mutual funds-equities 136,026 23 147,191 23 Other common stock 120,046 20 118,970 18 Huntington funds — — 37,920 6 Exchange Traded Funds 6,530 1 6,840 1 Limited Partnerships 6,635 1 3,046 1 Fair value of plan assets $ 594,217 100 % $ 653,013 100 % |
Schedule of Huntington stock statistics for benefit plans | The following table shows the number of shares and dividends received on shares of Huntington stock held by the Plan: December 31, (dollar amounts in thousands, except share amounts) 2015 2014 Dividends received on shares of Huntington stock $ — $ 267 |
Schedule of expected benefit payments | At December 31, 2015, the following table shows when benefit payments were expected to be paid: (dollar amounts in thousands) Pension Benefits Post- Retirement Benefits 2016 $ 51,333 $ 986 2017 50,323 823 2018 48,457 743 2019 47,435 686 2020 46,629 644 2021 through 2025 221,569 2,738 |
Schedule of amounts recognized in balance sheet | The following table presents the amounts recognized in the Consolidated Balance Sheets at December 31, 2015 and 2014 , for all of Huntington's defined benefit plans: (dollar amounts in thousands) 2015 2014 Accrued expenses and other liabilities (1) $ 192,734 $ 198,947 (1) A current liability of $2 million is included in the amounts above at December 31, 2015 and 2014; the remaining amount is classified as a noncurrent liability. |
Schedule of amounts recognized in OCI | The following tables present the amounts recognized in OCI as of December 31, 2015 , 2014 , and 2013 , and the changes in accumulated OCI for the years ended December 31, 2015 , 2014 , and 2013 : (dollar amounts in thousands) 2015 2014 2013 Net actuarial loss $ (243,984 ) $ (240,197 ) $ (166,078 ) Prior service cost 13,237 14,517 9,855 Defined benefit pension plans $ (230,747 ) $ (225,680 ) $ (156,223 ) 2015 (dollar amounts in thousands) Pretax Benefit After-tax Balance, beginning of year $ (347,202 ) $ 121,522 $ (225,680 ) Net actuarial (loss) gain: Amounts arising during the year (25,520 ) 8,931 (16,589 ) Amortization included in net periodic benefit costs 19,693 (6,892 ) 12,801 Prior service cost: Amounts arising during the year — — — Amortization included in net periodic benefit costs (1,968 ) 689 (1,279 ) Balance, end of year $ (354,997 ) $ 124,250 $ (230,747 ) 2014 (dollar amounts in thousands) Pretax Benefit After-tax Balance, beginning of year $ (240,345 ) $ 84,122 $ (156,223 ) Net actuarial (loss) gain: Amounts arising during the year (133,085 ) 46,580 (86,505 ) Amortization included in net periodic benefit costs 19,056 (6,670 ) 12,386 Prior service cost: Amounts arising during the year 8,781 (3,073 ) 5,708 Amortization included in net periodic benefit costs (1,609 ) 563 (1,046 ) Balance, end of year $ (347,202 ) $ 121,522 $ (225,680 ) 2013 (dollar amounts in thousands) Pretax Benefit After-tax Balance, beginning of year $ (363,691 ) $ 127,292 $ (236,399 ) Net actuarial (loss) gain: Amounts arising during the year 118,666 (41,532 ) 77,134 Amortization included in net periodic benefit costs 29,194 (10,218 ) 18,976 Prior service cost: Amounts arising during the year — — — Amortization included in net periodic benefit costs (24,514 ) 8,580 (15,934 ) Balance, end of year $ (240,345 ) $ 84,122 $ (156,223 ) |
Defined contribution plan disclosures | The following table shows the costs of providing the defined contribution plan: Year ended December 31, (dollar amounts in thousands) 2015 2014 2013 Defined contribution plan $ 31,896 $ 31,110 $ 18,238 |
Schedule of Huntington stock statistics for defined contribution plan | The following table shows the number of shares, market value, and dividends received on shares of Huntington stock held by the defined contribution plan: December 31, (dollar amounts in thousands, except share amounts) 2015 2014 Shares in Huntington common stock 13,076,164 12,883,333 Market value of Huntington common stock $ 144,622 $ 135,533 Dividends received on shares of Huntington stock 3,076 2,694 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Reconciliation of gross unrecognized tax benefits | The following table provides a reconciliation of the beginning and ending amounts of gross unrecognized tax benefits: (dollar amounts in thousands) 2015 2014 Unrecognized tax benefits at beginning of year $ 1,172 $ 704 Gross increases for tax positions taken during current period 23,104 — Gross increases for tax positions taken during prior years — 468 Gross decreases for tax positions taken during prior years (1,172 ) — Unrecognized tax benefits at end of year $ 23,104 $ 1,172 |
Summary of provision (benefit) for income taxes | The following is a summary of the provision (benefit) for income taxes: Year Ended December 31, (dollar amounts in thousands) 2015 2014 2013 Current tax provision (benefit) Federal $ 146,195 $ 186,436 $ 117,174 State 5,677 (1,017 ) 4,278 Total current tax provision (benefit) 151,872 185,419 121,452 Deferred tax provision (benefit) Federal 66,823 41,167 112,681 State 1,953 (5,993 ) (6,659 ) Total deferred tax provision (benefit) 68,776 35,174 106,022 Provision for income taxes $ 220,648 $ 220,593 $ 227,474 |
Reconcilement of provision (benefit) for income taxes | The following is a reconcilement of provision for income taxes: Year Ended December 31, (dollar amounts in thousands) 2015 2014 2013 Provision for income taxes computed at the statutory rate $ 319,762 $ 298,545 $ 304,065 Increases (decreases): Tax-exempt income (20,839 ) (17,971 ) (34,378 ) Tax-exempt bank owned life insurance income (18,340 ) (19,967 ) (19,747 ) General business credits (47,894 ) (46,047 ) (39,868 ) State deferred tax asset valuation allowance adjustment, net — (7,430 ) (6,020 ) Capital loss (46,288 ) (26,948 ) (961 ) Affordable housing investment amortization, net of tax benefits 31,741 33,752 16,851 State income taxes, net 4,960 2,873 4,472 Other (2,454 ) 3,786 3,060 Provision for income taxes $ 220,648 $ 220,593 $ 227,474 |
Significant components of deferred tax assets and liabilities | The significant components of deferred tax assets and liabilities at December 31, were as follows: At December 31, (dollar amounts in thousands) 2015 2014 Deferred tax assets: Allowances for credit losses $ 238,415 $ 233,656 Fair value adjustments 121,642 119,512 Net operating and other loss carryforward 61,492 161,548 Accrued expense/prepaid 44,733 48,656 Purchase accounting adjustments 41,917 13,839 Partnership investments 21,614 24,123 Market discount 11,781 12,215 Pension and other employee benefits 2,405 — Tax credit carryforward 1,823 30,825 Other 11,645 9,477 Total deferred tax assets 557,467 653,851 Deferred tax liabilities: Lease financing 261,078 202,298 Loan origination costs 114,488 103,025 Mortgage servicing rights 48,514 47,748 Operating assets 46,685 50,266 Securities adjustments 19,952 27,856 Purchase accounting adjustments 6,944 17,299 Pension and other employee benefits — 9,677 Other 5,463 5,178 Total deferred tax liabilities 503,124 463,347 Net deferred tax asset before valuation allowance 54,343 190,504 Valuation allowance (3,620 ) (73,057 ) Net deferred tax asset $ 50,723 $ 117,447 |
FAIR VALUES OF ASSETS AND LIA49
FAIR VALUES OF ASSETS AND LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Assets and liabilities measured at fair value on a recurring basis | Assets and liabilities measured at fair value on a recurring basis at December 31, 2015 and 2014 are summarized below: Fair Value Measurements at Reporting Date Using Netting Adjustments (1) December 31, 2015 (dollar amounts in thousands) Level 1 Level 2 Level 3 Assets Loans held for sale $ — $ 337,577 $ — $ — $ 337,577 Loans held for investment — 32,889 — — 32,889 Trading account securities: Municipal securities — 4,159 — — 4,159 Other securities 32,475 363 — — 32,838 32,475 4,522 — — 36,997 Available-for-sale and other securities: U.S. Treasury securities 5,472 — — — 5,472 Federal agencies: Mortgage-backed — 4,521,688 — — 4,521,688 Federal agencies: Other agencies — 115,913 — — 115,913 Municipal securities — 360,845 2,095,551 — 2,456,396 Asset-backed securities — 761,076 100,337 — 861,413 Corporate debt — 466,477 — — 466,477 Other securities 11,397 3,899 — — 15,296 16,869 6,229,898 2,195,888 — 8,442,655 Automobile loans — — 1,748 — 1,748 MSRs — — 17,585 — 17,585 Derivative assets — 429,448 6,721 (161,297 ) 274,872 Liabilities Derivative liabilities — 287,994 665 (144,309 ) 144,350 Short-term borrowings — 1,770 — — 1,770 Fair Value Measurements at Reporting Date Using Netting Adjustments (1) December 31, 2014 (dollar amounts in thousands) Level 1 Level 2 Level 3 Assets Loans held for sale $ — $ 354,888 $ — $ — $ 354,888 Loans held for investment — 40,027 — — 40,027 Trading account securities: Federal agencies: Other agencies — 2,857 — — 2,857 Municipal securities — 5,098 — — 5,098 Other securities 33,121 1,115 — — 34,236 33,121 9,070 — — 42,191 Available-for-sale and other securities: U.S. Treasury securities 5,452 — — — 5,452 Federal agencies: Mortgage-backed — 5,322,701 — — 5,322,701 Federal agencies: Other agencies — 351,543 — — 351,543 Municipal securities — 450,976 1,417,593 — 1,868,569 Private-label CMO — 11,462 30,464 — 41,926 Asset-backed securities — 873,260 82,738 — 955,998 Corporate debt — 486,176 — — 486,176 Other securities 17,430 3,316 — — 20,746 22,882 7,499,434 1,530,795 — 9,053,111 Automobile loans — — 10,590 — 10,590 MSRs — — 22,786 — 22,786 Derivative assets — 449,775 4,064 (101,197 ) 352,642 Liabilities Derivative liabilities — 335,524 704 (51,973 ) 284,255 Short-term borrowings — 2,295 — — 2,295 (1) Amounts represent the impact of legally enforceable master netting agreements that allow the Company to settle positive and negative positions and cash collateral held or placed with the same counterparties. |
Roll forward of derivatives measured on a recurring basis and classified as Level 3 | The tables below present a rollforward of the balance sheet amounts for the years ended December 31, 2015 , 2014 , and 2013 for financial instruments measured on a recurring basis and classified as Level 3. The classification of an item as Level 3 is based on the significance of the unobservable inputs to the overall fair value measurement. However, Level 3 measurements may also include observable components of value that can be validated externally. Accordingly, the gains and losses in the table below include changes in fair value due in part to observable factors that are part of the valuation methodology. Level 3 Fair Value Measurements Available-for-sale securities (dollar amounts in thousands) MSRs Derivative instruments Municipal securities Private- label CMO Asset- backed securities Automobile loans Opening balance $ 22,786 $ 3,360 $ 1,417,593 $ 30,464 $ 82,738 $ 10,590 Transfers into Level 3 — — — — — — Transfers out of Level 3 (1) — (2,793 ) — — — — Total gains/losses for the period: Included in earnings (5,201 ) 5,489 149 47 (2,400 ) (497 ) Included in OCI — — (3,652 ) 1,832 24,802 — Purchases/originations — — 1,002,153 — — — Sales — — (9,656 ) (30,077 ) — — Repayments — — — — — (8,345 ) Issues — — — — — — Settlements — — (311,036 ) (2,266 ) (4,803 ) — Closing balance $ 17,585 $ 6,056 $ 2,095,551 $ — $ 100,337 $ 1,748 Change in unrealized gains or losses for the period included in earnings (or changes in net assets) for assets held at end of the reporting date $ (5,201 ) $ 5,489 $ — $ — $ (2,440 ) $ (497 ) (1) Transfers out of Level 3 represent the settlement value of the derivative instruments (i.e. interest rate lock agreements) that is transferred to loans held for sale, which is classified as Level 2. Level 3 Fair Value Measurements Available-for-sale securities (dollar amounts in thousands) MSRs Derivative instruments Municipal securities Private- label CMO Asset- backed securities Automobile loans Opening balance $ 34,236 $ 2,390 $ 654,537 $ 32,140 $ 107,419 $ 52,286 Transfers into Level 3 — — — — — — Transfers out of Level 3 — — — — — — Total gains/losses for the period: Included in earnings (11,450 ) 3,047 — 36 226 (918 ) Included in OCI — — 14,776 452 21,839 — Purchases/originations — — 1,038,348 — — — Sales — — — — (22,870 ) — Repayments — — — — — (40,778 ) Issues — — — — — — Settlements — (2,077 ) (290,068 ) (2,164 ) (23,876 ) — Closing balance $ 22,786 $ 3,360 $ 1,417,593 $ 30,464 $ 82,738 $ 10,590 Change in unrealized gains or losses for the period included in earnings (or changes in net assets) for assets held at end of the reporting date $ (11,450 ) $ 3,047 $ 14,776 $ 452 $ 21,137 $ (1,624 ) Level 3 Fair Value Measurements Available-for-sale securities (dollar amounts in thousands) MSRs Derivative instruments Municipal securities Private label CMO Asset- backed securities Automobile loans Balance, beginning of year $ 35,202 $ 12,702 $ 61,228 $ 48,775 $ 110,037 $ 142,762 Total gains / losses: Included in earnings (966 ) (5,944 ) 2,129 (180 ) (2,244 ) (358 ) Included in OCI — — 9,075 1,703 35,139 — Other (1) — — 600,435 — — — Sales — — — (10,254 ) (16,711 ) — Repayments — — — — — (90,118 ) Settlements — (4,368 ) (18,330 ) (7,904 ) (18,802 ) — Balance, end of year $ 34,236 $ 2,390 $ 654,537 $ 32,140 $ 107,419 $ 52,286 Change in unrealized gains or losses for the period included in earnings (or changes in net assets) for assets held at end of the reporting date $ (966 ) $ (5,944 ) $ 9,075 $ 1,703 $ 35,139 $ (358 ) (1) Effective December 31, 2013 approximately $600 million of direct purchase municipal instruments were reclassified from C&I loans to available-for-sale securities. |
Roll forward of assets measured on a recurring basis and classified as Level 3 | Level 3 Fair Value Measurements Available-for-sale securities (dollar amounts in thousands) MSRs Derivative instruments Municipal securities Private- label CMO Asset- backed securities Automobile loans Opening balance $ 22,786 $ 3,360 $ 1,417,593 $ 30,464 $ 82,738 $ 10,590 Transfers into Level 3 — — — — — — Transfers out of Level 3 (1) — (2,793 ) — — — — Total gains/losses for the period: Included in earnings (5,201 ) 5,489 149 47 (2,400 ) (497 ) Included in OCI — — (3,652 ) 1,832 24,802 — Purchases/originations — — 1,002,153 — — — Sales — — (9,656 ) (30,077 ) — — Repayments — — — — — (8,345 ) Issues — — — — — — Settlements — — (311,036 ) (2,266 ) (4,803 ) — Closing balance $ 17,585 $ 6,056 $ 2,095,551 $ — $ 100,337 $ 1,748 Change in unrealized gains or losses for the period included in earnings (or changes in net assets) for assets held at end of the reporting date $ (5,201 ) $ 5,489 $ — $ — $ (2,440 ) $ (497 ) (1) Transfers out of Level 3 represent the settlement value of the derivative instruments (i.e. interest rate lock agreements) that is transferred to loans held for sale, which is classified as Level 2. Level 3 Fair Value Measurements Available-for-sale securities (dollar amounts in thousands) MSRs Derivative instruments Municipal securities Private- label CMO Asset- backed securities Automobile loans Opening balance $ 34,236 $ 2,390 $ 654,537 $ 32,140 $ 107,419 $ 52,286 Transfers into Level 3 — — — — — — Transfers out of Level 3 — — — — — — Total gains/losses for the period: Included in earnings (11,450 ) 3,047 — 36 226 (918 ) Included in OCI — — 14,776 452 21,839 — Purchases/originations — — 1,038,348 — — — Sales — — — — (22,870 ) — Repayments — — — — — (40,778 ) Issues — — — — — — Settlements — (2,077 ) (290,068 ) (2,164 ) (23,876 ) — Closing balance $ 22,786 $ 3,360 $ 1,417,593 $ 30,464 $ 82,738 $ 10,590 Change in unrealized gains or losses for the period included in earnings (or changes in net assets) for assets held at end of the reporting date $ (11,450 ) $ 3,047 $ 14,776 $ 452 $ 21,137 $ (1,624 ) Level 3 Fair Value Measurements Available-for-sale securities (dollar amounts in thousands) MSRs Derivative instruments Municipal securities Private label CMO Asset- backed securities Automobile loans Balance, beginning of year $ 35,202 $ 12,702 $ 61,228 $ 48,775 $ 110,037 $ 142,762 Total gains / losses: Included in earnings (966 ) (5,944 ) 2,129 (180 ) (2,244 ) (358 ) Included in OCI — — 9,075 1,703 35,139 — Other (1) — — 600,435 — — — Sales — — — (10,254 ) (16,711 ) — Repayments — — — — — (90,118 ) Settlements — (4,368 ) (18,330 ) (7,904 ) (18,802 ) — Balance, end of year $ 34,236 $ 2,390 $ 654,537 $ 32,140 $ 107,419 $ 52,286 Change in unrealized gains or losses for the period included in earnings (or changes in net assets) for assets held at end of the reporting date $ (966 ) $ (5,944 ) $ 9,075 $ 1,703 $ 35,139 $ (358 ) (1) Effective December 31, 2013 approximately $600 million of direct purchase municipal instruments were reclassified from C&I loans to available-for-sale securities. |
Classification of gains and losses due to changes in fair value, recorded in earnings for Level 3 assets and liabilities | The tables below summarize the classification of gains and losses due to changes in fair value, recorded in earnings for Level 3 assets and liabilities for the years ended December 31, 2015 , 2014 , and 2013 : Level 3 Fair Value Measurements Available-for-sale securities (dollar amounts in thousands) MSRs Derivative instruments Municipal securities Private- label CMO Asset- backed securities Automobile loans Classification of gains and losses in earnings: Mortgage banking income $ (5,201 ) $ 5,489 $ — $ — $ — $ — Securities gains (losses) — — 149 — (2,440 ) — Interest and fee income — — — 47 40 (497 ) Noninterest income — — — — — — Total $ (5,201 ) $ 5,489 $ 149 $ 47 $ (2,400 ) $ (497 ) Level 3 Fair Value Measurements Available-for-sale securities (dollar amounts in thousands) MSRs Derivative instruments Municipal securities Private- label CMO Asset- backed securities Automobile loans Classification of gains and losses in earnings: Mortgage banking income $ (11,450 ) $ 3,047 $ — $ — $ — $ — Securities gains (losses) — — — — 170 — Interest and fee income — — — 36 56 (1,032 ) Noninterest income — — — — — 114 Total $ (11,450 ) $ 3,047 $ — $ 36 $ 226 $ (918 ) Level 3 Fair Value Measurements Available-for-sale securities (dollar amounts in thousands) MSRs Derivative instruments Municipal securities Private label CMO Asset- backed securities Automobile loans Classification of gains and losses in earnings: Mortgage banking income (loss) $ (966 ) $ (5,944 ) $ — $ — $ — $ — Securities gains (losses) — — — (336 ) (1,466 ) — Interest and fee income — — 2,129 156 (778 ) (3,569 ) Noninterest income — — — — — 3,211 Total $ (966 ) $ (5,944 ) $ 2,129 $ (180 ) $ (2,244 ) $ (358 ) |
Assets and liabilities under the fair value option | The following table presents the fair value and aggregate principal balance of certain assets and liabilities under the fair value option: December 31, 2015 December 31, 2014 (dollar amounts in thousands) Fair value Aggregate Difference Fair value Aggregate Difference Assets Loans held for sale $ 337,577 $ 326,802 $ 10,775 $ 354,888 $ 340,070 $ 14,818 Loans held for investment 32,889 33,637 (748 ) 40,027 40,938 (911 ) Automobile loans 1,748 1,748 — 10,590 10,022 568 The following tables present the net gains (losses) from fair value changes, including net gains (losses) associated with instrument specific credit risk for the years ended December 31, 2015 , 2014 , and 2013 : Net gains (losses) from fair value changes Year ended December 31, (dollar amounts in thousands) 2015 2014 2013 Assets Mortgage loans held for sale $ (2,342 ) $ (1,978 ) $ (12,711 ) Automobile loans (568 ) (918 ) (360 ) Gains (losses) included in fair value changes associated with instrument specific credit risk Year ended December 31, (dollar amounts in thousands) 2015 2014 2013 Assets Automobile loans $ 199 $ 911 $ 2,207 |
Assets measured at fair value on a nonrecurring basis | For the year ended December 31, 2015 , assets measured at fair value on a nonrecurring basis were as follows: Fair Value Measurements Using (dollar amounts in thousands) Fair Value Quoted Prices In Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Other Unobservable Inputs (Level 3) Total MSRs $ 141,726 $ — $ — $ 141,726 $ (2,732 ) Impaired loans 62,029 — — 62,029 (20,762 ) Other real estate owned 27,342 — — 27,342 (4,005 ) |
Quantitative information about significant unobservable level 3 fair value measurement inputs | The table below presents quantitative information about the significant unobservable inputs for assets and liabilities measured at fair value on a recurring and nonrecurring basis at December 31, 2015 : Quantitative Information about Level 3 Fair Value Measurements at December 31, 2015 (dollar amounts in thousands) Fair Value Valuation Technique Significant Unobservable Input Range (Weighted Average) MSRs $ 17,585 Discounted cash flow Constant prepayment rate 7.9% - 25.7% (14.7%) Spread over forward interest rate 3.3% - 9.2% (5.4%) Derivative assets 6,721 Consensus Pricing Net market price -3.2% - 20.9% (1.9%) Derivative liabilities 665 Estimated Pull through % 11.9% - 99.8% (76.7%) Municipal securities 2,095,551 Discounted cash flow Discount rate 0.3% - 7.2% (3.1%) Cumulative default 0.1% - 50.0% (2.1%) Loss given default 5.0% - 80.0% (20.5%) Asset-backed securities 100,337 Discounted cash flow Discount rate 4.6% - 10.9% (6.2%) Cumulative prepayment rate 0.0% - 100.% (9.6%) Cumulative default 1.6% - 100% (11.1%) Loss given default 85% - 100% (96.6%) Cure given deferral 0.0% - 75.0% (36.8%) Automobile loans 1,748 Discounted cash flow Constant prepayment rate 154.2 % Discount rate 0.2% - 5.0% (2.3%) Life of pool cumulative losses 2.1 % Impaired loans 62,029 Appraisal value NA NA Other real estate owned 27,342 Appraisal value NA NA |
Fair value by balance sheet grouping | The following table provides the carrying amounts and estimated fair values of Huntington’s financial instruments that are carried either at fair value or cost at December 31, 2015 and December 31, 2014 : December 31, 2015 December 31, 2014 Carrying Fair Carrying Fair (dollar amounts in thousands) Amount Value Amount Value Financial Assets: Cash and short-term assets $ 898,994 $ 898,994 $ 1,285,124 $ 1,285,124 Trading account securities 36,997 36,997 42,191 42,191 Loans held for sale 474,621 484,511 416,327 416,327 Available-for-sale and other securities 8,775,441 8,775,441 9,384,670 9,384,670 Held-to-maturity securities 6,159,590 6,135,458 3,379,905 3,382,715 Net loans and direct financing leases 49,743,256 48,024,998 47,050,530 45,110,406 Derivatives 274,872 274,872 352,642 352,642 Financial Liabilities: Deposits 55,294,979 55,299,435 51,732,151 52,454,804 Short-term borrowings 615,279 615,279 2,397,101 2,397,101 Long-term debt 7,067,614 7,043,014 4,335,962 4,286,304 Derivatives 144,350 144,350 284,255 284,255 The following table presents the level in the fair value hierarchy for the estimated fair values of only Huntington’s financial instruments that are not already on the Consolidated Balance Sheets at fair value at December 31, 2015 and December 31, 2014 : Estimated Fair Value Measurements at Reporting Date Using December 31, 2015 (dollar amounts in thousands) Level 1 Level 2 Level 3 Financial Assets Held-to-maturity securities $ — $ 6,135,458 $ — $ 6,135,458 Net loans and direct financing leases — — 48,024,998 48,024,998 Financial Liabilities Deposits — 51,869,105 3,430,330 55,299,435 Short-term borrowings — 1,770 613,509 615,279 Long-term debt — — 7,043,014 7,043,014 Estimated Fair Value Measurements at Reporting Date Using December 31, 2014 (dollar amounts in thousands) Level 1 Level 2 Level 3 Financial Assets Held-to-maturity securities $ — $ 3,382,715 $ — $ 3,382,715 Net loans and direct financing leases — — 45,110,406 45,110,406 Financial Liabilities Deposits — 48,183,798 4,271,006 52,454,804 Short-term borrowings — — 2,397,101 2,397,101 Long-term debt — — 4,286,304 4,286,304 |
DERIVATIVE FINANCIAL INSTRUME50
DERIVATIVE FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Gross notional values of derivatives used in asset and liability management activities | The following table presents the gross notional values of derivatives used in Huntington’s asset and liability management activities at December 31, 2015 , identified by the underlying interest rate-sensitive instruments: (dollar amounts in thousands) Fair Value Hedges Cash Flow Hedges Total Instruments associated with: Loans $ — $ 8,223,000 $ 8,223,000 Deposits 69,100 — 69,100 Subordinated notes 475,000 — 475,000 Long-term debt 5,385,000 — 5,385,000 Total notional value at December 31, 2015 $ 5,929,100 $ 8,223,000 $ 14,152,100 |
Additional information about the interest rate swaps used in asset and liability management activities | The following table presents additional information about the interest rate swaps used in Huntington’s asset and liability management activities at December 31, 2015 : Weighted-Average (dollar amounts in thousands ) Notional Value Average Maturity (years) Fair Value Receive Pay Asset conversion swaps Receive fixed—generic $ 8,223,000 1.1 $ (3,103 ) 0.83 % 0.43 % Total asset conversion swaps 8,223,000 1.1 (3,103 ) 0.83 0.43 Liability conversion swaps Receive fixed—generic 5,929,100 2.7 68,401 1.55 0.40 Total liability conversion swaps 5,929,100 2.7 68,401 1.55 0.40 Total swap portfolio at December 31, 2015 $ 14,152,100 1.8 $ 65,298 1.13 % 0.42 % |
Asset and liability derivatives included in accrued income and other assets | The following table presents the fair values at December 31, 2015 and 2014 of Huntington’s derivatives that are designated and not designated as hedging instruments. Amounts in the table below are presented gross without the impact of any net collateral arrangements: Asset derivatives included in accrued income and other assets: (dollar amounts in thousands) December 31, 2015 December 31, 2014 Interest rate contracts designated as hedging instruments $ 80,513 $ 53,114 Interest rate contracts not designated as hedging instruments 190,846 183,610 Foreign exchange contracts not designated as hedging instruments 37,727 32,798 Commodity contracts not designated as hedging instruments 117,894 180,218 Total contracts $ 426,980 $ 449,740 Liability derivatives included in accrued expenses and other liabilities: (dollar amounts in thousands) December 31, 2015 December 31, 2014 Interest rate contracts designated as hedging instruments $ 15,215 $ 12,648 Interest rate contracts not designated as hedging instruments 121,815 110,627 Foreign exchange contracts not designated as hedging instruments 35,283 29,754 Commodity contracts not designated as hedging instruments 114,887 179,180 Total contracts $ 287,200 $ 332,209 |
Increase or (decrease) to interest expense for derivatives designated as fair value hedges | 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 thousands) 2015 2014 2013 Interest rate contracts Change in fair value of interest rate swaps hedging deposits (1) $ (996 ) $ (1,045 ) $ (4,006 ) Change in fair value of hedged deposits (1) 992 1,025 4,003 Change in fair value of interest rate swaps hedging subordinated notes (2) (8,237 ) 476 (44,699 ) Change in fair value of hedged subordinated notes (2) 8,237 (476 ) 44,699 Change in fair value of interest rate swaps hedging long-term debt (2) 3,903 1,990 (5,716 ) Change in fair value of hedged other long-term debt (2) (3,602 ) 828 6,843 (1) Effective portion of the hedging relationship is recognized in Interest expense—deposits in the Consolidated Statements of Income. Any resulting ineffective portion of the hedging relationship is recognized in noninterest income in the Consolidated Statements of Income. (2) Effective portion of the hedging relationship is recognized in Interest expense—subordinated notes and other long-term debt in the Consolidated Statements of Income. Any resulting ineffective portion of the hedging relationship is recognized in noninterest income in the Consolidated Statements of Income. |
Gains and (losses) recognized in other comprehensive income (loss) (OCI) for derivatives designated as effective cash flow hedges | The following table presents the gains and (losses) recognized in OCI and the location in the Consolidated Statements of Income of gains and (losses) reclassified from OCI into earnings for derivatives designated as effective cash flow hedges: Derivatives in cash flow hedging relationships Amount of gain or (loss) recognized in OCI on derivatives (effective portion) Location of gain or (loss) reclassified from accumulated OCI into earnings (effective portion) Amount of (gain) or loss reclassified from accumulated OCI into earnings (effective portion) (pre-tax) (dollar amounts in thousands) 2015 2014 2013 2015 2014 2013 Interest rate contracts Loans $ 8,428 $ 9,192 $ (56,056 ) Interest and fee income—loans and leases $ (210 ) $ (4,064 ) $ (14,979 ) Loans — — — Noninterest income - other income (10 ) 93 (209 ) Total $ 8,428 $ 9,192 $ (56,056 ) $ (220 ) $ (3,971 ) $ (15,188 ) |
Gains and (losses) recognized in noninterest income on the ineffective portion on interest rate contracts for derivatives designated as fair value and cash flow hedges | The following table presents the gains and (losses) recognized in noninterest income for the ineffective portion of interest rate contracts for derivatives designated as cash flow hedges for the years ending December 31, 2015 , 2014 , and 2013 : December 31, (dollar amounts in thousands) 2015 2014 2013 Derivatives in cash flow hedging relationships Interest rate contracts: Loans $ (763 ) $ 74 $ 878 |
Offsetting of financial assets and derivatives assets | Offsetting of Financial Assets and Derivative Assets Gross amounts not offset in the consolidated balance sheets (dollar amounts in thousands) Gross amounts of recognized assets Gross amounts offset in the consolidated balance sheets Net amounts of assets presented in the consolidated balance sheets Financial instruments Cash collateral received Net amount Offsetting of Financial Assets and Derivative Assets December 31, 2015 Derivatives $ 436,169 $ (161,297 ) $ 274,872 $ (39,305 ) $ (3,462 ) $ 232,105 December 31, 2014 Derivatives 480,803 (128,161 ) 352,642 (27,744 ) (1,095 ) 323,803 |
Offsetting of financial liabilities and derivative liabilities | Offsetting of Financial Liabilities and Derivative Liabilities Gross amounts not offset in the consolidated balance sheets (dollar amounts in thousands) Gross amounts of recognized liabilities Gross amounts offset in the consolidated balance sheets Net amounts of assets presented in the consolidated balance sheets Financial instruments Cash collateral delivered Net amount Offsetting of Financial Liabilities and Derivative Liabilities December 31, 2015 Derivatives $ 288,659 $ (144,309 ) $ 144,350 $ (62,460 ) $ (20 ) $ 81,870 December 31, 2014 Derivatives 363,192 (78,937 ) 284,255 (78,654 ) (111 ) 205,490 |
Derivative assets and liabilities used in mortgage banking activities | The following table summarizes the derivative assets and liabilities used in mortgage banking activities: (dollar amounts in thousands) December 31, 2015 December 31, 2014 Derivative assets: Interest rate lock agreements $ 6,721 $ 4,064 Forward trades and options 2,468 35 Total derivative assets 9,189 4,099 Derivative liabilities: Interest rate lock agreements (220 ) (259 ) Forward trades and options (1,239 ) (3,760 ) Total derivative liabilities (1,459 ) (4,019 ) Net derivative asset $ 7,730 $ 80 |
VIEs (Tables)
VIEs (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Carrying amount and classification of the trusts assets and liabilities | The following tables present the carrying amount and classification of the consolidated trusts’ assets and liabilities that were included in the Consolidated Balance Sheets at December 31, 2015 and 2014 : December 31, 2015 Huntington Technology Other Consolidated Trusts Total (dollar amounts in thousands) Series 2012A Series 2014A Assets: Cash $ 1,377 $ 1,561 $ — $ 2,938 Net loans and leases 32,180 152,331 — 184,511 Accrued income and other assets — — 229 229 Total assets $ 33,557 $ 153,892 $ 229 $ 187,678 Liabilities: Other long-term debt $ 27,153 $ 123,577 $ — $ 150,730 Accrued interest and other liabilities — — 229 229 Total liabilities 27,153 123,577 229 150,959 Equity: Beneficial Interest owned by third party 6,404 30,315 — 36,719 Total liabilities and equity $ 33,557 $ 153,892 $ 229 $ 187,678 December 31, 2014 (dollar amounts in thousands) Other Total Assets: Cash $ — $ — Net loans and leases — — Accrued income and other assets 243 243 Total assets $ 243 $ 243 Liabilities: Other long-term debt $ — $ — Accrued interest and other liabilities 243 243 Total liabilities 243 243 Equity: Beneficial Interest owned by third party — — Total liabilities and equity $ 243 $ 243 The following tables provide a summary of the assets and liabilities included in Huntington’s 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, but is not the primary beneficiary, to the VIE at December 31, 2015 , and 2014 : December 31, 2015 (dollar amounts in thousands) Total Assets Total Liabilities Maximum Exposure to Loss 2015-1 Automobile Trust $ 7,695 $ — $ 7,695 2012-1 Automobile Trust 94 — 94 2012-2 Automobile Trust 771 — 771 Trust Preferred Securities 13,919 317,106 — Low Income Housing Tax Credit Partnerships 425,500 196,001 425,500 Other Investments 68,746 25,762 68,746 Total $ 516,725 $ 538,869 $ 502,806 December 31, 2014 (dollar amounts in thousands) Total Assets Total Liabilities Maximum Exposure to Loss 2012-1 Automobile Trust $ 2,136 $ — $ 2,136 2012-2 Automobile Trust 3,220 — 3,220 2011 Automobile Trust 944 — 944 Tower Hill Securities, Inc. 55,611 65,000 55,611 Trust Preferred Securities 13,919 317,075 — Low Income Housing Tax Credit Partnerships 368,283 154,861 368,283 Other Investments 83,400 20,760 83,400 Total $ 527,513 $ 557,696 $ 513,594 |
Summary of outstanding trust preferred securities | Huntington’s long-term debt consisted of the following: At December 31, (dollar amounts in thousands) 2015 2014 The Parent Company: Senior Notes: 2.64% Huntington Bancshares Incorporated senior note due 2018 $ 400,544 $ 398,924 Subordinated Notes: Fixed 7.00% subordinated notes due 2020 328,185 330,105 Huntington Capital I Trust Preferred 1.03% junior subordinated debentures due 2027 (1) 111,816 111,816 Sky Financial Capital Trust IV 1.73% junior subordinated debentures due 2036 (3) 74,320 74,320 Sky Financial Capital Trust III 2.01% junior subordinated debentures due 2036 (3) 72,165 72,165 Huntington Capital II Trust Preferred 1.14% junior subordinated debentures due 2028 (2) 54,593 54,593 Camco Statutory Trust I 2.95% due 2037 (4) 4,212 4,181 Total notes issued by the parent 1,045,835 1,046,104 The Bank: Senior Notes: 2.24% Huntington National Bank senior note due 2018 845,016 — 2.10% Huntington National Bank senior note due 2018 750,035 — 1.75% Huntington National Bank senior note due 2018 502,822 — 2.23% Huntington National Bank senior note due 2017 502,549 499,759 2.43% Huntington National Bank senior note due 2020 500,646 — 2.97% Huntington National Bank senior note due 2020 500,489 — 1.43% Huntington National Bank senior note due 2019 500,292 499,760 1.31% Huntington National Bank senior note due 2016 498,925 497,477 1.40% Huntington National Bank senior note due 2016 349,793 349,499 0.74% Huntington National Bank senior note due 2017 (5) 250,000 250,000 5.04% Huntington National Bank medium-term notes due 2018 37,535 38,541 Subordinated Notes: 6.67% subordinated notes due 2018 136,237 140,115 5.59% subordinated notes due 2016 103,357 105,731 5.45% subordinated notes due 2019 83,833 85,783 Total notes issued by the bank 5,561,529 2,466,665 FHLB Advances: 3.46% weighted average rate, varying maturities greater than one year 7,802 758,052 Other: Huntington Technology Finance nonrecourse debt, 4.21% effective interest rate, varying maturities 301,577 — Huntington Technology Finance ABS Trust 2014 1.35% due 2020 123,577 — Huntington Technology Finance ABS Trust 2012 1.79% due 2017 27,153 — Other 141 65,141 Total other 452,448 65,141 Total long-term debt $ 7,067,614 $ 4,335,962 (1) Variable effective rate at December 31, 2015 , based on three-month LIBOR + 0.70% . (2) Variable effective rate at December 31, 2015 , based on three-month LIBOR + 0.625% . (3) Variable effective rate at December 31, 2015 , based on three-month LIBOR + 1.40% . (4) Variable effective rate at December 31, 2015 , based on three-month LIBOR + 1.33% . (5) Variable effective rate at December 31, 2015 , based on three-month LIBOR + 0.425% . The trust securities are the obligations of the trusts, and as such, are not consolidated within Huntington’s Consolidated Financial Statements. A list of trust-preferred securities outstanding at December 31, 2015 follows: (dollar amounts in thousands) Rate Principal amount of subordinated note/ debenture issued to trust (1) Investment in unconsolidated subsidiary Huntington Capital I 1.03 % (2) $ 111,816 $ 6,186 Huntington Capital II 1.14 (3) 54,593 3,093 Sky Financial Capital Trust III 2.01 (4) 72,165 2,165 Sky Financial Capital Trust IV 1.73 (4) 74,320 2,320 Camco Financial Trust 2.95 (5) 4,212 155 Total $ 317,106 $ 13,919 (1) Represents the principal amount of debentures issued to each trust, including unamortized original issue discount. (2) Variable effective rate at December 31, 2015 , based on three-month LIBOR + 0.70 . (3) Variable effective rate at December 31, 2015 , based on three-month LIBOR + 62.5 . (4) Variable effective rate at December 31, 2015 , based on three-month LIBOR + 1.40 . (5) Variable effective rate (including impact of purchase accounting accretion) at December 31, 2015, based on three month LIBOR + 1.33 . |
COMMITMENTS AND CONTINGENT LI52
COMMITMENTS AND CONTINGENT LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contract amounts of various commitments to extend credit | The contract amounts of these financial agreements at December 31, 2015 , and December 31, 2014 were as follows: At December 31, (dollar amounts in thousands) 2015 2014 Contract amount represents credit risk Commitments to extend credit: Commercial $ 11,448,927 $ 11,181,522 Consumer 8,574,093 7,579,632 Commercial real estate 813,271 908,112 Standby letters of credit 511,706 497,457 |
OTHER REGULATORY MATTERS (Table
OTHER REGULATORY MATTERS (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Banking and Thrift [Abstract] | |
Period-end capital amounts and capital ratios | Amounts presented prior to January 1, 2015 are calculated using the Basel I capital requirements. Well- December 31, capitalized Minimum 2015 2014 Capital Capital Basel III Basel I (dollar amounts in thousands) Ratios Ratios Ratio Amount Ratio Amount Common equity tier 1 risk-based capital Consolidated N.A. 4.50 % 9.79 % $ 5,721,028 N.A. N.A. Bank 6.50 % 4.50 9.46 5,518,748 N.A. N.A. Tier 1 risk-based capital Consolidated 6.00 6.00 10.53 6,154,000 11.50 % $ 6,265,900 Bank 8.00 6.00 9.83 5,735,274 11.28 6,136,190 Total risk-based capital Consolidated 10.00 8.00 12.64 7,386,936 13.56 7,388,336 Bank 10.00 8.00 11.74 6,850,596 12.79 6,956,242 Tier 1 leverage capital Consolidated N.A. 4.00 8.79 6,154,000 9.74 6,265,900 Bank 5.00 4.00 8.21 5,735,274 9.56 6,136,190 |
