Document and Entity Information
Document and Entity Information | 3 Months Ended |
Mar. 31, 2016shares | |
Document and Entity Information [Abstract] | |
Entity Registrant Name | HUNTINGTON BANCSHARES INC/MD |
Entity Central Index Key | 49,196 |
Document Type | 10-Q |
Document Period End Date | Mar. 31, 2016 |
Amendment Flag | false |
Document Fiscal Year Focus | 2,016 |
Document Fiscal Period Focus | Q1 |
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 Common Stock, Shares Outstanding (in shares) | 796,689,077 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | |
Assets | |||
Cash and due from banks | $ 816,248 | $ 847,156 | |
Interest-bearing deposits in banks | 66,668 | 51,838 | |
Trading account securities | 45,924 | 36,997 | |
Loans held for sale (includes $364,967 and $337,577 respectively, measured at fair value) (1) | [1] | 567,664 | 474,621 |
Available-for-sale and other securities | 9,319,381 | 8,775,441 | |
Held-to-maturity securities | 5,946,144 | 6,159,590 | |
Loans and leases (includes $39,329 and $34,637 respectively, measured at fair value) (1) | [1] | 51,539,359 | 50,341,099 |
Allowance for loan and lease losses | (613,719) | (597,843) | |
Net loans and leases | 50,925,640 | 49,743,256 | |
Bank owned life insurance | 1,766,637 | 1,757,668 | |
Premises and equipment | 611,603 | 620,540 | |
Goodwill | 676,869 | 676,869 | |
Other intangible assets | 51,266 | 54,978 | |
Servicing rights | 168,648 | 189,237 | |
Accrued income and other assets | 1,682,275 | 1,630,110 | |
Total assets | 72,644,967 | 71,018,301 | |
Liabilities | |||
Deposits | 55,628,842 | 55,294,979 | |
Short-term borrowings | 471,375 | 615,279 | |
Long-term debt | 7,935,412 | 7,041,364 | |
Accrued expenses and other liabilities | 1,451,668 | 1,472,073 | |
Total liabilities | 65,487,297 | 64,423,695 | |
Shareholders’ equity | |||
Common stock | 7,988 | 7,970 | |
Capital surplus | 7,050,463 | 7,038,502 | |
Less treasury shares, at cost | (18,417) | (17,932) | |
Accumulated other comprehensive loss | (167,286) | (226,158) | |
Retained (deficit) earnings | (487,717) | (594,067) | |
Total shareholders’ equity | 7,157,670 | 6,594,606 | |
Total liabilities and shareholders’ equity | $ 72,644,967 | $ 71,018,301 | |
Common shares authorized (par value of $0.01) (in shares) | 1,500,000,000 | 1,500,000,000 | |
Common shares issued (in shares) | 798,780,938 | 796,969,694 | |
Common shares outstanding (in shares) | 796,689,077 | 794,928,886 | |
Treasury shares outstanding (in shares) | 2,091,861 | 2,040,808 | |
Preferred shares issued (in shares) | 2,402,571 | 1,967,071 | |
Preferred shares outstanding (in shares) | 798,006 | 398,006 | |
Series A Preferred Stock | |||
Shareholders’ equity | |||
Preferred stock | $ 362,506 | $ 362,506 | |
Total shareholders’ equity | 362,506 | 362,506 | |
Series B Preferred Stock | |||
Shareholders’ equity | |||
Preferred stock | 23,785 | 23,785 | |
Total shareholders’ equity | 23,785 | 23,785 | |
Series D Preferred Stock | |||
Shareholders’ equity | |||
Preferred stock | 386,348 | 0 | |
Total shareholders’ equity | $ 386,348 | $ 0 | |
[1] | Amounts represent loans for which Huntington has elected the fair value option. |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Dec. 31, 2015 | |
Assets | ||
Loans held for sale, fair value | $ 364,967 | $ 337,577 |
Loans and leases, fair value | $ 39,329 | $ 34,637 |
Shareholders’ equity | ||
Preferred stock, authorized shares (in shares) | 6,617,808 | 6,617,808 |
Common stock, par value | $ 0.01 | $ 0.01 |
Series A Preferred Stock | ||
Shareholders’ equity | ||
Preferred Stock, fixed rate | 8.50% | 8.50% |
Preferred Stock, par value | $ 0.01 | $ 0.01 |
Preferred Stock, liquidation value per share | 1,000 | 1,000 |
Series B Preferred Stock | ||
Shareholders’ equity | ||
Preferred Stock, par value | 0.01 | 0.01 |
Preferred Stock, liquidation value per share | $ 1,000 | $ 1,000 |
Series D Preferred Stock | ||
Shareholders’ equity | ||
Preferred Stock, fixed rate | 6.25% | |
Preferred Stock, par value | $ 0.01 | |
Preferred Stock, liquidation value per share | $ 1,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Interest and fee income: | ||
Loans and leases | $ 463,422 | $ 420,614 |
Available-for-sale and other securities | ||
Taxable | 39,614 | 47,856 |
Tax-exempt | 13,019 | 9,287 |
Held-to-maturity securities—taxable | 36,789 | 20,667 |
Other | 4,407 | 3,672 |
Total interest income | 557,251 | 502,096 |
Interest expense: | ||
Deposits | 23,018 | 19,567 |
Short-term borrowings | 898 | 542 |
Federal Home Loan Bank advances | 69 | 377 |
Subordinated notes and other long-term debt | 30,200 | 13,925 |
Total interest expense | 54,185 | 34,411 |
Net interest income | 503,066 | 467,685 |
Provision for credit losses | 27,582 | 20,591 |
Net interest income after provision for credit losses | 475,484 | 447,094 |
Service charges on deposit accounts | 70,262 | 62,220 |
Cards and payment processing income | 36,447 | 32,571 |
Mortgage banking income | 18,543 | 22,961 |
Trust services | 22,838 | 29,039 |
Insurance income | 16,225 | 15,895 |
Brokerage income | 15,502 | 15,500 |
Capital markets fees | 13,010 | 13,905 |
Bank owned life insurance income | 13,513 | 13,025 |
Gain on sale of loans | 5,395 | 4,589 |
Net gains on sales of securities | 0 | 0 |
Other noninterest income | 30,132 | 21,918 |
Total noninterest income | 241,867 | 231,623 |
Personnel costs | 285,397 | 264,916 |
Outside data processing and other services | 61,878 | 50,535 |
Equipment | 32,576 | 30,249 |
Net occupancy | 31,476 | 31,020 |
Marketing | 12,268 | 12,975 |
Professional services | 13,538 | 12,727 |
Deposit and other insurance expense | 11,208 | 10,167 |
Amortization of intangibles | 3,712 | 10,206 |
Other noninterest expense | 39,027 | 36,062 |
Total noninterest expense | 491,080 | 458,857 |
Income before income taxes | 226,271 | 219,860 |
Provision for income taxes | 54,957 | 54,006 |
Net income (loss) | 171,314 | 165,854 |
Dividends on preferred shares | 7,998 | 7,965 |
Net income applicable to common shares | $ 163,316 | $ 157,889 |
Average common shares—basic (in shares) | 795,755 | 809,778 |
Average common shares—diluted (in shares) | 808,349 | 823,809 |
Per common share: | ||
Net income—basic (in usd per share) | $ 0.21 | $ 0.19 |
Net income—diluted (in usd per share) | 0.20 | 0.19 |
Cash dividends declared (in usd per share) | $ 0.07 | $ 0.06 |
OTTI losses for the periods presented: | ||
Total OTTI losses | $ (3,733) | $ 0 |
Noncredit-related portion of loss recognized in OCI | 3,733 | 0 |
Impairment losses recognized in earnings on available-for-sale securities | $ 0 | $ 0 |
Condensed Consolidated Stateme5
Condensed Consolidated Statement of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 171,314 | $ 165,854 |
Unrealized gains on available-for-sale and other securities: | ||
Non-credit-related impairment recoveries (losses) on debt securities not expected to be sold | (2,349) | 3,390 |
Unrealized net gains (losses) on available-for-sale and other securities arising during the period, net of reclassification for net realized gains and losses | 51,551 | 38,953 |
Total unrealized gains (losses) on available-for-sale securities | 49,202 | 42,343 |
Unrealized gains (losses) on cash flow hedging derivatives, net of reclassifications to income | 8,829 | 18,214 |
Change in accumulated unrealized losses for pension and other post-retirement obligations | 841 | 903 |
Other comprehensive income (loss), net of tax | 58,872 | 61,460 |
Comprehensive income | $ 230,186 | $ 227,314 |
Condensed Consolidated Stateme6
Condensed 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) | Series D Preferred Stock |
Balance, beginning of period (in shares) at Dec. 31, 2014 | 813,136 | (1,682) | 363 | 35 | 0 | ||||||
Balance, beginning of period at Dec. 31, 2014 | $ 6,328,170 | $ 8,131 | $ 7,221,745 | $ (13,382) | $ (222,292) | $ (1,052,324) | $ 362,507 | $ 23,785 | $ 0 | ||
Comprehensive Income: | |||||||||||
Net income | 165,854 | 165,854 | |||||||||
Other comprehensive income (loss) | $ 61,460 | 61,460 | |||||||||
Repurchase of common stock (in shares) | (4,900) | (4,949) | |||||||||
Repurchase of common stock | $ 51,707 | $ (49) | (51,658) | ||||||||
Cash dividends declared: | |||||||||||
Common stock, dividend | (48,524) | (48,524) | |||||||||
Preferred stock, dividend | (7,703) | $ (7,703) | $ (262) | $ (262) | |||||||
Recognition of the fair value of share-based compensation | 11,095 | 11,095 | |||||||||
Other share-based compensation activity (in shares) | 2,051 | ||||||||||
Other share-based compensation activity | 3,978 | $ 20 | 4,512 | 554 | |||||||
Other (in shares) | 11 | (39) | |||||||||
Other | (407) | $ 0 | 72 | $ (467) | (12) | ||||||
Balance, end of period (in shares) at Mar. 31, 2015 | 810,249 | (1,721) | 363 | 35 | 0 | ||||||
Balance, end of period at Mar. 31, 2015 | 6,461,954 | $ 8,102 | 7,185,766 | $ (13,849) | (160,832) | (943,525) | $ 362,507 | $ 23,785 | $ 0 | ||
Balance, beginning of period (in shares) at Dec. 31, 2015 | 796,970 | (2,041) | 363 | 35 | 0 | ||||||
Balance, beginning of period at Dec. 31, 2015 | 6,594,606 | $ 7,970 | 7,038,502 | $ (17,932) | (226,158) | (594,067) | $ 362,506 | $ 23,785 | $ 0 | ||
Comprehensive Income: | |||||||||||
Net income | 171,314 | 171,314 | |||||||||
Other comprehensive income (loss) | 58,872 | 58,872 | |||||||||
Stock Issued During Period, Shares, New Issues | 400 | ||||||||||
Stock Issued During Period, Value, New Issues | 386,348 | $ 386,348 | |||||||||
Cash dividends declared: | |||||||||||
Common stock, dividend | (55,774) | (55,774) | |||||||||
Preferred stock, dividend | $ (7,703) | $ (7,703) | $ (295) | $ (295) | |||||||
Recognition of the fair value of share-based compensation | 11,268 | 11,268 | |||||||||
Other share-based compensation activity (in shares) | 1,811 | ||||||||||
Other share-based compensation activity | (465) | $ 18 | 683 | (1,166) | |||||||
Other (in shares) | 51 | ||||||||||
Other | (501) | 10 | $ (485) | (26) | |||||||
Balance, end of period (in shares) at Mar. 31, 2016 | 798,781 | (2,092) | 363 | 35 | 400 | ||||||
Balance, end of period at Mar. 31, 2016 | $ 7,157,670 | $ 7,988 | $ 7,050,463 | $ (18,417) | $ (167,286) | $ (487,717) | $ 362,506 | $ 23,785 | $ 386,348 |
Condensed Consolidated Stateme7
Condensed Consolidated Statements of Changes in Shareholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Cash dividends declared: | ||
Common stock, Cash dividend per share (in usd per share) | $ 0.07 | $ 0.06 |
Series A Preferred Stock | ||
Cash dividends declared: | ||
Preferred stock dividend per share (in usd per share) | 21.25 | 21.25 |
Series B Preferred Stock | ||
Cash dividends declared: | ||
Preferred stock dividend per share (in usd per share) | $ 8.31 | $ 7.38 |
Condensed Consolidated Stateme8
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Operating activities | ||
Net income | $ 171,314 | $ 165,854 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provision for credit losses | 27,582 | 20,591 |