PARENT COMPANY FINANCIAL STAT54
PARENT COMPANY FINANCIAL STATEMENTS (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Balance Sheets | The parent company financial statements, which include transactions with subsidiaries, are as follows: Balance Sheets December 31, (dollar amounts in thousands) 2015 2014 Assets Cash and cash equivalents $ 917,368 $ 662,768 Due from The Huntington National Bank 406,253 276,851 Due from non-bank subsidiaries 48,151 51,129 Investment in The Huntington National Bank 5,966,783 6,073,408 Investment in non-bank subsidiaries 489,205 509,114 Accrued interest receivable and other assets 192,444 279,366 Total assets $ 8,020,204 $ 7,852,636 Liabilities and shareholders’ equity Long-term borrowings $ 1,045,835 $ 1,046,104 Dividends payable, accrued expenses, and other liabilities 379,763 478,361 Total liabilities 1,425,598 1,524,465 Shareholders’ equity (1) 6,594,606 6,328,170 Total liabilities and shareholders’ equity $ 8,020,204 $ 7,852,635 (1) See Consolidated Statements of Changes in Shareholders’ Equity. |
Statements of Income | Statements of Income Year Ended December 31, (dollar amounts in thousands) 2015 2014 2013 Income Dividends from The Huntington National Bank $ 822,000 $ 244,000 $ — Non-bank subsidiaries 38,883 27,773 55,473 Interest from The Huntington National Bank 5,954 3,906 6,598 Non-bank subsidiaries 2,317 2,613 3,129 Other 4,529 2,994 2,148 Total income 873,683 281,286 67,348 Expense Personnel costs 4,770 53,359 52,846 Interest on borrowings 17,428 17,031 20,739 Other 92,735 52,662 36,728 Total expense 114,933 123,052 110,313 Income (loss) before income taxes and equity in undistributed net income of subsidiaries 758,750 158,234 (42,965 ) Provision (benefit) for income taxes (109,867 ) (62,897 ) (22,298 ) Income (loss) before equity in undistributed net income of subsidiaries 868,617 221,131 (20,667 ) Increase (decrease) in undistributed net income (loss) of: The Huntington National Bank (160,567 ) 414,049 692,392 Non-bank subsidiaries (15,093 ) (2,788 ) (30,443 ) Net income $ 692,957 $ 632,392 $ 641,282 Other comprehensive income (loss) (1) (3,866 ) (8,283 ) (63,192 ) Comprehensive income $ 689,091 $ 624,109 $ 578,090 (1) See Consolidated Statements of Comprehensive Income for other comprehensive income (loss) detail. |
Statements of Cash Flows | Statements of Cash Flows Year Ended December 31, (dollar amounts in thousands) 2015 2014 2013 Operating activities Net income $ 692,957 $ 632,392 $ 641,282 Adjustments to reconcile net income to net cash provided by operating activities: Equity in undistributed net income of subsidiaries 175,660 (411,261 ) (718,144 ) Depreciation and amortization 609 548 513 Loss on sales of securities available-for-sale 540 — — Other, net (44,197 ) 26,685 15,965 Net cash (used for) provided by operating activities 825,569 248,364 (60,384 ) Investing activities Repayments from subsidiaries 494,905 9,250 285,792 Advances to subsidiaries (612,610 ) (32,350 ) (249,050 ) Proceeds from sale of securities available-for-sale 449 — — Cash paid for acquisitions, net of cash received — (13,452 ) — Proceeds from business divestitures 9,029 — — Net cash (used for) provided by investing activities (108,227 ) (36,552 ) 36,742 Financing activities Proceeds from issuance of long-term borrowings — — 400,000 Payment of borrowings — — (50,000 ) Dividends paid on stock (224,390 ) (198,789 ) (182,476 ) Net proceeds from issuance of common stock — 2,597 — Repurchases of common stock (251,844 ) (334,429 ) (124,995 ) Other, net 13,492 15,512 25,707 Net cash provided by (used for) financing activities (462,742 ) (515,109 ) 68,236 Change in cash and cash equivalents 254,600 (303,297 ) 44,594 Cash and cash equivalents at beginning of year 662,768 966,065 921,471 Cash and cash equivalents at end of year $ 917,368 $ 662,768 $ 966,065 Supplemental disclosure: Interest paid $ 17,384 $ 21,321 $ 20,739 |
SEGMENT REPORTING (Tables)
SEGMENT REPORTING (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Business Segment Financial Information | Listed below is certain financial information reconciled to Huntington’s December 31, 2015 , December 31, 2014 , and December 31, 2013 , reported results by business segment: Income Statements (dollar amounts in thousands) Retail & Business Banking Commercial Banking AFCRE RBHPCG Home Lending Treasury / Other Huntington Consolidated 2015 Net interest income $ 1,030,238 $ 365,181 $ 381,189 $ 115,608 $ 65,884 $ (7,363 ) $ 1,950,737 Provision for credit losses 42,828 49,460 4,931 65 2,670 — 99,954 Noninterest income 440,261 258,191 29,257 153,160 87,021 70,840 1,038,730 Noninterest expense 1,029,727 283,448 152,010 254,380 157,266 99,077 1,975,908 Provision (benefit) for income taxes 139,280 101,662 88,727 5,013 (2,461 ) (111,573 ) 220,648 Net income (loss) $ 258,664 $ 188,802 $ 164,778 $ 9,310 $ (4,570 ) $ 75,973 $ 692,957 2014 Net interest income $ 912,992 $ 306,434 $ 379,363 $ 101,839 $ 58,015 $ 78,498 $ 1,837,141 Provision (Benefit) for credit losses 75,529 31,521 (52,843 ) 4,893 21,889 — 80,989 Noninterest income 409,746 209,238 26,628 173,550 69,899 90,118 979,179 Noninterest expense 982,288 249,300 156,715 236,634 136,374 121,035 1,882,346 Provision (benefit) for income taxes 92,722 82,198 105,742 11,852 (10,622 ) (61,299 ) 220,593 Net income (loss) $ 172,199 $ 152,653 $ 196,377 $ 22,010 $ (19,727 ) $ 108,880 $ 632,392 2013 Net interest income $ 902,526 $ 281,461 $ 366,508 $ 105,862 $ 51,839 $ (3,588 ) $ 1,704,608 Provision (Benefit) for credit losses 137,978 27,464 (82,269 ) (5,376 ) 12,249 (1 ) 90,045 Noninterest income 398,065 200,573 46,819 186,430 106,006 74,303 1,012,196 Noninterest expense 964,193 254,629 156,469 236,895 141,489 4,328 1,758,003 Provision (benefit) for income taxes 69,447 69,979 118,694 21,271 1,437 (53,354 ) 227,474 Net income $ 128,973 $ 129,962 $ 220,433 $ 39,502 $ 2,670 $ 119,742 $ 641,282 |
Segment Disclosure of Assets and Deposits | Assets at December 31, Deposits at December 31, (dollar amounts in thousands) 2015 2014 2015 2014 Retail & Business Banking $ 15,822,568 $ 15,146,857 $ 30,875,607 $ 29,350,255 Commercial Banking 16,943,458 15,043,477 11,424,778 11,184,566 AFCRE 17,855,600 16,027,910 1,651,702 1,377,921 RBHPCG 3,458,847 3,871,020 7,690,581 6,727,892 Home Lending 3,917,198 3,949,247 361,881 326,841 Treasury / Other 13,046,880 12,259,499 3,290,430 2,764,676 Total $ 71,044,551 $ 66,298,010 $ 55,294,979 $ 51,732,151 |
QUARTERLY RESULTS OF OPERATIO56
QUARTERLY RESULTS OF OPERATIONS (UNAUDITED) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of quarterly results of operations | The following is a summary of the quarterly results of operations, for the years ended December 31, 2015 and 2014 : Three months ended December 31, September 30, June 30, March 31, (dollar amounts in thousands, except per share data) 2015 2015 2015 2015 Interest income $ 544,153 $ 538,477 $ 529,795 $ 502,096 Interest expense 47,242 43,022 39,109 34,411 Net interest income 496,911 495,455 490,686 467,685 Provision for credit losses 36,468 22,476 20,419 20,591 Noninterest income 272,215 253,119 281,773 231,623 Noninterest expense 498,766 526,508 491,777 458,857 Income before income taxes 233,892 199,590 260,263 219,860 Provision for income taxes 55,583 47,002 64,057 54,006 Net income 178,309 152,588 196,206 165,854 Dividends on preferred shares 7,972 7,968 7,968 7,965 Net income applicable to common shares $ 170,337 $ 144,620 $ 188,238 $ 157,889 Net income per common share — Basic $ 0.21 $ 0.18 $ 0.23 $ 0.19 Net income per common share — Diluted 0.21 0.18 0.23 0.19 Three months ended December 31, September 30, June 30, March 31, (dollar amounts in thousands, except per share data) 2014 2014 2014 2014 Interest income $ 507,625 $ 501,060 $ 495,322 $ 472,455 Interest expense 34,373 34,725 35,274 34,949 Net interest income 473,252 466,335 460,048 437,506 Provision for credit losses 2,494 24,480 29,385 24,630 Noninterest income 233,278 247,349 250,067 248,485 Noninterest expense 483,271 480,318 458,636 460,121 Income before income taxes 220,765 208,886 222,094 201,240 Provision for income taxes 57,151 53,870 57,475 52,097 Net income 163,614 155,016 164,619 149,143 Dividends on preferred shares 7,963 7,964 7,963 7,964 Net income applicable to common shares $ 155,651 $ 147,052 $ 156,656 $ 141,179 Net income per common share — Basic $ 0.19 $ 0.18 $ 0.19 $ 0.17 Net income per common share — Diluted 0.19 0.18 0.19 0.17 |
SIGNIFICANT ACCOUNTING POLICI57
SIGNIFICANT ACCOUNTING POLICIES - Loans and Leases (Details) | 12 Months Ended |
Dec. 31, 2015USD ($)reservecomponent | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |
Allowance number of reserves | reserve | 2 |
Allowance number of components of reserve | component | 2 |
C&I | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |
Threshold period past due for nonperforming status | 90 days |
Threshold past due for write-off | 90 days |
Threshold outstanding balance for quarterly impairment evaluation | $ 1,000,000 |
CRE | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |
Threshold period past due for nonperforming status | 90 days |
Threshold past due for write-off | 90 days |
Threshold outstanding balance for quarterly impairment evaluation | $ 1,000,000 |
Home Equity | First-lien home equity loan | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |
Threshold period past due for nonperforming status | 150 days |
Threshold past due for write-off | 150 days |
Home Equity | Junior-lien home equity loan | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |
Threshold period past due for nonperforming status | 120 days |
Threshold past due for write-off | 120 days |
Automobile | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |
Threshold period past due for nonperforming status | 120 days |
Threshold past due for write-off | 120 days |
Other Consumer | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |
Threshold period past due for nonperforming status | 120 days |
Threshold past due for write-off | 120 days |
Residential Mortgage | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |
Threshold period past due for nonperforming status | 150 days |
Threshold past due for write-off | 150 days |
SIGNIFICANT ACCOUNTING POLICI58
SIGNIFICANT ACCOUNTING POLICIES - Property, Plant, and Equipment (Details) | 12 Months Ended |
Dec. 31, 2015 | |
Buildings | Minimum | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment useful life | 30 years |
Buildings | Maximum | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment useful life | 40 years |
Building Improvements | Minimum | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment useful life | 10 years |
Building Improvements | Maximum | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment useful life | 30 years |
Land Improvements | Minimum | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment useful life | 5 years |
Land Improvements | Maximum | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment useful life | 20 years |
Equipment | Minimum | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment useful life | 3 years |
Equipment | Maximum | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment useful life | 10 years |
Furniture and Fixtures | Minimum | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment useful life | 5 years |
Furniture and Fixtures | Maximum | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment useful life | 20 years |
LOANS AND LEASES AND ALLOWANC59
LOANS AND LEASES AND ALLOWANCE FOR CREDIT LOSSES - Narrative (Details) | 3 Months Ended | 12 Months Ended | ||||
Mar. 31, 2015USD ($)securitization | Dec. 31, 2015USD ($)securitization | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Mar. 01, 2014USD ($) | Dec. 31, 2012USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans net premium | $ 262,000,000 | $ 230,000,000 | ||||
Capital Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | ||||||
Future lease rental payments due | 1,600,000,000 | |||||
Future lease rental payments due, in 2016 | 500,000,000 | |||||
Future lease rental payments due, in 2017 | 400,000,000 | |||||
Future lease rental payments due, in 2018 | 300,000,000 | |||||
Future lease rental payments due, in 2019 | 200,000,000 | |||||
Future lease rental payments due, in 2020 | 100,000,000 | |||||
Future lease rental payments due, after 2020 | 100,000,000 | |||||
Allowance for loan and lease losses | 597,843,000 | 605,196,000 | $ 647,870,000 | $ 769,075,000 | ||
Interest income under original terms for NAL loans | 20,000,000 | 21,000,000 | 23,000,000 | |||
Interest income recorded for NAL loans | 10,000,000 | 8,000,000 | 5,000,000 | |||
Interest income under original terms for TDR loans | 46,000,000 | 45,000,000 | 44,000,000 | |||
Interest income recorded for TDR loans | $ 41,000,000 | 39,000,000 | 36,000,000 | |||
Redefault status number of days | 90 days | |||||
Threshold period of consecutive payments to remove from nonaccrual status | 6 months | |||||
Amount of security for borrowing and advances | $ 17,500,000,000 | |||||
Macquarie Equipment Finance | ||||||
Capital Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | ||||||
Leases and loans receivable, fair value | $ 839,000,000 | |||||
Lease residual value | $ 200,000,000 | |||||
Amount of security for borrowing and advances | $ 185,000,000 | |||||
Number of securitizations | securitization | 2 | 2 | ||||
Camco Financial | ||||||
Capital Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | ||||||
Leases and loans receivable, fair value | $ 559,000,000 | |||||
Purchase credit-impaired | ||||||
Capital Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | ||||||
Allowance for loan and lease losses | $ 3,000,000 | 4,000,000 | ||||
C&I | ||||||
Capital Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | ||||||
Allowance for loan and lease losses | 298,746,000 | 286,995,000 | 265,801,000 | 241,051,000 | ||
Threshold outstanding balance for quarterly impairment evaluation | $ 1,000,000 | |||||
Redefault status number of days | 90 days | |||||
Threshold period past due for nonperforming status | 90 days | |||||
Residential Mortgage | ||||||
Capital Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | ||||||
Allowance for loan and lease losses | $ 41,646,000 | $ 47,211,000 | $ 39,577,000 | $ 61,658,000 | ||
Threshold period past due for nonperforming status | 150 days |
LOANS AND LEASES AND ALLOWANC60
LOANS AND LEASES AND ALLOWANCE FOR CREDIT LOSSES - Direct Financing Leases (Details) - C&I - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Lease payments receivable | $ 1,551,885 | $ 1,051,744 |
Estimated residual value of leased assets | 711,181 | 483,407 |
Gross investment in commercial lease financing receivables | 2,263,066 | 1,535,151 |
Net deferred origination costs | 7,068 | 2,557 |
Unearned income | (208,669) | (131,027) |
Total net investment in commercial lease financing receivables | $ 2,061,465 | $ 1,406,681 |
LOANS AND LEASES AND ALLOWANC61
LOANS AND LEASES AND ALLOWANCE FOR CREDIT LOSSES - Certain Loans Acquired Accretable Yield Roll Forward (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Fidelity Bank | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | ||
Balance, beginning of period | $ 19,388 | $ 27,995 |
Accretion | (11,032) | (13,485) |
Reclassification from nonaccretable difference | 7,856 | 4,878 |
Balance, end of period | 16,212 | 19,388 |
Camco Financial | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | ||
Balance, beginning of period | 824 | 0 |
Impact of acquisition on March 1, 2014 | 0 | 143 |
Accretion | (1,380) | (5,597) |
Reclassification from nonaccretable difference | 556 | 6,278 |
Balance, end of period | $ 0 | $ 824 |
LOANS AND LEASES AND ALLOWANC62
LOANS AND LEASES AND ALLOWANCE FOR CREDIT LOSSES - Certain Loans Acquired Ending and Unpaid Balances (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Fidelity Bank | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Acquired loans, carrying amount | $ 36,281 | $ 61,031 |
Acquired loans, unpaid balance | 88,324 | 124,091 |
Camco Financial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Acquired loans, carrying amount | 0 | 2,531 |
Acquired loans, unpaid balance | 0 | 5,511 |
C&I | Fidelity Bank | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Acquired loans, carrying amount | 21,017 | 22,405 |
Acquired loans, unpaid balance | 30,676 | 33,622 |
C&I | Camco Financial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Acquired loans, carrying amount | 0 | 823 |
Acquired loans, unpaid balance | 0 | 1,685 |
CRE | Fidelity Bank | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Acquired loans, carrying amount | 13,758 | 36,663 |
Acquired loans, unpaid balance | 55,358 | 87,250 |
CRE | Camco Financial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Acquired loans, carrying amount | 0 | 1,708 |
Acquired loans, unpaid balance | 0 | 3,826 |
Residential Mortgage | Fidelity Bank | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Acquired loans, carrying amount | 1,454 | 1,912 |
Acquired loans, unpaid balance | 2,189 | 3,096 |
Residential Mortgage | Camco Financial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Acquired loans, carrying amount | 0 | 0 |
Acquired loans, unpaid balance | 0 | 0 |
Other Consumer | Fidelity Bank | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Acquired loans, carrying amount | 52 | 51 |
Acquired loans, unpaid balance | 101 | 123 |
Other Consumer | Camco Financial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Acquired loans, carrying amount | 0 | 0 |
Acquired loans, unpaid balance | $ 0 | $ 0 |
LOANS AND LEASES AND ALLOWANC63
LOANS AND LEASES AND ALLOWANCE FOR CREDIT LOSSES - Loan Purchases and Sales (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Portfolio loans purchased | $ 336,715 | $ 345,039 | ||
Portfolio loans sold or transferred | 1,242,039 | 368,101 | ||
C&I | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Portfolio loans purchased | 316,252 | 326,557 | ||
Portfolio loans sold or transferred | 380,713 | 352,062 | ||
CRE | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Portfolio loans purchased | 0 | 0 | ||
Portfolio loans sold or transferred | 0 | 8,447 | ||
Automobile | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Portfolio loans purchased | 0 | 0 | ||
Portfolio loans sold or transferred | 764,540 | 0 | ||
Portfolio loans transferred to held-for-sale | $ 1,000,000 | |||
Portfolio loans transferred to loans and leases | $ 262,000 | |||
Home Equity | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Portfolio loans purchased | 0 | 0 | ||
Portfolio loans sold or transferred | 96,786 | 0 | ||
Residential Mortgage | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Portfolio loans purchased | 20,463 | 18,482 | ||
Portfolio loans sold or transferred | 0 | 0 | ||
Other Consumer | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Portfolio loans purchased | 0 | 0 | ||
Portfolio loans sold or transferred | $ 0 | $ 7,592 |
LOANS AND LEASES AND ALLOWANC64
LOANS AND LEASES AND ALLOWANCE FOR CREDIT LOSSES - Nonaccrual Loans by Loan Class (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total nonaccrual loans | $ 371,581 | $ 300,244 |
C&I | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total nonaccrual loans | 175,195 | 71,974 |
C&I | Owner occupied | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total nonaccrual loans | 35,481 | 41,285 |
C&I | Other commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total nonaccrual loans | 139,714 | 30,689 |
CRE | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total nonaccrual loans | 28,984 | 48,523 |
CRE | Retail properties | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total nonaccrual loans | 7,217 | 21,385 |
CRE | Multi family | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total nonaccrual loans | 5,819 | 9,743 |
CRE | Office | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total nonaccrual loans | 10,495 | 7,707 |
CRE | Industrial and warehouse | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total nonaccrual loans | 2,202 | 3,928 |
CRE | Other commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total nonaccrual loans | 3,251 | 5,760 |
Automobile | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total nonaccrual loans | 6,564 | 4,623 |
Home Equity | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total nonaccrual loans | 66,278 | 78,560 |
Home Equity | First-lien home equity loan | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total nonaccrual loans | 35,389 | 46,938 |
Home Equity | Junior-lien home equity loan | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total nonaccrual loans | 30,889 | 31,622 |
Residential Mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total nonaccrual loans | 94,560 | 96,564 |
Other Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total nonaccrual loans | $ 0 | $ 0 |
LOANS AND LEASES AND ALLOWANC65
LOANS AND LEASES AND ALLOWANCE FOR CREDIT LOSSES - NALs Past Due (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases, past due | $ 609,579 | $ 598,363 | |
Loans and leases, current | 49,731,520 | 47,057,363 | |
Loans and leases | [1] | 50,341,099 | 47,655,726 |
90 or more days past due and accruing | 105,790 | 130,481 | |
Amount guaranteed by government | 56,000 | 55,000 | |
30-59 Days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases, past due | 269,219 | 234,853 | |
60-89 Days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases, past due | 87,321 | 81,470 | |
90 or more days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases, past due | 253,039 | 282,040 | |
C&I | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases, past due | 105,273 | 58,185 | |
Loans and leases, current | 20,454,561 | 18,974,961 | |
Loans and leases | 20,559,834 | 19,033,146 | |
90 or more days past due and accruing | 8,724 | 4,937 | |
C&I | 30-59 Days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases, past due | 44,715 | 21,408 | |
C&I | 60-89 Days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases, past due | 13,580 | 4,517 | |
C&I | 90 or more days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases, past due | 46,978 | 32,260 | |
C&I | Purchase credit-impaired | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases, past due | 7,677 | 5,783 | |
Loans and leases, current | 13,340 | 17,445 | |
Loans and leases | 21,017 | 23,228 | |
90 or more days past due and accruing | 5,949 | 4,937 | |
C&I | Purchase credit-impaired | 30-59 Days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases, past due | 292 | 846 | |
C&I | Purchase credit-impaired | 60-89 Days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases, past due | 1,436 | 0 | |
C&I | Purchase credit-impaired | 90 or more days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases, past due | 5,949 | 4,937 | |
C&I | Owner occupied | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases, past due | 29,353 | 26,435 | |
Loans and leases, current | 3,983,447 | 4,228,440 | |
Loans and leases | 4,012,800 | 4,254,875 | |
90 or more days past due and accruing | 0 | 0 | |
C&I | Owner occupied | 30-59 Days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases, past due | 11,947 | 5,232 | |
C&I | Owner occupied | 60-89 Days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases, past due | 3,613 | 2,981 | |
C&I | Owner occupied | 90 or more days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases, past due | 13,793 | 18,222 | |
C&I | Other commercial and industrial | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases, past due | 68,243 | 25,967 | |
Loans and leases, current | 16,457,774 | 14,729,076 | |
Loans and leases | 16,526,017 | 14,755,043 | |
90 or more days past due and accruing | 2,775 | 0 | |
C&I | Other commercial and industrial | 30-59 Days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases, past due | 32,476 | 15,330 | |
C&I | Other commercial and industrial | 60-89 Days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases, past due | 8,531 | 1,536 | |
C&I | Other commercial and industrial | 90 or more days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases, past due | 27,236 | 9,101 | |
CRE | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases, past due | 36,619 | 51,701 | |
Loans and leases, current | 5,232,032 | 5,145,702 | |
Loans and leases | 5,268,651 | 5,197,403 | |
90 or more days past due and accruing | 9,549 | 18,793 | |
CRE | 30-59 Days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases, past due | 9,232 | 11,471 | |
CRE | 60-89 Days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases, past due | 5,721 | 3,049 | |
CRE | 90 or more days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases, past due | 21,666 | 37,181 | |
CRE | Purchase credit-impaired | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases, past due | 13,469 | 19,171 | |
Loans and leases, current | 289 | 19,200 | |
Loans and leases | 13,758 | 38,371 | |
90 or more days past due and accruing | 9,549 | 18,793 | |
CRE | Purchase credit-impaired | 30-59 Days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases, past due | 102 | 89 | |
CRE | Purchase credit-impaired | 60-89 Days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases, past due | 3,818 | 289 | |
CRE | Purchase credit-impaired | 90 or more days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases, past due | 9,549 | 18,793 | |
CRE | Retail properties | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases, past due | 5,655 | 11,887 | |
Loans and leases, current | 1,501,054 | 1,345,859 | |
Loans and leases | 1,506,709 | 1,357,746 | |
90 or more days past due and accruing | 0 | 0 | |
CRE | Retail properties | 30-59 Days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases, past due | 1,823 | 7,866 | |
CRE | Retail properties | 60-89 Days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases, past due | 195 | 0 | |
CRE | Retail properties | 90 or more days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases, past due | 3,637 | 4,021 | |
CRE | Multi family | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases, past due | 4,789 | 5,166 | |
Loans and leases, current | 1,073,429 | 1,085,250 | |
Loans and leases | 1,078,218 | 1,090,416 | |
90 or more days past due and accruing | 0 | 0 | |
CRE | Multi family | 30-59 Days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases, past due | 961 | 1,517 | |
CRE | Multi family | 60-89 Days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases, past due | 1,137 | 312 | |
CRE | Multi family | 90 or more days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases, past due | 2,691 | 3,337 | |
CRE | Office | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases, past due | 8,294 | 6,046 | |
Loans and leases, current | 886,331 | 974,257 | |
Loans and leases | 894,625 | 980,303 | |
90 or more days past due and accruing | 0 | 0 | |
CRE | Office | 30-59 Days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases, past due | 5,022 | 464 | |
CRE | Office | 60-89 Days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases, past due | 256 | 1,167 | |
CRE | Office | 90 or more days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases, past due | 3,016 | 4,415 | |
CRE | Industrial and warehouse | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases, past due | 466 | 3,337 | |
Loans and leases, current | 503,701 | 510,064 | |
Loans and leases | 504,167 | 513,401 | |
90 or more days past due and accruing | 0 | 0 | |
CRE | Industrial and warehouse | 30-59 Days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases, past due | 93 | 688 | |
CRE | Industrial and warehouse | 60-89 Days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases, past due | 0 | 0 | |
CRE | Industrial and warehouse | 90 or more days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases, past due | 373 | 2,649 | |
CRE | Other commercial real estate | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases, past due | 3,946 | 6,094 | |
Loans and leases, current | 1,267,228 | 1,211,072 | |
Loans and leases | 1,271,174 | 1,217,166 | |
90 or more days past due and accruing | 0 | 0 | |
CRE | Other commercial real estate | 30-59 Days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases, past due | 1,231 | 847 | |
CRE | Other commercial real estate | 60-89 Days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases, past due | 315 | 1,281 | |
CRE | Other commercial real estate | 90 or more days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases, past due | 2,400 | 3,966 | |
Automobile | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases, past due | 91,864 | 72,662 | |
Loans and leases, current | 9,388,814 | 8,617,240 | |
Loans and leases | 9,480,678 | 8,689,902 | |
90 or more days past due and accruing | 7,162 | 5,703 | |
Automobile | 30-59 Days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases, past due | 69,553 | 56,272 | |
Automobile | 60-89 Days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases, past due | 14,965 | 10,427 | |
Automobile | 90 or more days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases, past due | 7,346 | 5,963 | |
Home Equity | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases, past due | 109,682 | 124,311 | |
Loans and leases, current | 8,360,800 | 8,366,604 | |
Loans and leases | 8,470,482 | 8,490,915 | |
90 or more days past due and accruing | 9,044 | 12,159 | |
Home Equity | 30-59 Days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases, past due | 36,477 | 37,509 | |
Home Equity | 60-89 Days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases, past due | 16,905 | 20,382 | |
Home Equity | 90 or more days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases, past due | 56,300 | 66,420 | |
Home Equity | First-lien home equity loan | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases, past due | 52,229 | 56,135 | |
Loans and leases, current | 5,139,256 | 5,072,669 | |
Loans and leases | 5,191,485 | 5,128,804 | |
90 or more days past due and accruing | 4,499 | 4,471 | |
Home Equity | First-lien home equity loan | 30-59 Days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases, past due | 18,349 | 15,036 | |
Home Equity | First-lien home equity loan | 60-89 Days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases, past due | 7,576 | 8,085 | |
Home Equity | First-lien home equity loan | 90 or more days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases, past due | 26,304 | 33,014 | |
Home Equity | Junior-lien home equity loan | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases, past due | 57,453 | 68,176 | |
Loans and leases, current | 3,221,544 | 3,293,935 | |
Loans and leases | 3,278,997 | 3,362,111 | |
90 or more days past due and accruing | 4,545 | 7,688 | |
Home Equity | Junior-lien home equity loan | 30-59 Days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases, past due | 18,128 | 22,473 | |
Home Equity | Junior-lien home equity loan | 60-89 Days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases, past due | 9,329 | 12,297 | |
Home Equity | Junior-lien home equity loan | 90 or more days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases, past due | 29,996 | 33,406 | |
Residential Mortgage | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases, past due | 256,425 | 284,090 | |
Loans and leases, current | 5,741,975 | 5,546,519 | |
Loans and leases | 5,998,400 | 5,830,609 | |
90 or more days past due and accruing | 69,917 | 88,052 | |
Residential Mortgage | 30-59 Days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases, past due | 102,773 | 102,702 | |
Residential Mortgage | 60-89 Days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases, past due | 34,298 | 42,009 | |
Residential Mortgage | 90 or more days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases, past due | 119,354 | 139,379 | |
Residential Mortgage | Purchase credit-impaired | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases, past due | 103 | 0 | |
Loans and leases, current | 1,351 | 1,912 | |
Loans and leases | 1,454 | 1,912 | |
90 or more days past due and accruing | 0 | 0 | |
Residential Mortgage | Purchase credit-impaired | 30-59 Days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases, past due | 103 | 0 | |
Residential Mortgage | Purchase credit-impaired | 60-89 Days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases, past due | 0 | 0 | |
Residential Mortgage | Purchase credit-impaired | 90 or more days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases, past due | 0 | 0 | |
Residential Mortgage | Residential mortgage | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases, past due | 256,322 | 284,090 | |
Loans and leases, current | 5,740,624 | 5,544,607 | |
Loans and leases | 5,996,946 | 5,828,697 | |
90 or more days past due and accruing | 69,917 | 88,052 | |
Residential Mortgage | Residential mortgage | 30-59 Days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases, past due | 102,670 | 102,702 | |
Residential Mortgage | Residential mortgage | 60-89 Days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases, past due | 34,298 | 42,009 | |
Residential Mortgage | Residential mortgage | 90 or more days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases, past due | 119,354 | 139,379 | |
Other Consumer | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases, past due | 9,716 | 7,414 | |
Loans and leases, current | 553,338 | 406,337 | |
Loans and leases | 563,054 | 413,751 | |
90 or more days past due and accruing | 1,394 | 837 | |
Other Consumer | 30-59 Days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases, past due | 6,469 | 5,491 | |
Other Consumer | 60-89 Days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases, past due | 1,852 | 1,086 | |
Other Consumer | 90 or more days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases, past due | 1,395 | 837 | |
Other Consumer | Purchase credit-impaired | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases, past due | 0 | 0 | |
Loans and leases, current | 52 | 51 | |
Loans and leases | 52 | 51 | |
90 or more days past due and accruing | 0 | 0 | |
Other Consumer | Purchase credit-impaired | 30-59 Days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases, past due | 0 | 0 | |
Other Consumer | Purchase credit-impaired | 60-89 Days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases, past due | 0 | 0 | |
Other Consumer | Purchase credit-impaired | 90 or more days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases, past due | 0 | 0 | |
Other Consumer | Other consumer | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases, past due | 9,716 | 7,414 | |
Loans and leases, current | 553,286 | 406,286 | |
Loans and leases | 563,002 | 413,700 | |
90 or more days past due and accruing | 1,394 | 837 | |
Other Consumer | Other consumer | 30-59 Days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases, past due | 6,469 | 5,491 | |
Other Consumer | Other consumer | 60-89 Days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases, past due | 1,852 | 1,086 | |
Other Consumer | Other consumer | 90 or more days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases, past due | $ 1,395 | $ 837 | |
[1] | Amounts represent loans for which Huntington has elected the fair value option. |
LOANS AND LEASES AND ALLOWANC66
LOANS AND LEASES AND ALLOWANCE FOR CREDIT LOSSES - Allowance for Credit Losses (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
ALLL balance beginning of period | $ 605,196 | $ 647,870 | $ 769,075 |
Loan charge-offs | (217,881) | (246,601) | (306,316) |
Recoveries of loans previously charged-off | 130,088 | 121,974 | 117,650 |
Provision (reduction in allowance) for loan and lease losses | 88,679 | 83,082 | 67,797 |
Write-downs of loans sold or transferred to loans held for sale | (8,239) | (1,129) | (336) |
ALLL balance end of period | 597,843 | 605,196 | 647,870 |
AULC balance beginning of period | 60,806 | 62,899 | 40,651 |
Provision (reduction in allowance) for unfunded loan commitments and letters of credit | 11,275 | (2,093) | 22,248 |
AULC balance end of period | 72,081 | 60,806 | 62,899 |
ACL balance end of period | 669,924 | 666,002 | 710,769 |
C&I | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
ALLL balance beginning of period | 286,995 | 265,801 | 241,051 |
Loan charge-offs | (79,724) | (76,654) | (45,904) |
Recoveries of loans previously charged-off | 51,800 | 44,531 | 29,514 |
Provision (reduction in allowance) for loan and lease losses | 39,675 | 53,317 | 41,140 |
Write-downs of loans sold or transferred to loans held for sale | 0 | 0 | 0 |
ALLL balance end of period | 298,746 | 286,995 | 265,801 |
AULC balance beginning of period | 48,988 | 49,596 | 33,868 |
Provision (reduction in allowance) for unfunded loan commitments and letters of credit | 6,898 | (608) | 15,728 |
AULC balance end of period | 55,886 | 48,988 | 49,596 |
ACL balance end of period | 354,632 | 335,983 | 315,397 |
CRE | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
ALLL balance beginning of period | 102,839 | 162,557 | 285,369 |
Loan charge-offs | (18,076) | (24,704) | (69,512) |
Recoveries of loans previously charged-off | 34,619 | 34,071 | 44,658 |
Provision (reduction in allowance) for loan and lease losses | (19,375) | (69,085) | (97,958) |
Write-downs of loans sold or transferred to loans held for sale | 0 | 0 | 0 |
ALLL balance end of period | 100,007 | 102,839 | 162,557 |
AULC balance beginning of period | 6,041 | 9,891 | 4,740 |
Provision (reduction in allowance) for unfunded loan commitments and letters of credit | 1,521 | (3,850) | 5,151 |
AULC balance end of period | 7,562 | 6,041 | 9,891 |
ACL balance end of period | 107,569 | 108,880 | 172,448 |
Automobile | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
ALLL balance beginning of period | 33,466 | 31,053 | 34,979 |
Loan charge-offs | (36,489) | (31,330) | (23,912) |
Recoveries of loans previously charged-off | 16,198 | 13,762 | 13,375 |
Provision (reduction in allowance) for loan and lease losses | 38,621 | 19,981 | 6,611 |
Write-downs of loans sold or transferred to loans held for sale | (2,292) | 0 | 0 |
ALLL balance end of period | 49,504 | 33,466 | 31,053 |
AULC balance beginning of period | 0 | 0 | 0 |
Provision (reduction in allowance) for unfunded loan commitments and letters of credit | 0 | 0 | 0 |
AULC balance end of period | 0 | 0 | 0 |
ACL balance end of period | 49,504 | 33,466 | 31,053 |
Home Equity | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
ALLL balance beginning of period | 96,413 | 111,131 | 118,764 |
Loan charge-offs | (36,481) | (54,473) | (98,184) |
Recoveries of loans previously charged-off | 16,631 | 17,526 | 15,921 |