Depreciation and amortization | 105,103 | 95,664 |
Share-based compensation expense | 11,268 | 11,095 |
Net change in: | ||
Trading account securities | (8,927) | (5,435) |
Loans held for sale | (39,502) | (198,776) |
Accrued income and other assets | (41,066) | (58,226) |
Deferred income taxes | (4,366) | (14,467) |
Accrued expense and other liabilities | (25,580) | (30,674) |
Other, net | 4,036 | 3,883 |
Net cash provided by (used for) operating activities | 191,790 | (18,257) |
Investing activities | ||
Change in interest bearing deposits in banks | (14,830) | (9,471) |
Cash paid for acquisition of a business, net of cash received | 0 | 457,836 |
Proceeds from: | ||
Maturities and calls of available-for-sale and other securities | 217,015 | 397,406 |
Maturities of held-to-maturity securities | 210,606 | 124,631 |
Purchases of available-for-sale and other securities | (691,607) | (878,256) |
Purchases of held-to-maturity securities | 0 | (82,557) |
Net proceeds from sales of portfolio loans | 74,831 | 89,347 |
Net loan and lease activity, excluding sales and purchases | (714,140) | (332,637) |
Purchases of premises and equipment | (12,157) | (13,094) |
Proceeds from sales of other real estate | 6,950 | 8,857 |
Purchases of loans and leases | (667,031) | (16,474) |
Other, net | 920 | 1,278 |
Net cash provided by (used for) investing activities | (1,589,443) | (1,168,806) |
Financing activities | ||
Increase (decrease) in deposits | 363,177 | 1,081,204 |
Increase (decrease) in short-term borrowings | (147,339) | (357,831) |
Net proceeds from issuance of long-term debt | 1,024,068 | 995,610 |
Maturity/redemption of long-term debt | (195,475) | (750,076) |
Dividends paid on preferred stock | (7,998) | (7,965) |
Dividends paid on common stock | (56,195) | (48,738) |
Repurchases of common stock | 0 | (51,707) |
Proceeds from stock options exercised | 1,126 | 3,800 |
Net proceeds from issuance of preferred stock | 386,348 | 0 |
Other, net | (967) | 2,077 |
Net cash provided by (used for) financing activities | 1,366,745 | 866,374 |
Increase (decrease) in cash and cash equivalents | (30,908) | (320,689) |
Cash and cash equivalents at beginning of period | 847,156 | 1,220,565 |
Cash and cash equivalents at end of period | 816,248 | 899,876 |
Supplemental disclosures: | ||
Interest paid | 1,051 | 26,672 |
Income taxes paid (refunded) | 41,398 | 353 |
Non-cash activities | ||
Loans transferred to held-for-sale from portfolio | 145,210 | 1,091,451 |
Loans transferred to portfolio from held-for-sale | 9,259 | 1,257 |
Transfer of loans to OREO | $ 6,468 | $ 6,575 |
BASIS OF PRESENTATION
BASIS OF PRESENTATION | 3 Months Ended |
Mar. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
BASIS OF PRESENTATION | BASIS OF PRESENTATION The accompanying Unaudited Condensed Consolidated Financial Statements of Huntington reflect all adjustments consisting of normal recurring accruals which are, in the opinion of Management, necessary for a fair presentation of the consolidated financial position, the results of operations, and cash flows for the periods presented. The year-end condensed consolidated balance sheet data was derived from audited financial statements but does not include all disclosures required by GAAP. These Unaudited Condensed Consolidated Financial Statements have been prepared according to the rules and regulations of the SEC and, therefore, certain information and footnote disclosures normally included in annual financial statements prepared in accordance with GAAP have been omitted. The Notes to Consolidated Financial Statements appearing in Huntington’s 2015 Form 10-K, which include descriptions of significant accounting policies, as updated by the information contained in this report, should be read in conjunction with these interim financial statements. 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.” In conjunction with applicable accounting standards, all material subsequent events have been either recognized in the Unaudited Condensed Consolidated Financial Statements or disclosed in the Notes to Unaudited Condensed Consolidated Financial Statements. Certain prior period amounts have been reclassified to conform to the current year's presentation. Specifically, Huntington reclassified servicing assets from accrued income and other assets to disclose them as a separate line item on the balance sheets. In addition, debt issuance costs were reclassified to long-term debt from accrued income and other assets as part of adopting ASU 2105-03. |
ACCOUNTING STANDARDS UPDATE
ACCOUNTING STANDARDS UPDATE | 3 Months Ended |
Mar. 31, 2016 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
ACCOUNTING STANDARDS UPDATE | ACCOUNTING STANDARDS UPDATE 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 2015-02 - Consolidation (Topic 810)-Amendments to the Consolidation Analysis . This Update provides a new scope exception for registered money market funds and similar unregistered money market funds, provides targeted amendments to the current consolidation guidance, and ends the deferral granted to investment companies from applying the variable interest entity accounting guidance. This amendment was effective during the current reporting period and did not have a significant impact on Huntington's Unaudited Condensed Consolidated Financial Statements. ASU 2015-03 - Imputation of Interest (Topic 835): Simplifying the Presentation of Debt Issuance Costs. This Update was issued to simplify the presentation of debt issuance costs. The amendments require debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction to the carrying amount of that debt liability, consistent with debt discounts. The amendment was effective during the current reporting period and did not have a significant impact on Huntington’s Unaudited Condensed Consolidated Financial Statements. For more information, refer to Note 8 “Long-Term Debt”. ASU 2015-10 - Technical Corrections and Improvements. This Update sets forth certain technical corrections and improvements 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 ASU, among other things, 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 is required to clearly indicate that the fair value information presented is not as of the period’s end. The technical correction for fair value disclosure was effective upon issuance and did not have a significant impact on Huntington’s Unaudited Condensed Consolidated Financial Statements. ASU 2015-16 - Simplifying the Accounting for Measurement-Period Adjustments. This Update requires an acquirer to 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 also 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. This Update is effective for the current reporting period and did not have a significant impact on Huntington's Unaudited Condensed Consolidated Financial Statements. ASU 2016-01 - Recognition and Measurement of Financial Assets and Financial Liabilities. This Update sets forth targeted improvements to GAAP including, but not limited to, requiring an entity to recognize the changes in fair value of equity investments in the income statement, requiring public business entities to use the exit price when measuring the fair value of financial instruments for financial statement disclosure purposes, eliminating certain disclosures required by existing GAAP, and providing for additional disclosures. The Update is effective for the fiscal period beginning after December 15, 2017, including interim periods within those fiscal years. A cumulative-effect adjustment to the balance sheet will be required as of the beginning of the fiscal year upon adoption. The Update is not expected to have a significant impact on Huntington's Unaudited Condensed Consolidated Financial Statements. ASU 2016-02 - Leases. This Update sets forth a new lease accounting model for lessors and lessees. For lessees, all leases will be required to be recognized on the balance sheet by recording a right-of-use asset Subsequent accounting for leases varies depending on whether the lease is an operating lease or a finance lease. The accounting applied by a lessor is largely unchanged from that applied under the existing guidance. The ASU requires additional qualitative and quantitative disclosures with the objective of enabling users of financial statements to assess the amount, timing, and uncertainty of cash flows arising from leases. The Update is effective for the fiscal period beginning after December 15, 2018, with early application permitted. Management is currently assessing the impact of the new guidance on Huntington's Unaudited Condensed Consolidated Financial Statements. ASU 2016-05 - Effect of Derivative Contract Novations on Existing Hedge Accounting Relationships. This Update provides accounting clarification for changes in the counterparty to a derivative instrument that has been designated as a qualified hedging instrument. Specifically, changes in the derivative counterparty should not, in and of itself, require de-designation of that hedging relationship provided that all other hedge accounting criteria continue to be met. This Update is effective for financial statements issued for fiscal years beginning after December 15, 2016 and interim periods within those fiscal years. Early application is permitted. An entity has an option to apply the amendments in this Update on either a prospective basis or a modified retrospective basis. Management does not believe the new guidance will have a significant impact on Huntington's Unaudited Condensed Consolidated Financial Statements. ASU 2016-06 - Contingent Put and Call Options in Debt Instruments. This Update clarifies the requirements for assessing whether contingent call (put) options that can accelerate the payment of principal on debt instruments are clearly and closely related to their debt instruments. An entity performing the assessment set forth in this Update will be required to assess embedded call (put) options solely in accordance with the four-step decision sequence. This Update is effective for financial statements issued for fiscal years beginning after December 15, 2016 and interim periods within those fiscal years. Early adoption is permitted. An entity should apply this Update on a modified retrospective basis to existing debt instruments as of the beginning of the fiscal year for which the amendments are effective. This Update is not expected to have a significant impact on Huntington's Unaudited Condensed Consolidated Financial Statements. ASU 2016-07 - Simplifying the Transition to the Equity Method of Accounting. This Update eliminates the requirement for the retrospective use of the equity method of accounting as a result of an increase in the level of ownership interest or degree of influence of an investor. The amendments require that the equity method investor add the cost of acquiring the additional