Provision (reduction in allowance) for loan and lease losses | 12,173 | 22,229 | 74,630 |
Write-downs of loans sold or transferred to loans held for sale | (5,065) | 0 | 0 |
ALLL balance end of period | 83,671 | 96,413 | 111,131 |
AULC balance beginning of period | 1,924 | 1,763 | 1,356 |
Provision (reduction in allowance) for unfunded loan commitments and letters of credit | 144 | 161 | 407 |
AULC balance end of period | 2,068 | 1,924 | 1,763 |
ACL balance end of period | 85,739 | 98,337 | 112,894 |
Residential Mortgage | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
ALLL balance beginning of period | 47,211 | 39,577 | 61,658 |
Loan charge-offs | (15,696) | (25,946) | (34,236) |
Recoveries of loans previously charged-off | 5,570 | 6,194 | 7,074 |
Provision (reduction in allowance) for loan and lease losses | 5,443 | 27,386 | 5,417 |
Write-downs of loans sold or transferred to loans held for sale | (882) | 0 | (336) |
ALLL balance end of period | 41,646 | 47,211 | 39,577 |
AULC balance beginning of period | 8 | 9 | 3 |
Provision (reduction in allowance) for unfunded loan commitments and letters of credit | 10 | (1) | 6 |
AULC balance end of period | 18 | 8 | 9 |
ACL balance end of period | 41,664 | 47,219 | 39,586 |
Other Consumer | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
ALLL balance beginning of period | 38,272 | 37,751 | 27,254 |
Loan charge-offs | (31,415) | (33,494) | (34,568) |
Recoveries of loans previously charged-off | 5,270 | 5,890 | 7,108 |
Provision (reduction in allowance) for loan and lease losses | 12,142 | 29,254 | 37,957 |
Write-downs of loans sold or transferred to loans held for sale | 0 | (1,129) | 0 |
ALLL balance end of period | 24,269 | 38,272 | 37,751 |
AULC balance beginning of period | 3,845 | 1,640 | 684 |
Provision (reduction in allowance) for unfunded loan commitments and letters of credit | 2,702 | 2,205 | 956 |
AULC balance end of period | 6,547 | 3,845 | 1,640 |
ACL balance end of period | $ 30,816 | $ 42,117 | $ 39,391 |
LOANS AND LEASES AND ALLOWANC67
LOANS AND LEASES AND ALLOWANCE FOR CREDIT LOSSES - Credit Quality Indicators (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Commercial and industrial loans and leases | [1] | $ 20,559,834 | $ 19,033,146 |
Commercial real estate loans | [1] | 5,268,651 | 5,197,403 |
Automobile loans | [1] | 9,480,678 | 8,689,902 |
Home equity loans | [1] | 8,470,482 | 8,490,915 |
Residential mortgage loans | [1] | 5,998,400 | 5,830,609 |
Other consumer loans | [1] | 563,054 | 413,751 |
C&I | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Commercial and industrial loans and leases | 20,559,834 | 19,033,146 | |
C&I | Pass | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Commercial and industrial loans and leases | 19,257,789 | 17,888,295 | |
C&I | OLEM | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Commercial and industrial loans and leases | 399,339 | 505,044 | |
C&I | Substandard | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Commercial and industrial loans and leases | 895,577 | 630,704 | |
C&I | Doubtful | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Commercial and industrial loans and leases | 7,129 | 9,103 | |
C&I | Purchase credit-impaired | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Commercial and industrial loans and leases | 21,017 | 23,228 | |
C&I | Purchase credit-impaired | Pass | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Commercial and industrial loans and leases | 3,051 | 3,915 | |
C&I | Purchase credit-impaired | OLEM | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Commercial and industrial loans and leases | 674 | 741 | |
C&I | Purchase credit-impaired | Substandard | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Commercial and industrial loans and leases | 15,661 | 14,901 | |
C&I | Purchase credit-impaired | Doubtful | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Commercial and industrial loans and leases | 1,631 | 3,671 | |
C&I | Owner occupied | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Commercial and industrial loans and leases | 4,012,800 | 4,254,875 | |
C&I | Owner occupied | Pass | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Commercial and industrial loans and leases | 3,731,113 | 3,959,046 | |
C&I | Owner occupied | OLEM | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Commercial and industrial loans and leases | 114,490 | 117,637 | |
C&I | Owner occupied | Substandard | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Commercial and industrial loans and leases | 165,301 | 175,767 | |
C&I | Owner occupied | Doubtful | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Commercial and industrial loans and leases | 1,896 | 2,425 | |
C&I | Other commercial and industrial | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Commercial and industrial loans and leases | 16,526,017 | 14,755,043 | |
C&I | Other commercial and industrial | Pass | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Commercial and industrial loans and leases | 15,523,625 | 13,925,334 | |
C&I | Other commercial and industrial | OLEM | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Commercial and industrial loans and leases | 284,175 | 386,666 | |
C&I | Other commercial and industrial | Substandard | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Commercial and industrial loans and leases | 714,615 | 440,036 | |
C&I | Other commercial and industrial | Doubtful | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Commercial and industrial loans and leases | 3,602 | 3,007 | |
CRE | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Commercial real estate loans | 5,268,651 | 5,197,403 | |
CRE | Pass | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Commercial real estate loans | 5,066,054 | 4,886,720 | |
CRE | OLEM | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Commercial real estate loans | 79,787 | 74,234 | |
CRE | Substandard | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Commercial real estate loans | 121,167 | 226,071 | |
CRE | Doubtful | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Commercial real estate loans | 1,643 | 10,378 | |
CRE | Purchase credit-impaired | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Commercial real estate loans | 13,758 | 38,371 | |
CRE | Purchase credit-impaired | Pass | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Commercial real estate loans | 7,194 | 6,914 | |
CRE | Purchase credit-impaired | OLEM | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Commercial real estate loans | 397 | 803 | |
CRE | Purchase credit-impaired | Substandard | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Commercial real estate loans | 6,167 | 25,460 | |
CRE | Purchase credit-impaired | Doubtful | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Commercial real estate loans | 0 | 5,194 | |
CRE | Retail properties | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Commercial real estate loans | 1,506,709 | 1,357,746 | |
CRE | Retail properties | Pass | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Commercial real estate loans | 1,473,014 | 1,279,064 | |
CRE | Retail properties | OLEM | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Commercial real estate loans | 10,865 | 10,204 | |
CRE | Retail properties | Substandard | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Commercial real estate loans | 22,830 | 67,911 | |
CRE | Retail properties | Doubtful | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Commercial real estate loans | 0 | 567 | |
CRE | Multi family | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Commercial real estate loans | 1,078,218 | 1,090,416 | |
CRE | Multi family | Pass | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Commercial real estate loans | 1,029,138 | 1,044,521 | |
CRE | Multi family | OLEM | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Commercial real estate loans | 28,862 | 12,608 | |
CRE | Multi family | Substandard | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Commercial real estate loans | 19,898 | 32,322 | |
CRE | Multi family | Doubtful | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Commercial real estate loans | 320 | 965 | |
CRE | Office | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Commercial real estate loans | 894,625 | 980,303 | |
CRE | Office | Pass | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Commercial real estate loans | 822,824 | 902,474 | |
CRE | Office | OLEM | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Commercial real estate loans | 35,350 | 33,107 | |
CRE | Office | Substandard | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Commercial real estate loans | 36,011 | 42,578 | |
CRE | Office | Doubtful | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Commercial real estate loans | 440 | 2,144 | |
CRE | Industrial and warehouse | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Commercial real estate loans | 504,167 | 513,401 | |
CRE | Industrial and warehouse | Pass | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Commercial real estate loans | 493,402 | 487,454 | |
CRE | Industrial and warehouse | OLEM | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Commercial real estate loans | 259 | 7,877 | |
CRE | Industrial and warehouse | Substandard | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Commercial real estate loans | 10,450 | 17,781 | |
CRE | Industrial and warehouse | Doubtful | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Commercial real estate loans | 56 | 289 | |
CRE | Other commercial real estate | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Commercial real estate loans | 1,271,174 | 1,217,166 | |
CRE | Other commercial real estate | Pass | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Commercial real estate loans | 1,240,482 | 1,166,293 | |
CRE | Other commercial real estate | OLEM | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Commercial real estate loans | 4,054 | 9,635 | |
CRE | Other commercial real estate | Substandard | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Commercial real estate loans | 25,811 | 40,019 | |
CRE | Other commercial real estate | Doubtful | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Commercial real estate loans | 827 | 1,219 | |
Automobile | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Automobile loans | 9,480,678 | 8,689,902 | |
Automobile | 750 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Automobile loans | 4,680,684 | 4,165,811 | |
Automobile | 650-749 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Automobile loans | 3,454,585 | 3,249,141 | |
Automobile | 650 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Automobile loans | 1,086,914 | 1,028,381 | |
Automobile | Other | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Automobile loans | 258,495 | 246,569 | |
Home Equity | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Home equity loans | 8,470,482 | 8,490,915 | |
Home Equity | 750 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Home equity loans | 5,210,741 | 5,087,751 | |
Home Equity | 650-749 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Home equity loans | 2,466,425 | 2,521,523 | |
Home Equity | 650 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Home equity loans | 582,326 | 631,977 | |
Home Equity | Other | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Home equity loans | 210,990 | 249,664 | |
Home Equity | First-lien home equity loan | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Home equity loans | 5,191,485 | 5,128,804 | |
Home Equity | First-lien home equity loan | 750 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Home equity loans | 3,369,657 | 3,255,088 | |
Home Equity | First-lien home equity loan | 650-749 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Home equity loans | 1,441,574 | 1,426,191 | |
Home Equity | First-lien home equity loan | 650 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Home equity loans | 258,328 | 283,152 | |
Home Equity | First-lien home equity loan | Other | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Home equity loans | 121,926 | 164,373 | |
Home Equity | Junior-lien home equity loan | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Home equity loans | 3,278,997 | 3,362,111 | |
Home Equity | Junior-lien home equity loan | 750 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Home equity loans | 1,841,084 | 1,832,663 | |
Home Equity | Junior-lien home equity loan | 650-749 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Home equity loans | 1,024,851 | 1,095,332 | |
Home Equity | Junior-lien home equity loan | 650 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Home equity loans | 323,998 | 348,825 | |
Home Equity | Junior-lien home equity loan | Other | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Home equity loans | 89,064 | 85,291 | |
Residential Mortgage | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Residential mortgage loans | 5,998,400 | 5,830,609 | |
Residential Mortgage | 750 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Residential mortgage loans | 3,564,064 | 3,285,904 | |
Residential Mortgage | 650-749 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Residential mortgage loans | 1,813,779 | 1,786,272 | |
Residential Mortgage | 650 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Residential mortgage loans | 567,984 | 666,745 | |
Residential Mortgage | Other | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Residential mortgage loans | 52,573 | 91,688 | |
Residential Mortgage | Purchase credit-impaired | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Residential mortgage loans | 1,454 | 1,912 | |
Residential Mortgage | Purchase credit-impaired | 750 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Residential mortgage loans | 381 | 594 | |
Residential Mortgage | Purchase credit-impaired | 650-749 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Residential mortgage loans | 777 | 1,135 | |
Residential Mortgage | Purchase credit-impaired | 650 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Residential mortgage loans | 296 | 183 | |
Residential Mortgage | Purchase credit-impaired | Other | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Residential mortgage loans | 0 | 0 | |
Residential Mortgage | Residential mortgage | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Residential mortgage loans | 5,996,946 | 5,828,697 | |
Residential Mortgage | Residential mortgage | 750 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Residential mortgage loans | 3,563,683 | 3,285,310 | |
Residential Mortgage | Residential mortgage | 650-749 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Residential mortgage loans | 1,813,002 | 1,785,137 | |
Residential Mortgage | Residential mortgage | 650 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Residential mortgage loans | 567,688 | 666,562 | |
Residential Mortgage | Residential mortgage | Other | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Residential mortgage loans | 52,573 | 91,688 | |
Other Consumer | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Other consumer loans | 563,054 | 413,751 | |
Other Consumer | 750 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Other consumer loans | 233,969 | 195,128 | |
Other Consumer | 650-749 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Other consumer loans | 269,746 | 187,832 | |
Other Consumer | 650 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Other consumer loans | 49,650 | 30,582 | |
Other Consumer | Other | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Other consumer loans | 9,689 | 209 | |
Other Consumer | Purchase credit-impaired | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Other consumer loans | 52 | 51 | |
Other Consumer | Purchase credit-impaired | 750 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Other consumer loans | 0 | 0 | |
Other Consumer | Purchase credit-impaired | 650-749 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Other consumer loans | 52 | 51 | |
Other Consumer | Purchase credit-impaired | 650 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Other consumer loans | 0 | 0 | |
Other Consumer | Purchase credit-impaired | Other | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Other consumer loans | 0 | 0 | |
Other Consumer | Other consumer | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Other consumer loans | 563,002 | 413,700 | |
Other Consumer | Other consumer | 750 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Other consumer loans | 233,969 | 195,128 | |
Other Consumer | Other consumer | 650-749 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Other consumer loans | 269,694 | 187,781 | |
Other Consumer | Other consumer | 650 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Other consumer loans | 49,650 | 30,582 | |
Other Consumer | Other consumer | Other | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Other consumer loans | $ 9,689 | $ 209 | |
[1] | Amounts represent loans for which Huntington has elected the fair value option. |
LOANS AND LEASES AND ALLOWANC68
LOANS AND LEASES AND ALLOWANCE FOR CREDIT LOSSES - ALLL Attributable to Loans by Portfolio Segment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Attributable to loans collectively evaluated for impairment | $ 532,678 | $ 526,854 | |||
Attributable to loans individually evaluated for impairment | 62,436 | 74,243 | |||
Total ALLL balance: | 597,843 | 605,196 | $ 647,870 | $ 769,075 | |
Collectively evaluated for impairment | 49,027,030 | 46,443,186 | |||
Individually evaluated for impairment | 1,277,788 | 1,148,978 | |||
Total loans and leases evaluated for impairment | [1] | 50,341,099 | 47,655,726 | ||
With allowance assigned to the loan and lease balances | 989,956 | 1,063,224 | |||
With no allowance assigned to the loan and lease balances | 324,113 | 149,316 | |||
Total | 1,314,069 | 1,212,540 | |||
Average balance of impaired loans | 1,284,719 | 1,366,329 | |||
ALLL on impaired loans | 65,165 | 78,342 | |||
Purchase credit-impaired | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Attributable to loans collectively evaluated for impairment | 2,729 | 4,099 | |||
Total ALLL balance: | 3,000 | 4,000 | |||
Collectively evaluated for impairment | 36,281 | 63,562 | |||
C&I | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Attributable to loans collectively evaluated for impairment | 276,830 | 272,100 | |||
Attributable to loans individually evaluated for impairment | 19,314 | 11,049 | |||
Total ALLL balance: | 298,746 | 286,995 | 265,801 | 241,051 | |
Collectively evaluated for impairment | 20,057,784 | 18,792,925 | |||
Individually evaluated for impairment | 481,033 | 216,993 | |||
Total loans and leases evaluated for impairment | 20,559,834 | 19,033,146 | |||
With allowance assigned to the loan and lease balances | 246,249 | 202,376 | |||
With no allowance assigned to the loan and lease balances | 255,801 | 37,845 | |||
Total | 502,050 | 240,221 | |||
Average balance of impaired loans | 382,051 | 174,316 | |||
ALLL on impaired loans | 21,916 | 14,895 | |||
C&I | Purchase credit-impaired | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Attributable to loans collectively evaluated for impairment | 2,602 | 3,846 | |||
Collectively evaluated for impairment | 21,017 | 23,228 | |||
Total loans and leases evaluated for impairment | 21,017 | 23,228 | |||
With allowance assigned to the loan and lease balances | 21,017 | 23,228 | |||
With no allowance assigned to the loan and lease balances | 0 | 0 | |||
ALLL on impaired loans | 2,602 | 3,846 | |||
CRE | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Attributable to loans collectively evaluated for impairment | 91,893 | 83,952 | |||
Attributable to loans individually evaluated for impairment | 8,114 | 18,887 | |||
Total ALLL balance: | 100,007 | 102,839 | 162,557 | 285,369 | |
Collectively evaluated for impairment | 5,109,916 | 4,941,770 | |||
Individually evaluated for impairment | 144,977 | 217,262 | |||
Total loans and leases evaluated for impairment | 5,268,651 | 5,197,403 | |||
With allowance assigned to the loan and lease balances | 90,475 | 144,162 | |||
With no allowance assigned to the loan and lease balances | 68,260 | 111,471 | |||
Total | 158,735 | 255,633 | |||
Average balance of impaired loans | 202,192 | 511,590 | |||
ALLL on impaired loans | 8,114 | 18,887 | |||
CRE | Purchase credit-impaired | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Attributable to loans collectively evaluated for impairment | 0 | 0 | |||
Collectively evaluated for impairment | 13,758 | 38,371 | |||
Total loans and leases evaluated for impairment | 13,758 | 38,371 | |||
With allowance assigned to the loan and lease balances | 0 | 0 | |||
With no allowance assigned to the loan and lease balances | 13,758 | 38,371 | |||
ALLL on impaired loans | 0 | 0 | |||
Automobile | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Attributable to loans collectively evaluated for impairment | 47,725 | 31,935 | |||
Attributable to loans individually evaluated for impairment | 1,779 | 1,531 | |||
Total ALLL balance: | 49,504 | 33,466 | 31,053 | 34,979 | |
Collectively evaluated for impairment | 9,449,374 | 8,659,290 | |||
Individually evaluated for impairment | 31,304 | 30,612 | |||
Total loans and leases evaluated for impairment | 9,480,678 | 8,689,902 | |||
With allowance assigned to the loan and lease balances | 31,304 | 30,612 | |||
With no allowance assigned to the loan and lease balances | 0 | 0 | |||
Total | 31,304 | 30,612 | |||
Average balance of impaired loans | 30,163 | 34,637 | |||
ALLL on impaired loans | 1,779 | 1,531 | |||
Automobile | Purchase credit-impaired | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Attributable to loans collectively evaluated for impairment | 0 | 0 | |||
Collectively evaluated for impairment | 0 | 0 | |||
Home Equity | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Attributable to loans collectively evaluated for impairment | 67,429 | 70,386 | |||
Attributable to loans individually evaluated for impairment | 16,242 | 26,027 | |||
Total ALLL balance: | 83,671 | 96,413 | 111,131 | 118,764 | |
Collectively evaluated for impairment | 8,221,643 | 8,180,469 | |||
Individually evaluated for impairment | 248,839 | 310,446 | |||
Total loans and leases evaluated for impairment | 8,470,482 | 8,490,915 | |||
With allowance assigned to the loan and lease balances | 248,839 | 310,446 | |||
With no allowance assigned to the loan and lease balances | 0 | 0 | |||
Total | 248,839 | 310,446 | |||
Average balance of impaired loans | 292,014 | 258,881 | |||
ALLL on impaired loans | 16,242 | 26,027 | |||
Home Equity | Purchase credit-impaired | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Attributable to loans collectively evaluated for impairment | 0 | 0 | |||
Collectively evaluated for impairment | 0 | 0 | |||
Residential Mortgage | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Attributable to loans collectively evaluated for impairment | 24,708 | 30,668 | |||
Attributable to loans individually evaluated for impairment | 16,811 | 16,535 | |||
Total ALLL balance: | 41,646 | 47,211 | 39,577 | 61,658 | |
Collectively evaluated for impairment | 5,629,951 | 5,459,120 | |||
Individually evaluated for impairment | 366,995 | 369,577 | |||
Total loans and leases evaluated for impairment | 5,998,400 | 5,830,609 | |||
With allowance assigned to the loan and lease balances | 368,449 | 371,489 | |||
With no allowance assigned to the loan and lease balances | 0 | 0 | |||
Total | 368,449 | 371,489 | |||
Average balance of impaired loans | 373,573 | 384,026 | |||
ALLL on impaired loans | 16,938 | 16,543 | |||
Residential Mortgage | Purchase credit-impaired | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Attributable to loans collectively evaluated for impairment | 127 | 8 | |||
Collectively evaluated for impairment | 1,454 | 1,912 | |||
Total loans and leases evaluated for impairment | 1,454 | 1,912 | |||
With allowance assigned to the loan and lease balances | 1,454 | 1,912 | |||
With no allowance assigned to the loan and lease balances | 0 | ||||
ALLL on impaired loans | 127 | 8 | |||
Other Consumer | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Attributable to loans collectively evaluated for impairment | 24,093 | 37,813 | |||
Attributable to loans individually evaluated for impairment | 176 | 214 | |||
Total ALLL balance: | 24,269 | 38,272 | $ 37,751 | $ 27,254 | |
Collectively evaluated for impairment | 558,362 | 409,612 | |||
Individually evaluated for impairment | 4,640 | 4,088 | |||
Total loans and leases evaluated for impairment | 563,054 | 413,751 | |||
With allowance assigned to the loan and lease balances | 4,640 | 4,139 | |||
With no allowance assigned to the loan and lease balances | 52 | 0 | |||
Total | 4,692 | 4,139 | |||
Average balance of impaired loans | 4,726 | 2,879 | |||
ALLL on impaired loans | 176 | 459 | |||
Other Consumer | Purchase credit-impaired | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Attributable to loans collectively evaluated for impairment | 0 | 245 | |||
Collectively evaluated for impairment | 52 | 51 | |||
Total loans and leases evaluated for impairment | 52 | 51 | |||
With allowance assigned to the loan and lease balances | 0 | 51 | |||
With no allowance assigned to the loan and lease balances | 52 | 0 | |||
ALLL on impaired loans | $ 0 | $ 245 | |||
[1] | Amounts represent loans for which Huntington has elected the fair value option. |
LOANS AND LEASES AND ALLOWANC69
LOANS AND LEASES AND ALLOWANCE FOR CREDIT LOSSES - Impaired Loans (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Impaired loans and leases with no related allowance, ending balance | $ 324,113 | $ 149,316 |
Impaired loans and leases with an allowance recorded, ending balance | 989,956 | 1,063,224 |
Impaired loans and leases with an allowance recorded, related allowance | 65,165 | 78,342 |
C&I | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Impaired loans and leases with no related allowance, ending balance | 255,801 | 37,845 |
Impaired loans and leases with no related allowance, unpaid principle | 279,551 | 40,394 |
Impaired loans and leases with no related allowance, average balance | 114,389 | 13,276 |
Impaired loans and leases with no related allowance, interest income recognized | 2,584 | 580 |
Impaired loans and leases with an allowance recorded, ending balance | 246,249 | 202,376 |
Impaired loans and leases with an allowance recorded, unpaid principle | 274,203 | 251,854 |
Impaired loans and leases with an allowance recorded, related allowance | 21,916 | 14,895 |
Impaired loans and leases with an allowance recorded, average balance | 267,662 | 161,040 |
Impaired loans and leases with an allowance recorded, interest income recognized | 15,110 | 11,216 |
Considered impaired due to TDR status | 91,000 | 63,000 |
C&I | Purchase credit-impaired | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Impaired loans and leases with no related allowance, ending balance | 0 | 0 |
Impaired loans and leases with no related allowance, unpaid principle | 0 | 0 |
Impaired loans and leases with no related allowance, average balance | 0 | 0 |
Impaired loans and leases with no related allowance, interest income recognized | 0 | 0 |
Impaired loans and leases with an allowance recorded, ending balance | 21,017 | 23,228 |
Impaired loans and leases with an allowance recorded, unpaid principle | 30,676 | 35,307 |
Impaired loans and leases with an allowance recorded, related allowance | 2,602 | 3,846 |
Impaired loans and leases with an allowance recorded, average balance | 21,046 | 32,253 |
Impaired loans and leases with an allowance recorded, interest income recognized | 7,190 | 6,973 |
C&I | Owner occupied | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Impaired loans and leases with no related allowance, ending balance | 57,832 | 13,536 |
Impaired loans and leases with no related allowance, unpaid principle | 65,812 | 13,536 |
Impaired loans and leases with no related allowance, average balance | 30,672 | 5,740 |
Impaired loans and leases with no related allowance, interest income recognized | 520 | 205 |
Impaired loans and leases with an allowance recorded, ending balance | 54,092 | 44,869 |
Impaired loans and leases with an allowance recorded, unpaid principle | 62,527 | 53,639 |
Impaired loans and leases with an allowance recorded, related allowance | 4,171 | 4,220 |
Impaired loans and leases with an allowance recorded, average balance | 54,785 | 40,192 |
Impaired loans and leases with an allowance recorded, interest income recognized | 1,985 | 1,557 |
C&I | Other commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Impaired loans and leases with no related allowance, ending balance | 197,969 | 24,309 |
Impaired loans and leases with no related allowance, unpaid principle | 213,739 | 26,858 |
Impaired loans and leases with no related allowance, average balance | 83,717 | 7,536 |
Impaired loans and leases with no related allowance, interest income recognized | 2,064 | 375 |
Impaired loans and leases with an allowance recorded, ending balance | 171,140 | 134,279 |
Impaired loans and leases with an allowance recorded, unpaid principle | 181,000 | 162,908 |
Impaired loans and leases with an allowance recorded, related allowance | 15,143 | 6,829 |
Impaired loans and leases with an allowance recorded, average balance | 191,831 | 88,595 |
Impaired loans and leases with an allowance recorded, interest income recognized | 5,935 | 2,686 |
CRE | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Impaired loans and leases with no related allowance, ending balance | 68,260 | 111,471 |
Impaired loans and leases with no related allowance, unpaid principle | 125,814 | 196,597 |
Impaired loans and leases with no related allowance, average balance | 88,173 | 127,864 |
Impaired loans and leases with no related allowance, interest income recognized | 7,199 | 14,818 |
Impaired loans and leases with an allowance recorded, ending balance | 90,475 | 144,162 |
Impaired loans and leases with an allowance recorded, unpaid principle | 104,930 | 162,258 |
Impaired loans and leases with an allowance recorded, related allowance | 8,114 | 18,887 |
Impaired loans and leases with an allowance recorded, average balance | 114,019 | 383,726 |
Impaired loans and leases with an allowance recorded, interest income recognized | 4,833 | 7,128 |
Considered impaired due to TDR status | 35,000 | 27,000 |
CRE | Purchase credit-impaired | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Impaired loans and leases with no related allowance, ending balance | 13,758 | 38,371 |
Impaired loans and leases with no related allowance, unpaid principle | 55,358 | 91,075 |
Impaired loans and leases with no related allowance, average balance | 28,168 | 59,424 |
Impaired loans and leases with no related allowance, interest income recognized | 4,707 | 11,519 |
Impaired loans and leases with an allowance recorded, ending balance | 0 | 0 |
Impaired loans and leases with an allowance recorded, unpaid principle | 0 | 0 |
Impaired loans and leases with an allowance recorded, related allowance | 0 | 0 |
Impaired loans and leases with an allowance recorded, average balance | 0 | 0 |
Impaired loans and leases with an allowance recorded, interest income recognized | 0 | 0 |
CRE | Retail properties | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Impaired loans and leases with no related allowance, ending balance | 42,009 | 61,915 |
Impaired loans and leases with no related allowance, unpaid principle | 54,021 | 91,627 |
Impaired loans and leases with no related allowance, average balance | 48,903 | 53,121 |
Impaired loans and leases with no related allowance, interest income recognized | 2,031 | 2,454 |
Impaired loans and leases with an allowance recorded, ending balance | 9,096 | 37,081 |
Impaired loans and leases with an allowance recorded, unpaid principle | 11,121 | 38,397 |
Impaired loans and leases with an allowance recorded, related allowance | 1,190 | 3,536 |
Impaired loans and leases with an allowance recorded, average balance | 31,636 | 63,393 |
Impaired loans and leases with an allowance recorded, interest income recognized | 1,204 | 1,983 |
CRE | Multi family | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Impaired loans and leases with no related allowance, ending balance | 0 | 0 |
Impaired loans and leases with no related allowance, unpaid principle | 0 | 0 |
Impaired loans and leases with no related allowance, average balance | 0 | 0 |
Impaired loans and leases with no related allowance, interest income recognized | 0 | 0 |
Impaired loans and leases with an allowance recorded, ending balance | 34,349 | 17,277 |
Impaired loans and leases with an allowance recorded, unpaid principle | 37,208 | 23,725 |
Impaired loans and leases with an allowance recorded, related allowance | 1,593 | 2,339 |
Impaired loans and leases with an allowance recorded, average balance | 17,043 | 16,897 |
Impaired loans and leases with an allowance recorded, interest income recognized | 740 | 659 |
CRE | Office | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Impaired loans and leases with no related allowance, ending balance | 9,030 | 1,130 |
Impaired loans and leases with no related allowance, unpaid principle | 12,919 | 3,574 |
Impaired loans and leases with no related allowance, average balance | 7,767 | 3,709 |
Impaired loans and leases with no related allowance, interest income recognized | 309 | 311 |
Impaired loans and leases with an allowance recorded, ending balance | 14,365 | 52,953 |
Impaired loans and leases with an allowance recorded, unpaid principle | 17,350 | 56,268 |
Impaired loans and leases with an allowance recorded, related allowance | 1,177 | 8,399 |
Impaired loans and leases with an allowance recorded, average balance | 31,148 | 52,831 |
Impaired loans and leases with an allowance recorded, interest income recognized | 1,301 | 2,381 |
CRE | Industrial and warehouse | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Impaired loans and leases with no related allowance, ending balance | 1,720 | 3,447 |
Impaired loans and leases with no related allowance, unpaid principle | 1,741 | 3,506 |
Impaired loans and leases with no related allowance, average balance | 777 | 5,012 |
Impaired loans and leases with no related allowance, interest income recognized | 47 | 248 |
Impaired loans and leases with an allowance recorded, ending balance | 9,721 | 8,888 |
Impaired loans and leases with an allowance recorded, unpaid principle | 10,550 | 10,396 |
Impaired loans and leases with an allowance recorded, related allowance | 1,540 | 720 |
Impaired loans and leases with an allowance recorded, average balance | 7,311 | 9,092 |
Impaired loans and leases with an allowance recorded, interest income recognized | 301 | 274 |
CRE | Other commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Impaired loans and leases with no related allowance, ending balance | 1,743 | 6,608 |
Impaired loans and leases with no related allowance, unpaid principle | 1,775 | 6,815 |
Impaired loans and leases with no related allowance, average balance | 2,558 | 6,598 |
Impaired loans and leases with no related allowance, interest income recognized | 105 | 286 |
Impaired loans and leases with an allowance recorded, ending balance | 22,944 | 27,963 |
Impaired loans and leases with an allowance recorded, unpaid principle | 28,701 | 33,472 |
Impaired loans and leases with an allowance recorded, related allowance | 2,614 | 3,893 |
Impaired loans and leases with an allowance recorded, average balance | 26,881 | 241,513 |
Impaired loans and leases with an allowance recorded, interest income recognized | 1,287 | 1,831 |
Other Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Impaired loans and leases with no related allowance, ending balance | 52 | 0 |
Impaired loans and leases with no related allowance, unpaid principle | 101 | 0 |
Impaired loans and leases with no related allowance, average balance | 51 | 0 |
Impaired loans and leases with no related allowance, interest income recognized | 17 | 0 |
Impaired loans and leases with an allowance recorded, ending balance | 4,640 | 4,139 |
Impaired loans and leases with an allowance recorded, unpaid principle | 4,649 | 4,332 |
Impaired loans and leases with an allowance recorded, related allowance | 176 | 459 |
Impaired loans and leases with an allowance recorded, average balance | 4,675 | 2,879 |
Impaired loans and leases with an allowance recorded, interest income recognized | 254 | 217 |
Other Consumer | Purchase credit-impaired | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Impaired loans and leases with no related allowance, ending balance | 52 | 0 |
Impaired loans and leases with no related allowance, unpaid principle | 101 | 0 |
Impaired loans and leases with no related allowance, average balance | 51 | 0 |
Impaired loans and leases with no related allowance, interest income recognized | 17 | 0 |
Impaired loans and leases with an allowance recorded, ending balance | 0 | 51 |
Impaired loans and leases with an allowance recorded, unpaid principle | 0 | 123 |
Impaired loans and leases with an allowance recorded, related allowance | 0 | 245 |
Impaired loans and leases with an allowance recorded, average balance | 0 | 83 |
Impaired loans and leases with an allowance recorded, interest income recognized | 0 | 15 |
Other Consumer | Other consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Impaired loans and leases with no related allowance, ending balance | 0 | 0 |
Impaired loans and leases with no related allowance, unpaid principle | 0 | 0 |
Impaired loans and leases with no related allowance, average balance | 0 | 0 |
Impaired loans and leases with no related allowance, interest income recognized | 0 | 0 |
Impaired loans and leases with an allowance recorded, ending balance | 4,640 | 4,088 |
Impaired loans and leases with an allowance recorded, unpaid principle | 4,649 | 4,209 |
Impaired loans and leases with an allowance recorded, related allowance | 176 | 214 |
Impaired loans and leases with an allowance recorded, average balance | 4,675 | 2,796 |
Impaired loans and leases with an allowance recorded, interest income recognized | 254 | 202 |
Automobile | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Impaired loans and leases with no related allowance, ending balance | 0 | 0 |
Impaired loans and leases with no related allowance, unpaid principle | 0 | |
Impaired loans and leases with no related allowance, average balance | 0 | |
Impaired loans and leases with no related allowance, interest income recognized | 0 | |
Impaired loans and leases with an allowance recorded, ending balance | 31,304 | 30,612 |
Impaired loans and leases with an allowance recorded, unpaid principle | 31,878 | 32,483 |
Impaired loans and leases with an allowance recorded, related allowance | 1,779 | 1,531 |