interest in the investee to the current basis of the investor’s previously held interest and adopt the equity method of accounting as of the date the investment becomes qualified for the equity method accounting. This Update is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016. The amendments are not expected to have a significant impact on Huntington's Unaudited Condensed Consolidated Financial Statements. ASU 2016-09 - Improvements to Employee Share-Based Payment Accounting. This Update simplifies several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification in the statement of cash flows. The amendments, among other things, require all tax benefits and tax deficiencies related to share-based award to be recognized in the income statement. Other changes include an election related to the accounting for forfeitures, changes to the cash flow statement presentation for excess tax benefits, as well as for cash paid by an employer when directly withholding shares for tax withholding purposes. The amendments are effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods. Early adoption is permitted for any entity in any interim or annual period. Management is currently assessing the impact of this Update on Huntington's Unaudited Condensed Consolidated Financial Statements. |
BUSINESS COMBINATIONS
BUSINESS COMBINATIONS | 3 Months Ended |
Mar. 31, 2016 | |
Business Combinations [Abstract] | |
BUSINESS COMBINATIONS | PENDING ACQUISITION OF FIRSTMERIT CORPORATION 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 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. |
LOANS _ LEASES AND ALLOWANCE FO
LOANS / LEASES AND ALLOWANCE FOR CREDIT LOSSES | 3 Months Ended |
Mar. 31, 2016 | |
Receivables [Abstract] | |
LOANS / LEASES AND ALLOWANCE FOR CREDIT LOSSES | LOANS / LEASES AND ALLOWANCE FOR CREDIT LOSSES Loans and leases for which Huntington has the intent and ability to hold for the foreseeable future, or until maturity or payoff, are classified in the Unaudited Condensed Consolidated Balance Sheets as loans and leases. 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 $272 million and $262 million at March 31, 2016 and December 31, 2015 , respectively. Loan and Lease Portfolio Composition The following table provides a detailed listing of Huntington’s loan and lease portfolio at March 31, 2016 and December 31, 2015 : (dollar amounts in thousands) March 31, December 31, Loans and leases: Commercial and industrial $ 21,253,692 $ 20,559,834 Commercial real estate 5,281,810 5,268,651 Automobile 9,919,921 9,480,678 Home equity 8,422,439 8,470,482 Residential mortgage 6,081,984 5,998,400 Other consumer 579,513 563,054 Loans and leases 51,539,359 50,341,099 Allowance for loan and lease losses (613,719 ) (597,843 ) Net loans and leases $ 50,925,640 $ 49,743,256 As shown in the table above, the primary loan and lease portfolios are: C&I, CRE, automobile, home equity, residential mortgage, and other consumer. For ACL purposes, these portfolios are further disaggregated into classes. The classes within each portfolio are as follows: 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. Loan Purchases and Sales The following table summarizes significant portfolio loan purchase and sale activity for the three-month periods ended March 31, 2016 and 2015 . The table below excludes mortgage loans originated for sale. (dollar amounts in thousands) Commercial Commercial Automobile Home Residential Other Total Portfolio loans and leases purchased or transferred from held for sale during the: Three-month period ended March 31, 2016 $ 664,887 $ — $ — $ — $ 2,144 $ — $ 667,031 Three-month period ended March 31, 2015 12,591 — — — 3,883 — 16,474 Portfolio loans and leases sold or transferred to loans held for sale during the: Three-month period ended March 31, 2016 $ 144,519 $ — $ — $ — $ — $ — $ 144,519 Three-month period ended March 31, 2015 85,700 — 1,061,859 (1) — — — 1,147,559 (1) Reflects the transfer of approximately $1.0 billion automobile loans to loans held-for-sale at March 31, 2015. NALs 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. 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. Residential mortgage loans are placed on nonaccrual status at 150 -days past due, with the exception of residential mortgages guaranteed by government organizations. 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. 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 are recognized as a credit loss. For all classes within all loan portfolios, cash receipts received on NALs are applied entirely 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 or lease 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. The following table presents NALs by loan class at March 31, 2016 and December 31, 2015 : (dollar amounts in thousands) March 31, December 31, Commercial and industrial: Owner occupied $ 28,202 $ 35,481 Other commercial and industrial 279,622 139,714 Total commercial and industrial 307,824 175,195 Commercial real estate: Retail properties 4,087 7,217 Multi-family 4,501 5,819 Office 17,495 10,495 Industrial and warehouse 1,794 2,202 Other commercial real estate 2,924 3,251 Total commercial real estate 30,801 28,984 Automobile 7,598 6,564 Home equity: Secured by first-lien 35,101 35,389 Secured by junior-lien 27,107 30,889 Total home equity 62,208 66,278 Residential mortgage 90,303 94,560 Other consumer — — Total nonaccrual loans $ 498,734 $ 371,581 The following table presents