Impaired loans and leases with an allowance recorded, average balance | 30,163 | 34,637 |
Impaired loans and leases with an allowance recorded, interest income recognized | 2,224 | 2,637 |
Home Equity | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Impaired loans and leases with no related allowance, ending balance | 0 | 0 |
Impaired loans and leases with no related allowance, unpaid principle | 0 | |
Impaired loans and leases with no related allowance, average balance | 0 | |
Impaired loans and leases with no related allowance, interest income recognized | 0 | |
Impaired loans and leases with an allowance recorded, ending balance | 248,839 | 310,446 |
Impaired loans and leases with an allowance recorded, unpaid principle | 284,957 | 366,096 |
Impaired loans and leases with an allowance recorded, related allowance | 16,242 | 26,027 |
Impaired loans and leases with an allowance recorded, average balance | 292,014 | 258,881 |
Impaired loans and leases with an allowance recorded, interest income recognized | 13,092 | 11,875 |
Home Equity | First-lien home equity loan | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Impaired loans and leases with no related allowance, ending balance | 0 | |
Impaired loans and leases with no related allowance, unpaid principle | 0 | |
Impaired loans and leases with no related allowance, average balance | 0 | |
Impaired loans and leases with no related allowance, interest income recognized | 0 | |
Impaired loans and leases with an allowance recorded, ending balance | 52,672 | 145,566 |
Impaired loans and leases with an allowance recorded, unpaid principle | 57,224 | 157,978 |
Impaired loans and leases with an allowance recorded, related allowance | 4,359 | 8,296 |
Impaired loans and leases with an allowance recorded, average balance | 108,942 | 126,602 |
Impaired loans and leases with an allowance recorded, interest income recognized | 4,186 | 5,496 |
Home Equity | Junior-lien home equity loan | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Impaired loans and leases with no related allowance, ending balance | 0 | |
Impaired loans and leases with no related allowance, unpaid principle | 0 | |
Impaired loans and leases with no related allowance, average balance | 0 | |
Impaired loans and leases with no related allowance, interest income recognized | 0 | |
Impaired loans and leases with an allowance recorded, ending balance | 196,167 | 164,880 |
Impaired loans and leases with an allowance recorded, unpaid principle | 227,733 | 208,118 |
Impaired loans and leases with an allowance recorded, related allowance | 11,883 | 17,731 |
Impaired loans and leases with an allowance recorded, average balance | 183,072 | 132,279 |
Impaired loans and leases with an allowance recorded, interest income recognized | 8,906 | 6,379 |
Residential Mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Impaired loans and leases with no related allowance, ending balance | 0 | 0 |
Impaired loans and leases with no related allowance, unpaid principle | 0 | |
Impaired loans and leases with no related allowance, average balance | 0 | |
Impaired loans and leases with no related allowance, interest income recognized | 0 | |
Impaired loans and leases with an allowance recorded, ending balance | 368,449 | 371,489 |
Impaired loans and leases with an allowance recorded, unpaid principle | 411,114 | 418,376 |
Impaired loans and leases with an allowance recorded, related allowance | 16,938 | 16,543 |
Impaired loans and leases with an allowance recorded, average balance | 373,573 | 384,026 |
Impaired loans and leases with an allowance recorded, interest income recognized | 12,889 | 12,168 |
TDR government guarantee | 29,000 | 24,000 |
Residential Mortgage | Purchase credit-impaired | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Impaired loans and leases with no related allowance, ending balance | 0 | |
Impaired loans and leases with no related allowance, unpaid principle | 0 | |
Impaired loans and leases with no related allowance, average balance | 0 | |
Impaired loans and leases with no related allowance, interest income recognized | 0 | |
Impaired loans and leases with an allowance recorded, ending balance | 1,454 | 1,912 |
Impaired loans and leases with an allowance recorded, unpaid principle | 2,189 | 3,096 |
Impaired loans and leases with an allowance recorded, related allowance | 127 | 8 |
Impaired loans and leases with an allowance recorded, average balance | 1,817 | 2,281 |
Impaired loans and leases with an allowance recorded, interest income recognized | 498 | 574 |
Residential Mortgage | Residential mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Impaired loans and leases with no related allowance, ending balance | 0 | |
Impaired loans and leases with no related allowance, unpaid principle | 0 | |
Impaired loans and leases with no related allowance, average balance | 0 | |
Impaired loans and leases with no related allowance, interest income recognized | 0 | |
Impaired loans and leases with an allowance recorded, ending balance | 366,995 | 369,577 |
Impaired loans and leases with an allowance recorded, unpaid principle | 408,925 | 415,280 |
Impaired loans and leases with an allowance recorded, related allowance | 16,811 | 16,535 |
Impaired loans and leases with an allowance recorded, average balance | 371,756 | 381,745 |
Impaired loans and leases with an allowance recorded, interest income recognized | $ 12,391 | $ 11,594 |
LOANS AND LEASES AND ALLOWANC70
LOANS AND LEASES AND ALLOWANCE FOR CREDIT LOSSES - TDRs (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015USD ($)contract | Dec. 31, 2014USD ($)contract | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Contracts | contract | 6,191 | 6,342 |
Post-modification Outstanding Ending Balance | $ 894,700 | $ 667,315 |
Financial effects of modification | $ (14,533) | $ (11,553) |
Troubled Debt Restructurings That Have Redefaulted Within One Year of Modification, Number of Contracts | contract | 304 | 370 |
Troubled Debt Restructurings That Have Redefaulted Within One Year of Modification, Ending Balance | $ 32,444 | $ 31,344 |
Interest rate reduction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Troubled Debt Restructurings That Have Redefaulted Within One Year of Modification, Number of Contracts | contract | 1 | 0 |
Troubled Debt Restructurings That Have Redefaulted Within One Year of Modification, Ending Balance | $ 4 | $ 0 |
Amortization or maturity date change | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Troubled Debt Restructurings That Have Redefaulted Within One Year of Modification, Number of Contracts | contract | 41 | 40 |
Troubled Debt Restructurings That Have Redefaulted Within One Year of Modification, Ending Balance | $ 423 | $ 328 |
Chapter 7 bankruptcy | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Troubled Debt Restructurings That Have Redefaulted Within One Year of Modification, Number of Contracts | contract | 21 | 53 |
Troubled Debt Restructurings That Have Redefaulted Within One Year of Modification, Ending Balance | $ 172 | $ 374 |
Other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Troubled Debt Restructurings That Have Redefaulted Within One Year of Modification, Number of Contracts | contract | 0 | 0 |
Troubled Debt Restructurings That Have Redefaulted Within One Year of Modification, Ending Balance | $ 0 | $ 0 |
C&I | Owner occupied | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Contracts | contract | 230 | 123 |
Post-modification Outstanding Ending Balance | $ 104,719 | $ 36,680 |
Financial effects of modification | $ (2,114) | $ 320 |
Troubled Debt Restructurings That Have Redefaulted Within One Year of Modification, Number of Contracts | contract | 8 | 7 |
Troubled Debt Restructurings That Have Redefaulted Within One Year of Modification, Ending Balance | $ 1,550 | $ 1,176 |
C&I | Owner occupied | Interest rate reduction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Contracts | contract | 4 | 19 |
Post-modification Outstanding Ending Balance | $ 372 | $ 2,484 |
Financial effects of modification | $ (3) | $ 20 |
Troubled Debt Restructurings That Have Redefaulted Within One Year of Modification, Number of Contracts | contract | 1 | 0 |
Troubled Debt Restructurings That Have Redefaulted Within One Year of Modification, Ending Balance | $ 110 | $ 0 |
C&I | Owner occupied | Amortization or maturity date change | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Contracts | contract | 222 | 97 |
Post-modification Outstanding Ending Balance | $ 103,686 | $ 32,145 |
Financial effects of modification | $ (2,089) | $ 336 |
Troubled Debt Restructurings That Have Redefaulted Within One Year of Modification, Number of Contracts | contract | 7 | 6 |
Troubled Debt Restructurings That Have Redefaulted Within One Year of Modification, Ending Balance | $ 1,440 | $ 946 |
C&I | Owner occupied | Other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Contracts | contract | 4 | 7 |
Post-modification Outstanding Ending Balance | $ 661 | $ 2,051 |
Financial effects of modification | $ (22) | $ (36) |
Troubled Debt Restructurings That Have Redefaulted Within One Year of Modification, Number of Contracts | contract | 0 | 1 |
Troubled Debt Restructurings That Have Redefaulted Within One Year of Modification, Ending Balance | $ 0 | $ 230 |
C&I | Other commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Contracts | contract | 564 | 331 |
Post-modification Outstanding Ending Balance | $ 457,722 | $ 207,486 |
Financial effects of modification | $ (5,230) | $ (4,396) |
Troubled Debt Restructurings That Have Redefaulted Within One Year of Modification, Number of Contracts | contract | 30 | 18 |
Troubled Debt Restructurings That Have Redefaulted Within One Year of Modification, Ending Balance | $ 3,593 | $ 1,622 |
C&I | Other commercial and industrial | Interest rate reduction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Contracts | contract | 9 | 25 |
Post-modification Outstanding Ending Balance | $ 7,871 | $ 50,534 |
Financial effects of modification | $ (1,039) | $ (1,982) |
Troubled Debt Restructurings That Have Redefaulted Within One Year of Modification, Number of Contracts | contract | 1 | 1 |
Troubled Debt Restructurings That Have Redefaulted Within One Year of Modification, Ending Balance | $ 27 | $ 30 |
C&I | Other commercial and industrial | Amortization or maturity date change | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Contracts | contract | 543 | 285 |
Post-modification Outstanding Ending Balance | $ 420,670 | $ 149,339 |
Financial effects of modification | $ (3,764) | $ (2,407) |
Troubled Debt Restructurings That Have Redefaulted Within One Year of Modification, Number of Contracts | contract | 29 | 14 |
Troubled Debt Restructurings That Have Redefaulted Within One Year of Modification, Ending Balance | $ 3,566 | $ 1,555 |
C&I | Other commercial and industrial | Other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Contracts | contract | 12 | 21 |
Post-modification Outstanding Ending Balance | $ 29,181 | $ 7,613 |
Financial effects of modification | $ (427) | $ (7) |
Troubled Debt Restructurings That Have Redefaulted Within One Year of Modification, Number of Contracts | contract | 0 | 3 |
Troubled Debt Restructurings That Have Redefaulted Within One Year of Modification, Ending Balance | $ 0 | $ 37 |
CRE | Retail properties | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Contracts | contract | 25 | 38 |
Post-modification Outstanding Ending Balance | $ 18,180 | $ 52,561 |
Financial effects of modification | $ (1,669) | $ 118 |
Troubled Debt Restructurings That Have Redefaulted Within One Year of Modification, Number of Contracts | contract | 4 | 1 |
Troubled Debt Restructurings That Have Redefaulted Within One Year of Modification, Ending Balance | $ 8,067 | $ 483 |
CRE | Retail properties | Interest rate reduction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Contracts | contract | 2 | 5 |
Post-modification Outstanding Ending Balance | $ 1,803 | $ 11,381 |
Financial effects of modification | $ (11) | $ 420 |
Troubled Debt Restructurings That Have Redefaulted Within One Year of Modification, Number of Contracts | contract | 1 | 0 |
Troubled Debt Restructurings That Have Redefaulted Within One Year of Modification, Ending Balance | $ 47 | $ 0 |
CRE | Retail properties | Amortization or maturity date change | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Contracts | contract | 23 | 24 |
Post-modification Outstanding Ending Balance | $ 16,377 | $ 27,415 |
Financial effects of modification | $ (1,658) | $ (267) |
Troubled Debt Restructurings That Have Redefaulted Within One Year of Modification, Number of Contracts | contract | 3 | 1 |
Troubled Debt Restructurings That Have Redefaulted Within One Year of Modification, Ending Balance | $ 8,020 | $ 483 |
CRE | Retail properties | Other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Contracts | contract | 0 | 9 |
Post-modification Outstanding Ending Balance | $ 0 | $ 13,765 |
Financial effects of modification | $ 0 | $ (35) |
Troubled Debt Restructurings That Have Redefaulted Within One Year of Modification, Number of Contracts | contract | 0 | 0 |
Troubled Debt Restructurings That Have Redefaulted Within One Year of Modification, Ending Balance | $ 0 | $ 0 |
CRE | Multi family | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Contracts | contract | 59 | 68 |
Post-modification Outstanding Ending Balance | $ 35,675 | $ 18,291 |
Financial effects of modification | $ (1,849) | $ 179 |
Troubled Debt Restructurings That Have Redefaulted Within One Year of Modification, Number of Contracts | contract | 11 | 5 |
Troubled Debt Restructurings That Have Redefaulted Within One Year of Modification, Ending Balance | $ 1,494 | $ 3,003 |
CRE | Multi family | Interest rate reduction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Contracts | contract | 1 | 20 |
Post-modification Outstanding Ending Balance | $ 90 | $ 3,484 |
Financial effects of modification | $ 0 | $ (75) |
Troubled Debt Restructurings That Have Redefaulted Within One Year of Modification, Number of Contracts | contract | 0 | 0 |
Troubled Debt Restructurings That Have Redefaulted Within One Year of Modification, Ending Balance | $ 0 | $ 0 |
CRE | Multi family | Amortization or maturity date change | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Contracts | contract | 50 | 40 |
Post-modification Outstanding Ending Balance | $ 35,369 | $ 9,791 |
Financial effects of modification | $ (1,843) | $ 197 |
Troubled Debt Restructurings That Have Redefaulted Within One Year of Modification, Number of Contracts | contract | 10 | 4 |
Troubled Debt Restructurings That Have Redefaulted Within One Year of Modification, Ending Balance | $ 1,354 | $ 2,827 |
CRE | Multi family | Other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Contracts | contract | 8 | 8 |
Post-modification Outstanding Ending Balance | $ 216 | $ 5,016 |
Financial effects of modification | $ (6) | $ 57 |
Troubled Debt Restructurings That Have Redefaulted Within One Year of Modification, Number of Contracts | contract | 1 | 1 |
Troubled Debt Restructurings That Have Redefaulted Within One Year of Modification, Ending Balance | $ 140 | $ 176 |
CRE | Office | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Contracts | contract | 32 | 29 |
Post-modification Outstanding Ending Balance | $ 73,534 | $ 53,753 |
Financial effects of modification | $ 907 | $ (3,578) |
Troubled Debt Restructurings That Have Redefaulted Within One Year of Modification, Number of Contracts | contract | 3 | 3 |
Troubled Debt Restructurings That Have Redefaulted Within One Year of Modification, Ending Balance | $ 2,984 | $ 1,738 |
CRE | Office | Interest rate reduction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Contracts | contract | 1 | 2 |
Post-modification Outstanding Ending Balance | $ 356 | $ 120 |
Financial effects of modification | $ 7 | $ (1) |
Troubled Debt Restructurings That Have Redefaulted Within One Year of Modification, Number of Contracts | contract | 0 | 0 |
Troubled Debt Restructurings That Have Redefaulted Within One Year of Modification, Ending Balance | $ 0 | $ 0 |
CRE | Office | Amortization or maturity date change | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Contracts | contract | 30 | 22 |
Post-modification Outstanding Ending Balance | $ 73,148 | $ 18,157 |
Financial effects of modification | $ 902 | $ (424) |
Troubled Debt Restructurings That Have Redefaulted Within One Year of Modification, Number of Contracts | contract | 3 | 3 |
Troubled Debt Restructurings That Have Redefaulted Within One Year of Modification, Ending Balance | $ 2,984 | $ 1,738 |
CRE | Office | Other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Contracts | contract | 1 | 5 |
Post-modification Outstanding Ending Balance | $ 30 | $ 35,476 |
Financial effects of modification | $ (2) | $ (3,153) |
Troubled Debt Restructurings That Have Redefaulted Within One Year of Modification, Number of Contracts | contract | 0 | 0 |
Troubled Debt Restructurings That Have Redefaulted Within One Year of Modification, Ending Balance | $ 0 | $ 0 |
CRE | Industrial and warehouse | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Contracts | contract | 13 | 20 |
Post-modification Outstanding Ending Balance | $ 6,383 | $ 14,210 |
Financial effects of modification | $ 1,279 | $ 164 |
Troubled Debt Restructurings That Have Redefaulted Within One Year of Modification, Number of Contracts | contract | 2 | 2 |
Troubled Debt Restructurings That Have Redefaulted Within One Year of Modification, Ending Balance | $ 822 | $ 2,095 |
CRE | Industrial and warehouse | Interest rate reduction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Contracts | contract | 0 | 2 |
Post-modification Outstanding Ending Balance | $ 0 | $ 4,046 |
Financial effects of modification | $ 0 | $ 0 |
Troubled Debt Restructurings That Have Redefaulted Within One Year of Modification, Number of Contracts | contract | 0 | 1 |
Troubled Debt Restructurings That Have Redefaulted Within One Year of Modification, Ending Balance | $ 0 | $ 1,339 |
CRE | Industrial and warehouse | Amortization or maturity date change | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Contracts | contract | 13 | 17 |
Post-modification Outstanding Ending Balance | $ 6,383 | $ 9,187 |
Financial effects of modification | $ 1,279 | $ 164 |
Troubled Debt Restructurings That Have Redefaulted Within One Year of Modification, Number of Contracts | contract | 2 | 1 |
Troubled Debt Restructurings That Have Redefaulted Within One Year of Modification, Ending Balance | $ 822 | $ 756 |
CRE | Industrial and warehouse | Other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Contracts | contract | 0 | 1 |
Post-modification Outstanding Ending Balance | $ 0 | $ 977 |
Financial effects of modification | $ 0 | $ 0 |
Troubled Debt Restructurings That Have Redefaulted Within One Year of Modification, Number of Contracts | contract | 0 | 0 |
Troubled Debt Restructurings That Have Redefaulted Within One Year of Modification, Ending Balance | $ 0 | $ 0 |
CRE | Other commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Contracts | contract | 29 | 67 |
Post-modification Outstanding Ending Balance | $ 10,195 | $ 83,386 |
Financial effects of modification | $ 49 | $ (2,770) |
Troubled Debt Restructurings That Have Redefaulted Within One Year of Modification, Number of Contracts | contract | 1 | 3 |
Troubled Debt Restructurings That Have Redefaulted Within One Year of Modification, Ending Balance | $ 93 | $ 927 |
CRE | Other commercial real estate | Interest rate reduction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Contracts | contract | 0 | 8 |
Post-modification Outstanding Ending Balance | $ 0 | $ 5,224 |
Financial effects of modification | $ 0 | $ 146 |
Troubled Debt Restructurings That Have Redefaulted Within One Year of Modification, Number of Contracts | contract | 0 | 1 |
Troubled Debt Restructurings That Have Redefaulted Within One Year of Modification, Ending Balance | $ 0 | $ 169 |
CRE | Other commercial real estate | Amortization or maturity date change | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Contracts | contract | 27 | 55 |
Post-modification Outstanding Ending Balance | $ 9,961 | $ 76,353 |
Financial effects of modification | $ 71 | $ (2,789) |
Troubled Debt Restructurings That Have Redefaulted Within One Year of Modification, Number of Contracts | contract | 1 | 2 |
Troubled Debt Restructurings That Have Redefaulted Within One Year of Modification, Ending Balance | $ 93 | $ 758 |
CRE | Other commercial real estate | Other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Contracts | contract | 2 | 4 |
Post-modification Outstanding Ending Balance | $ 234 | $ 1,809 |
Financial effects of modification | $ (22) | $ (127) |
Troubled Debt Restructurings That Have Redefaulted Within One Year of Modification, Number of Contracts | contract | 0 | 0 |
Troubled Debt Restructurings That Have Redefaulted Within One Year of Modification, Ending Balance | $ 0 | $ 0 |
Automobile | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Contracts | contract | 2,558 | 2,597 |
Post-modification Outstanding Ending Balance | $ 19,779 | $ 17,816 |
Financial effects of modification | $ 961 | $ 232 |
Troubled Debt Restructurings That Have Redefaulted Within One Year of Modification, Number of Contracts | contract | 63 | 93 |
Troubled Debt Restructurings That Have Redefaulted Within One Year of Modification, Ending Balance | $ 599 | $ 702 |
Automobile | Interest rate reduction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Contracts | contract | 41 | 92 |
Post-modification Outstanding Ending Balance | $ 121 | $ 758 |
Financial effects of modification | $ 5 | $ 15 |
Automobile | Amortization or maturity date change | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Contracts | contract | 1,591 | 1,880 |
Post-modification Outstanding Ending Balance | $ 12,268 | $ 12,120 |
Financial effects of modification | $ 533 | $ 151 |
Automobile | Chapter 7 bankruptcy | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Contracts | contract | 926 | 625 |
Post-modification Outstanding Ending Balance | $ 7,390 | $ 4,938 |
Financial effects of modification | $ 423 | $ 66 |
Automobile | Other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Contracts | contract | 0 | 0 |
Post-modification Outstanding Ending Balance | $ 0 | $ 0 |
Financial effects of modification | $ 0 | $ 0 |
Residential Mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Contracts | contract | 683 | 547 |
Post-modification Outstanding Ending Balance | $ 74,873 | $ 66,880 |
Financial effects of modification | $ (680) | $ 1,291 |
Troubled Debt Restructurings That Have Redefaulted Within One Year of Modification, Number of Contracts | contract | 84 | 130 |
Troubled Debt Restructurings That Have Redefaulted Within One Year of Modification, Ending Balance | $ 7,858 | $ 13,677 |
Residential Mortgage | Interest rate reduction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Contracts | contract | 15 | 27 |
Post-modification Outstanding Ending Balance | $ 1,565 | $ 3,692 |
Financial effects of modification | $ (61) | $ 19 |
Troubled Debt Restructurings That Have Redefaulted Within One Year of Modification, Number of Contracts | contract | 3 | 11 |
Troubled Debt Restructurings That Have Redefaulted Within One Year of Modification, Ending Balance | $ 239 | $ 1,516 |
Residential Mortgage | Amortization or maturity date change | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Contracts | contract | 518 | 333 |
Post-modification Outstanding Ending Balance | $ 57,859 | $ 44,027 |
Financial effects of modification | $ (455) | $ 552 |
Troubled Debt Restructurings That Have Redefaulted Within One Year of Modification, Number of Contracts | contract | 73 | 82 |
Troubled Debt Restructurings That Have Redefaulted Within One Year of Modification, Ending Balance | $ 6,776 | $ 8,974 |
Residential Mortgage | Chapter 7 bankruptcy | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Contracts | contract | 139 | 182 |
Post-modification Outstanding Ending Balance | $ 14,183 | $ 18,635 |
Financial effects of modification | $ (164) | $ 715 |
Troubled Debt Restructurings That Have Redefaulted Within One Year of Modification, Number of Contracts | contract | 8 | 37 |
Troubled Debt Restructurings That Have Redefaulted Within One Year of Modification, Ending Balance | $ 843 | $ 3,187 |
Residential Mortgage | Other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Contracts | contract | 11 | 5 |
Post-modification Outstanding Ending Balance | $ 1,266 | $ 526 |
Financial effects of modification | $ 0 | $ 5 |
Troubled Debt Restructurings That Have Redefaulted Within One Year of Modification, Number of Contracts | contract | 0 | 0 |
Troubled Debt Restructurings That Have Redefaulted Within One Year of Modification, Ending Balance | $ 0 | $ 0 |
Home Equity | First-lien home equity loan | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Contracts | contract | 358 | 587 |
Post-modification Outstanding Ending Balance | $ 30,020 | $ 45,740 |
Financial effects of modification | $ (413) | $ 440 |
Troubled Debt Restructurings That Have Redefaulted Within One Year of Modification, Number of Contracts | contract | 36 | 37 |
Troubled Debt Restructurings That Have Redefaulted Within One Year of Modification, Ending Balance | $ 2,928 | $ 3,449 |
Home Equity | First-lien home equity loan | Interest rate reduction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Contracts | contract | 37 | 193 |
Post-modification Outstanding Ending Balance | $ 3,665 | $ 15,172 |
Financial effects of modification | $ 112 | $ 764 |
Troubled Debt Restructurings That Have Redefaulted Within One Year of Modification, Number of Contracts | contract | 4 | 5 |
Troubled Debt Restructurings That Have Redefaulted Within One Year of Modification, Ending Balance | $ 387 | $ 335 |
Home Equity | First-lien home equity loan | Amortization or maturity date change | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Contracts | contract | 204 | 289 |
Post-modification Outstanding Ending Balance | $ 19,005 | $ 23,272 |
Financial effects of modification | $ (953) | $ (1,051) |
Troubled Debt Restructurings That Have Redefaulted Within One Year of Modification, Number of Contracts | contract | 4 | 16 |
Troubled Debt Restructurings That Have Redefaulted Within One Year of Modification, Ending Balance | $ 258 | $ 2,109 |
Home Equity | First-lien home equity loan | Chapter 7 bankruptcy | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Contracts | contract | 117 | 105 |
Post-modification Outstanding Ending Balance | $ 7,350 | $ 7,296 |
Financial effects of modification | $ 428 | $ 727 |
Troubled Debt Restructurings That Have Redefaulted Within One Year of Modification, Number of Contracts | contract | 28 | 16 |
Troubled Debt Restructurings That Have Redefaulted Within One Year of Modification, Ending Balance | $ 2,283 | $ 1,005 |
Home Equity | First-lien home equity loan | Other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Contracts | contract | 0 | 0 |
Post-modification Outstanding Ending Balance | $ 0 | $ 0 |
Financial effects of modification | $ 0 | $ 0 |
Troubled Debt Restructurings That Have Redefaulted Within One Year of Modification, Number of Contracts | contract | 0 | 0 |
Troubled Debt Restructurings That Have Redefaulted Within One Year of Modification, Ending Balance | $ 0 | $ 0 |
Home Equity | Junior-lien home equity loan | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Contracts | contract | 1,618 | 1,855 |
Post-modification Outstanding Ending Balance | $ 63,257 | $ 68,103 |
Financial effects of modification | $ (5,794) | $ (3,518) |
Troubled Debt Restructurings That Have Redefaulted Within One Year of Modification, Number of Contracts | contract | 62 | 71 |
Troubled Debt Restructurings That Have Redefaulted Within One Year of Modification, Ending Balance | $ 2,456 | $ 2,472 |
Home Equity | Junior-lien home equity loan | Interest rate reduction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Contracts | contract | 18 | 187 |
Post-modification Outstanding Ending Balance | $ 734 | $ 6,960 |
Financial effects of modification | $ 49 | $ 296 |
Troubled Debt Restructurings That Have Redefaulted Within One Year of Modification, Number of Contracts | contract | 3 | 1 |
Troubled Debt Restructurings That Have Redefaulted Within One Year of Modification, Ending Balance | $ 411 | $ 11 |
Home Equity | Junior-lien home equity loan | Amortization or maturity date change | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Contracts | contract | 1,387 | 1,467 |
Post-modification Outstanding Ending Balance | $ 60,018 | $ 58,129 |
Financial effects of modification | $ (9,686) | $ (6,955) |
Troubled Debt Restructurings That Have Redefaulted Within One Year of Modification, Number of Contracts | contract | 41 | 31 |
Troubled Debt Restructurings That Have Redefaulted Within One Year of Modification, Ending Balance | $ 1,644 | $ 1,841 |
Home Equity | Junior-lien home equity loan | Chapter 7 bankruptcy | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Contracts | contract | 213 | 201 |
Post-modification Outstanding Ending Balance | $ 2,505 | $ 3,014 |
Financial effects of modification | $ 3,843 | $ 3,141 |
Troubled Debt Restructurings That Have Redefaulted Within One Year of Modification, Number of Contracts | contract | 18 | 39 |
Troubled Debt Restructurings That Have Redefaulted Within One Year of Modification, Ending Balance | $ 401 | $ 620 |
Home Equity | Junior-lien home equity loan | Other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Contracts | contract | 0 | 0 |
Post-modification Outstanding Ending Balance | $ 0 | $ 0 |
Financial effects of modification | $ 0 | $ 0 |
Troubled Debt Restructurings That Have Redefaulted Within One Year of Modification, Number of Contracts | contract | 0 | 0 |
Troubled Debt Restructurings That Have Redefaulted Within One Year of Modification, Ending Balance | $ 0 | $ 0 |
Other Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Contracts | contract | 22 | 80 |
Post-modification Outstanding Ending Balance | $ 363 | $ 2,409 |
Financial effects of modification | $ 20 | $ (35) |
Troubled Debt Restructurings That Have Redefaulted Within One Year of Modification, Number of Contracts | contract | 0 | 0 |
Troubled Debt Restructurings That Have Redefaulted Within One Year of Modification, Ending Balance | $ 0 | $ 0 |
Other Consumer | Interest rate reduction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Contracts | contract | 1 | 7 |
Post-modification Outstanding Ending Balance | $ 96 | $ 123 |
Financial effects of modification | $ 3 | $ 3 |
Troubled Debt Restructurings That Have Redefaulted Within One Year of Modification, Number of Contracts | contract | 0 | 0 |
Troubled Debt Restructurings That Have Redefaulted Within One Year of Modification, Ending Balance | $ 0 | $ 0 |
Other Consumer | Amortization or maturity date change | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Contracts | contract | 10 | 48 |
Post-modification Outstanding Ending Balance | $ 198 | $ 1,803 |
Financial effects of modification | $ 8 | $ 12 |
Troubled Debt Restructurings That Have Redefaulted Within One Year of Modification, Number of Contracts | contract | 0 | 0 |
Troubled Debt Restructurings That Have Redefaulted Within One Year of Modification, Ending Balance | $ 0 | $ 0 |
Other Consumer | Chapter 7 bankruptcy | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Contracts | contract | 11 | 25 |
Post-modification Outstanding Ending Balance | $ 69 | $ 483 |
Financial effects of modification | $ 9 | $ (50) |
Troubled Debt Restructurings That Have Redefaulted Within One Year of Modification, Number of Contracts | contract | 0 | 0 |
Troubled Debt Restructurings That Have Redefaulted Within One Year of Modification, Ending Balance | $ 0 | $ 0 |
Other Consumer | Other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Contracts | contract | 0 | 0 |
Post-modification Outstanding Ending Balance | $ 0 | $ 0 |
Financial effects of modification | $ 0 | $ 0 |
Troubled Debt Restructurings That Have Redefaulted Within One Year of Modification, Number of Contracts | contract | 0 | 0 |
Troubled Debt Restructurings That Have Redefaulted Within One Year of Modification, Ending Balance | $ 0 | $ 0 |
AVAILABLE-FOR-SALE AND OTHER 71
AVAILABLE-FOR-SALE AND OTHER SECURITIES - Narrative (Details) $ in Millions | Dec. 31, 2015USD ($)pool | Dec. 31, 2014USD ($) |
Schedule of Available-for-sale Securities [Line Items] | ||
Pledged investment securities to secure public and trust deposits, trading account liabilities, US Treasury demand notes and security repurchase agreements | $ 2,600 | |
Number of pools of trust preferred securities | pool | 8 | |
Number of pools of trust preferred securities, non-exclusive list | pool | 7 | |
Nonmarketable equity securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Stock issued by Federal Reserve Banks included in other securities | $ 176 | $ 175 |
Nonmarketable equity securities | Federal Home Loan Bank of Cincinnati | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Federal home loan bank stock | $ 157 | $ 157 |
AVAILABLE-FOR-SALE AND OTHER 72
AVAILABLE-FOR-SALE AND OTHER SECURITIES - Contractual Maturities (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Amortized Cost: | ||
Amortized cost, under 1 year | $ 333,891 | $ 355,486 |
Amortized cost, 1-5 years | 1,184,454 | 1,047,492 |
Amortized cost, 6-10 years | 1,648,808 | 1,517,974 |
Amortized cost, over 10 years | 5,259,855 | 6,090,688 |
Amortized cost | 8,770,923 | 9,359,886 |
Fair Value: | ||
Fair value, under 1 year | 332,980 | 355,465 |
Amortized cost, 1-5 years | 1,189,455 | 1,066,041 |
Fair value, 6-10 years | 1,645,759 | 1,527,195 |
Amortized cost, over 10 years | 5,263,063 | 6,086,980 |
Fair Value | 8,775,441 | 9,384,670 |
Nonmarketable equity securities | ||
Amortized Cost: | ||
Amortized cost | 332,786 | 331,559 |
Fair Value: | ||
Fair Value | 332,786 | 331,559 |
Mutual funds | ||
Amortized Cost: | ||
Amortized cost | 10,604 | 16,151 |
Fair Value: | ||
Fair Value | 10,604 | 16,161 |
Marketable equity securities | ||
Amortized Cost: | ||
Amortized cost | 525 | 536 |
Fair Value: | ||
Fair Value | $ 794 | $ 1,269 |
AVAILABLE-FOR-SALE AND OTHER 73
AVAILABLE-FOR-SALE AND OTHER SECURITIES - Schedule of Amortized Cost, Fair Value, and Gross Unrealized Gains/(Losses) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $ 8,770,923 | $ 9,359,886 |
Gross Gains | 88,169 | 117,554 |
Gross Losses | (83,651) | (92,770) |
Fair Value | 8,775,441 | 9,384,670 |
U.S. Treasury securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 5,457 | 5,435 |
Gross Gains | 15 | 17 |
Gross Losses | 0 | 0 |
Fair Value | 5,472 | 5,452 |
Federal agencies: Mortgage-backed | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 4,505,318 | 5,273,899 |
Gross Gains | 30,078 | 63,906 |
Gross Losses | (13,708) | (15,104) |
Fair Value | 4,521,688 | 5,322,701 |
Federal agencies: Other agencies | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 115,076 | 349,715 |
Gross Gains | 888 | 2,871 |
Gross Losses | (51) | (1,043) |
Fair Value | 115,913 | 351,543 |
Total U.S. Government backed agencies | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 4,625,851 | 5,629,049 |
Gross Gains | 30,981 | 66,794 |
Gross Losses | (13,759) | (16,147) |
Fair Value | 4,643,073 | 5,679,696 |
Municipal securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 2,431,943 | 1,841,311 |
Gross Gains | 51,558 | 37,398 |
Gross Losses | (27,105) | (10,140) |
Fair Value | 2,456,396 | 1,868,569 |
Private-label CMO | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 43,730 | |
Gross Gains | 1,116 | |
Gross Losses | (2,920) | |
Fair Value | 41,926 | |
Asset-backed securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 901,059 | 1,014,999 |
Gross Gains | 535 | 2,061 |
Gross Losses | (40,181) | (61,062) |
Fair Value | 861,413 | 955,998 |
Corporate debt | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 464,207 | 479,151 |
Gross Gains | 4,824 | 9,442 |
Gross Losses | (2,554) | (2,417) |
Fair Value | 466,477 | 486,176 |
Other securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 347,863 | 351,646 |
Gross Gains | 271 | 743 |
Gross Losses | (52) | (84) |
Fair Value | $ 348,082 | $ 352,305 |
AVAILABLE-FOR-SALE AND OTHER 74
AVAILABLE-FOR-SALE AND OTHER SECURITIES - Continuous Unrealized Loss Position (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Less than 12 months, Fair Value | $ 2,987,605 | $ 1,437,360 |
Over 12 Months, Fair Value | 563,431 | 1,063,142 |
Total, Fair Value | 3,551,036 | 2,500,502 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Less than 12 Months, Unrealized Losses | (34,876) | (12,949) |
Over 12 Months, Unrealized Losses | (48,775) | (79,821) |
Total, Unrealized Losses | (83,651) | (92,770) |
Federal agencies: Mortgage-backed | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Less than 12 months, Fair Value | 1,658,516 | 501,858 |
Over 12 Months, Fair Value | 84,147 | 527,280 |
Total, Fair Value | 1,742,663 | 1,029,138 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Less than 12 Months, Unrealized Losses | (11,341) | (1,909) |
Over 12 Months, Unrealized Losses | (2,367) | (13,195) |
Total, Unrealized Losses | (13,708) | (15,104) |
Federal agencies: Other agencies | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Less than 12 months, Fair Value | 37,982 | 159,708 |
Over 12 Months, Fair Value | 0 | 1,281 |
Total, Fair Value | 37,982 | 160,989 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Less than 12 Months, Unrealized Losses | (51) | (1,020) |
Over 12 Months, Unrealized Losses | 0 | (23) |
Total, Unrealized Losses | (51) | (1,043) |
Total U.S. Government backed agencies | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Less than 12 months, Fair Value | 1,696,498 | 661,566 |
Over 12 Months, Fair Value | 84,147 | 528,561 |
Total, Fair Value | 1,780,645 | 1,190,127 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Less than 12 Months, Unrealized Losses | (11,392) | (2,929) |
Over 12 Months, Unrealized Losses | (2,367) | (13,218) |
Total, Unrealized Losses | (13,759) | (16,147) |
Municipal securities | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Less than 12 months, Fair Value | 570,916 | 568,619 |
Over 12 Months, Fair Value | 248,204 | 96,426 |
Total, Fair Value | 819,120 | 665,045 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Less than 12 Months, Unrealized Losses | (15,992) | (9,127) |
Over 12 Months, Unrealized Losses | (11,113) | (1,013) |
Total, Unrealized Losses | (27,105) | (10,140) |
Private-label CMO | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Less than 12 months, Fair Value | 0 | |
Over 12 Months, Fair Value | 22,650 | |
Total, Fair Value | 22,650 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Less than 12 Months, Unrealized Losses | 0 | |
Over 12 Months, Unrealized Losses | (2,920) | |
Total, Unrealized Losses | (2,920) | |
Asset-backed securities | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Less than 12 months, Fair Value | 552,275 | 157,613 |
Over 12 Months, Fair Value | 207,639 | 325,691 |
Total, Fair Value | 759,914 | 483,304 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Less than 12 Months, Unrealized Losses | (5,791) | (641) |
Over 12 Months, Unrealized Losses | (34,390) | (60,421) |
Total, Unrealized Losses | (40,181) | (61,062) |
Corporate debt | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Less than 12 months, Fair Value | 167,144 | 49,562 |
Over 12 Months, Fair Value | 21,965 | 88,398 |
Total, Fair Value | 189,109 | 137,960 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Less than 12 Months, Unrealized Losses | (1,673) | (252) |
Over 12 Months, Unrealized Losses | (881) | (2,165) |
Total, Unrealized Losses | (2,554) | (2,417) |
Other securities | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Less than 12 months, Fair Value | 772 | 0 |
Over 12 Months, Fair Value | 1,476 | 1,416 |
Total, Fair Value | 2,248 | 1,416 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Less than 12 Months, Unrealized Losses | (28) | 0 |
Over 12 Months, Unrealized Losses | (24) | (84) |
Total, Unrealized Losses | $ (52) | $ (84) |
AVAILABLE-FOR-SALE AND OTHER 75
AVAILABLE-FOR-SALE AND OTHER SECURITIES AVAILABLE-FOR-SALE AND OTHER SECURITIES - Realized Securities Gains (Losses) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Investments, Debt and Equity Securities [Abstract] | |||
Gross gains on sales of securities | $ 6,730 | $ 17,729 | $ 2,932 |
Gross (losses) on sales of securities | (3,546) | (175) | (712) |
Net gain (loss) on sales of securities | $ 3,184 | $ 17,554 | $ 2,220 |
AVAILABLE-FOR-SALE AND OTHER 76
AVAILABLE-FOR-SALE AND OTHER SECURITIES - Collateralized Debt Obligation Securities (Details) $ in Thousands | Dec. 31, 2015USD ($)issuer | Dec. 31, 2014USD ($) |
Schedule of Available-for-sale Securities [Line Items] | ||
Unrealized Loss | $ (83,651) | $ (92,770) |
Collateralized Debt Obligations | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Par Value | 179,574 | 193,597 |
Amortized Cost | 131,991 | 139,194 |
Fair Value | 100,338 | 82,738 |
Unrealized Loss | (31,654) | $ (56,456) |
Collateralized Debt Obligations | Alesco II | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Par Value | 41,646 | |
Amortized Cost | 28,022 | |
Fair Value | 25,296 | |
Unrealized Loss | $ (2,727) | |
Number of Issuers Currently Performing | issuer | 30 | |
Number of Issuers Currently Remaining | issuer | 32 | |
Actual Deferrals and Defaults as a % of Original Collateral | 5.00% | |
Expected Defaults as a % of Remaining Performing Collateral | 7.00% | |
Available-for-sale Securities, Excess Subordination | 4.00% | |
Collateralized Debt Obligations | ICONS | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Par Value | $ 19,214 | |
Amortized Cost | 19,214 | |
Fair Value | 15,567 | |
Unrealized Loss | $ (3,647) | |
Number of Issuers Currently Performing | issuer | 19 | |
Number of Issuers Currently Remaining | issuer | 21 | |
Actual Deferrals and Defaults as a % of Original Collateral | 7.00% | |
Expected Defaults as a % of Remaining Performing Collateral | 14.00% | |
Available-for-sale Securities, Excess Subordination | 52.00% | |
Collateralized Debt Obligations | MM Comm III | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Par Value | $ 4,684 | |
Amortized Cost | 4,475 | |
Fair Value | 3,682 | |
Unrealized Loss | $ (793) | |
Number of Issuers Currently Performing | issuer | 5 | |
Number of Issuers Currently Remaining | issuer | 8 | |
Actual Deferrals and Defaults as a % of Original Collateral | 5.00% | |
Expected Defaults as a % of Remaining Performing Collateral | 6.00% | |
Available-for-sale Securities, Excess Subordination | 36.00% | |
Collateralized Debt Obligations | Pre TSL IX | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Par Value | $ 5,000 | |
Amortized Cost | 3,955 | |
Fair Value | 3,009 | |
Unrealized Loss | $ (946) | |
Number of Issuers Currently Performing | issuer | 27 | |
Number of Issuers Currently Remaining | issuer | 38 | |
Actual Deferrals and Defaults as a % of Original Collateral | 18.00% | |
Expected Defaults as a % of Remaining Performing Collateral | 10.00% | |
Available-for-sale Securities, Excess Subordination | 7.00% | |
Collateralized Debt Obligations | Pre TSL XI | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Par Value | $ 25,000 | |
Amortized Cost | 20,155 | |
Fair Value | 15,418 | |
Unrealized Loss | $ (4,737) | |
Number of Issuers Currently Performing | issuer | 42 | |
Number of Issuers Currently Remaining | issuer | 55 | |
Actual Deferrals and Defaults as a % of Original Collateral | 16.00% | |
Expected Defaults as a % of Remaining Performing Collateral | 9.00% | |
Available-for-sale Securities, Excess Subordination | 10.00% | |
Collateralized Debt Obligations | Pre TSL XIII | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Par Value | $ 27,530 | |
Amortized Cost | 19,735 | |
Fair Value | 16,769 | |
Unrealized Loss | $ (2,966) | |
Number of Issuers Currently Performing | issuer | 47 | |
Number of Issuers Currently Remaining | issuer | 56 | |
Actual Deferrals and Defaults as a % of Original Collateral | 9.00% | |
Expected Defaults as a % of Remaining Performing Collateral | 10.00% | |
Available-for-sale Securities, Excess Subordination | 24.00% | |
Collateralized Debt Obligations | Reg Diversified | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Par Value | $ 25,500 | |
Amortized Cost | 5,435 | |
Fair Value | 1,994 | |
Unrealized Loss | $ (3,441) | |
Number of Issuers Currently Performing | issuer | 23 | |
Number of Issuers Currently Remaining | issuer | 39 | |
Actual Deferrals and Defaults as a % of Original Collateral | 33.00% | |
Expected Defaults as a % of Remaining Performing Collateral | 7.00% | |
Available-for-sale Securities, Excess Subordination | 0.00% | |
Collateralized Debt Obligations | Soloso | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Par Value | $ 31,000 | |
Amortized Cost | 31,000 | |
Fair Value | 18,603 | |
Unrealized Loss | $ (12,397) | |
Number of Issuers Currently Performing | issuer | 30 | |
Number of Issuers Currently Remaining | issuer | 40 | |
Actual Deferrals and Defaults as a % of Original Collateral | 19.00% | |
Expected Defaults as a % of Remaining Performing Collateral | 9.00% | |
Available-for-sale Securities, Excess Subordination | 40.00% |
AVAILABLE-FOR-SALE AND OTHER 77
AVAILABLE-FOR-SALE AND OTHER SECURITIES - Security Impairment (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ||||
Impairment losses recognized in earnings on available-for-sale securities | $ 0 | $ (2,440) | $ 0 | $ (1,802) |
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Roll Forward] | ||||
Balance, beginning of year | $ 30,869 | 30,869 | 30,869 | |
Reductions from sales | (14,941) | 0 | ||
Credit losses not previously recognized | 0 | 0 | ||
Additional credit losses | 2,440 | 0 | ||
Balance, end of year | 18,368 | 30,869 | 30,869 | |
Collateralized Debt Obligations | ||||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ||||
Impairment losses recognized in earnings on available-for-sale securities | (2,440) | 0 | (1,466) | |
Private-label CMO | ||||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ||||
Impairment losses recognized in earnings on available-for-sale securities | 0 | 0 | (336) | |
Total debt securities | ||||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ||||
Impairment losses recognized in earnings on available-for-sale securities | (2,440) | 0 | (1,802) | |
Equity securities | ||||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ||||
Impairment losses recognized in earnings on available-for-sale securities | $ 0 | $ 0 | $ 0 |
HELD-TO-MATURITY SECURITIES - N
HELD-TO-MATURITY SECURITIES - Narrative (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Held-to-maturity Securities [Abstract] | ||
Available-for-sale securities transferred to held-to-maturity securities | $ 3,000,000,000 | |
Unrealized net losses recognized in OCI at time of transfer of available-for-sale securities transferred to held-to-maturity securities | 6,000,000 | |
Other than temporary impairment losses, held-to-maturity | $ 0 | $ 0 |
HELD-TO-MATURITY SECURITIES - C
HELD-TO-MATURITY SECURITIES - Contractual Maturities (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Held-to-maturity Securities, Debt Maturities, Amortized Cost, Rolling Maturity [Abstract] | ||
Amortized Cost | $ 6,159,590 | $ 3,379,905 |
Held-to-maturity Securities, Debt Maturities, Fair Value, Rolling Maturity [Abstract] | ||
Held-to-maturity Securities, Fair Value | 6,135,458 | 3,382,715 |
Federal agencies: Mortgage-backed | ||
Held-to-maturity Securities, Debt Maturities, Amortized Cost, Rolling Maturity [Abstract] | ||
Held-to-maturity Securities, Under 1 year | 0 | 0 |
Held-to-maturity Securities, 1-5 years | 0 | 0 |
Held-to-maturity Securities, 6-10 years | 25,909 | 24,901 |
Held-to-maturity Securities, Over 10 years | 5,506,592 | 3,136,460 |
Amortized Cost | 5,532,501 | 3,161,361 |
Held-to-maturity Securities, Debt Maturities, Fair Value, Rolling Maturity [Abstract] | ||
Fair Value, Under 1 year | 0 | 0 |
Fair Value, 1-5 years | 0 | 0 |
Fair Value, 6-10 years | 25,227 | 24,263 |
Fair Value, Over 10 Years | 5,484,407 | 3,140,194 |
Held-to-maturity Securities, Fair Value | 5,509,634 | 3,164,457 |
Federal agencies: Other agencies | ||
Held-to-maturity Securities, Debt Maturities, Amortized Cost, Rolling Maturity [Abstract] | ||
Held-to-maturity Securities, Under 1 year | 0 | 0 |
Held-to-maturity Securities, 1-5 years | 0 | 0 |
Held-to-maturity Securities, 6-10 years | 283,960 | 54,010 |
Held-to-maturity Securities, Over 10 years | 336,092 | 156,553 |
Amortized Cost | 620,052 | 210,563 |
Held-to-maturity Securities, Debt Maturities, Fair Value, Rolling Maturity [Abstract] | ||
Fair Value, Under 1 year | 0 | 0 |
Fair Value, 1-5 years | 0 | 0 |
Fair Value, 6-10 years | 284,907 | 54,843 |
Fair Value, Over 10 Years | 334,004 | 155,821 |
Held-to-maturity Securities, Fair Value | 618,911 | 210,664 |
Total U.S. Government backed agencies | ||
Held-to-maturity Securities, Debt Maturities, Amortized Cost, Rolling Maturity [Abstract] | ||
Amortized Cost | 6,152,553 | 3,371,924 |
Held-to-maturity Securities, Debt Maturities, Fair Value, Rolling Maturity [Abstract] | ||
Held-to-maturity Securities, Fair Value | 6,128,545 | 3,375,121 |
Municipal securities | ||
Held-to-maturity Securities, Debt Maturities, Amortized Cost, Rolling Maturity [Abstract] | ||
Held-to-maturity Securities, Under 1 year | 0 | 0 |
Held-to-maturity Securities, 1-5 years | 0 | 0 |
Held-to-maturity Securities, 6-10 years | 0 | 0 |
Held-to-maturity Securities, Over 10 years | 7,037 | 7,981 |
Amortized Cost | 7,037 | 7,981 |
Held-to-maturity Securities, Debt Maturities, Fair Value, Rolling Maturity [Abstract] | ||
Fair Value, Under 1 year | 0 | 0 |
Fair Value, 1-5 years | 0 | 0 |
Fair Value, 6-10 years | 0 | 0 |
Fair Value, Over 10 Years | 6,913 | 7,594 |
Held-to-maturity Securities, Fair Value | $ 6,913 | $ 7,594 |
HELD-TO-MATURITY SECURITIES - S
HELD-TO-MATURITY SECURITIES - Schedule of Amortized Cost, Gross Unrealized Gains and Losses, & Fair Value (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Held-to-maturity Securities [Abstract] | ||
Amortized Cost | $ 6,159,590 | $ 3,379,905 |
Unrealized Gross Gains | 16,282 | 26,083 |
Unrealized Gross Losses | (40,414) | (23,273) |
Fair Value | 6,135,458 | 3,382,715 |
Federal agencies: Mortgage-backed | ||
Held-to-maturity Securities [Abstract] | ||
Amortized Cost | 5,532,501 | 3,161,361 |
Unrealized Gross Gains | 14,637 | 24,832 |
Unrealized Gross Losses | (37,504) | (21,736) |
Fair Value | 5,509,634 | 3,164,457 |
Federal agencies: Other agencies | ||
Held-to-maturity Securities [Abstract] | ||
Amortized Cost | 620,052 | 210,563 |
Unrealized Gross Gains | 1,645 | 1,251 |
Unrealized Gross Losses | (2,786) | (1,150) |
Fair Value | 618,911 | 210,664 |
Total U.S. Government backed agencies | ||
Held-to-maturity Securities [Abstract] | ||
Amortized Cost | 6,152,553 | 3,371,924 |
Unrealized Gross Gains | 16,282 | 26,083 |
Unrealized Gross Losses | (40,290) | (22,886) |
Fair Value | 6,128,545 | 3,375,121 |
Municipal securities | ||
Held-to-maturity Securities [Abstract] | ||
Amortized Cost | 7,037 | 7,981 |
Unrealized Gross Gains | 0 | 0 |
Unrealized Gross Losses | (124) | (387) |
Fair Value | $ 6,913 | $ 7,594 |
HELD-TO-MATURITY SECURITIES -81
HELD-TO-MATURITY SECURITIES - Schedule of Continuous Unrealized Loss Position (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value: | ||
Less Than Twelve Months, Fair Value | $ 4,118,300 | $ 752,484 |
Over Twelve Months, Fair Value | 533,432 | 693,757 |
Fair Value | 4,651,732 | 1,446,241 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Accumulated Loss: | ||
Less than 12 Months, Unrealized Losses | (28,107) | (6,135) |
Over 12 Months, Unrealized Losses | (12,307) | (17,138) |
Unrealized Losses | (40,414) | (23,273) |
Federal agencies: Mortgage-backed | ||
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value: | ||
Less Than Twelve Months, Fair Value | 3,692,890 | 707,934 |
Over Twelve Months, Fair Value | 519,872 | 622,026 |
Fair Value | 4,212,762 | 1,329,960 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Accumulated Loss: | ||
Less than 12 Months, Unrealized Losses | (25,418) | (5,550) |
Over 12 Months, Unrealized Losses | (12,086) | (16,186) |
Unrealized Losses | (37,504) | (21,736) |
Federal agencies: Other agencies | ||
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value: | ||
Less Than Twelve Months, Fair Value | 425,410 | 36,956 |
Over Twelve Months, Fair Value | 6,647 | 71,731 |
Fair Value | 432,057 | 108,687 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Accumulated Loss: | ||
Less than 12 Months, Unrealized Losses | (2,689) | (198) |
Over 12 Months, Unrealized Losses | (97) | (952) |
Unrealized Losses | (2,786) | (1,150) |
Total U.S. Government backed agencies | ||
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value: | ||
Less Than Twelve Months, Fair Value | 4,118,300 | 744,890 |
Over Twelve Months, Fair Value | 526,519 | 693,757 |
Fair Value | 4,644,819 | 1,438,647 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Accumulated Loss: | ||
Less than 12 Months, Unrealized Losses | (28,107) | (5,748) |
Over 12 Months, Unrealized Losses | (12,183) | (17,138) |
Unrealized Losses | (40,290) | (22,886) |
Municipal securities | ||
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value: | ||
Less Than Twelve Months, Fair Value | 0 | 7,594 |
Over Twelve Months, Fair Value | 6,913 | 0 |
Fair Value | 6,913 | 7,594 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Accumulated Loss: | ||
Less than 12 Months, Unrealized Losses | 0 | (387) |
Over 12 Months, Unrealized Losses | (124) | 0 |
Unrealized Losses | $ (124) | $ (387) |
LOAN SALES AND SECURITIZATION82
LOAN SALES AND SECURITIZATIONS - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||
Jun. 30, 2015 | Dec. 31, 2012 | Mar. 31, 2012 | Sep. 30, 2011 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items] | |||||||
Total of automobile loans transferred In securitization transaction | $ 800,000 | $ 1,000,000 | $ 1,300,000 | $ 1,000,000 | |||
Residential Mortgage | |||||||
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items] | |||||||
Servicing, late and other ancillary fees included in mortgage banking income | $ 47,000 | $ 44,000 | $ 44,000 | ||||
Amortization and impairment Included In Mortgage Banking Income | 27,000 | 24,000 | 29,000 | ||||
Unpaid principal balance of third party serviced loans | 16,200,000 | 15,600,000 | 15,200,000 | ||||
Pretax gains resulting from above loan sales | 83,148 | 57,590 | 102,935 | ||||
Automobile Loan | |||||||
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items] | |||||||
Servicing, late and other ancillary fees included in mortgage banking income | 5,000 | 8,000 | 10,000 | ||||
Unpaid principal balance of third party serviced loans | 900,000 | 800,000 | 1,600,000 | ||||
Pretax gains resulting from above loan sales | 5,000 | ||||||
Automobile Loan | 2015-1 Automobile Trust | |||||||
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items] | |||||||
Total of automobile loans transferred In securitization transaction | 750,000 | ||||||
Proceeds from new transfers | 780,000 | ||||||
Servicing asset additions resulting from securitizations | $ 11,000 | ||||||
Commercial | |||||||
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items] | |||||||
Servicing, late and other ancillary fees included in mortgage banking income | 8,000 | 7,000 | 6,000 | ||||
Unpaid principal balance of third party serviced loans | $ 1,000,000 | $ 900,000 | $ 900,000 |
LOAN SALES AND SECURITIZATION83
LOAN SALES AND SECURITIZATIONS - Residential Mortgage Portfolio (Details) - Residential Mortgage - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items] | |||
Residential mortgage loans sold with servicing retained | $ 3,322,723 | $ 2,330,060 | $ 3,221,239 |
Pretax gains resulting from above loan sales | $ 83,148 | $ 57,590 | $ 102,935 |
LOAN SALES AND SECURITIZATION84
LOAN SALES AND SECURITIZATIONS - Residential Mortgage Portfolio, MSRs Fair Value Method (Details) - Residential Mortgage - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Servicing Asset at Fair Value, Amount [Roll Forward] | ||
Fair value, beginning of year | $ 22,786 | $ 34,236 |
Time decay | (1,295) | (2,232) |
Payoffs | (3,031) | (5,814) |
Changes in valuation inputs or assumptions | (875) | (3,404) |
Fair value, end of year | $ 17,585 | $ 22,786 |
Sensitivity Analysis Fair Value Carrying Method | ||
Servicing Asset at Fair Value, Amount [Roll Forward] | ||
Weighted-average contractual life (years) | 4 years 7 months | 4 years 7 months |
LOAN SALES AND SECURITIZATION85
LOAN SALES AND SECURITIZATIONS - Residential Mortgage Portfolio, MSRs Amortization Method (Details) - Residential Mortgage - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Servicing Asset at Amortized Cost, Balance [Roll Forward] | ||
Carrying value, beginning of year | $ 132,812 | $ 128,064 |
New servicing assets created | 35,407 | 24,629 |
Servicing assets acquired | 0 | 3,505 |
Impairment recovery (charge) | (2,732) | (7,330) |
Amortization and other | (22,354) | (16,056) |
Carrying value, end of year | 143,133 | 132,812 |
Fair value, end of year | $ 143,435 | $ 133,049 |
Sensitivity Analysis Amortization Carrying Method | ||
Servicing Asset at Amortized Cost, Balance [Roll Forward] | ||
Weighted-average contractual life (years) | 5 years 11 months | 5 years 11 months |
LOAN SALES AND SECURITIZATION86
LOAN SALES AND SECURITIZATIONS - Residential Mortgage Portfolio, MSRs Fair Value Method Assumptions (Details) - Residential Mortgage - Sensitivity Analysis Fair Value Carrying Method - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Sensitivity Analysis of Fair Value of Interests Continued to be Held by Transferor, Servicing Assets or Liabilities, Impact of Adverse Change in Assumption [Line Items] | ||
Constant prepayment rate (annualized) | 14.70% | 15.60% |
Constant prepayment rate (annualized), Decline in fair value due to 10% adverse change | $ (864) | $ (1,176) |
Constant prepayment rate (annualized), Decline in fair value due to 20% adverse change | $ (1,653) | $ (2,248) |
Spread over forward interest rate swap rates | 5.00% | 5.00% |
Spread over forward interest rate swap rates, Decline in fair value due to 10% adverse change | $ (559) | $ (699) |
Spread over forward interest rate swap rates, Decline in fair value due to 20% adverse change | $ (1,083) | $ (1,355) |
LOAN SALES AND SECURITIZATION87
LOAN SALES AND SECURITIZATIONS - Residential Mortgage Portfolio, MSRs Amortization Method Assumptions (Details) - Sensitivity Analysis Amortization Carrying Method - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Automobile Loan | ||
Sensitivity Analysis of Fair Value of Interests Continued to be Held by Transferor, Servicing Assets or Liabilities, Impact of Adverse Change in Assumption [Line Items] | ||
Constant prepayment rate (annualized) | 18.36% | 14.62% |
Constant prepayment rate (annualized), Decline in fair value due to 10% adverse change | $ (500) | $ (305) |
Constant prepayment rate (annualized), Decline in fair value due to 20% adverse change | $ (895) | $ (496) |
Spread over forward interest rate swap rates | 5.00% | 5.00% |
Spread over forward interest rate swap rates, Decline in fair value due to 10% adverse change | $ (10) | $ (2) |
Spread over forward interest rate swap rates, Decline in fair value due to 20% adverse change | $ (19) | $ (4) |
Residential Mortgage | ||
Sensitivity Analysis of Fair Value of Interests Continued to be Held by Transferor, Servicing Assets or Liabilities, Impact of Adverse Change in Assumption [Line Items] | ||
Constant prepayment rate (annualized) | 11.10% | 11.40% |
Constant prepayment rate (annualized), Decline in fair value due to 10% adverse change | $ (5,543) | $ (5,289) |
Constant prepayment rate (annualized), Decline in fair value due to 20% adverse change | $ (10,648) | $ (10,164) |
Spread over forward interest rate swap rates | 9.00% | 9.00% |
Spread over forward interest rate swap rates, Decline in fair value due to 10% adverse change | $ (4,662) | $ (4,343) |
Spread over forward interest rate swap rates, Decline in fair value due to 20% adverse change | $ (9,017) | $ (8,403) |
LOAN SALES AND SECURITIZATION88
LOAN SALES AND SECURITIZATIONS LOAN SALES AND SECURITIZATIONS - Automobile Loans (Details) - Automobile Loan - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items] | |||
Automobile loans securitized with servicing retained | $ 750,000 | $ 0 | $ 0 |
Pretax gains resulting from above loan sales | $ 5,333 | $ 0 | $ 0 |
LOAN SALES AND SECURITIZATION89
LOAN SALES AND SECURITIZATIONS - Automobile Loans, MSRs Amortization Method (Details) - Automobile Loan - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Servicing Asset at Amortized Cost, Balance [Roll Forward] | ||
Carrying value, beginning of year | $ 6,898 | $ 17,672 |
New servicing assets created | 11,180 | 0 |
Amortization and other | (9,307) | (10,774) |
Carrying value, end of year | 8,771 | 6,898 |
Fair value, end of year | $ 9,127 | $ 6,948 |
Sensitivity Analysis Amortization Carrying Method | ||
Servicing Asset at Amortized Cost, Balance [Roll Forward] | ||
Weighted-average contractual life (years) | 3 years 2 months | 2 years 7 months |
LOAN SALES AND SECURITIZATION90
LOAN SALES AND SECURITIZATIONS - Automobile Loans, MSRs Amortization Method Assumptions (Details) - Automobile Loan - Sensitivity Analysis Amortization Carrying Method - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Sensitivity Analysis of Fair Value of Interests Continued to be Held by Transferor, Servicing Assets or Liabilities, Impact of Adverse Change in Assumption [Line Items] | ||
Constant prepayment rate (annualized) | 18.36% | 14.62% |
Constant prepayment rate (annualized), Decline in fair value due to 10% adverse change | $ (500) | $ (305) |
Constant prepayment rate (annualized), Decline in fair value due to 20% adverse change | $ (895) | $ (496) |
Spread over forward interest rate swap rates | 5.00% | 5.00% |
Spread over forward interest rate swap rates, Decline in fair value due to 10% adverse change | $ (10) | $ (2) |
Spread over forward interest rate swap rates, Decline in fair value due to 20% adverse change | $ (19) | $ (4) |
LOAN SALES AND SECURITIZATION91
LOAN SALES AND SECURITIZATIONS - Small Business Association Portfolio (Details) - Commercial - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items] | |||
Residential mortgage loans sold with servicing retained | $ 232,848 | $ 214,760 | $ 178,874 |
Pretax gains resulting from above loan sales | $ 18,626 | $ 24,579 | $ 19,556 |
LOAN SALES AND SECURITIZATION92
LOAN SALES AND SECURITIZATIONS - Small Business Association, MSRs Amortization Method (Details) - Commercial - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Servicing Asset at Amortized Cost, Balance [Roll Forward] | ||
Carrying value, beginning of year | $ 18,536 | $ 16,865 |
New servicing assets created | 8,012 | 7,269 |
Amortization and other | (6,801) | (5,598) |
Carrying value, end of year | 19,747 | 18,536 |
Fair value, end of year | $ 22,649 | $ 20,495 |
Sensitivity Analysis Amortization Carrying Method | ||
Servicing Asset at Amortized Cost, Balance [Roll Forward] | ||
Weighted-average contractual life (years) | 3 years 3 months | 3 years 6 months |
LOAN SALES AND SECURITIZATION93
LOAN SALES AND SECURITIZATIONS - Small Business Association, MSRs Amortization Method Assumptions (Details) - Commercial - Sensitivity Analysis Amortization Carrying Method - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Sensitivity Analysis of Fair Value of Interests Continued to be Held by Transferor, Servicing Assets or Liabilities, Impact of Adverse Change in Assumption [Line Items] | ||
Constant prepayment rate (annualized) | 7.60% | 5.60% |
Constant prepayment rate (annualized), Decline in fair value due to 10% adverse change | $ (313) | $ (211) |
Constant prepayment rate (annualized), Decline in fair value due to 20% adverse change | $ (622) | $ (419) |
Spread over forward interest rate swap rates | 15.00% | 15.00% |
Spread over forward interest rate swap rates, Decline in fair value due to 10% adverse change | $ (610) | $ (563) |
Spread over forward interest rate swap rates, Decline in fair value due to 20% adverse change | $ (1,194) | $ (1,102) |
GOODWILL AND OTHER INTANGIBLE94
GOODWILL AND OTHER INTANGIBLE ASSETS - Schedule of Goodwill (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Goodwill by business segment | |||
Beginning Balance | $ 522,541 | $ 444,268 | |
Goodwill acquired during the period | 155,828 | 81,273 | |
Adjustments | (1,500) | 0 | |
Impairment | 0 | (3,000) | $ 0 |
Ending Balance | 676,869 | 522,541 | 444,268 |
Operating Segments | Retail & Business Banking | |||
Goodwill by business segment | |||
Beginning Balance | 368,097 | 286,824 | |
Goodwill acquired during the period | 0 | 81,273 | |
Adjustments | 0 | 0 | |
Impairment | 0 | 0 | |
Ending Balance | 368,097 | 368,097 | 286,824 |
Operating Segments | Commercial Banking | |||
Goodwill by business segment | |||
Beginning Balance | 59,594 | 22,108 | |
Goodwill acquired during the period | 155,828 | 0 | |
Adjustments | 0 | 37,486 | |
Impairment | 0 | 0 | |
Ending Balance | 215,422 | 59,594 | 22,108 |
Operating Segments | AFCRE | |||
Goodwill by business segment | |||
Beginning Balance | 0 | 0 | |
Goodwill acquired during the period | 0 | 0 | |
Adjustments | 0 | 0 | |
Impairment | 0 | 0 | |
Ending Balance | 0 | 0 | 0 |
Operating Segments | RBHPCG | |||
Goodwill by business segment | |||
Beginning Balance | 90,012 | 93,012 | |
Goodwill acquired during the period | 0 | 0 | |
Adjustments | (1,500) | (3,000) | |
Impairment | 0 | 0 | |
Ending Balance | 88,512 | 90,012 | 93,012 |
Operating Segments | Home Lending | |||
Goodwill by business segment | |||
Beginning Balance | 0 | 0 | |
Goodwill acquired during the period | 0 | 0 | |
Adjustments | 0 | 3,000 | |
Impairment | 0 | (3,000) | |
Ending Balance | 0 | 0 | 0 |
Treasury / Other | |||
Goodwill by business segment | |||
Beginning Balance | 4,838 | 42,324 | |
Goodwill acquired during the period | 0 | 0 | |
Adjustments | 0 | (37,486) | |
Impairment | 0 | 0 | |
Ending Balance | $ 4,838 | $ 4,838 | $ 42,324 |
GOODWILL AND OTHER INTANGIBLE95
GOODWILL AND OTHER INTANGIBLE ASSETS - Schedule of Other Intangible Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Finite-Lived Intangible Assets [Line Items] | ||
Total other intangible assets, gross carrying amount | $ 541,316 | $ 533,142 |
Total other intangible assets, accumulated amortization | (486,338) | (458,471) |
Total other intangible assets, net of carrying value | 54,978 | 74,671 |
Core deposit intangible | ||
Finite-Lived Intangible Assets [Line Items] | ||
Total other intangible assets, gross carrying amount | 400,058 | 400,058 |
Total other intangible assets, accumulated amortization | (384,606) | (366,907) |
Total other intangible assets, net of carrying value | 15,452 | 33,151 |
Customer relationship | ||
Finite-Lived Intangible Assets [Line Items] | ||
Total other intangible assets, gross carrying amount | 116,094 | 107,920 |
Total other intangible assets, accumulated amortization | (76,656) | (66,534) |
Total other intangible assets, net of carrying value | 39,438 | 41,386 |
Other | ||
Finite-Lived Intangible Assets [Line Items] | ||
Total other intangible assets, gross carrying amount | 25,164 | 25,164 |
Total other intangible assets, accumulated amortization | (25,076) | (25,030) |
Total other intangible assets, net of carrying value | $ 88 | $ 134 |
GOODWILL AND OTHER INTANGIBLE96
GOODWILL AND OTHER INTANGIBLE ASSETS - Future Amortization of Intangible Assets (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2,016 | $ 14,290 |
2,017 | 12,908 |
2,018 | 11,135 |
2,019 | 9,825 |
2,020 | $ 3,076 |
GOODWILL AND OTHER INTANGIBLE97
GOODWILL AND OTHER INTANGIBLE ASSETS - Narrative (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015USD ($)segments | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Mar. 31, 2015USD ($) | |
Business Acquisition [Line Items] | ||||
Number of reporting segments | segments | 5 | |||
Goodwill | $ 676,869 | $ 522,541 | $ 444,268 | |
Other intangible assets | 54,978 | 74,671 | ||
Goodwill acquired during the period | 155,828 | 81,273 | ||
Impairment of goodwill | 0 | 3,000 | 0 | |
Macquarie Equipment Finance, Inc | ||||
Business Acquisition [Line Items] | ||||
Goodwill | $ 156,000 | |||
Other intangible assets | $ 8,000 | |||
Bank of America Branches | ||||
Business Acquisition [Line Items] | ||||
Goodwill acquired during the period | 17,000 | |||
Camco Financial | ||||
Business Acquisition [Line Items] | ||||
Goodwill acquired during the period | 64,000 | |||
Operating Segments | Home Lending | ||||
Business Acquisition [Line Items] | ||||
Goodwill | 0 | 0 | $ 0 | |
Goodwill acquired during the period | 0 | 0 | ||
Impairment of goodwill | $ 0 | $ 3,000 |
PREMISES AND EQUIPMENT (Details
PREMISES AND EQUIPMENT (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Property, Plant and Equipment, Net, by Type [Abstract] | |||
Premises and equipment, gross | $ 1,401,368 | $ 1,367,513 | |
Less accumulated depreciation and amortization | (780,828) | (751,106) | |
Net premises and equipment | 620,540 | 616,407 | |
Property Plant and Equipment Income Statement Disclosures [Abstract] | |||
Total depreciation and amortization of premises and equipment | 85,805 | 82,296 | $ 78,601 |
Rental income credited to occupancy expense | 12,563 | 11,556 | $ 12,542 |
Land and land improvements | |||
Property, Plant and Equipment, Net, by Type [Abstract] | |||
Premises and equipment, gross | 140,414 | 137,702 | |
Buildings | |||
Property, Plant and Equipment, Net, by Type [Abstract] | |||
Premises and equipment, gross | 366,963 | 367,225 | |
Leasehold improvements | |||
Property, Plant and Equipment, Net, by Type [Abstract] | |||
Premises and equipment, gross | 246,222 | 235,279 | |
Equipment | |||
Property, Plant and Equipment, Net, by Type [Abstract] | |||
Premises and equipment, gross | $ 647,769 | $ 627,307 |
SHORT-TERM BORROWINGS (Details)
SHORT-TERM BORROWINGS (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Short-term Debt [Line Items] | ||
Total short-term borrowings | $ 615,279 | $ 2,397,101 |
Federal funds purchased and securities sold under agreements to repurchase | ||
Short-term Debt [Line Items] | ||
Total short-term borrowings | 601,272 | 1,058,096 |
Federal Home Loan Bank advances | ||
Short-term Debt [Line Items] | ||
Total short-term borrowings | 0 | 1,325,000 |
Other borrowings | ||
Short-term Debt [Line Items] | ||
Total short-term borrowings | $ 14,007 | $ 14,005 |
LONG-TERM DEBT - Schedule of Lo
LONG-TERM DEBT - Schedule of Long-Term Debt (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Debt Instrument [Line Items] | ||
Long-term borrowings | $ 7,067,614 | $ 4,335,962 |
Subordinated Notes | ||
Debt Instrument [Line Items] | ||
Long-term borrowings | 5,561,529 | 2,466,665 |
Subordinated Notes | 6.67% subordinated notes due 2018 | ||
Debt Instrument [Line Items] | ||
Long-term borrowings | $ 136,237 | 140,115 |
Stated rate | 6.67% | |
Subordinated Notes | 5.59% subordinated notes due 2016 | ||
Debt Instrument [Line Items] | ||
Long-term borrowings | $ 103,357 | 105,731 |
Stated rate | 5.59% | |
Subordinated Notes | 5.45% subordinated notes due 2019 | ||
Debt Instrument [Line Items] | ||
Long-term borrowings | $ 83,833 | 85,783 |
Stated rate | 5.45% | |
Senior Notes | 2.24% Huntington National Bank senior note due 2018 | ||
Debt Instrument [Line Items] | ||
Long-term borrowings | $ 845,016 | 0 |
Stated rate | 2.24% | |
Senior Notes | 2.10% Huntington National Bank senior note due 2018 | ||
Debt Instrument [Line Items] | ||
Long-term borrowings | $ 750,035 | 0 |
Stated rate | 2.10% | |
Senior Notes | 1.75% Huntington National Bank senior note due 2018 | ||
Debt Instrument [Line Items] | ||
Long-term borrowings | $ 502,822 | 0 |
Stated rate | 1.75% | |
Senior Notes | 2.23% Huntington National Bank senior note due 2017 | ||
Debt Instrument [Line Items] | ||
Long-term borrowings | $ 502,549 | 499,759 |
Stated rate | 2.23% | |
Senior Notes | 2.43% Huntington National Bank senior note due 2020 | ||
Debt Instrument [Line Items] | ||
Long-term borrowings | $ 500,646 | 0 |
Stated rate | 2.43% | |
Senior Notes | 2.97% Huntington National Bank senior note due 2020 | ||
Debt Instrument [Line Items] | ||
Long-term borrowings | $ 500,489 | 0 |
Stated rate | 2.97% | |
Senior Notes | 1.43% Huntington National Bank senior note due 2019 | ||
Debt Instrument [Line Items] | ||
Long-term borrowings | $ 500,292 | 499,760 |
Stated rate | 1.43% | |
Senior Notes | 1.31% Huntington National Bank senior note due 2016 | ||
Debt Instrument [Line Items] | ||
Long-term borrowings | $ 498,925 | 497,477 |
Stated rate | 1.31% | |
Senior Notes | 1.40% Huntington National Bank senior note due 2016 | ||
Debt Instrument [Line Items] | ||
Long-term borrowings | $ 349,793 | 349,499 |
Stated rate | 1.40% | |
Senior Notes | 0.74% Huntington National Bank senior note due 2017 | ||
Debt Instrument [Line Items] | ||
Long-term borrowings | $ 250,000 | 250,000 |
Effective rate | 0.74% | |
Senior Notes | 5.04% Huntington National Bank medium-term notes due 2018 | ||
Debt Instrument [Line Items] | ||
Long-term borrowings | $ 37,535 | 38,541 |
Stated rate | 5.04% | |
Senior Notes | Three-month LIBOR | 0.74% Huntington National Bank senior note due 2017 | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 0.425% | |
Federal Home Loan Bank advances | ||
Debt Instrument [Line Items] | ||
Long-term borrowings | $ 7,802 | 758,052 |
Other borrowings | ||
Debt Instrument [Line Items] | ||
Long-term borrowings | $ 452,448 | 65,141 |
Other borrowings | FHLB advances | ||
Debt Instrument [Line Items] | ||
Effective rate | 3.46% | |
Other borrowings | Huntington Technology Finance nonrecourse debt, 4.21% effective interest rate, varying maturities | ||
Debt Instrument [Line Items] | ||
Long-term borrowings | $ 301,577 | 0 |
Effective rate | 4.21% | |
Other borrowings | Huntington Technology Finance ABS Trust 2014 1.35% due 2020 | ||
Debt Instrument [Line Items] | ||
Long-term borrowings | $ 123,577 | 0 |
Stated rate | 1.35% | |
Other borrowings | Huntington Technology Finance ABS Trust 2012 1.79% due 2017 | ||
Debt Instrument [Line Items] | ||
Long-term borrowings | $ 27,153 | 0 |
Stated rate | 1.79% | |
Other borrowings | Other | ||
Debt Instrument [Line Items] | ||
Long-term borrowings | $ 141 | 65,141 |
Parent Company | ||
Debt Instrument [Line Items] | ||
Long-term borrowings | 1,045,835 | 1,046,104 |
Parent Company | Subordinated Notes | Fixed 7.00% subordinated notes due 2020 | ||
Debt Instrument [Line Items] | ||
Long-term borrowings | $ 328,185 | 330,105 |
Stated rate | 7.00% | |
Parent Company | Subordinated Notes | Huntington Capital I Trust Preferred 1.03% junior subordinated debentures due 2027 | ||
Debt Instrument [Line Items] | ||
Long-term borrowings | $ 111,816 | 111,816 |
Effective rate | 1.03% | |
Parent Company | Subordinated Notes | Sky Financial Capital Trust IV 1.73% Junior Subordinated Debentures Due 2036 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term borrowings | $ 74,320 | 74,320 |
Effective rate | 1.73% | |
Parent Company | Subordinated Notes | Sky Financial Capital Trust III 2.01% junior subordinated debentures due 2036 | ||
Debt Instrument [Line Items] | ||
Long-term borrowings | $ 72,165 | 72,165 |
Effective rate | 2.01% | |
Parent Company | Subordinated Notes | Huntington Capital II Trust Preferred 1.14% junior subordinated debentures due 2028 | ||
Debt Instrument [Line Items] | ||
Long-term borrowings | $ 54,593 | 54,593 |
Effective rate | 1.14% | |
Parent Company | Subordinated Notes | Camco Statutory Trust I 2.95% due 2037 | ||
Debt Instrument [Line Items] | ||
Long-term borrowings | $ 4,212 | 4,181 |
Effective rate | 2.95% | |
Parent Company | Subordinated Notes | Three-month LIBOR | Huntington Capital I Trust Preferred 1.03% junior subordinated debentures due 2027 | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 0.70% | |
Parent Company | Subordinated Notes | Three-month LIBOR | Sky Financial Capital Trust IV 1.73% Junior Subordinated Debentures Due 2036 [Member] | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 1.40% | |
Parent Company | Subordinated Notes | Three-month LIBOR | Sky Financial Capital Trust III 2.01% junior subordinated debentures due 2036 | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 1.40% | |
Parent Company | Subordinated Notes | Three-month LIBOR | Huntington Capital II Trust Preferred 1.14% junior subordinated debentures due 2028 | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 0.625% | |
Parent Company | Subordinated Notes | Three-month LIBOR | Camco Statutory Trust I 2.95% due 2037 | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 1.33% | |
Parent Company | Senior Notes | 2.64% Huntington Bancshares Incorporated senior note due 2018 | ||
Debt Instrument [Line Items] | ||
Long-term borrowings | $ 400,544 | $ 398,924 |
Stated rate | 2.64% |
LONG-TERM DEBT - Maturities (De
LONG-TERM DEBT - Maturities (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Long-term Debt, Fiscal Year Maturity [Abstract] | |
2,016 | $ 1,097,104 |
2,017 | 846,815 |
2,018 | 2,771,818 |
2,019 | 619,404 |
2,020 | 1,353,995 |
Thereafter | 332,565 |
Long-term Debt, Gross | 7,021,701 |