an aging analysis of loans and leases, including past due loans, by loan class at March 31, 2016 and December 31, 2015 : (1) March 31, 2016 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 $ 2,841 $ 1,399 $ 10,952 $ 15,192 $ 3,991,359 $ 4,006,551 $ — Purchased credit-impaired 6 69 4,459 4,534 10,066 14,600 4,459 (2) Other commercial and industrial 39,246 31,255 41,679 112,180 17,120,361 17,232,541 3,573 (3) Total commercial and industrial 42,093 32,723 57,090 131,906 21,121,786 21,253,692 8,032 Commercial real estate: Retail properties 204 530 2,782 3,516 1,570,318 1,573,834 — Multi-family 624 567 1,811 3,002 1,085,120 1,088,122 — Office — 182 3,003 3,185 859,000 862,185 — Industrial and warehouse 120 — 994 1,114 400,263 401,377 — Purchased credit-impaired — — 12,694 12,694 — 12,694 12,694 (2) Other commercial real estate 249 278 2,433 2,960 1,340,638 1,343,598 — Total commercial real estate 1,197 1,557 23,717 26,471 5,255,339 5,281,810 12,694 Automobile 54,220 10,205 5,291 69,716 9,850,205 9,919,921 5,064 Home equity: Secured by first-lien 11,570 5,148 25,854 42,572 5,146,801 5,189,373 4,606 Secured by junior-lien 14,156 8,025 25,066 47,247 3,185,819 3,233,066 3,965 Total home equity 25,726 13,173 50,920 89,819 8,332,620 8,422,439 8,571 Residential mortgage: Residential mortgage 85,460 31,460 116,358 233,278 5,847,214 6,080,492 69,583 (4) Purchased credit-impaired — — — — 1,492 1,492 — Total residential mortgage 85,460 31,460 116,358 233,278 5,848,706 6,081,984 69,583 Other consumer: Other consumer 4,987 1,393 1,868 8,248 571,226 579,474 1,868 Purchased credit-impaired — — — — 39 39 — Total other consumer 4,987 1,393 1,868 8,248 571,265 579,513 1,868 Total loans and leases $ 213,683 $ 90,511 $ 255,244 $ 559,438 $ 50,979,921 $ 51,539,359 $ 105,812 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 (2) Other commercial and industrial 32,476 8,531 27,236 68,243 16,457,774 16,526,017 2,775 (3) 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 (2) 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 (5) 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 (1) NALs are included in this aging analysis based on the loan’s past due status. (2) 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. (3) Amounts include Huntington Technology Finance administrative lease delinquencies. (4) Includes $58 million guaranteed by the U.S. government. (5) Includes $56 million guaranteed by the U.S. government. 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, and energy, and the overall condition of the manufacturing industry. Management’s determinations regarding the appropriateness of the ACL are reviewed and approved by the Company’s board of directors. 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 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 and updated periodically 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 other 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 our risk-profile reserve components, which includes 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 reflected in accrued expenses and other liabilities in the Unaudited Condensed Consolidated Balance Sheet. The ACL is increased through a provision for credit losses that is charged to earnings, based on Management’s quarterly evaluation of the factors previously mentioned, and is reduced by charge-offs, net of recoveries, and the ACL associated with securitized or sold loans. The following table presents ALLL and AULC activity by portfolio segment for the three-month periods ended March 31, 2016 and 2015 : (dollar amounts in thousands) Commercial Commercial Automobile Home Residential Other Total Three-month period ended March 31, 2016: ALLL balance, beginning of period $ 298,746 $ 100,007 $ 49,504 $ 83,671 $ 41,646 $ 24,269 $ 597,843 Loan charge-offs (16,823 ) (12,126 ) (11,486 ) (7,710 ) (2,760 ) (8,787 ) (59,692 ) Recoveries of loans previously charged-off 10,309 29,602 4,716 4,029 1,113 1,371 51,140 Provision (reduction in allowance) for loan and lease losses 28,135 (15,409 ) 5,298 (1,888 ) 753 7,449 24,338 Write-downs of loans sold or transferred to loans held for sale — — — — 90 — 90 ALLL balance, end of period $ 320,367 $ 102,074 $ 48,032 $ 78,102 $ 40,842 $ 24,302 $ 613,719 AULC balance, beginning of period $ 55,886 $ 7,562 $ — $ 2,068 $ 18 $ 6,547 $ 72,081 Provision for (reduction in allowance) unfunded loan commitments and letters of credit 2,499 (75 ) — 42 2 776 3,244 AULC balance, end of period $ 58,385 $ 7,487 $ — $ 2,110 $ 20 $ 7,323 $ 75,325 ACL balance, end of period $ 378,752 $ 109,561 $ 48,032 $ 80,212 $ 40,862 $ 31,625 $ 689,044 (dollar amounts in thousands) Commercial Commercial Automobile Home Residential Other Total Three-month period ended March 31, 2015: ALLL balance, beginning of period $ 286,995 $ 102,839 $ 33,466 $ 96,413 $ 47,211 $ 38,272 $ 605,196 Loan charge-offs (24,612 ) (2,013 ) (8,103 ) (8,586 ) (4,863 ) (6,898 ) (55,075 ) Recoveries of loans previously charged-off 13,209 6,025 3,855 3,961 2,047 1,546 30,643 Provision for (reduction in allowance) loan and lease losses 8,981 (6,099 ) 10,200 18,492 10,985 (15,904 ) 26,655 Allowance for loans sold or transferred to loans held for sale — — (2,293 ) — — — (2,293 ) ALLL balance, end of period $ 284,573 $ 100,752 $ 37,125 $ 110,280 $ 55,380 $ 17,016 $ 605,126 AULC balance, beginning of period $ 48,988 $ 6,041 $ — $ 1,924 $ 8 $ 3,845 $ 60,806 Provision for (reduction in allowance) unfunded loan commitments and letters of credit (6,673 ) (510 ) — 715 1 403 (6,064 ) AULC balance, end of period $ 42,315 $ 5,531 $ — $ 2,639 $ 9 $ 4,248 $ 54,742 ACL balance, end of period $ 326,888 $ 106,283 $ 37,125 $ 112,919 $ 55,389 $ 21,264 $ 659,868 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 fully or partially charged-off 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, less anticipated selling costs, at 150 -days past due. 