Parent Company | Senior Notes | |
Long-term Debt, Fiscal Year Maturity [Abstract] | |
2,016 | 0 |
2,017 | 0 |
2,018 | 400,000 |
2,019 | 0 |
2,020 | 0 |
Thereafter | 0 |
Long-term Debt, Gross | 400,000 |
Parent Company | Subordinated Notes | |
Long-term Debt, Fiscal Year Maturity [Abstract] | |
2,016 | 0 |
2,017 | 0 |
2,018 | 0 |
2,019 | 0 |
2,020 | 300,000 |
Thereafter | 318,049 |
Long-term Debt, Gross | 618,049 |
Bank | Senior Notes | |
Long-term Debt, Fiscal Year Maturity [Abstract] | |
2,016 | 850,000 |
2,017 | 750,000 |
2,018 | 2,135,000 |
2,019 | 500,000 |
2,020 | 1,000,000 |
Thereafter | 0 |
Long-term Debt, Gross | 5,235,000 |
Bank | Subordinated Notes | |
Long-term Debt, Fiscal Year Maturity [Abstract] | |
2,016 | 103,009 |
2,017 | 0 |
2,018 | 125,539 |
2,019 | 75,716 |
2,020 | 0 |
Thereafter | 0 |
Long-term Debt, Gross | 304,264 |
Bank | Federal Home Loan Bank advances | |
Long-term Debt, Fiscal Year Maturity [Abstract] | |
2,016 | 0 |
2,017 | 100 |
2,018 | 1,163 |
2,019 | 348 |
2,020 | 2,458 |
Thereafter | 3,921 |
Long-term Debt, Gross | 7,990 |
Bank | Other borrowings | |
Long-term Debt, Fiscal Year Maturity [Abstract] | |
2,016 | 144,095 |
2,017 | 96,715 |
2,018 | 110,116 |
2,019 | 43,340 |
2,020 | 51,537 |
Thereafter | 10,595 |
Long-term Debt, Gross | $ 456,398 |
LONG-TERM DEBT - Narrative (Det
LONG-TERM DEBT - Narrative (Details) | Mar. 31, 2015USD ($)securitization | Nov. 30, 2015USD ($) | Feb. 28, 2015USD ($) | Apr. 30, 2014USD ($) | Feb. 28, 2014USD ($) | Dec. 31, 2015USD ($) | Aug. 31, 2015USD ($) | Jun. 30, 2015USD ($) | Dec. 31, 2014USD ($) |
Debt Instrument [Line Items] | |||||||||
Long-term debt | $ 7,067,614,000 | $ 4,335,962,000 | |||||||
Senior Notes | Senior Notes Due April 1, 2019 | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt face amount | $ 500,000,000 | ||||||||
Debt percent of value issued | 99.842% | ||||||||
Other borrowings | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term debt | $ 452,448,000 | $ 65,141,000 | |||||||
Other borrowings | HTF Non-recourse Debt, Effective Rate 3.20% | |||||||||
Debt Instrument [Line Items] | |||||||||
Effective rate | 3.20% | ||||||||
Long-term debt | $ 293,400,000 | ||||||||
Other borrowings | HTF Non-recourse Debt, Effective Rate 1.70% | |||||||||
Debt Instrument [Line Items] | |||||||||
Effective rate | 1.70% | ||||||||
Long-term debt | $ 255,000,000 | ||||||||
Debt assumed number of securitizations | securitization | 2 | ||||||||
Bank | Senior Notes | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt percent of value issued | 99.87% | ||||||||
Bank | Senior Notes | Senior Notes Due November 6, 2018 | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt face amount | $ 850,000,000 | ||||||||
Debt percent of value issued | 99.88% | ||||||||
Stated rate | 2.20% | ||||||||
Bank | Senior Notes | Senior Notes Due November 6, 2018 | One month prior to maturity date | |||||||||
Debt Instrument [Line Items] | |||||||||
Redemption price percentage | 100.00% | ||||||||
Bank | Senior Notes | Senior Notes Due August 20, 2020 | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt face amount | $ 500,000,000 | ||||||||
Debt percent of value issued | 99.58% | ||||||||
Stated rate | 2.88% | ||||||||
Bank | Senior Notes | Senior Notes Due June 30, 2018 | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt face amount | $ 750,000,000 | ||||||||
Debt percent of value issued | 99.71% | ||||||||
Stated rate | 2.00% | ||||||||
Bank | Senior Notes | Senior Notes Due February 2018 | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt face amount | $ 500,000,000 | ||||||||
Debt percent of value issued | 99.86% | ||||||||
Effective rate | 1.70% | ||||||||
Bank | Senior Notes | Senior Notes Due February 2018 | One month prior to maturity date | |||||||||
Debt Instrument [Line Items] | |||||||||
Redemption price percentage | 100.00% | ||||||||
Bank | Senior Notes | Senior Notes Due April 1, 2020 | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt face amount | $ 500,000,000 | ||||||||
Stated rate | 2.40% | ||||||||
Redemption price percentage | 100.00% | ||||||||
Bank | Senior Notes | Senior Notes Due April 24, 2017, Fixed Rate | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt face amount | $ 500,000,000 | ||||||||
Debt percent of value issued | 99.842% | ||||||||
Effective rate | 1.375% | ||||||||
Bank | Senior Notes | Senior Notes Due April 24, 2017, Fixed Rate | One month prior to maturity date | |||||||||
Debt Instrument [Line Items] | |||||||||
Redemption price percentage | 100.00% | ||||||||
Bank | Senior Notes | Senior Notes Due April 24, 2017, Variable Rate | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt face amount | $ 250,000,000 | ||||||||
Debt percent of value issued | 100.00% | ||||||||
Bank | Senior Notes | Senior Notes Due April 24, 2017, Variable Rate | One month prior to maturity date | |||||||||
Debt Instrument [Line Items] | |||||||||
Redemption price percentage | 100.00% | ||||||||
Bank | Senior Notes | Senior Notes Due April 24, 2017, Variable Rate | Three-month LIBOR | |||||||||
Debt Instrument [Line Items] | |||||||||
Basis spread on variable rate | 0.425% | ||||||||
Bank | Senior Notes | Senior Notes Due April 1, 2019 | |||||||||
Debt Instrument [Line Items] | |||||||||
Stated rate | 2.20% | ||||||||
Redemption price percentage | 100.00% |
OTHER COMPREHENSIVE INCOME - Ac
OTHER COMPREHENSIVE INCOME - Activity/Roll Forward (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Pretax | |||
Noncredit-related impairment recoveries (losses) on debt securities not expected to be sold | $ 19,606 | $ 13,583 | $ 235 |
Unrealized gains (losses) on derivatives used in cash flow hedging relationships arising during the period | 12,966 | 14,141 | (86,240) |
Less: Reclassification adjustment for net (gains) losses included in net income | (220) | (3,971) | (15,188) |
Net change in unrealized gains (losses) on derivatives used in cash flow hedging relationships | 12,746 | 10,170 | (101,428) |
Net change in pension and other post-retirement obligations | 136,452 | ||
Defined benefit pension items | (13,106) | ||
Net change in pension and post-retirement obligations | (7,795) | (106,857) | 123,346 |
Total other comprehensive income (loss), pretax | (5,839) | (11,750) | (97,404) |
Tax (Expense) Benefit | |||
Noncredit-related impairment recoveries (losses) on debt securities not expected to be sold | (6,933) | (4,803) | (82) |
Unrealized gains (losses) on derivatives used in cash flow hedging relationships arising during the period | (4,538) | (4,949) | 30,184 |
Less: Reclassification adjustment for net (gains) losses included in net income | 77 | 1,390 | 5,316 |
Net change in unrealized gains (losses) on derivatives used in cash flow hedging relationships | (4,461) | (3,559) | 35,500 |
Re-measurement obligation | (47,758) | ||
Defined benefit pension items | 4,588 | ||
Net change in pension and other post-retirement obligations | 2,728 | 37,400 | (43,170) |
Total other comprehensive income (loss) | 1,973 | 3,467 | 34,212 |
After-tax | |||
Noncredit-related impairment recoveries (losses) on debt securities not expected to be sold | 12,673 | 8,780 | 153 |
Net change in unrealized holding gains (losses) on available-for-sale debt/equity securities | (19,757) | 45,783 | (77,593) |
Unrealized gains and losses on derivatives used in cash flow hedging relationships arising during the period | 8,428 | 9,192 | (56,056) |
Less: Reclassification adjustment for net losses (gains) losses included in net income | (143) | (2,581) | (9,872) |
Net change in unrealized gains (losses) on derivatives used in cash flow hedging relationships | 8,285 | 6,611 | (65,928) |
Re-measurement obligation | 88,694 | ||
Defined benefit pension items | (8,518) | ||
Net change in pension and post-retirement obligations | (5,067) | (69,457) | 80,176 |
Other comprehensive income (loss), net of tax | (3,866) | (8,283) | (63,192) |
Equity securities | |||
Pretax | |||
Net change in unrealized holding gains (losses) on available-for-sale debt/equity securities | (474) | 295 | 151 |
Tax (Expense) Benefit | |||
Net change in unrealized holding gains (losses) on available-for-sale debt/equity securities | 166 | (103) | (53) |
After-tax | |||
Net change in unrealized holding gains (losses) on available-for-sale debt/equity securities | (308) | 192 | 98 |
Debt securities | |||
Pretax | |||
Unrealized holding gains (losses) on available-for-sale debt securities arising during the period | (26,021) | 86,618 | (125,919) |
Less: Reclassification adjustment for net losses (gains) included in net income | (3,901) | (15,559) | 6,211 |
Net change in unrealized holding gains (losses) on available-for-sale debt/equity securities | (10,316) | 84,642 | (119,473) |
Tax (Expense) Benefit | |||
Unrealized holding gains (losses) on available-for-sale debt securities arising during the period | 9,108 | (30,914) | 44,191 |
Less: Reclassification adjustment for net losses (gains) included in net income | 1,365 | 5,446 | (2,174) |
Net change in unrealized holding gains (losses) on available-for-sale debt/equity securities | 3,540 | (30,271) | 41,935 |
After-tax | |||
Unrealized holding gains (losses) on available-for-sale debt securities arising during the period | (16,913) | 55,704 | (81,728) |
Less: Reclassification adjustment for net gains (losses) included in net income | (2,536) | (10,113) | 4,037 |
Net change in unrealized holding gains (losses) on available-for-sale debt/equity securities | $ (6,776) | $ 54,371 | $ (77,538) |
OTHER COMPREHENSIVE INCOME - AO
OTHER COMPREHENSIVE INCOME - AOCI Roll Forward (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance | $ 6,328,170 | $ 6,090,153 | $ 5,778,500 |
Other comprehensive income before reclassifications | 3,880 | 73,868 | |
Amounts reclassified from accumulated OCI to earnings | (7,746) | (82,151) | |
Period change | (3,866) | (8,283) | |
Ending balance | 6,594,606 | 6,328,170 | 6,090,153 |
AOCI attributable to parent | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance | (222,292) | (214,009) | (150,817) |
Ending balance | (226,158) | (222,292) | (214,009) |
Unrealized gains and (losses) on securities | Debt securities | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance | 15,137 | (39,234) | |
Other comprehensive income before reclassifications | (4,240) | 64,484 | |
Amounts reclassified from accumulated OCI to earnings | (2,536) | (10,113) | |
Period change | (6,776) | 54,371 | |
Ending balance | 8,361 | 15,137 | (39,234) |
Unrealized gains and (losses) on securities | Equity securities | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance | 484 | 292 | |
Other comprehensive income before reclassifications | (308) | 192 | |
Amounts reclassified from accumulated OCI to earnings | 0 | 0 | |
Period change | (308) | 192 | |
Ending balance | 176 | 484 | 292 |
Unrealized gains and (losses) on cash flow hedging derivatives | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance | (12,233) | (18,844) | |
Other comprehensive income before reclassifications | 8,428 | 9,192 | |
Amounts reclassified from accumulated OCI to earnings | (143) | (2,581) | |
Period change | 8,285 | 6,611 | |
Ending balance | (3,948) | (12,233) | (18,844) |
Unrealized gains (losses) for pension and other post- retirement obligations | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance | (225,680) | (156,223) | |
Other comprehensive income before reclassifications | 0 | 0 | |
Amounts reclassified from accumulated OCI to earnings | (5,067) | (69,457) | |
Period change | (5,067) | (69,457) | |
Ending balance | (230,747) | (225,680) | $ (156,223) |
Reclassification out of Accumulated Other Comprehensive Income | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Transferred from AFS to HTM | 9,000 | ||
Reclassification out of Accumulated Other Comprehensive Income | Unrealized gains and (losses) on securities | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Amounts reclassified from accumulated OCI to earnings | (2,536) | (10,113) | |
Reclassification out of Accumulated Other Comprehensive Income | Unrealized gains and (losses) on cash flow hedging derivatives | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Amounts reclassified from accumulated OCI to earnings | (143) | (2,581) | |
Reclassification out of Accumulated Other Comprehensive Income | Unrealized gains (losses) for pension and other post- retirement obligations | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Amounts reclassified from accumulated OCI to earnings | $ (5,067) | $ (69,457) |
OTHER COMPREHENSIVE INCOME - Re
OTHER COMPREHENSIVE INCOME - Reclassifications (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Interest income—held-to-maturity securities—taxable | $ 86,614 | $ 88,724 | $ 50,214 | |
Noninterest income—net gains (losses) on sale of securities, realized gain (loss) on sale | 3,184 | 17,554 | 2,220 | |
Noninterest income—net gains (losses) on sale of securities, OTTI | $ 0 | (2,440) | 0 | (1,802) |
Interest income - loans and leases | 1,759,525 | 1,674,563 | 1,629,939 | |
Noninterest income - other income | 132,714 | 126,004 | 138,825 | |
Noninterest expense—personnel costs | 1,122,182 | 1,048,775 | $ 1,001,637 | |
Net of tax | 7,746 | 82,151 | ||
Unrealized gains and (losses) on cash flow hedging derivatives | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Net of tax | 143 | 2,581 | ||
Unrealized gains (losses) for pension and other post- retirement obligations | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Net of tax | 5,067 | 69,457 | ||
Reclassification out of Accumulated Other Comprehensive Income | Unrealized gains and (losses) on securities | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Interest income—held-to-maturity securities—taxable | (144) | 597 | ||
Noninterest income—net gains (losses) on sale of securities, realized gain (loss) on sale | 6,485 | 14,962 | ||
Noninterest income—net gains (losses) on sale of securities, OTTI | (2,440) | 0 | ||
Total before tax | 3,901 | 15,559 | ||
Tax (expense) benefit | (1,365) | (5,446) | ||
Net of tax | 2,536 | 10,113 | ||
Reclassification out of Accumulated Other Comprehensive Income | Unrealized gains and (losses) on cash flow hedging derivatives | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Total before tax | 220 | 3,971 | ||
Tax (expense) benefit | (77) | (1,390) | ||
Net of tax | 143 | 2,581 | ||
Reclassification out of Accumulated Other Comprehensive Income | Unrealized gains and (losses) on cash flow hedging derivatives | Interest Rate Contract | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Interest income - loans and leases | 210 | 4,064 | ||
Noninterest income - other income | 10 | (93) | ||
Reclassification out of Accumulated Other Comprehensive Income | Unrealized gains (losses) for pension and other post- retirement obligations | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Total before tax | 7,795 | 106,857 | ||
Tax (expense) benefit | (2,728) | (37,400) | ||
Net of tax | 5,067 | 69,457 | ||
Reclassification out of Accumulated Other Comprehensive Income | Actuarial gains (losses) | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Noninterest expense—personnel costs | 5,827 | 106,857 | ||
Reclassification out of Accumulated Other Comprehensive Income | Net periodic benefit costs | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Noninterest expense—personnel costs | $ 1,968 | $ 0 |
SHAREHOLDERS' EQUITY - Preferre
SHAREHOLDERS' EQUITY - Preferred Stock Issued and Outstanding (Details) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2015$ / sharesshares | Dec. 31, 2015$ / shares | Dec. 31, 2014$ / shares | Dec. 31, 2011USD ($)$ / shares | Dec. 31, 2008day$ / sharesshares | |
Class of Stock [Line Items] | |||||
Shares exchanged | $ | $ 36 | ||||
Series A Preferred Stock | |||||
Class of Stock [Line Items] | |||||
Stock issued (in shares) | shares | 569,000 | ||||
Preferred stock, dividend percentage | 8.50% | 8.50% | 8.50% | ||
Preferred stock, liquidation preference per share (in dollars per share) | $ / shares | $ 1,000 | $ 1,000 | $ 1,000 | $ 1,000 | |
Number of shares issued for each share of convertible preferred stock | shares | 83.668 | ||||
Conversion price (in dollars per share) | $ / shares | $ 11.95 | ||||
Convertible preferred stock, threshold percentage of stock price trigger | 130.00% | ||||
Convertible preferred stock, threshold trading days | day | 20 | ||||
Convertible preferred stock, threshold consecutive trading days | 30 days | ||||
Convertible preferred stock, shares converted | shares | 1 | ||||
Series B Preferred Stock | |||||
Class of Stock [Line Items] | |||||
Stock issued value | $ | $ 24 | ||||
Preferred stock, liquidation preference per share (in dollars per share) | $ / shares | $ 1,000 | $ 1,000 | $ 1,000 | $ 1,000 | |
Shares issued par value | $ | $ 36 | ||||
Depository share, percent interest in preferred stock | 0.025 | ||||
Series B Preferred Stock | Three-month LIBOR | |||||
Class of Stock [Line Items] | |||||
Preferred stock, dividend percentage, basis spread on variable rate | 2.70% |
SHAREHOLDERS' EQUITY - Share Re
SHAREHOLDERS' EQUITY - Share Repurchase Program (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Mar. 11, 2015 | |
2015 Share Repurchase Program | |||
Equity, Class of Treasury Stock [Line Items] | |||
Share repurchase program, authorized amount | $ 366,000,000 | ||
Purchase of common stock shares (in shares) | 23,000,000 | ||
Repurchase of common stock, weighted average price (in dollars per share) | $ 10.93 | ||
Stock repurchase program, remaining number of shares authorized to be repurchased | 166,000,000 | ||
2014 Share Repurchase Program | |||
Equity, Class of Treasury Stock [Line Items] | |||
Purchase of common stock shares (in shares) | 35,700,000 | ||
Repurchase of common stock, weighted average price (in dollars per share) | $ 9.37 |
EARNINGS PER SHARE (Details)
EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Sep. 30, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Basic earnings per common share: | ||||||||||||
Net income | $ 178,309 | $ 152,588 | $ 196,206 | $ 165,854 | $ 163,614 | $ 155,016 | $ 164,619 | $ 149,143 | $ 692,957 | $ 632,392 | $ 641,282 | |
Preferred stock dividends | (7,972) | (7,968) | (7,968) | (7,965) | (7,963) | (7,964) | (7,963) | (7,964) | (31,873) | (31,854) | (31,869) | |
Net income available to common shareholders | $ 170,337 | $ 144,620 | $ 188,238 | $ 157,889 | $ 155,651 | $ 147,052 | $ 156,656 | $ 141,179 | $ 600,538 | $ 661,084 | $ 600,538 | $ 609,413 |
Average common shares issued and outstanding (in shares) | 819,917 | 803,412 | 819,917 | 834,205 | ||||||||
Basic earnings per common share (in USD per share) | $ 0.21 | $ 0.18 | $ 0.23 | $ 0.19 | $ 0.19 | $ 0.18 | $ 0.19 | $ 0.17 | $ 0.73 | $ 0.82 | $ 0.73 | $ 0.73 |
Diluted earnings per common share | ||||||||||||
Net income available to common shareholders | $ 170,337 | $ 144,620 | $ 188,238 | $ 157,889 | $ 155,651 | $ 147,052 | $ 156,656 | $ 141,179 | $ 600,538 | $ 661,084 | $ 600,538 | $ 609,413 |
Effect of assumed preferred stock conversion | 0 | 0 | 0 | |||||||||
Net income applicable to diluted earnings per share | $ 661,084 | $ 600,538 | $ 609,413 | |||||||||
Dilutive potential common shares: | ||||||||||||
Stock options and restricted stock units and awards (in shares) | 11,633 | 11,421 | 8,418 | |||||||||
Shares held in deferred compensation plans (in shares) | 1,912 | 1,420 | 1,351 | |||||||||
Other (in shares) | 172 | 323 | 0 | |||||||||
Dilutive potential common shares: (in shares) | 13,717 | 13,164 | 9,769 | |||||||||
Total diluted average common shares issued and outstanding (in shares) | 833,081 | 817,129 | 833,081 | 843,974 | ||||||||
Diluted earnings per common share (in USD per share) | $ 0.21 | $ 0.18 | $ 0.23 | $ 0.19 | $ 0.19 | $ 0.18 | $ 0.19 | $ 0.17 | $ 0.72 | $ 0.81 | $ 0.72 | $ 0.72 |
Stock Option | ||||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||||||||||
Options outstanding to purchase common stock shares having antidilutive effect (in shares) | 1,600 | 2,600 | 6,600 |
SHARE-BASED COMPENSATION - Narr
SHARE-BASED COMPENSATION - Narrative (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares authorized | 30 | ||
Shares available for grant | 24.7 | ||
Cash received for exercises of stock options | $ 26 | $ 21 | $ 14 |
Tax benefit realized from stock option exercises | $ 7 | $ 4 | $ 2 |
Granted (in USD per share) | $ 10.86 | $ 9.09 | $ 7.12 |
Total fair value of awards vested | $ 30 | $ 26 | $ 14 |
Stock Option | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting period | 4 years | ||
Total unrecognized compensation cost related to nonvested awards | $ 71 | ||
Cost not yet recognized period for recognition | 2 years 4 months | ||
Stock Option | Prior to May 2004 | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Awards expiration period | 10 years | ||
Stock Option | After May 2004 | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Awards expiration period | 7 years | ||
Performance Share Awards | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting period | 3 years | ||
Granted (in USD per share) | $ 10.94 |
SHARE-BASED COMPENSATION - Sche
SHARE-BASED COMPENSATION - Schedule of Assumptions (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Assumptions | |||
Risk-free interest rate | 2.13% | 1.69% | 0.79% |
Expected dividend yield | 2.57% | 2.61% | 2.83% |
Expected volatility of Huntington’s common stock | 29.00% | 32.30% | 35.00% |
Expected option term (years) | 6 years 6 months | 5 years | 5 years 6 months |
Weighted-average grant date fair value per share | $ 2.57 | $ 2.13 | $ 1.71 |
SHARE-BASED COMPENSATION - Shar
SHARE-BASED COMPENSATION - Share-Based Compensation Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Share-based compensation expense | $ 51,415 | $ 43,666 | $ 37,007 |
Tax benefit | $ 17,618 | $ 14,779 | $ 12,472 |
SHARE-BASED COMPENSATION - S112
SHARE-BASED COMPENSATION - Schedule of Stock Option Activity (Details) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($)$ / sharesshares | |
Options (in shares): | |
Outstanding at beginning of period (in shares) | 19,619 |
Granted (in shares) | 1,249 |
Assumed (in shares) | 0 |
Exercised (in shares) | (4,269) |
Forfeited'expired (in shares) | (478) |
Outstanding at end of period (in shares) | 16,121 |
Expected to vest at end of period (in shares) | 3,499 |
Exercisable at end of period (in shares) | 12,299 |
Weighted- Average Exercise Price (USD per share): | |
Outstanding at beginning of period (USD per share) | $ / shares | $ 6.99 |
Granted (USD per share) | $ / shares | 10.89 |
Exercised (USD per share) | $ / shares | 6.01 |
Forfeited or expired (USD per share) | $ / shares | 17.31 |
Outstanding at end of period (USD per share) | $ / shares | 7.25 |
Vested and expected to vest (USD per share) | $ / shares | 9.02 |
Exercisable (USD per share) | $ / shares | $ 6.69 |
Weighted-Average Remaining Contractual Life (Years)/Aggregate Intrinsic Value | |
Outstanding, weighted-average remaining contractual life (years) | 3 years 8 months |
Expected to vest, weighted-average remaining contractual period (years) | 6 years 3 months |
Exercisable, weighted-average remaining contractual term (years) | 2 years 11 months |
Outstanding aggregate intrinsic value | $ | $ 64,180 |
Expected to vest, aggregate intrinsic value | $ | 7,154 |
Exercisable, aggregate intrinsic value | $ | $ 56,450 |
Expected to be forfeited (in shares) | 323 |
SHARE-BASED COMPENSATION - Opti
SHARE-BASED COMPENSATION - Options by Exercise Price (Details) shares in Thousands | 12 Months Ended |
Dec. 31, 2015$ / sharesshares | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, End of Period [Abstract] | |
Outstanding options, shares (in shares) | shares | 16,121 |
Outstanding options, weighted-average exercise price (USD per share) | $ 7.25 |
Exercisable options, shares (in shares) | shares | 12,299 |
Exercisable options, weighted-average exercise price (USD per share) | $ 6.69 |
$0 to $5.63 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Exercise price range, lower range limit (USD per share) | 0 |
Exercise price range, upper range limit (USD per share) | $ 5.63 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, End of Period [Abstract] | |
Outstanding options, shares (in shares) | shares | 704 |
Outstanding options, weighted-average remaining contractual life (in years) | 1 year 2 months |
Outstanding options, weighted-average exercise price (USD per share) | $ 4.30 |
Exercisable options, shares (in shares) | shares | 704 |
Exercisable options, weighted-average exercise price (USD per share) | $ 4.30 |
$5.64 to $6.02 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Exercise price range, lower range limit (USD per share) | 5.64 |
Exercise price range, upper range limit (USD per share) | $ 6.02 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, End of Period [Abstract] | |
Outstanding options, shares (in shares) | shares | 5,666 |
Outstanding options, weighted-average remaining contractual life (in years) | 2 years 7 months |
Outstanding options, weighted-average exercise price (USD per share) | $ 6.02 |
Exercisable options, shares (in shares) | shares | 5,666 |
Exercisable options, weighted-average exercise price (USD per share) | $ 6.02 |
$6.03 to $15.95 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Exercise price range, lower range limit (USD per share) | 6.03 |
Exercise price range, upper range limit (USD per share) | $ 15.95 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, End of Period [Abstract] | |
Outstanding options, shares (in shares) | shares | 9,482 |
Outstanding options, weighted-average remaining contractual life (in years) | 4 years 7 months |
Outstanding options, weighted-average exercise price (USD per share) | $ 6.98 |
Exercisable options, shares (in shares) | shares | 5,660 |
Exercisable options, weighted-average exercise price (USD per share) | $ 6.98 |
$15.96 and over | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Exercise price range, lower range limit (USD per share) | $ 15.96 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, End of Period [Abstract] | |
Outstanding options, shares (in shares) | shares | 269 |
Outstanding options, weighted-average remaining contractual life (in years) | 3 months |
Outstanding options, weighted-average exercise price (USD per share) | $ 21.07 |
Exercisable options, shares (in shares) | shares | 269 |
Exercisable options, weighted-average exercise price (USD per share) | $ 21.07 |
SHARE-BASED COMPENSATION - Rest
SHARE-BASED COMPENSATION - Restricted Stock, RSUs, Performance Shares (Details) - $ / shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Weighted-Average Grant Date Fair Value Per Share (USD per share): | |||
Granted (in USD per share) | $ 10.86 | $ 9.09 | $ 7.12 |
Restricted Stock Awards | |||
Shares: | |||
Nonvested at beginning of period (in shares) | 12 | ||
Granted (in shares) | 0 | ||
Assumed (in shares) | 0 | ||
Vested (in shares) | (3) | ||
Forfeited (in shares) | (2) | ||
Nonvested at end of period (in shares) | 7 | 12 | |
Weighted-Average Grant Date Fair Value Per Share (USD per share): | |||
Nonvested at beginning of period (in USD per share) | $ 9.53 | ||
Granted (in USD per share) | 0 | ||
Assumed (in USD per share) | 0 | ||
Vested (in USD per share) | 9.53 | ||
Forfeited (in USD per share) | 9.53 | ||
Nonvested at end of period (in USD per share) | $ 9.53 | $ 9.53 | |
Restricted Stock Units | |||
Shares: | |||
Nonvested at beginning of period (in shares) | 11,904 | ||
Granted (in shares) | 4,550 | ||
Assumed (in shares) | 0 | ||
Vested (in shares) | (3,785) | ||
Forfeited (in shares) | (499) | ||
Nonvested at end of period (in shares) | 12,170 | 11,904 | |
Weighted-Average Grant Date Fair Value Per Share (USD per share): | |||
Nonvested at beginning of period (in USD per share) | $ 7.79 | ||
Granted (in USD per share) | 10.84 | ||
Assumed (in USD per share) | 0 | ||
Vested (in USD per share) | 7.11 | ||
Forfeited (in USD per share) | 8.53 | ||
Nonvested at end of period (in USD per share) | $ 9.11 | $ 7.79 | |
Performance Share Awards | |||
Shares: | |||
Nonvested at beginning of period (in shares) | 2,579 | ||
Granted (in shares) | 883 | ||
Assumed (in shares) | 0 | ||
Vested (in shares) | (513) | ||
Forfeited (in shares) | (56) | ||
Nonvested at end of period (in shares) | 2,893 | 2,579 | |
Weighted-Average Grant Date Fair Value Per Share (USD per share): | |||
Nonvested at beginning of period (in USD per share) | $ 7.76 | ||
Granted (in USD per share) | 10.94 | ||
Assumed (in USD per share) | 0 | ||
Vested (in USD per share) | 6.77 | ||
Forfeited (in USD per share) | 6.88 | ||
Nonvested at end of period (in USD per share) | $ 8.99 | $ 7.76 |
BENEFIT PLANS - Narrative (Deta
BENEFIT PLANS - Narrative (Details) | 12 Months Ended | ||
Dec. 31, 2015USD ($)age | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Amount to be Amortized from Accumulated Other Comprehensive Income (Loss) Next Fiscal Year: | |||
Future amortization of transition obligation (asset) | $ 0 | ||
Future amortization of prior service cost (credit) | 2,000,000 | ||
Future amortization gain (loss) | $ 8,000,000 | ||
Defined Contribution Plan: | |||
Employer matching contribution, percent of match | 4.00% | ||
Discretionary profit-share contribution, percent of annual base pay | 1.00% | 1.00% | |
Pension Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Contribution to plan | $ 0 | ||
Accumulated benefit obligation | 755,000,000 | $ 800,000,000 | |
Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets: | |||
Accumulated benefit obligations in excess of plan assets, aggregate projected benefit obligation | 160,000,000 | ||
Accumulated benefit obligation in excess of plan assets, aggregate accumulated benefit obligation | 160,000,000 | ||
Defined benefit plan expenses | 4,000,000 | 2,000,000 | $ 2,000,000 |
Estimated net periodic pension cost in next fiscal year | $ 2,000,000 | ||
Defined Benefit Plan, Information about Plan Assets: | |||
Average duration of plan assets investment in bonds, years | 12 years 2 months | ||
Estimated life of benefit obligations | 11 years 11 months | ||
Pension Benefits | Equity securities | |||
Defined Benefit Plan, Information about Plan Assets: | |||
Actual plan asset allocations | 45.00% | ||
Target plan asset allocations range minimum | 20.00% | ||
Target plan asset allocations range maximum | 50.00% | ||
Pension Benefits | Bonds | |||
Defined Benefit Plan, Information about Plan Assets: | |||
Actual plan asset allocations | 52.00% | ||
Target plan asset allocations range minimum | 50.00% | ||
Target plan asset allocations range maximum | 80.00% | ||
Pension Benefits | Cash and cash equivalents | |||
Defined Benefit Plan, Information about Plan Assets: | |||
Actual plan asset allocations | 3.00% | ||
Post-Retirement Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Healthcare and life insurance benefits, employee retirement age | age | 55 | ||
Healthcare and life insurance benefits, requisite service period | 10 years | ||
Life insurance coverage, maximum | $ 50,000 | ||
Reduction in liability due to plan amendment | 5,000,000 | ||
Contributions received for retiree medical program (less than $1 million) | 1,000,000 | 3,000,000 | |
Defined Benefit Plan, Information about Plan Assets: | |||
Estimated future employer contributions in next fiscal year | $ 0 | ||
Defined Benefit Plan, Assumed Health Care Cost Trend Rates: | |||
Health care cost trend rate assumed for next fiscal year | 7.00% | ||
Ultimate health care cost trend rate | 4.50% | ||
Year that rate reaches ultimate trend rate | 2,028 | ||
Supplemental Executive Retirement Plan | |||
Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets: | |||
Defined benefit plan expenses | $ 1,000,000 | 1,000,000 | $ 4,000,000 |
Defined Benefit Plan, Assumed Health Care Cost Trend Rates: | |||
Accrued pension liability | $ 34,000,000 | $ 35,000,000 |
BENEFIT PLANS - Weighted Averag
BENEFIT PLANS - Weighted Average Assumptions (Details) | 3 Months Ended | 5 Months Ended | 7 Months Ended | 9 Months Ended | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | Jul. 31, 2014 | Sep. 30, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | |
Pension Benefits | ||||||
Weighted-average assumptions used to determine benefit obligations | ||||||
Discount rate | 4.54% | 4.12% | 4.54% | 4.12% | ||
Weighted-average assumptions used to determine net periodic benefit cost | ||||||
Discount Rate | 4.12% | 4.89% | ||||
Long-term Return on Assets | 7.00% | 7.25% | ||||
Post-Retirement Benefits | ||||||
Weighted-average assumptions used to determine benefit obligations | ||||||
Discount rate | 3.81% | 3.72% | 3.81% | 3.72% | ||
Weighted-average assumptions used to determine net periodic benefit cost | ||||||
Discount Rate | 3.77% | 3.89% | 4.27% | 3.72% | 3.73% | 4.11% |
BENEFIT PLANS - Projected Benef
BENEFIT PLANS - Projected Benefit Obligation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Pension Benefits | |||
Change in Benefit Obligation [Roll Forward] | |||
Projected benefit obligation at beginning of measurement year | $ 799,594 | $ 684,999 | |
Service cost | 1,830 | 1,740 | $ 25,122 |
Interest cost | 31,937 | 32,398 | 30,112 |
Benefits paid | (17,246) | (16,221) | |
Settlements | (27,976) | (27,045) | |
Plan amendments | 0 | 0 | |
Plan curtailments | 0 | 0 | |
Medicare subsidies | 0 | 0 | |
Actuarial assumptions and gains and losses | (33,425) | 123,723 | |
Total changes | (44,880) | 114,595 | |
Projected benefit obligation at end of measurement year | 754,714 | 799,594 | 684,999 |
Post-Retirement Benefits | |||
Change in Benefit Obligation [Roll Forward] | |||
Projected benefit obligation at beginning of measurement year | 15,963 | 25,669 | |
Service cost | 0 | 0 | 0 |
Interest cost | 506 | 856 | 862 |
Benefits paid | (2,211) | (3,401) | |
Settlements | (6,993) | 0 | |
Plan amendments | 0 | (8,782) | |
Plan curtailments | 0 | 0 | |
Medicare subsidies | 117 | 462 | |
Actuarial assumptions and gains and losses | 643 | 1,159 | |
Total changes | (7,938) | (9,706) | |
Projected benefit obligation at end of measurement year | $ 8,025 | $ 15,963 | $ 25,669 |
BENEFIT PLANS BENEFIT PLANS - F
BENEFIT PLANS BENEFIT PLANS - Fair Value of Plan Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Change in Fair Value of Plan Assets [Abstract] | ||
Fair value of plan assets at beginning of measurement year | $ 653,013 | |
Fair value of plan assets at end of measurement year | 594,217 | $ 653,013 |
Pension Benefits | ||
Change in Fair Value of Plan Assets [Abstract] | ||
Fair value of plan assets at beginning of measurement year | 653,013 | 649,020 |
Actual return on plan assets | (16,122) | 44,312 |
Settlements | (25,428) | (24,098) |
Benefits paid | (17,246) | (16,221) |
Total changes | (58,796) | 3,993 |
Fair value of plan assets at end of measurement year | $ 594,217 | $ 653,013 |
BENEFIT PLANS - Net Periodic Be
BENEFIT PLANS - Net Periodic Benefit Costs (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Pension Benefits | |||
Components of net periodic benefit expense [Abstract] | |||
Service cost | $ 1,830 | $ 1,740 | $ 25,122 |
Interest cost | 31,937 | 32,398 | 30,112 |
Expected return on plan assets | (44,175) | (45,783) | (47,716) |
Amortization of prior service cost | 0 | 0 | (2,883) |
Amortization of loss | 7,934 | 5,767 | 23,044 |
Curtailment | 0 | 0 | (34,613) |
Settlements | 12,645 | 11,200 | 8,116 |
Benefit costs | 10,171 | 5,322 | 1,182 |
Post-Retirement Benefits | |||
Components of net periodic benefit expense [Abstract] | |||
Service cost | 0 | 0 | 0 |
Interest cost | 506 | 856 | 862 |
Expected return on plan assets | 0 | 0 | 0 |
Amortization of prior service cost | (1,968) | (1,609) | (1,353) |
Amortization of loss | (401) | (571) | (600) |
Curtailment | 0 | 0 | 0 |
Settlements | (3,090) | 0 | 0 |
Benefit costs | $ (4,953) | $ (1,324) | $ (1,091) |
BENEFIT PLANS - Fair Value of P
BENEFIT PLANS - Fair Value of Plan Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Summary of plan assets investments | ||
Fair value of plan assets | $ 594,217 | $ 653,013 |
Fair value of plan assets, Percentage | 100.00% | 100.00% |
Federated-money market | ||
Summary of plan assets investments | ||
Fair value of plan assets | $ 15,590 | $ 0 |
Fair value of plan assets, Percentage | 3.00% | 0.00% |
Huntington funds—money market | ||
Summary of plan assets investments | ||
Fair value of plan assets | $ 0 | $ 16,136 |
Fair value of plan assets, Percentage | 0.00% | 2.00% |
Corporate obligations | ||
Summary of plan assets investments | ||
Fair value of plan assets | $ 205,081 | $ 218,077 |
Fair value of plan assets, Percentage | 34.00% | 33.00% |
U.S. Government Obligations | ||
Summary of plan assets investments | ||
Fair value of plan assets | $ 64,456 | $ 62,627 |
Fair value of plan assets, Percentage | 11.00% | 10.00% |
Mutual funds-fixed income | ||
Summary of plan assets investments | ||
Fair value of plan assets | $ 32,874 | $ 34,761 |
Fair value of plan assets, Percentage | 6.00% | 5.00% |
U.S. Government Agencies | ||
Summary of plan assets investments | ||
Fair value of plan assets | $ 6,979 | $ 7,445 |
Fair value of plan assets, Percentage | 1.00% | 1.00% |
Mutual funds-equities | ||
Summary of plan assets investments | ||
Fair value of plan assets | $ 136,026 | $ 147,191 |
Fair value of plan assets, Percentage | 23.00% | 23.00% |
Other common stock | ||
Summary of plan assets investments | ||
Fair value of plan assets | $ 120,046 | $ 118,970 |
Fair value of plan assets, Percentage | 20.00% | 18.00% |
Huntington funds | ||
Summary of plan assets investments | ||
Fair value of plan assets | $ 0 | $ 37,920 |
Fair value of plan assets, Percentage | 0.00% | 6.00% |
Exchange Traded Funds | ||
Summary of plan assets investments | ||
Fair value of plan assets | $ 6,530 | $ 6,840 |
Fair value of plan assets, Percentage | 1.00% | 1.00% |
Limited Partnerships | ||
Summary of plan assets investments | ||
Fair value of plan assets | $ 6,635 | $ 3,046 |
Fair value of plan assets, Percentage | 1.00% | 1.00% |
BENEFIT PLANS - Dividends (Deta
BENEFIT PLANS - Dividends (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Pension Benefits | ||
Defined Benefit Plan, Information about Plan Assets: | ||
Dividends received on shares of Huntington stock | $ 0 | $ 267 |
BENEFIT PLANS BENEFIT PLANS - E
BENEFIT PLANS BENEFIT PLANS - Expected Future Benefit Payments (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Pension Benefits | |
Estimated Future Benefit Payments [Abstract] | |
2,016 | $ 51,333 |
2,017 | 50,323 |
2,018 | 48,457 |
2,019 | 47,435 |
2,020 | 46,629 |
2021 through 2025 | 221,569 |
Post-Retirement Benefits | |
Estimated Future Benefit Payments [Abstract] | |
2,016 | 986 |
2,017 | 823 |
2,018 | 743 |
2,019 | 686 |
2,020 | 644 |
2021 through 2025 | $ 2,738 |