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 at March 31, 2016 and December 31, 2015 : March 31, 2016 Credit Risk Profile by UCS Classification (dollar amounts in thousands) Pass OLEM Substandard Doubtful Total Commercial and industrial: Owner occupied $ 3,747,191 $ 85,644 $ 173,241 $ 475 $ 4,006,551 Purchased credit-impaired 3,013 670 10,917 — 14,600 Other commercial and industrial 16,138,472 308,603 778,423 7,043 17,232,541 Total commercial and industrial 19,888,676 394,917 962,581 7,518 21,253,692 Commercial real estate: Retail properties 1,555,093 8,240 10,501 — 1,573,834 Multi-family 1,042,495 28,005 17,218 404 1,088,122 Office 806,473 15,129 40,161 422 862,185 Industrial and warehouse 376,898 20,588 3,837 54 401,377 Purchased credit-impaired 7,115 447 5,132 — 12,694 Other commercial real estate 1,308,447 3,622 30,898 631 1,343,598 Total commercial real estate 5,096,521 76,031 107,747 1,511 5,281,810 Credit Risk Profile by FICO Score (1) 750+ 650-749 <650 Other (2) Total Automobile 4,894,441 3,618,491 1,140,522 266,467 9,919,921 Home equity: Secured by first-lien 3,346,422 1,463,054 264,024 115,873 5,189,373 Secured by junior-lien 1,812,484 1,018,134 309,979 92,469 3,233,066 Total home equity 5,158,906 2,481,188 574,003 208,342 8,422,439 Residential mortgage: Residential mortgage 3,652,557 1,790,319 550,229 87,387 6,080,492 Purchased credit-impaired 278 737 477 — 1,492 Total residential mortgage 3,652,835 1,791,056 550,706 87,387 6,081,984 Other consumer: Other consumer 216,875 263,341 54,790 44,468 579,474 Purchased credit-impaired — 39 — — 39 Total other consumer $ 216,875 $ 263,380 $ 54,790 $ 44,468 $ 579,513 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 (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 obligor 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. 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 premium, discount, fees, or costs. A specific reserve is established as a component of the ALLL when a commercial 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. 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 at March 31, 2016 and December 31, 2015 : (dollar amounts in thousands) Commercial and Industrial Commercial Real Estate Automobile Home Equity Residential Mortgage Other Consumer Total ALL at March 31, 2016: Portion of ALLL balance: Attributable to purchased credit-impaired loans $ 799 $ — $ — $ — $ — $ — $ 799 Attributable to loans individually evaluated for impairment 24,557 7,180 1,853 13,894 16,335 340 64,159 Attributable to loans collectively evaluated for impairment 295,011 94,894 46,179 64,208 24,507 23,962 548,761 Total ALLL balance $ 320,367 $ 102,074 $ 48,032 $ 78,102 $ 40,842 $ 24,302 $ 613,719 Loan and Lease Ending Balances at March 31, 2016: Portion of loan and lease ending balance: Attributable to purchased credit-impaired loans $ 14,600 $ 12,694 $ — $ — $ 1,492 $ 39 $ 28,825 Individually evaluated for impairment 587,810 139,938 33,264 251,194 357,565 4,959 1,374,730 Collectively evaluated for impairment 20,651,282 5,129,178 9,886,657 8,171,245 5,722,927 574,515 50,135,804 Total loans and leases evaluated for impairment $ 21,253,692 $ 5,281,810 $ 9,919,921 $ 8,422,439 $ 6,081,984 $ 579,513 $ 51,539,359 (dollar amounts in thousands) Commercial and Industrial Commercial Real Estate Automobile Home Equity Residential Mortgage Other Consumer Total ALLL 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 balances: 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 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: (1), (2) March 31, 2016 Three months ended March 31, 2016 (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 $ 40,757 $ 47,876 $ — $ 50,604 $ 291 Purchased credit-impaired — — — — — Other commercial and industrial 240,790 243,042 — 210,540 942 Total commercial and industrial 281,547 290,918 — 261,144 1,233 Commercial real estate: Retail properties 31,499 32,517 — 36,673 485 Multi-family 20,325 20,325 — 6,775 57 Office 16,360 30,330 — 10,671 141 Industrial and warehouse — — — 1,143 19 Purchased credit-impaired 12,694 53,108 — 13,226 867 Other commercial real estate 6,479 6,645 — 3,319 47 Total commercial real estate 87,357 142,925 — 71,807 1,616 Residential mortgage: Residential mortgage — — — — — Purchased credit-impaired 1,492 2,074 — 1,473 2 Total residential mortgage 1,492 2,074 — 1,473 2 Other consumer Other consumer — — — — — Purchased credit-impaired 39 96 — 45 102 Total other consumer $ 39 $ 96 $ — $ 45 $ 102 With an allowance recorded: Commercial and industrial: (3) Owner occupied $ 66,342 $ 7 |
AVAILABLE-FOR-SALE AND OTHER SE
AVAILABLE-FOR-SALE AND OTHER SECURITIES | 3 Months Ended |
Mar. 31, 2016 | |
Investments, Debt and Equity Securities [Abstract] | |