BENEFIT PLANS - Amounts Recogni
BENEFIT PLANS - Amounts Recognized in the Balance Sheet (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Compensation and Retirement Disclosure [Abstract] | ||
Current pension liability | $ 2,000 | $ 2,000 |
Amounts Recognized in Balance Sheet [Abstract] | ||
Accrued expenses and other liabilities | $ 192,734 | $ 198,947 |
BENEFIT PLANS - Amounts Reco124
BENEFIT PLANS - Amounts Recognized in AOCI (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Compensation and Retirement Disclosure [Abstract] | ||||
Net actuarial loss | $ (243,984) | $ (240,197) | $ (166,078) | |
Prior service cost | 13,237 | 14,517 | 9,855 | |
Defined benefit pension plans | $ (230,747) | $ (225,680) | $ (156,223) | $ (236,399) |
BENEFIT PLANS - Amounts Reco125
BENEFIT PLANS - Amounts Recognized in OCI (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Pretax Roll Forward: | |||
Balance, beginning of year | $ (347,202) | $ (240,345) | $ (363,691) |
Net actuarial (loss) gain: | |||
Amounts arising during the year | (25,520) | (133,085) | 118,666 |
Amortization included in net periodic benefit costs | 19,693 | 19,056 | 29,194 |
Prior service cost: | |||
Amounts arising during the year | 0 | 8,781 | 0 |
Amortization included in net periodic benefit costs | (1,968) | (1,609) | (24,514) |
Balance, end of year | (354,997) | (347,202) | (240,345) |
Tax Roll Forward: | |||
Balance, beginning of year | 121,522 | 84,122 | 127,292 |
Net actuarial (loss) gain: | |||
Amounts arising during the year | 8,931 | 46,580 | (41,532) |
Amortization included in net periodic benefit costs | (6,892) | (6,670) | (10,218) |
Prior service cost: | |||
Amounts arising during the year | 0 | (3,073) | 0 |
Amortization included in net periodic benefit costs | 689 | 563 | 8,580 |
Balance, end of year | 124,250 | 121,522 | 84,122 |
After-tax Roll Forward: | |||
Balance, beginning of year | (225,680) | (156,223) | (236,399) |
Net actuarial (loss) gain: | |||
Amounts arising during the year | (16,589) | (86,505) | 77,134 |
Amortization included in net periodic benefit costs | 12,801 | 12,386 | 18,976 |
Prior service cost: | |||
Amounts arising during the year | 0 | 5,708 | 0 |
Amortization included in net periodic benefit costs | (1,279) | (1,046) | (15,934) |
Balance, end of year | $ (230,747) | $ (225,680) | $ (156,223) |
BENEFIT PLANS - Defined Contrib
BENEFIT PLANS - Defined Contribution Plans (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Compensation and Retirement Disclosure [Abstract] | |||
Defined contribution plan | $ 31,896 | $ 31,110 | $ 18,238 |
Shares in Huntington common stock (in shares) | 13,076,164 | 12,883,333 | |
Market value of Huntington common stock | $ 144,622 | $ 135,533 | |
Dividends received on shares of Huntington stock | $ 3,076 | $ 2,694 |
INCOME TAXES - Narrative (Detai
INCOME TAXES - Narrative (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Operating Loss Carryforwards [Line Items] | |||
Unrecognized tax benefits | $ 23,104,000 | $ 1,172,000 | $ 704,000 |
Unrecognized tax benefit, interest expense (benefit) | (100,000) | 100,000 | $ (200,000) |
Unrecognized tax benefit, interest accrued benefit | 100,000 | 200,000 | |
Net deferred tax asset, operating loss carryforwards | 63,000,000 | ||
Net deferred tax asset, operating loss carryforwards, domestic | 3,000,000 | ||
Net deferred tax asset, operating loss carryforwards, state and local | 45,000,000 | ||
Net deferred tax asset, alternative minimum tax carryforward | 1,000,000 | ||
Net deferred tax asset, general business credit carryforward | 1,000,000 | ||
Net deferred tax asset, capital loss carryforward | 13,000,000 | ||
Federal capital loss carryforward valuation allowance | 3,620,000 | 73,057,000 | |
Bad debt reserves with no federal income tax liability | 12,000,000 | ||
Unrecognized deferred tax liability from cumulative bad debt reduction | $ 4,000,000 | ||
Operating Loss Carryforward Federal | |||
Operating Loss Carryforwards [Line Items] | |||
Net deferred tax asset carryforward expiration date | Dec. 31, 2023 | ||
Operating Loss Carryforward State | |||
Operating Loss Carryforwards [Line Items] | |||
Net deferred tax asset carryforward expiration date | Dec. 31, 2016 | ||
Federal capital loss carryforward valuation allowance | 4,000,000 | ||
General Business Tax Credit Carryforward | |||
Operating Loss Carryforwards [Line Items] | |||
Net deferred tax asset carryforward expiration date | Dec. 31, 2031 | ||
Capital Loss Carryforward | |||
Operating Loss Carryforwards [Line Items] | |||
Net deferred tax asset carryforward expiration date | Dec. 31, 2018 | ||
Federal capital loss carryforward valuation allowance | $ 0 | $ 69,000,000 |
INCOME TAXES - Gross Unrecogniz
INCOME TAXES - Gross Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ||
Unrecognized tax benefits at beginning of period | $ 1,172 | $ 704 |
Gross increases for tax positions taken during current period | 23,104 | 0 |
Gross increases for tax positions taken during prior years | 0 | 468 |
Gross decreases for tax positions taken during prior years | (1,172) | 0 |
Unrecognized tax benefits at end of period | $ 23,104 | $ 1,172 |
INCOME TAXES - Provision (Benef
INCOME TAXES - Provision (Benefit) for Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Current tax provision (benefit) | |||||||||||
Federal | $ 146,195 | $ 186,436 | $ 117,174 | ||||||||
State | 5,677 | (1,017) | 4,278 | ||||||||
Total current tax provision (benefit) | 151,872 | 185,419 | 121,452 | ||||||||
Deferred tax provision (benefit) | |||||||||||
Federal | 66,823 | 41,167 | 112,681 | ||||||||
State | 1,953 | (5,993) | (6,659) | ||||||||
Total deferred tax provision (benefit) | 68,776 | 35,174 | 106,022 | ||||||||
Provision for income taxes | $ 55,583 | $ 47,002 | $ 64,057 | $ 54,006 | $ 57,151 | $ 53,870 | $ 57,475 | $ 52,097 | $ 220,648 | $ 220,593 | $ 227,474 |
INCOME TAXES - Effective Income
INCOME TAXES - Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | |||||||||||
Provision for income taxes computed at the statutory rate | $ 319,762 | $ 298,545 | $ 304,065 | ||||||||
Increases (decreases): | |||||||||||
Tax-exempt income | (20,839) | (17,971) | (34,378) | ||||||||
Tax-exempt bank owned life insurance income | (18,340) | (19,967) | (19,747) | ||||||||
General business credits | (47,894) | (46,047) | (39,868) | ||||||||
State deferred tax asset valuation allowance adjustment, net | 0 | (7,430) | (6,020) | ||||||||
Capital loss | (46,288) | (26,948) | (961) | ||||||||
Affordable housing investment amortization, net of tax benefits | 31,741 | 33,752 | 16,851 | ||||||||
State income taxes, net | 4,960 | 2,873 | 4,472 | ||||||||
Other | (2,454) | 3,786 | 3,060 | ||||||||
Provision for income taxes | $ 55,583 | $ 47,002 | $ 64,057 | $ 54,006 | $ 57,151 | $ 53,870 | $ 57,475 | $ 52,097 | $ 220,648 | $ 220,593 | $ 227,474 |
INCOME TAXES - Deferred Tax Ass
INCOME TAXES - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Deferred Tax Assets, Gross [Abstract] | ||
Allowances for credit losses | $ 238,415 | $ 233,656 |
Fair value adjustments | 121,642 | 119,512 |
Net operating and other loss carryforward | 61,492 | 161,548 |
Accrued expense/prepaid | 44,733 | 48,656 |
Purchase accounting adjustments | 41,917 | 13,839 |
Partnership investments | 21,614 | 24,123 |
Market discount | 11,781 | 12,215 |
Pension and other employee benefits | 2,405 | 0 |
Tax credit carryforward | 1,823 | 30,825 |
Other | 11,645 | 9,477 |
Total deferred tax assets | 557,467 | 653,851 |
Deferred tax liabilities: | ||
Lease financing | 261,078 | 202,298 |
Loan origination costs | 114,488 | 103,025 |
Mortgage servicing rights | 48,514 | 47,748 |
Operating assets | 46,685 | 50,266 |
Securities adjustments | 19,952 | 27,856 |
Purchase accounting adjustments | 6,944 | 17,299 |
Pension and other employee benefits | 0 | 9,677 |
Other | 5,463 | 5,178 |
Total deferred tax liabilities | 503,124 | 463,347 |
Net deferred tax asset before valuation allowance | 54,343 | 190,504 |
Valuation allowance | (3,620) | (73,057) |
Net deferred tax asset | $ 50,723 | $ 117,447 |
FAIR VALUES OF ASSETS AND LI132
FAIR VALUES OF ASSETS AND LIABILITIES - Narrative (Details) - Level 1 | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Percentage of available-for-sale and trading securities in Level 1 (less than) | 1.00% |
Percentage of available-for-sale and trading securities in Level 2 | 74.00% |
Percentage of available-for-sale and trading securities in Level 3 | 26.00% |
FAIR VALUES OF ASSETS AND LI133
FAIR VALUES OF ASSETS AND LIABILITIES - Recurring basis (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Assets measured at fair value on a recurring basis | ||
Loans held for investment | $ 32,889 | $ 40,027 |
Trading account securities | 36,997 | 42,191 |
Available-for-sale and other securities | 8,775,441 | 9,384,670 |
Derivative assets netting | (161,297) | (101,197) |
Liabilities measured at fair value on a recurring basis | ||
Derivative liabilities netting | (144,309) | (51,973) |
U.S. Treasury securities | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale and other securities | 5,472 | 5,452 |
Federal agencies: Mortgage-backed | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale and other securities | 4,521,688 | 5,322,701 |
Federal agencies: Other agencies | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale and other securities | 115,913 | 351,543 |
Municipal securities | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale and other securities | 2,456,396 | 1,868,569 |
Private-label CMO | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale and other securities | 41,926 | |
Corporate debt | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale and other securities | 466,477 | 486,176 |
Recurring | ||
Assets measured at fair value on a recurring basis | ||
Mortgage loans held for sale | 337,577 | 354,888 |
Trading account securities | 36,997 | 42,191 |
Available-for-sale and other securities | 8,442,655 | 9,053,111 |
Automobile loans | 1,748 | 10,590 |
MSRs | 17,585 | 22,786 |
Derivative assets | 274,872 | 352,642 |
Liabilities measured at fair value on a recurring basis | ||
Derivative liabilities | 144,350 | 284,255 |
Short-term borrowings | 1,770 | 2,295 |
Recurring | U.S. Treasury securities | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale and other securities | 5,472 | 5,452 |
Recurring | Federal agencies: Mortgage-backed | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale and other securities | 4,521,688 | 5,322,701 |
Recurring | Federal agencies: Other agencies | ||
Assets measured at fair value on a recurring basis | ||
Trading account securities | 2,857 | |
Available-for-sale and other securities | 115,913 | 351,543 |
Recurring | Municipal securities | ||
Assets measured at fair value on a recurring basis | ||
Trading account securities | 4,159 | 5,098 |
Available-for-sale and other securities | 2,456,396 | 1,868,569 |
Recurring | Private-label CMO | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale and other securities | 41,926 | |
Recurring | Asset-backed securities | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale and other securities | 861,413 | 955,998 |
Recurring | Corporate debt | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale and other securities | 466,477 | 486,176 |
Recurring | Other securities | ||
Assets measured at fair value on a recurring basis | ||
Trading account securities | 32,838 | 34,236 |
Available-for-sale and other securities | 15,296 | 20,746 |
Recurring | Level 1 | ||
Assets measured at fair value on a recurring basis | ||
Mortgage loans held for sale | 0 | 0 |
Loans held for investment | 0 | 0 |
Trading account securities | 32,475 | 33,121 |
Available-for-sale and other securities | 16,869 | 22,882 |
Automobile loans | 0 | 0 |
MSRs | 0 | 0 |
Derivative assets gross | 0 | 0 |
Liabilities measured at fair value on a recurring basis | ||
Gross amounts of recognized liabilities | 0 | 0 |
Short-term borrowings | 0 | 0 |
Recurring | Level 1 | U.S. Treasury securities | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale and other securities | 5,472 | 5,452 |
Recurring | Level 1 | Federal agencies: Mortgage-backed | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale and other securities | 0 | 0 |
Recurring | Level 1 | Federal agencies: Other agencies | ||
Assets measured at fair value on a recurring basis | ||
Trading account securities | 0 | |
Available-for-sale and other securities | 0 | 0 |
Recurring | Level 1 | Municipal securities | ||
Assets measured at fair value on a recurring basis | ||
Trading account securities | 0 | 0 |
Available-for-sale and other securities | 0 | 0 |
Recurring | Level 1 | Private-label CMO | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale and other securities | 0 | |
Recurring | Level 1 | Asset-backed securities | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale and other securities | 0 | 0 |
Recurring | Level 1 | Corporate debt | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale and other securities | 0 | 0 |
Recurring | Level 1 | Other securities | ||
Assets measured at fair value on a recurring basis | ||
Trading account securities | 32,475 | 33,121 |
Available-for-sale and other securities | 11,397 | 17,430 |
Recurring | Level 2 | ||
Assets measured at fair value on a recurring basis | ||
Mortgage loans held for sale | 337,577 | 354,888 |
Loans held for investment | 32,889 | 40,027 |
Trading account securities | 4,522 | 9,070 |
Available-for-sale and other securities | 6,229,898 | 7,499,434 |
Automobile loans | 0 | 0 |
MSRs | 0 | 0 |
Derivative assets gross | 429,448 | 449,775 |
Liabilities measured at fair value on a recurring basis | ||
Gross amounts of recognized liabilities | 287,994 | 335,524 |
Short-term borrowings | 1,770 | 2,295 |
Recurring | Level 2 | U.S. Treasury securities | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale and other securities | 0 | 0 |
Recurring | Level 2 | Federal agencies: Mortgage-backed | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale and other securities | 4,521,688 | 5,322,701 |
Recurring | Level 2 | Federal agencies: Other agencies | ||
Assets measured at fair value on a recurring basis | ||
Trading account securities | 2,857 | |
Available-for-sale and other securities | 115,913 | 351,543 |
Recurring | Level 2 | Municipal securities | ||
Assets measured at fair value on a recurring basis | ||
Trading account securities | 4,159 | 5,098 |
Available-for-sale and other securities | 360,845 | 450,976 |
Recurring | Level 2 | Private-label CMO | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale and other securities | 11,462 | |
Recurring | Level 2 | Asset-backed securities | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale and other securities | 761,076 | 873,260 |
Recurring | Level 2 | Corporate debt | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale and other securities | 466,477 | 486,176 |
Recurring | Level 2 | Other securities | ||
Assets measured at fair value on a recurring basis | ||
Trading account securities | 363 | 1,115 |
Available-for-sale and other securities | 3,899 | 3,316 |
Recurring | Level 3 | ||
Assets measured at fair value on a recurring basis | ||
Mortgage loans held for sale | 0 | 0 |
Loans held for investment | 0 | 0 |
Trading account securities | 0 | 0 |
Available-for-sale and other securities | 2,195,888 | 1,530,795 |
Automobile loans | 1,748 | 10,590 |
MSRs | 17,585 | 22,786 |
Derivative assets gross | 6,721 | 4,064 |
Liabilities measured at fair value on a recurring basis | ||
Gross amounts of recognized liabilities | 665 | 704 |
Short-term borrowings | 0 | 0 |
Recurring | Level 3 | U.S. Treasury securities | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale and other securities | 0 | 0 |
Recurring | Level 3 | Federal agencies: Mortgage-backed | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale and other securities | 0 | 0 |
Recurring | Level 3 | Federal agencies: Other agencies | ||
Assets measured at fair value on a recurring basis | ||
Trading account securities | 0 | |
Available-for-sale and other securities | 0 | 0 |
Recurring | Level 3 | Municipal securities | ||
Assets measured at fair value on a recurring basis | ||
Trading account securities | 0 | 0 |
Available-for-sale and other securities | 2,095,551 | 1,417,593 |
Recurring | Level 3 | Private-label CMO | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale and other securities | 30,464 | |
Recurring | Level 3 | Asset-backed securities | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale and other securities | 100,337 | 82,738 |
Recurring | Level 3 | Corporate debt | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale and other securities | 0 | 0 |
Recurring | Level 3 | Other securities | ||
Assets measured at fair value on a recurring basis | ||
Trading account securities | 0 | 0 |
Available-for-sale and other securities | $ 0 | $ 0 |
FAIR VALUES OF ASSETS AND LI134
FAIR VALUES OF ASSETS AND LIABILITIES - Level 3 Roll Forward (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Derivative instruments | |||
Opening balance | $ 3,360 | $ 2,390 | $ 12,702 |
Transfers into Level 3 | 0 | 0 | |
Transfers out of Level 3 | (2,793) | 0 | |
Total gains/losses for the period: | |||
Included in earnings | 5,489 | 3,047 | (5,944) |
Included in OCI | 0 | 0 | 0 |
Other | 0 | ||
Purchases/originations | 0 | 0 | |
Sales | 0 | 0 | 0 |
Repayments | 0 | 0 | 0 |
Issues | 0 | 0 | |
Settlements | 0 | (2,077) | (4,368) |
Opening balance | 6,056 | 3,360 | 2,390 |
Change in unrealized gains or losses for the period included in earnings (or changes in net assets) for assets held at end of the reporting date | 5,489 | 3,047 | (5,944) |
MSRs | |||
Level 3 Assets Roll Forward: | |||
Opening balance | 22,786 | 34,236 | 35,202 |
Transfers into Level 3 | 0 | 0 | |
Transfers out of Level 3 | 0 | 0 | |
Total gains/losses for the period: | |||
Included in earnings | (5,201) | (11,450) | (966) |
Included in OCI | 0 | 0 | 0 |
Other | 0 | ||
Purchases/originations | 0 | 0 | |
Sales | 0 | 0 | 0 |
Repayments | 0 | 0 | 0 |
Issues | 0 | 0 | |
Settlements | 0 | 0 | 0 |
Closing balance | 17,585 | 22,786 | 34,236 |
Change in unrealized gains or losses for the period included in earnings (or changes in net assets) for assets held at end of the reporting date | (5,201) | (11,450) | (966) |
Municipal securities | |||
Level 3 Assets Roll Forward: | |||
Opening balance | 1,417,593 | 654,537 | 61,228 |
Transfers into Level 3 | 0 | 0 | |
Transfers out of Level 3 | 0 | 0 | |
Total gains/losses for the period: | |||
Included in earnings | 149 | 0 | 2,129 |
Included in OCI | (3,652) | 14,776 | 9,075 |
Other | 600,435 | ||
Purchases/originations | 1,002,153 | 1,038,348 | |
Sales | (9,656) | 0 | 0 |
Repayments | 0 | 0 | 0 |
Issues | 0 | 0 | |
Settlements | (311,036) | (290,068) | (18,330) |
Closing balance | 2,095,551 | 1,417,593 | 654,537 |
Change in unrealized gains or losses for the period included in earnings (or changes in net assets) for assets held at end of the reporting date | 0 | 14,776 | 9,075 |
Private-label CMO | |||
Level 3 Assets Roll Forward: | |||
Opening balance | 30,464 | 32,140 | 48,775 |
Transfers into Level 3 | 0 | 0 | |
Transfers out of Level 3 | 0 | 0 | |
Total gains/losses for the period: | |||
Included in earnings | 47 | 36 | (180) |
Included in OCI | 1,832 | 452 | 1,703 |
Other | 0 | ||
Purchases/originations | 0 | 0 | |
Sales | (30,077) | 0 | (10,254) |
Repayments | 0 | 0 | 0 |
Issues | 0 | 0 | |
Settlements | (2,266) | (2,164) | (7,904) |
Closing balance | 0 | 30,464 | 32,140 |
Change in unrealized gains or losses for the period included in earnings (or changes in net assets) for assets held at end of the reporting date | 0 | 452 | 1,703 |
Asset-backed securities | |||
Level 3 Assets Roll Forward: | |||
Opening balance | 82,738 | 107,419 | 110,037 |
Transfers into Level 3 | 0 | 0 | |
Transfers out of Level 3 | 0 | 0 | |
Total gains/losses for the period: | |||
Included in earnings | (2,400) | 226 | (2,244) |
Included in OCI | 24,802 | 21,839 | 35,139 |
Other | 0 | ||
Purchases/originations | 0 | 0 | |
Sales | 0 | (22,870) | (16,711) |
Repayments | 0 | 0 | 0 |
Issues | 0 | 0 | |
Settlements | (4,803) | (23,876) | (18,802) |
Closing balance | 100,337 | 82,738 | 107,419 |
Change in unrealized gains or losses for the period included in earnings (or changes in net assets) for assets held at end of the reporting date | (2,440) | 21,137 | 35,139 |
Automobile Loan | |||
Level 3 Assets Roll Forward: | |||
Opening balance | 10,590 | 52,286 | 142,762 |
Transfers into Level 3 | 0 | 0 | |
Transfers out of Level 3 | 0 | 0 | |
Total gains/losses for the period: | |||
Included in earnings | (497) | (918) | (358) |
Included in OCI | 0 | 0 | 0 |
Other | 0 | ||
Purchases/originations | 0 | 0 | |
Sales | 0 | 0 | 0 |
Repayments | (8,345) | (40,778) | (90,118) |
Issues | 0 | 0 | |
Settlements | 0 | 0 | 0 |
Closing balance | 1,748 | 10,590 | 52,286 |
Change in unrealized gains or losses for the period included in earnings (or changes in net assets) for assets held at end of the reporting date | $ (497) | $ (1,624) | $ (358) |
FAIR VALUES OF ASSETS AND LI135
FAIR VALUES OF ASSETS AND LIABILITIES - Level 3 Classification of Gains/Losses (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Net derivatives gain (loss) included in earnings | $ 5,489 | $ 3,047 | $ (5,944) |
MSRs | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Assets gain (loss) included in earnings | (5,201) | (11,450) | (966) |
Municipal securities | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Assets gain (loss) included in earnings | 149 | 0 | 2,129 |
Private-label CMO | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Assets gain (loss) included in earnings | 47 | 36 | (180) |
Asset-backed securities | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Assets gain (loss) included in earnings | (2,400) | 226 | (2,244) |
Automobile Loan | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Assets gain (loss) included in earnings | (497) | (918) | (358) |
Mortgage banking income | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Net derivatives gain (loss) included in earnings | 5,489 | 3,047 | (5,944) |
Mortgage banking income | MSRs | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Assets gain (loss) included in earnings | (5,201) | (11,450) | (966) |
Mortgage banking income | Municipal securities | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Assets gain (loss) included in earnings | 0 | 0 | 0 |
Mortgage banking income | Private-label CMO | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Assets gain (loss) included in earnings | 0 | 0 | 0 |
Mortgage banking income | Asset-backed securities | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Assets gain (loss) included in earnings | 0 | 0 | 0 |
Mortgage banking income | Automobile Loan | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Assets gain (loss) included in earnings | 0 | 0 | 0 |
Securities gains (losses) | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Net derivatives gain (loss) included in earnings | 0 | 0 | 0 |
Securities gains (losses) | MSRs | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Assets gain (loss) included in earnings | 0 | 0 | 0 |
Securities gains (losses) | Municipal securities | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Assets gain (loss) included in earnings | 149 | 0 | 0 |
Securities gains (losses) | Private-label CMO | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Assets gain (loss) included in earnings | 0 | 0 | (336) |
Securities gains (losses) | Asset-backed securities | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Assets gain (loss) included in earnings | (2,440) | 170 | (1,466) |
Securities gains (losses) | Automobile Loan | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Assets gain (loss) included in earnings | 0 | 0 | 0 |
Interest and fee income | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Net derivatives gain (loss) included in earnings | 0 | 0 | 0 |
Interest and fee income | MSRs | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Assets gain (loss) included in earnings | 0 | 0 | 0 |
Interest and fee income | Municipal securities | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Assets gain (loss) included in earnings | 0 | 0 | 2,129 |
Interest and fee income | Private-label CMO | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Assets gain (loss) included in earnings | 47 | 36 | 156 |
Interest and fee income | Asset-backed securities | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Assets gain (loss) included in earnings | 40 | 56 | (778) |
Interest and fee income | Automobile Loan | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Assets gain (loss) included in earnings | (497) | (1,032) | (3,569) |
Noninterest income | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Net derivatives gain (loss) included in earnings | 0 | 0 | 0 |
Noninterest income | MSRs | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Assets gain (loss) included in earnings | 0 | 0 | 0 |
Noninterest income | Municipal securities | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Assets gain (loss) included in earnings | 0 | 0 | 0 |
Noninterest income | Private-label CMO | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Assets gain (loss) included in earnings | 0 | 0 | 0 |
Noninterest income | Asset-backed securities | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Assets gain (loss) included in earnings | 0 | 0 | 0 |
Noninterest income | Automobile Loan | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Assets gain (loss) included in earnings | $ 0 | $ 114 | $ 3,211 |
FAIR VALUES OF ASSETS AND LI136
FAIR VALUES OF ASSETS AND LIABILITIES - Fair Value Option (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Loans held for investment, fair value | $ 32,889 | $ 40,027 |
Mortgage loans held for sale | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Loans held for sale, fair value | 337,577 | 354,888 |
Loans held for sale, aggregate unpaid principle | 326,802 | 340,070 |
Aggregate difference | 10,775 | 14,818 |
Loans held for investment | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Loans held for investment, fair value | 32,889 | 40,027 |
Loans held for investment, aggregate unpaid principle | 33,637 | 40,938 |
Aggregate difference | (748) | (911) |
Automobile loans | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Automobile loans, fair value | 1,748 | 10,590 |
Automobile loans, aggregate unpaid principle | 1,748 | 10,022 |
Aggregate difference | $ 0 | $ 568 |
FAIR VALUES OF ASSETS AND LI137
FAIR VALUES OF ASSETS AND LIABILITIES - Fair Value Option-Changes in Fair Value (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Mortgage loans held for sale | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Net gains (losses) from fair value changes | $ (2,342) | $ (1,978) | $ (12,711) |
Automobile loans | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Net gains (losses) from fair value changes | (568) | (918) | (360) |
Gains (losses) included in fair value changes associated with instrument specific credit risk | $ 199 | $ 911 | $ 2,207 |
FAIR VALUES OF ASSETS AND LI138
FAIR VALUES OF ASSETS AND LIABILITIES - Non-recurring/Fair Values of Financial Instruments (Details) - Nonrecurring $ in Thousands | Dec. 31, 2015USD ($) |
Fair Value | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
MSRs | $ 141,726 |
Total Gains/(Losses) | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
MSRs | (2,732) |
Impaired loans | (20,762) |
Other real estate owned | (4,005) |
Level 1 | Fair Value | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
MSRs | 0 |
Impaired loans | 0 |
Other real estate owned | 0 |
Level 2 | Fair Value | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
MSRs | 0 |
Impaired loans | 0 |
Other real estate owned | 0 |
Level 3 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Impaired loans | 62,029 |
Other real estate owned | 27,342 |
Level 3 | Fair Value | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
MSRs | 141,726 |
Impaired loans | 62,029 |
Other real estate owned | $ 27,342 |
FAIR VALUES OF ASSETS AND LI139
FAIR VALUES OF ASSETS AND LIABILITIES - Significant Unobservable Level 3 Inputs (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Available-for-sale and other securities | $ 8,775,441 | $ 9,384,670 |
Derivative Liabilities | Maximum | Consensus Pricing | Level 3 | ||
Quantitative information about level 3 fair value measurements | ||
Estimated Pull through % | 99.80% | |
Derivative Liabilities | Minimum | Consensus Pricing | Level 3 | ||
Quantitative information about level 3 fair value measurements | ||
Estimated Pull through % | 11.90% | |
Derivative Liabilities | Weighted Average | Consensus Pricing | Level 3 | ||
Quantitative information about level 3 fair value measurements | ||
Estimated Pull through % | 76.70% | |
MSRs | Maximum | Discounted cash flow | Level 3 | ||
Quantitative information about level 3 fair value measurements | ||
Constant prepayment rate | 25.70% | |
Spread over forward interest rate swap rates | 0.092 | |
MSRs | Minimum | Discounted cash flow | Level 3 | ||
Quantitative information about level 3 fair value measurements | ||
Constant prepayment rate | 7.90% | |
Spread over forward interest rate swap rates | 0.033 | |
MSRs | Weighted Average | Discounted cash flow | Level 3 | ||
Quantitative information about level 3 fair value measurements | ||
Constant prepayment rate | 14.70% | |
Spread over forward interest rate swap rates | 0.054 | |
Derivative Assets | Maximum | Consensus Pricing | Level 3 | ||
Quantitative information about level 3 fair value measurements | ||
Net market price | 20.90% | |
Derivative Assets | Minimum | Consensus Pricing | Level 3 | ||
Quantitative information about level 3 fair value measurements | ||
Net market price | (3.20%) | |
Derivative Assets | Weighted Average | Consensus Pricing | Level 3 | ||
Quantitative information about level 3 fair value measurements | ||
Net market price | 1.90% | |
Municipal securities | Maximum | Discounted cash flow | Level 3 | ||
Quantitative information about level 3 fair value measurements | ||
Discount rate | 7.20% | |
Cumulative default | 50.00% | |
Loss given default | 80.00% | |
Municipal securities | Minimum | Discounted cash flow | Level 3 | ||
Quantitative information about level 3 fair value measurements | ||
Discount rate | 0.30% | |
Cumulative default | 0.10% | |
Loss given default | 5.00% | |
Municipal securities | Weighted Average | Discounted cash flow | Level 3 | ||
Quantitative information about level 3 fair value measurements | ||
Discount rate | 3.10% | |
Cumulative default | 2.10% | |
Loss given default | 20.50% | |
Asset-backed securities | Maximum | Discounted cash flow | Level 3 | ||
Quantitative information about level 3 fair value measurements | ||
Discount rate | 10.90% | |
Cumulative prepayment rate | 100.00% | |
Cumulative default | 100.00% | |
Loss given default | 100.00% | |
Cure given deferral | 75.00% | |
Asset-backed securities | Minimum | Discounted cash flow | Level 3 | ||
Quantitative information about level 3 fair value measurements | ||
Discount rate | 4.60% | |
Cumulative prepayment rate | 0.00% | |
Cumulative default | 1.60% | |
Loss given default | 85.00% | |
Cure given deferral | 0.00% | |
Asset-backed securities | Weighted Average | Discounted cash flow | Level 3 | ||
Quantitative information about level 3 fair value measurements | ||
Discount rate | 6.20% | |
Cumulative prepayment rate | 9.60% | |
Cumulative default | 11.10% | |
Loss given default | 96.60% | |
Cure given deferral | 36.80% | |
Automobile Loan | Maximum | Discounted cash flow | Level 3 | ||
Quantitative information about level 3 fair value measurements | ||
Constant prepayment rate | 154.20% | |
Discount rate | 5.00% | |
Life of pool cumulative losses | 2.10% | |
Automobile Loan | Minimum | Discounted cash flow | Level 3 | ||
Quantitative information about level 3 fair value measurements | ||
Constant prepayment rate | 154.20% | |
Discount rate | 0.20% | |
Life of pool cumulative losses | 2.10% | |
Automobile Loan | Weighted Average | Discounted cash flow | Level 3 | ||
Quantitative information about level 3 fair value measurements | ||
Constant prepayment rate | 154.20% | |
Discount rate | 2.30% | |
Life of pool cumulative losses | 2.10% | |
Recurring | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
MSRs | $ 17,585 | 22,786 |
Available-for-sale and other securities | 8,442,655 | 9,053,111 |
Automobile loans | 1,748 | 10,590 |
Recurring | Level 3 | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
MSRs | 17,585 | 22,786 |
Derivative assets gross | 6,721 | 4,064 |
Gross amounts of recognized liabilities | 665 | 704 |
Available-for-sale and other securities | 2,195,888 | 1,530,795 |
Automobile loans | 1,748 | $ 10,590 |
Nonrecurring | Level 3 | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Impaired loans | 62,029 | |
Other real estate owned | $ 27,342 |
FAIR VALUES OF ASSETS AND LI140
FAIR VALUES OF ASSETS AND LIABILITIES FAIR VALUES OF ASSETS AND LIABILITIES - Balance Sheet Location (Details) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | |
Financial Assets: | |||
Trading account securities | $ 36,997 | $ 42,191 | |
Loans held for sale | [1] | 474,621 | 416,327 |
Available-for-sale and other securities | 8,775,441 | 9,384,670 | |
Held-to-maturity securities | 6,159,590 | 3,379,905 | |
Net loans and leases | 49,743,256 | 47,050,530 | |
Financial Liabilities: | |||
Deposits | 55,294,979 | 51,732,151 | |
Short-term borrowings | 615,279 | 2,397,101 | |
Long-term borrowings | 7,067,614 | 4,335,962 | |
Carrying Amount | |||
Financial Assets: | |||
Cash and short term assets | 898,994 | 1,285,124 | |
Trading account securities | 36,997 | 42,191 | |
Loans held for sale | 474,621 | 416,327 | |
Available-for-sale and other securities | 8,775,441 | 9,384,670 | |
Held-to-maturity securities | 6,159,590 | 3,379,905 | |
Net loans and leases | 49,743,256 | 47,050,530 | |
Derivatives | 274,872 | 352,642 | |
Financial Liabilities: | |||
Deposits | 55,294,979 | 51,732,151 | |
Short-term borrowings | 615,279 | 2,397,101 | |
Long-term borrowings | 7,067,614 | 4,335,962 | |
Derivatives | 144,350 | 284,255 | |
Fair Value | |||
Financial Assets: | |||
Cash and short term assets | 898,994 | 1,285,124 | |
Trading account securities | 36,997 | 42,191 | |
Loans held for sale | 484,511 | 416,327 | |
Available-for-sale and other securities | 8,775,441 | 9,384,670 | |
Held-to-maturity securities | 6,135,458 | 3,382,715 | |
Net loans and leases | 48,024,998 | 45,110,406 | |
Derivatives | 274,872 | 352,642 | |
Financial Liabilities: | |||
Deposits | 55,299,435 | 52,454,804 | |
Short-term borrowings | 615,279 | 2,397,101 | |
Long-term borrowings | 7,043,014 | 4,286,304 | |
Derivatives | 144,350 | 284,255 | |
Level 1 | Fair Value | |||
Financial Assets: | |||
Held-to-maturity securities | 0 | 0 | |
Net loans and leases | 0 | 0 | |
Financial Liabilities: | |||
Deposits | 0 | 0 | |
Short-term borrowings | 0 | 0 | |
Long-term borrowings | 0 | 0 | |
Level 2 | Fair Value | |||
Financial Assets: | |||
Held-to-maturity securities | 6,135,458 | 3,382,715 | |
Net loans and leases | 0 | 0 | |
Financial Liabilities: | |||
Deposits | 51,869,105 | 48,183,798 | |
Short-term borrowings | 1,770 | 0 | |
Long-term borrowings | 0 | 0 | |
Level 3 | Fair Value | |||
Financial Assets: | |||
Held-to-maturity securities | 0 | 0 | |
Net loans and leases | 48,024,998 | 45,110,406 | |
Financial Liabilities: | |||
Deposits | 3,430,330 | 4,271,006 | |
Short-term borrowings | 613,509 | 2,397,101 | |
Long-term borrowings | $ 7,043,014 | $ 4,286,304 | |
[1] | Amounts represent loans for which Huntington has elected the fair value option. |
DERIVATIVE FINANCIAL INSTRUM141
DERIVATIVE FINANCIAL INSTRUMENTS - Asset and Liability Management (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Derivative [Line Items] | ||
Total notional value | $ 14,152,100,000 | $ 600,000,000 |
Fair Value Hedges | ||
Derivative [Line Items] | ||
Total notional value | 5,929,100,000 | |
Cash Flow Hedges | ||
Derivative [Line Items] | ||
Total notional value | 8,223,000,000 | |
Loans | ||
Derivative [Line Items] | ||
Total notional value | 8,223,000,000 | |
Loans | Fair Value Hedges | ||
Derivative [Line Items] | ||
Total notional value | 0 | |
Loans | Cash Flow Hedges | ||
Derivative [Line Items] | ||
Total notional value | 8,223,000,000 | |
Deposits | ||
Derivative [Line Items] | ||
Total notional value | 69,100,000 | |
Deposits | Fair Value Hedges | ||
Derivative [Line Items] | ||
Total notional value | 69,100,000 | |
Deposits | Cash Flow Hedges | ||
Derivative [Line Items] | ||
Total notional value | 0 | |
Subordinated notes | ||
Derivative [Line Items] | ||
Total notional value | 475,000,000 | |
Subordinated notes | Fair Value Hedges | ||
Derivative [Line Items] | ||
Total notional value | 475,000,000 | |
Subordinated notes | Cash Flow Hedges | ||
Derivative [Line Items] | ||
Total notional value | 0 | |
Other long-term debt | ||
Derivative [Line Items] | ||
Total notional value | 5,385,000,000 | |
Other long-term debt | Fair Value Hedges | ||
Derivative [Line Items] | ||
Total notional value | 5,385,000,000 | |
Other long-term debt | Cash Flow Hedges | ||
Derivative [Line Items] | ||
Total notional value | $ 0 |
DERIVATIVE FINANCIAL INSTRUM142
DERIVATIVE FINANCIAL INSTRUMENTS - Asset and Liability Management Add Info (Details) | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Derivative [Line Items] | |
Notional Value | $ 14,152,100,000 |
Average Maturity (years) | 1 year 9 months |
Fair Value | $ 65,298,000 |
Weighted-Average Rate Receive | 1.13% |
Weighted-Average Rate Pay | 0.42% |
Asset conversion swaps - Receive Fixed - Generic | |
Derivative [Line Items] | |
Notional Value | $ 8,223,000,000 |
Average Maturity (years) | 1 year 1 month 4 days |
Fair Value | $ (3,103,000) |
Weighted-Average Rate Receive | 0.83% |
Weighted-Average Rate Pay | 0.43% |
Liability conversion swaps Receive Fixed Generic | |
Derivative [Line Items] | |
Notional Value | $ 5,929,100,000 |
Average Maturity (years) | 2 years 7 months 29 days |
Fair Value | $ 68,401,000 |
Weighted-Average Rate Receive | 1.55% |
Weighted-Average Rate Pay | 0.40% |
DERIVATIVE FINANCIAL INSTRUM143
DERIVATIVE FINANCIAL INSTRUMENTS - Hedging instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Accrued income and other assets | ||
Asset derivatives included in accrued income and other assets | ||
Interest rate contracts designated as hedging instruments | $ 80,513 | $ 53,114 |
Interest rate contracts not designated as hedging instruments | 190,846 | 183,610 |
Foreign exchange contracts not designated as hedging instruments | 37,727 | 32,798 |
Commodities contracts not designated as hedging instruments | 117,894 | 180,218 |
Total derivative assets | 426,980 | 449,740 |
Accrued expenses and other liabilities | ||
Liability derivatives included in accrued expenses and other liabilities | ||
Interest rate contracts designated as hedging instruments | 15,215 | 12,648 |
Interest rate contracts not designated as hedging instruments | 121,815 | 110,627 |
Foreign exchange contracts not designated as hedging instruments | 35,283 | 29,754 |
Commodities contracts not designated as hedging instruments | 114,887 | 179,180 |
Total derivative liabilities | $ 287,200 | $ 332,209 |
DERIVATIVE FINANCIAL INSTRUM144
DERIVATIVE FINANCIAL INSTRUMENTS - Cash Flow Hedges) (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of gain or (loss) recognized in OCI on derivatives (effective portion) | $ 8,428 | $ 9,192 | $ (56,056) | |
Amount of (gain) or loss reclassified from accumulated OCI into earnings (effective portion) (pre-tax) | (220) | (3,971) | (15,188) | |
Deposits | Interest expense deposits | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Increase or (decrease) to interest expense for derivatives designated as fair value hedges | (996) | (1,045) | (4,006) | |
Hedged deposits | Interest expense deposits | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Increase or (decrease) to interest expense for derivatives designated as fair value hedges | 992 | 1,025 | 4,003 | |
Subordinated notes | Interest expense subordinated notes and other long term debt | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Increase or (decrease) to interest expense for derivatives designated as fair value hedges | (8,237) | 476 | (44,699) | |
Hedged subordinated notes | Interest expense subordinated notes and other long term debt | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Increase or (decrease) to interest expense for derivatives designated as fair value hedges | 8,237 | (476) | 44,699 | |
Other long-term debt | Interest expense subordinated notes and other long term debt | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Increase or (decrease) to interest expense for derivatives designated as fair value hedges | 3,903 | 1,990 | (5,716) | |
Hedged Other long term debt | Interest expense subordinated notes and other long term debt | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Increase or (decrease) to interest expense for derivatives designated as fair value hedges | (3,602) | $ 828 | 6,843 | |
Loans | Interest and fee income—loans and leases | Cash Flow Hedges | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of gain or (loss) recognized in OCI on derivatives (effective portion) | $ 9,192 | 8,428 | (56,056) | |
Amount of (gain) or loss reclassified from accumulated OCI into earnings (effective portion) (pre-tax) | (4,064) | (210) | (14,979) | |
Loans | Noninterest income - other income | Cash Flow Hedges | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of gain or (loss) recognized in OCI on derivatives (effective portion) | 0 | 0 | 0 | |
Amount of (gain) or loss reclassified from accumulated OCI into earnings (effective portion) (pre-tax) | $ 93 | $ (10) | $ (209) |
DERIVATIVE FINANCIAL INSTRUM145
DERIVATIVE FINANCIAL INSTRUMENTS - Fair Value Hedges (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Loans | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gains and (losses) recognized in noninterest income on the ineffective portion on interest rate contracts for derivatives designated as cash flow hedges | $ (763) | $ 74 | $ 878 |
DERIVATIVE FINANCIAL INSTRUM146
DERIVATIVE FINANCIAL INSTRUMENTS - Mortgage Banking Activities (Details) - Derivative used in Mortgage Banking Activities - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Derivative assets: | ||
Derivative assets gross | $ 9,189 | $ 4,099 |
Derivative liabilities: | ||
Total derivative liabilities | (1,459) | (4,019) |
Net derivative asset | 7,730 | 80 |
Interest rate lock agreements | ||
Derivative assets: | ||
Derivative assets gross | 6,721 | 4,064 |
Derivative liabilities: | ||
Total derivative liabilities | (220) | (259) |
Forward trades and options | ||
Derivative assets: | ||
Derivative assets gross | 2,468 | 35 |
Derivative liabilities: | ||
Total derivative liabilities | $ (1,239) | $ (3,760) |
DERIVATIVE FINANCIAL INSTRUM147
DERIVATIVE FINANCIAL INSTRUMENTS - Offsetting Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Derivative Asset [Abstract] | ||
Gross amounts offset in the consolidated balance sheets | $ (161,297) | $ (101,197) |
Deriviative Contract | ||
Derivative Asset [Abstract] | ||
Gross amounts of recognized assets | 436,169 | 480,803 |
Gross amounts offset in the consolidated balance sheets | (161,297) | (128,161) |
Net amounts of assets presented in the consolidated balance sheets | 274,872 | 352,642 |
Derivative Asset, Fair Value, Amount Not Offset Against Collateral [Abstract] | ||
Gross amounts not offset in the statement of financial position - financial instruments | (39,305) | (27,744) |
Gross amounts not offset in the statement of financial position - cash collateral received | (3,462) | (1,095) |
Net amount | $ 232,105 | $ 323,803 |
DERIVATIVE FINANCIAL INSTRUM148
DERIVATIVE FINANCIAL INSTRUMENTS - Offsetting Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Derivative Liability [Abstract] | ||
Gross amounts offset in the consolidated balance sheets | $ (144,309) | $ (51,973) |
Deriviative Contract | ||
Derivative Liability [Abstract] | ||
Gross amounts of recognized liabilities | 288,659 | 363,192 |
Gross amounts offset in the consolidated balance sheets | (144,309) | (78,937) |
Net amounts of assets presented in the consolidated balance sheets | 144,350 | 284,255 |
Derivative Liability, Fair Value, Amount Not Offset Against Collateral [Abstract] | ||
Gross amounts not offset in the consolidated balance sheets, financial instruments | (62,460) | (78,654) |
Gross amounts not offset in the consolidated balance sheets, cash collateral received | (20) | (111) |
Net amount | $ 81,870 | $ 205,490 |
DERIVATIVE FINANCIAL INSTRUM149
DERIVATIVE FINANCIAL INSTRUMENTS - Narrative (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Derivative [Line Items] | |||
Increase (decrease) to net interest income due to derivative adjustment | $ 108,000,000 | $ 98,000,000 | $ 95,000,000 |
Expected after-tax unrealized gains on cash flow hedging derivatives reclassified to earnings | 3,000,000 | ||
Purchase of interest rate caps and derivative financial instruments, notional value | 14,152,100,000 | 600,000,000 | |
Notional amount corresponds to trading liabilities, fair value | 1,000,000 | ||
Total notional amount corresponds to trading assets, fair value (less than) | 1,000,000 | ||
Credit risks from interest rate swaps used for trading purposes | 224,000,000 | 219,000,000 | |
Credit risk derivative fair value | 6,000,000 | 7,000,000 | |
Aggregate credit risk, net of collateral | 15,000,000 | 20,000,000 | |
Investment securities and cash collateral pledged by Huntington | 110,000,000 | ||
Investment securities and cash collateral pledged to Huntington | 107,000,000 | ||
Swap | |||
Derivative [Line Items] | |||
Gross amounts of recognized liabilities (less than) | 1,000,000 | ||
Derivative used in trading activity | |||
Derivative [Line Items] | |||
Net derivative asset (liability) | 76,000,000 | 74,000,000 | |
Derivative financial instruments used by Huntington on behalf of customers including offsetting derivatives, notional value | 14,600,000,000 | 14,400,000,000 | |
Derivative used in Mortgage Banking Activities | |||
Derivative [Line Items] | |||
Gross amounts of recognized liabilities (less than) | 1,459,000 | 4,019,000 | |
Purchase of interest rate caps and derivative financial instruments, notional value | 500,000,000 | ||
Gains (losses) related to derivative instruments Included in total MSR | (2,000,000) | 7,000,000 | $ (25,000,000) |
Net derivative asset (liability) | 7,730,000 | 80,000 | |
Other Credit Derivatives | |||
Derivative [Line Items] | |||
Derivative asset notional amount | $ 344,000,000 | $ 457,000,000 |
VIEs - Narrative (Details)
VIEs - Narrative (Details) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||
Jun. 30, 2015USD ($) | Mar. 31, 2015securitization | Dec. 31, 2012USD ($) | Mar. 31, 2012USD ($) | Sep. 30, 2011USD ($) | Dec. 31, 2015securitization | Dec. 31, 2013USD ($) | Dec. 31, 2010USD ($) | |
Variable Interest Entity [Line Items] | ||||||||
Total of automobile loans transferred In securitization transaction | $ 800 | $ 1,000 | $ 1,300 | $ 1,000 | ||||
Maximum year to defer payment of interest on Debenture | 5 years | |||||||
Tower Hill Securities, Inc. | ||||||||
Variable Interest Entity [Line Items] | ||||||||
Transfers of financial assets accounted for as secured financing, municipal securities | $ 92 | |||||||
Transfers of financial assets accounted for as secured financing, preferred stock | 86 | |||||||
Transfers of financial assets accounted for as secured financing, cash | 6 | |||||||
Received financial assets accounted for as secured financing, common and preferred stock | $ 184 | |||||||
Low Income Housing Tax Credit Partnerships | ||||||||
Variable Interest Entity [Line Items] | ||||||||
Gain on sale of investments | $ 9 | |||||||
Macquarie Equipment Finance | ||||||||
Variable Interest Entity [Line Items] | ||||||||
Number of securitizations | securitization | 2 | 2 |
VIEs - Consolidated VIEs (Detai
VIEs - Consolidated VIEs (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Assets: | ||
Cash | $ 847,156 | $ 1,220,565 |
Net loans and leases | 49,743,256 | 47,050,530 |
Accrued income and other assets | 1,845,597 | 1,807,208 |
Total assets | 71,044,551 | 66,298,010 |
Liabilities | ||
Long-term debt | 7,067,614 | 4,335,962 |
Accrued interest and other liabilities | 1,472,073 | 1,504,626 |
Total liabilities | 64,449,945 | 59,969,840 |
Equity: | ||
Total liabilities and shareholders’ equity | 71,044,551 | 66,298,010 |
Macquarie Equipment Funding Trust Series 2012A | ||
Assets: | ||
Cash | 1,377 | |
Net loans and leases | 32,180 | |
Accrued income and other assets | 0 | |
Total assets | 33,557 | |
Liabilities | ||
Long-term debt | 27,153 | |
Accrued interest and other liabilities | 0 | |
Total liabilities | 27,153 | |
Equity: | ||
Beneficial Interest owned by third party | 6,404 | |
Total liabilities and shareholders’ equity | 33,557 | |
Macquarie Equipment Funding Trust Series 2014A | ||
Assets: | ||
Cash | 1,561 | |
Net loans and leases | 152,331 | |
Accrued income and other assets | 0 | |
Total assets | 153,892 | |
Liabilities | ||
Long-term debt | 123,577 | |
Accrued interest and other liabilities | 0 | |
Total liabilities | 123,577 | |
Equity: | ||
Beneficial Interest owned by third party | 30,315 | |
Total liabilities and shareholders’ equity | 153,892 | |
Franklin 2009 Trust | ||
Assets: | ||
Cash | 0 | 0 |
Net loans and leases | 0 | 0 |
Accrued income and other assets | 229 | 243 |
Total assets | 229 | 243 |
Liabilities | ||
Long-term debt | 0 | 0 |
Accrued interest and other liabilities | 229 | 243 |
Total liabilities | 229 | 243 |
Equity: | ||
Beneficial Interest owned by third party | 0 | 0 |
Total liabilities and shareholders’ equity | 229 | 243 |
Trusts | ||
Assets: | ||
Cash | 2,938 | 0 |
Net loans and leases | 184,511 | 0 |
Accrued income and other assets | 229 | 243 |
Total assets | 187,678 | 243 |
Liabilities | ||
Long-term debt | 150,730 | 0 |
Accrued interest and other liabilities | 229 | 243 |
Total liabilities | 150,959 | 243 |
Equity: | ||
Beneficial Interest owned by third party | 36,719 | 0 |
Total liabilities and shareholders’ equity | $ 187,678 | $ 243 |
VIEs - Unconsolidated VIEs (Det
VIEs - Unconsolidated VIEs (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Variable Interest Entity [Line Items] | ||
Total Assets | $ 516,725 | $ 527,513 |
Total Liabilities | 538,869 | 557,696 |
Maximum Exposure to Loss | 502,806 | 513,594 |
2015-1 Automobile Trust | ||
Variable Interest Entity [Line Items] | ||
Total Assets | 7,695 | |
Total Liabilities | 0 | |
Maximum Exposure to Loss | 7,695 | |
2012-1 Automobile Trust | ||
Variable Interest Entity [Line Items] | ||
Total Assets | 94 | 2,136 |
Total Liabilities | 0 | 0 |
Maximum Exposure to Loss | 94 | 2,136 |
2012-2 Automobile Trust | ||
Variable Interest Entity [Line Items] | ||
Total Assets | 771 | 3,220 |
Total Liabilities | 0 | 0 |
Maximum Exposure to Loss | 771 | 3,220 |
2011 Automobile Trust | ||
Variable Interest Entity [Line Items] | ||
Total Assets | 944 | |
Total Liabilities | 0 | |
Maximum Exposure to Loss | 944 | |
Tower Hill Securities, Inc. | ||
Variable Interest Entity [Line Items] | ||
Total Assets | 55,611 | |
Total Liabilities | 65,000 | |
Maximum Exposure to Loss | 55,611 | |
Trust Preferred Securities | ||
Variable Interest Entity [Line Items] | ||
Total Assets | 13,919 | 13,919 |
Total Liabilities | 317,106 | 317,075 |
Maximum Exposure to Loss | 0 | 0 |
Low Income Housing Tax Credit Partnerships | ||
Variable Interest Entity [Line Items] | ||
Total Assets | 425,500 | 368,283 |
Total Liabilities | 196,001 | 154,861 |
Maximum Exposure to Loss | 425,500 | 368,283 |
Other Investments | ||
Variable Interest Entity [Line Items] | ||
Total Assets | 68,746 | 83,400 |
Total Liabilities | 25,762 | 20,760 |
Maximum Exposure to Loss | $ 68,746 | $ 83,400 |
VIEs - Trust Preferred Securiti
VIEs - Trust Preferred Securities (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Variable Interest Entity [Line Items] | |
Principal amount of subordinated note/ debenture issued to trust | $ 7,021,701 |
Huntington Capital I | |
Variable Interest Entity [Line Items] | |
Rate | 1.03% |
Principal amount of subordinated note/ debenture issued to trust | $ 111,816 |
Investment in unconsolidated subsidiary | $ 6,186 |
Huntington Capital I | Three-month LIBOR | |
Variable Interest Entity [Line Items] | |
Basis spread on variable rate | 0.70% |
Huntington Capital II | |
Variable Interest Entity [Line Items] | |
Rate | 1.14% |
Principal amount of subordinated note/ debenture issued to trust | $ 54,593 |
Investment in unconsolidated subsidiary | $ 3,093 |
Huntington Capital II | Three-month LIBOR | |
Variable Interest Entity [Line Items] | |
Basis spread on variable rate | 62.50% |
Sky Financial Capital Trust III | |
Variable Interest Entity [Line Items] | |
Rate | 2.01% |
Principal amount of subordinated note/ debenture issued to trust | $ 72,165 |
Investment in unconsolidated subsidiary | $ 2,165 |
Sky Financial Capital Trust III | Three-month LIBOR | |
Variable Interest Entity [Line Items] | |
Basis spread on variable rate | 1.40% |
Sky Financial Capital Trust IV | |
Variable Interest Entity [Line Items] | |
Rate | 1.73% |
Principal amount of subordinated note/ debenture issued to trust | $ 74,320 |
Investment in unconsolidated subsidiary | $ 2,320 |
Sky Financial Capital Trust IV | Three-month LIBOR | |
Variable Interest Entity [Line Items] | |
Basis spread on variable rate | 1.33% |
Camco Financial Trust | |
Variable Interest Entity [Line Items] | |
Rate | 2.95% |
Principal amount of subordinated note/ debenture issued to trust | $ 4,212 |
Investment in unconsolidated subsidiary | 155 |
Variable Interest Entity, Not Primary Beneficiary | |
Variable Interest Entity [Line Items] | |
Principal amount of subordinated note/ debenture issued to trust | 317,106 |
Investment in unconsolidated subsidiary | $ 13,919 |
VIEs - Low Income Housing Tax C
VIEs - Low Income Housing Tax Credit Partnerships (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Low Income Housing Tax Credit Partnerships | |||
Variable Interest Entity [Line Items] | |||
Affordable housing tax credit investments | $ 674,157 | $ 576,381 | |
Less: amortization | (248,657) | (208,098) | |
Net affordable housing tax credit investments | 425,500 | 368,283 | |
Unfunded commitments | 196,001 | 154,861 | |
Tax credits and other tax benefits recognized | 59,614 | 51,317 | $ 55,819 |
Proportional Amortization Method | |||
Variable Interest Entity [Line Items] | |||
Tax credit amortization expense included in provision for income taxes | 42,951 | 39,021 | 32,789 |
Proportional amortization method | |||
Tax credit amortization expense included in provision for income taxes | 42,951 | 39,021 | 32,789 |
Equity Method | |||
Equity method | |||
Tax credit investment losses included in noninterest income | $ 355 | $ 434 | $ 1,176 |
COMMITMENTS AND CONTINGENT L155
COMMITMENTS AND CONTINGENT LIABILITIES COMMITMENTS AND CONTINGENT LIABILITIES - Commitments to Extend Credit (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Commercial | ||
Guarantor Obligations [Line Items] | ||
Contract amount represents credit risk | $ 11,448,927 | $ 11,181,522 |
Consumer | ||
Guarantor Obligations [Line Items] | ||
Contract amount represents credit risk | 8,574,093 | 7,579,632 |
Commercial real estate | ||
Guarantor Obligations [Line Items] | ||
Contract amount represents credit risk | 813,271 | 908,112 |
Standby letters of credit | ||
Guarantor Obligations [Line Items] | ||
Contract amount represents credit risk | 512,000 | $ 497,457 |
Commercial letters-of-credit | ||
Guarantor Obligations [Line Items] | ||
Contract amount represents credit risk | $ 56,000 |
COMMITMENTS AND CONTINGENT L156
COMMITMENTS AND CONTINGENT LIABILITIES - Narrative (Details) | Jan. 17, 2012county | Sep. 30, 2015USD ($) | Dec. 31, 2015USD ($)lawsuit | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Sep. 28, 2015USD ($) | Jul. 27, 2012USD ($) | Jan. 19, 2007USD ($) | Dec. 08, 2006USD ($) |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||||||||
Aggregate range of reasonably possible losses current legal proceedings, minimum | $ 0 | ||||||||
Aggregate range of reasonably possible losses current legal proceedings, maximum | 80,000,000 | ||||||||
Operating lease, future minimum payments due: | |||||||||
2,016 | 53,000,000 | ||||||||
2,017 | 49,000,000 | ||||||||
2,018 | 46,000,000 | ||||||||
2,019 | 42,000,000 | ||||||||
2,020 | 41,000,000 | ||||||||
Thereafter | 191,000,000 | ||||||||
Future minimum sublease rental payments: | |||||||||
Operating leases, future minimum payments due, future minimum sublease rentals, total | 11,000,000 | ||||||||
2,016 | 4,000,000 | ||||||||
2,017 | 2,000,000 | ||||||||
2,018 | 2,000,000 | ||||||||
2,019 | 1,000,000 | ||||||||
2,020 | 1,000,000 | ||||||||
Thereafter | 1,000,000 | ||||||||
Total rental expense for all operating leases | 58,000,000 | $ 57,000,000 | $ 55,000,000 | ||||||
Commercial letters-of-credit | |||||||||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||||||||
Contract amount represents credit risk | $ 56,000,000 | ||||||||
Maturity period of guarantee | 90 days | ||||||||
Commitments to Sell Loans | |||||||||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||||||||
Commitments to sell residential real estate loans | $ 659,000,000 | 545,000,000 | |||||||
Maturity period of forward contracts relating mortgage banking business (less than) | 1 year | ||||||||
Standby letters of credit | |||||||||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||||||||
Contract amount represents credit risk | $ 512,000,000 | 497,457,000 | |||||||
Maturity period of guarantee | 2 years | ||||||||
Outstanding standby letters of credit | $ 7,000,000 | $ 4,000,000 | |||||||
Percentage of outstanding standby letters of credit collateralized | 80.00% | ||||||||
Cyberco Litigation | |||||||||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||||||||
Number of lawsuits | lawsuit | 2 | ||||||||
Bankruptcy trustee alleging for amount (over) | $ 70,000,000 | ||||||||
Preferential transfer alleged by bankruptcy trustee | $ 1,000,000 | ||||||||
Fraudulent transfers alleged by bankruptcy trustee | $ 73,000,000 | ||||||||
Bankruptcy Court recommended judgment amount in Cyberco case, principle | $ 72,000,000 | $ 72,000,000 | |||||||
Bankruptcy Court recommended judgment amount in Cyberco case, interest | $ 9,000,000 | ||||||||
Loss contingency accrual, period increase | $ 38,000,000 | ||||||||
MERSCORP Litigation | |||||||||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||||||||
Number of counties | county | 88 | ||||||||
Risk Level, Low | |||||||||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||||||||
Contract amount represents credit risk | $ 186,000,000 | ||||||||
Risk Level, Medium | |||||||||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||||||||
Contract amount represents credit risk | 326,000,000 | ||||||||
Risk Level, High (less than $1 million) | |||||||||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||||||||
Contract amount represents credit risk | $ 1,000,000 |
OTHER REGULATORY MATTERS (Detai
OTHER REGULATORY MATTERS (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Common equity tier one risk based capital required for capital adequacy to risk weighted assets | 4.50% | |
Tier 1 common equity to risk weighted assets ratio | 9.79% | |
Tier 1 common equity amount | $ 5,721,028 | |
Tier 1 risk based capital required to be well capitalized to risk weighted assets | 6.00% | |
Tier 1 risk based capital required for capital adequacy to risk weighted assets | 6.00% | |
Tier 1 capital ratio | 10.53% | 11.50% |
Tier 1 capital amount | $ 6,154,000 | $ 6,265,900 |
Capital required to be well capitalized to risk weighted assets | 10.00% | |
Capital required for capital adequacy to risk weighted assets | 8.00% | |
Risk based capital ratio | 12.64% | 13.56% |
Risk based capital amount | $ 7,386,936 | $ 7,388,336 |
Tier 1 leverage capital required for capital adequacy to average assets | 4.00% | |
Tier 1 leverage ratio | 8.79% | 9.74% |
Tier 1 leverage amount | $ 6,154,000 | $ 6,265,900 |
Bank | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Common equity tier one risked based capital required to be well capitalized to risk weighted assets | 6.50% | |
Common equity tier one risk based capital required for capital adequacy to risk weighted assets | 4.50% | |
Tier 1 common equity to risk weighted assets ratio | 9.46% | |
Tier 1 common equity amount | $ 5,518,748 | |
Tier 1 risk based capital required to be well capitalized to risk weighted assets | 8.00% | |
Tier 1 risk based capital required for capital adequacy to risk weighted assets | 6.00% | |
Tier 1 capital ratio | 9.83% | 11.28% |
Tier 1 capital amount | $ 5,735,274 | $ 6,136,190 |
Capital required to be well capitalized to risk weighted assets | 10.00% | |
Capital required for capital adequacy to risk weighted assets | 8.00% | |
Risk based capital ratio | 11.74% | 12.79% |
Risk based capital amount | $ 6,850,596 | $ 6,956,242 |
Tier 1 leverage capital required to be well capitalized to average assets | 5.00% | |
Tier 1 leverage capital required for capital adequacy to average assets | 4.00% | |
Tier 1 leverage ratio | 8.21% | 9.56% |
Tier 1 leverage amount | $ 5,735,274 | $ 6,136,190 |
OTHER REGULATORY MATTERS - Narr
OTHER REGULATORY MATTERS - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Banking and Thrift [Abstract] | ||
Average required reserve balance on deposits | $ 500 | $ 200 |
Amount bank could lend to single affiliate | 678 | |
Cash dividends paid to the holding company | 822 | |
Amount available for dividend payments to the parent company without regulatory approval | $ 179 |
PARENT COMPANY FINANCIAL STA159
PARENT COMPANY FINANCIAL STATEMENTS - Balance Sheet (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Assets | ||||
Cash and cash equivalents | $ 847,156 | $ 1,220,565 | $ 1,001,132 | $ 1,262,806 |
Accrued interest receivable and other assets | 1,845,597 | 1,807,208 | ||
Total assets | 71,044,551 | 66,298,010 | ||
Liabilities and shareholders’ equity | ||||
Long-term borrowings | 7,067,614 | 4,335,962 | ||
Accrued expenses and other liabilities | 1,472,073 | 1,504,626 | ||
Total liabilities | 64,449,945 | 59,969,840 | ||
Shareholders’ equity | 6,594,606 | 6,328,170 | 6,090,153 | 5,778,500 |
Total liabilities and shareholders’ equity | 71,044,551 | 66,298,010 | ||
Parent Company | ||||
Assets | ||||
Cash and cash equivalents | 917,368 | 662,768 | $ 966,065 | $ 921,471 |
Due from The Huntington National Bank | 406,253 | 276,851 | ||
Due from non-bank subsidiaries | 48,151 | 51,129 | ||
Investment in The Huntington National Bank | 5,966,783 | 6,073,408 | ||
Investment in non-bank subsidiaries | 489,205 | 509,114 | ||
Accrued interest receivable and other assets | 192,444 | 279,366 | ||
Total assets | 8,020,204 | 7,852,636 | ||
Liabilities and shareholders’ equity | ||||
Long-term borrowings | 1,045,835 | 1,046,104 | ||
Accrued expenses and other liabilities | 379,763 | 478,361 | ||
Total liabilities | 1,425,598 | 1,524,465 | ||
Shareholders’ equity | 6,594,606 | 6,328,170 | ||
Total liabilities and shareholders’ equity | $ 8,020,204 | $ 7,852,635 |
PARENT COMPANY FINANCIAL STA160
PARENT COMPANY FINANCIAL STATEMENTS - Income Statement (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Interest from | |||||||||||
Other income | $ 132,714 | $ 126,004 | $ 138,825 | ||||||||
Expense | |||||||||||
Personnel costs | 1,122,182 | 1,048,775 | 1,001,637 | ||||||||
Other | 200,555 | 174,810 | 141,385 | ||||||||
Total noninterest expense | $ 498,766 | $ 526,508 | $ 491,777 | $ 458,857 | $ 483,271 | $ 480,318 | $ 458,636 | $ 460,121 | 1,975,908 | 1,882,346 | 1,758,003 |
Income before income taxes | 233,892 | 199,590 | 260,263 | 219,860 | 220,765 | 208,886 | 222,094 | 201,240 | 913,605 | 852,985 | 868,756 |
Provision (benefit) for income taxes | 55,583 | 47,002 | 64,057 | 54,006 | 57,151 | 53,870 | 57,475 | 52,097 | 220,648 | 220,593 | 227,474 |
Increase (decrease) in undistributed net income (loss) of: | |||||||||||
Net income | $ 178,309 | $ 152,588 | $ 196,206 | $ 165,854 | $ 163,614 | $ 155,016 | $ 164,619 | $ 149,143 | 692,957 | 632,392 | 641,282 |
Other comprehensive income (loss) | (3,866) | (8,283) | |||||||||
Parent Company | |||||||||||
Dividends from | |||||||||||
The Huntington National Bank | 822,000 | 244,000 | 0 | ||||||||
Non-bank subsidiaries | 38,883 | 27,773 | 55,473 | ||||||||
Interest from | |||||||||||
The Huntington National Bank | 5,954 | 3,906 | 6,598 | ||||||||
Non-bank subsidiaries | 2,317 | 2,613 | 3,129 | ||||||||
Other income | 4,529 | 2,994 | 2,148 | ||||||||
Total income | 873,683 | 281,286 | 67,348 | ||||||||
Expense | |||||||||||
Personnel costs | 4,770 | 53,359 | 52,846 | ||||||||
Interest on borrowings | 17,428 | 17,031 | 20,739 | ||||||||
Other | 92,735 | 52,662 | 36,728 | ||||||||
Total noninterest expense | 114,933 | 123,052 | 110,313 | ||||||||
Income before income taxes | 758,750 | 158,234 | (42,965) | ||||||||
Provision (benefit) for income taxes | (109,867) | (62,897) | (22,298) | ||||||||
Income (loss) before equity in undistributed net income of subsidiaries | 868,617 | 221,131 | (20,667) | ||||||||
Increase (decrease) in undistributed net income (loss) of: | |||||||||||
The Huntington National Bank | (160,567) | 414,049 | 692,392 | ||||||||
Non-bank subsidiaries | (15,093) | (2,788) | (30,443) | ||||||||
Net income | 692,957 | 632,392 | 641,282 | ||||||||
Other comprehensive income (loss) | (3,866) | (8,283) | (63,192) | ||||||||
Comprehensive income | $ 689,091 | $ 624,109 | $ 578,090 |
PARENT COMPANY FINANCIAL STA161
PARENT COMPANY FINANCIAL STATEMENTS - Cash Flow Statement (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Operating activities | |||||||||||
Net income | $ 178,309 | $ 152,588 | $ 196,206 | $ 165,854 | $ 163,614 | $ 155,016 | $ 164,619 | $ 149,143 | $ 692,957 | $ 632,392 | $ 641,282 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Depreciation and amortization | 341,281 | 332,832 | 281,545 | ||||||||
Loss on sales of securities available-for-sale | (3,184) | (17,554) | (2,220) | ||||||||
Net cash provided by (used for) operating activities | 1,033,362 | 888,786 | 1,013,245 | ||||||||
Investing activities | |||||||||||
Sales of available-for-sale securities | 163,224 | 1,152,907 | 410,106 | ||||||||
Cash paid for acquisitions, net of cash received | (457,836) | 691,637 | 0 | ||||||||
Net cash provided by (used for) investing activities | (4,928,654) | (5,004,781) | (4,240,333) | ||||||||
Financing activities | |||||||||||
Proceeds from issuance of long-term borrowings | 3,232,227 | 2,000,000 | 1,250,000 | ||||||||
Payment of borrowings | (1,818,947) | 118,698 | 854,558 | ||||||||
Net proceeds from issuance of common stock | 0 | 2,597 | 0 | ||||||||
Repurchase of common stock | (251,844) | (334,429) | (124,995) | ||||||||
Other, net | 5,583 | 4,635 | (225) | ||||||||
Net cash provided by (used for) financing activities | 3,521,883 | 4,335,428 | 2,965,414 | ||||||||
Increase (decrease) in cash and cash equivalents | (373,409) | 219,433 | (261,674) | ||||||||
Cash and cash equivalents at beginning of period | 1,220,565 | 1,001,132 | 1,220,565 | 1,001,132 | 1,262,806 | ||||||
Cash and cash equivalents at end of period | 847,156 | 1,220,565 | 847,156 | 1,220,565 | 1,001,132 | ||||||
Supplemental disclosures: | |||||||||||
Interest paid | 150,403 | 131,488 | 155,832 | ||||||||
Parent Company | |||||||||||
Operating activities | |||||||||||
Net income | 692,957 | 632,392 | 641,282 | ||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Equity in undistributed net income of subsidiaries | 175,660 | (411,261) | (718,144) | ||||||||
Depreciation and amortization | 609 | 548 | 513 | ||||||||
Loss on sales of securities available-for-sale | 540 | 0 | 0 | ||||||||
Other, net | (44,197) | 26,685 | 15,965 | ||||||||
Net cash provided by (used for) operating activities | 825,569 | 248,364 | (60,384) | ||||||||
Investing activities | |||||||||||
Repayments from subsidiaries | 494,905 | 9,250 | 285,792 | ||||||||
Advances to subsidiaries | (612,610) | (32,350) | (249,050) | ||||||||
Sales of available-for-sale securities | 449 | 0 | 0 | ||||||||
Cash paid for acquisitions, net of cash received | 0 | (13,452) | 0 | ||||||||
Proceeds from business divestitures | 9,029 | 0 | 0 | ||||||||
Net cash provided by (used for) investing activities | (108,227) | (36,552) | 36,742 | ||||||||
Financing activities | |||||||||||
Proceeds from issuance of long-term borrowings | 0 | 0 | 400,000 | ||||||||
Payment of borrowings | 0 | 0 | (50,000) | ||||||||
Dividends paid on stock | (224,390) | (198,789) | (182,476) | ||||||||
Net proceeds from issuance of common stock | 0 | 2,597 | 0 | ||||||||
Repurchase of common stock | (251,844) | (334,429) | (124,995) | ||||||||
Other, net | 13,492 | 15,512 | 25,707 | ||||||||
Net cash provided by (used for) financing activities | (462,742) | (515,109) | 68,236 | ||||||||
Increase (decrease) in cash and cash equivalents | 254,600 | (303,297) | 44,594 | ||||||||
Cash and cash equivalents at beginning of period | $ 662,768 | $ 966,065 | 662,768 | 966,065 | 921,471 | ||||||
Cash and cash equivalents at end of period | $ 917,368 | $ 662,768 | 917,368 | 662,768 | 966,065 | ||||||
Supplemental disclosures: | |||||||||||
Interest paid | $ 17,384 | $ 21,321 | $ 20,739 |
BUSINESS COMBINATIONS (Details)
BUSINESS COMBINATIONS (Details) - USD ($) $ in Thousands | Mar. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Business Acquisition [Line Items] | ||||
Goodwill | $ 676,869 | $ 522,541 | $ 444,268 | |
Macquarie Equipment Finance | ||||
Business Acquisition [Line Items] | ||||
Payments to acquire business | $ 458,000 | |||
Assets acquired | 1,100,000 | |||
Liabilities assumed | 617,000 | |||
Goodwill | $ 156,000 |
SEGMENT REPORTING (Details)
SEGMENT REPORTING (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015USD ($) | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Sep. 30, 2014USD ($) | Jun. 30, 2014USD ($) | Mar. 31, 2014USD ($) | Dec. 31, 2015USD ($)segments | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Segment Reporting [Abstract] | |||||||||||
Number of reporting segments | segments | 5 | ||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net interest income | $ 496,911 | $ 495,455 | $ 490,686 | $ 467,685 | $ 473,252 | $ 466,335 | $ 460,048 | $ 437,506 | $ 1,950,737 | $ 1,837,141 | $ 1,704,608 |
Provision for credit losses | 36,468 | 22,476 | 20,419 | 20,591 | 2,494 | 24,480 | 29,385 | 24,630 | 99,954 | 80,989 | 90,045 |
Noninterest income | 272,215 | 253,119 | 281,773 | 231,623 | 233,278 | 247,349 | 250,067 | 248,485 | 1,038,730 | 979,179 | 1,012,196 |
Noninterest expense | 498,766 | 526,508 | 491,777 | 458,857 | 483,271 | 480,318 | 458,636 | 460,121 | 1,975,908 | 1,882,346 | 1,758,003 |
Provision (benefit) for income taxes | 55,583 | 47,002 | 64,057 | 54,006 | 57,151 | 53,870 | 57,475 | 52,097 | 220,648 | 220,593 | 227,474 |
Net income | 178,309 | $ 152,588 | $ 196,206 | $ 165,854 | 163,614 | $ 155,016 | $ 164,619 | $ 149,143 | 692,957 | 632,392 | 641,282 |
Total assets | 71,044,551 | 66,298,010 | 71,044,551 | 66,298,010 | |||||||
Deposits | 55,294,979 | 51,732,151 | 55,294,979 | 51,732,151 | |||||||
Operating Segments | Retail & Business Banking | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net interest income | 1,030,238 | 912,992 | 902,526 | ||||||||
Provision for credit losses | 42,828 | 75,529 | 137,978 | ||||||||
Noninterest income | 440,261 | 409,746 | 398,065 | ||||||||
Noninterest expense | 1,029,727 | 982,288 | 964,193 | ||||||||
Provision (benefit) for income taxes | 139,280 | 92,722 | 69,447 | ||||||||
Net income | 258,664 | 172,199 | 128,973 | ||||||||
Total assets | 15,822,568 | 15,146,857 | 15,822,568 | 15,146,857 | |||||||
Deposits | 30,875,607 | 29,350,255 | 30,875,607 | 29,350,255 | |||||||
Operating Segments | Commercial Banking | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net interest income | 365,181 | 306,434 | 281,461 | ||||||||
Provision for credit losses | 49,460 | 31,521 | 27,464 | ||||||||
Noninterest income | 258,191 | 209,238 | 200,573 | ||||||||
Noninterest expense | 283,448 | 249,300 | 254,629 | ||||||||
Provision (benefit) for income taxes | 101,662 | 82,198 | 69,979 | ||||||||
Net income | 188,802 | 152,653 | 129,962 | ||||||||
Total assets | 16,943,458 | 15,043,477 | 16,943,458 | 15,043,477 | |||||||
Deposits | 11,424,778 | 11,184,566 | 11,424,778 | 11,184,566 | |||||||
Operating Segments | AFCRE | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net interest income | 381,189 | 379,363 | 366,508 | ||||||||
Provision for credit losses | 4,931 | (52,843) | (82,269) | ||||||||
Noninterest income | 29,257 | 26,628 | 46,819 | ||||||||
Noninterest expense | 152,010 | 156,715 | 156,469 | ||||||||
Provision (benefit) for income taxes | 88,727 | 105,742 | 118,694 | ||||||||
Net income | 164,778 | 196,377 | 220,433 | ||||||||
Total assets | 17,855,600 | 16,027,910 | 17,855,600 | 16,027,910 | |||||||
Deposits | 1,651,702 | 1,377,921 | 1,651,702 | 1,377,921 | |||||||
Operating Segments | RBHPCG | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net interest income | 115,608 | 101,839 | 105,862 | ||||||||
Provision for credit losses | 65 | 4,893 | (5,376) | ||||||||
Noninterest income | 153,160 | 173,550 | 186,430 | ||||||||
Noninterest expense | 254,380 | 236,634 | 236,895 | ||||||||
Provision (benefit) for income taxes | 5,013 | 11,852 | 21,271 | ||||||||
Net income | 9,310 | 22,010 | 39,502 | ||||||||
Total assets | 3,458,847 | 3,871,020 | 3,458,847 | 3,871,020 | |||||||
Deposits | 7,690,581 | 6,727,892 | 7,690,581 | 6,727,892 | |||||||
Operating Segments | Home Lending | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net interest income | 65,884 | 58,015 | 51,839 | ||||||||
Provision for credit losses | 2,670 | 21,889 | 12,249 | ||||||||
Noninterest income | 87,021 | 69,899 | 106,006 | ||||||||
Noninterest expense | 157,266 | 136,374 | 141,489 | ||||||||
Provision (benefit) for income taxes | (2,461) | (10,622) | 1,437 | ||||||||
Net income | (4,570) | (19,727) | 2,670 | ||||||||
Total assets | 3,917,198 | 3,949,247 | 3,917,198 | 3,949,247 | |||||||
Deposits | 361,881 | 326,841 | 361,881 | 326,841 | |||||||
Treasury / Other | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net interest income | (7,363) | 78,498 | (3,588) | ||||||||
Provision for credit losses | 0 | 0 | (1) | ||||||||
Noninterest income | 70,840 | 90,118 | 74,303 | ||||||||
Noninterest expense | 99,077 | 121,035 | 4,328 | ||||||||
Provision (benefit) for income taxes | (111,573) | (61,299) | (53,354) | ||||||||
Net income | 75,973 | 108,880 | $ 119,742 | ||||||||
Total assets | 13,046,880 | 12,259,499 | 13,046,880 | 12,259,499 | |||||||
Deposits | $ 3,290,430 | $ 2,764,676 | $ 3,290,430 | $ 2,764,676 |
QUARTERLY RESULTS OF OPERATI164
QUARTERLY RESULTS OF OPERATIONS (UNAUDITED) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Sep. 30, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||
Interest income | $ 544,153 | $ 538,477 | $ 529,795 | $ 502,096 | $ 507,625 | $ 501,060 | $ 495,322 | $ 472,455 | $ 2,114,521 | $ 1,976,462 | $ 1,860,637 | |
Interest expense | 47,242 | 43,022 | 39,109 | 34,411 | 34,373 | 34,725 | 35,274 | 34,949 | 163,784 | 139,321 | 156,029 | |
Net interest income | 496,911 | 495,455 | 490,686 | 467,685 | 473,252 | 466,335 | 460,048 | 437,506 | 1,950,737 | 1,837,141 | 1,704,608 | |
Provision for credit losses | 36,468 | 22,476 | 20,419 | 20,591 | 2,494 | 24,480 | 29,385 | 24,630 | 99,954 | 80,989 | 90,045 | |
Noninterest income | 272,215 | 253,119 | 281,773 | 231,623 | 233,278 | 247,349 | 250,067 | 248,485 | 1,038,730 | 979,179 | 1,012,196 | |
Noninterest expense | 498,766 | 526,508 | 491,777 | 458,857 | 483,271 | 480,318 | 458,636 | 460,121 | 1,975,908 | 1,882,346 | 1,758,003 | |
Income before income taxes | 233,892 | 199,590 | 260,263 | 219,860 | 220,765 | 208,886 | 222,094 | 201,240 | 913,605 | 852,985 | 868,756 | |
Provision for income taxes | 55,583 | 47,002 | 64,057 | 54,006 | 57,151 | 53,870 | 57,475 | 52,097 | 220,648 | 220,593 | 227,474 | |
Net income | 178,309 | 152,588 | 196,206 | 165,854 | 163,614 | 155,016 | 164,619 | 149,143 | 692,957 | 632,392 | 641,282 | |
Dividends on preferred shares | 7,972 | 7,968 | 7,968 | 7,965 | 7,963 | 7,964 | 7,963 | 7,964 | 31,873 | 31,854 | 31,869 | |
Net income available to common shareholders | $ 170,337 | $ 144,620 | $ 188,238 | $ 157,889 | $ 155,651 | $ 147,052 | $ 156,656 | $ 141,179 | $ 600,538 | $ 661,084 | $ 600,538 | $ 609,413 |
Basic earnings per common share (in USD per share) | $ 0.21 | $ 0.18 | $ 0.23 | $ 0.19 | $ 0.19 | $ 0.18 | $ 0.19 | $ 0.17 | $ 0.73 | $ 0.82 | $ 0.73 | $ 0.73 |
Diluted earnings per common share (in USD per share) | $ 0.21 | $ 0.18 | $ 0.23 | $ 0.19 | $ 0.19 | $ 0.18 | $ 0.19 | $ 0.17 | $ 0.72 | $ 0.81 | $ 0.72 | $ 0.72 |
SUBSEQUENT EVENTS SUBSEQUENT EV
SUBSEQUENT EVENTS SUBSEQUENT EVENTS (Details) - Subsequent Event - Scenario, Forecast - FirstMerit Bank $ / shares in Units, $ in Billions | 3 Months Ended |
Sep. 30, 2016USD ($)$ / shares | |
Business Combination, Separately Recognized Transactions [Line Items] | |
Stock and cash value of merger | $ 3.4 |
Assets acquired | $ 25.5 |
Consideration transfered (in shares per share) | 1.72 |
Cash transfered (in USD per share) | $ / shares | $ 5 |