AVAILABLE-FOR-SALE AND OTHER SECURITIES | AVAILABLE-FOR-SALE AND OTHER SECURITIES Listed below are the contractual maturities (1 year or less, 1-5 years, 6-10 years, and over 10 years) of available-for-sale and other securities at March 31, 2016 and December 31, 2015 : March 31, 2016 December 31, 2015 (dollar amounts in thousands) Amortized Cost Fair Value Amortized Cost Fair Value U.S. Treasury, Federal agency, and other agency securities: U.S. Treasury: 1 year or less $ 798 $ 798 $ — $ — After 1 year through 5 years 5,463 5,509 5,457 5,472 After 5 years through 10 years — — — — After 10 years — — — — Total U.S. Treasury 6,261 6,307 5,457 5,472 Federal agencies: mortgage-backed securities: 1 year or less 51,065 50,983 51,146 51,050 After 1 year through 5 years 104,732 106,924 111,655 113,393 After 5 years through 10 years 241,927 247,936 254,397 257,765 After 10 years 4,371,145 4,436,149 4,088,120 4,099,480 Total Federal agencies: mortgage-backed securities 4,768,869 4,841,992 4,505,318 4,521,688 Other agencies: 1 year or less 2,202 2,242 801 805 After 1 year through 5 years 8,146 8,549 9,101 9,395 After 5 years through 10 years 101,107 103,705 105,174 105,713 After 10 years — — — — Total other agencies 111,455 114,496 115,076 115,913 Total U.S. Treasury, Federal agency, and other agency securities 4,886,585 4,962,795 4,625,851 4,643,073 Municipal securities: 1 year or less 285,763 275,832 281,644 280,823 After 1 year through 5 years 587,570 592,057 587,664 587,345 After 5 years through 10 years 1,164,206 1,171,111 1,053,502 1,048,550 After 10 years 557,927 594,756 509,133 539,678 Total municipal securities 2,595,466 2,633,756 2,431,943 2,456,396 Asset-backed securities: 1 year or less — — — — After 1 year through 5 years 150,053 149,844 110,115 109,300 After 5 years through 10 years 88,267 89,019 128,342 128,208 After 10 years 641,296 598,511 662,602 623,905 Total asset-backed securities 879,616 837,374 901,059 861,413 Corporate debt: 1 year or less 29,307 29,919 300 302 After 1 year through 5 years 346,591 353,571 356,513 360,653 After 5 years through 10 years 152,382 153,171 107,394 105,522 After 10 years — — — — Total corporate debt 528,280 536,661 464,207 466,477 Other: 1 year or less — — — — After 1 year through 5 years 3,950 3,931 3,950 3,898 After 5 years through 10 years — — — — After 10 years — — — — Non-marketable equity securities 333,460 333,460 332,786 332,786 Mutual funds 10,506 10,506 10,604 10,604 Marketable equity securities 524 898 523 794 Total other 348,440 348,795 347,863 348,082 Total available-for-sale and other securities $ 9,238,387 $ 9,319,381 $ 8,770,923 $ 8,775,441 Non-marketable equity securities at March 31, 2016 and December 31, 2015 include $157 million of stock issued by the FHLB of Cincinnati and $176 million of Federal Reserve Bank stock. Non-marketable equity securities are recorded at amortized cost. The following tables provide amortized cost, fair value, and gross unrealized gains and losses recognized in OCI by investment category at March 31, 2016 and December 31, 2015 : Unrealized (dollar amounts in thousands) Amortized Cost Gross Gains Gross Losses Fair Value March 31, 2016 U.S. Treasury $ 6,261 $ 46 $ — $ 6,307 Federal agencies: Mortgage-backed securities 4,768,869 74,186 (1,063 ) 4,841,992 Other agencies 111,455 3,041 — 114,496 Total U.S. Treasury, Federal agency securities 4,886,585 77,273 (1,063 ) 4,962,795 Municipal securities 2,595,466 72,956 (34,666 ) 2,633,756 Asset-backed securities 879,616 1,724 (43,966 ) 837,374 Corporate debt 528,280 8,495 (114 ) 536,661 Other securities 348,440 375 (20 ) 348,795 Total available-for-sale and other securities $ 9,238,387 $ 160,823 $ (79,829 ) $ 9,319,381 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 At March 31, 2016 , 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 $2.9 billion . There were no securities of a single issuer, which are not governmental or government-sponsored, that exceeded 10% of shareholders’ equity at March 31, 2016 . 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 March 31, 2016 and December 31, 2015 : Less than 12 Months Over 12 Months Total (dollar amounts in thousands ) Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses March 31, 2016 Federal agencies: Mortgage-backed securities $ 266,950 $ (709 ) $ 61,611 $ (354 ) $ 328,561 $ (1,063 ) Other agencies — — — — — — Total Federal agency securities 266,950 (709 ) 61,611 (354 ) 328,561 (1,063 ) Municipal securities 521,994 (19,927 ) 208,458 (14,739 ) 730,452 (34,666 ) Asset-backed securities 305,927 (5,319 ) 173,013 (38,647 ) 478,940 (43,966 ) Corporate debt 17,333 (35 ) 10,217 (79 ) 27,550 (114 ) Other securities 2,280 (20 ) 2,280 (20 ) Total temporarily impaired securities $ 1,112,204 $ (25,990 ) $ 455,579 $ (53,839 ) $ 1,567,783 $ (79,829 ) 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 ) There were no realized securities gains or losses for the three -month periods ended March 31, 2016 and 2015 . 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 March 31, 2016 , 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 March 31, 2016 . 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 Data March 31, 2016 (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 $ 41,646 $ 27,794 $ 23,447 $ (4,347 ) C 30/36 15 % 6 % 5 % ICONS 19,214 19,214 15,131 (4,083 ) BB 19/21 7 14 51 MM Comm III 4,684 4,475 3,545 (930 ) BB 5/8 5 7 33 Pre TSL IX 5,000 3,955 2,963 (992 ) C 27/38 18 10 7 Pre TSL XI 25,000 20,020 14,288 (5,732 ) C 43/55 16 8 11 Pre TSL XIII 27,530 19,588 15,505 (4,083 ) C 46/56 10 11 24 Reg Diversified (1) 25,500 5,104 1,762 (3,342 ) D 22/38 33 7 — Tropic III 31,000 31,000 17,689 (13,311 ) CCC+ 30/40 19 8 39 Total at March 31, 2016 $ 179,574 $ 131,150 $ 94,330 $ (36,820 ) Total at December 31, 2015 $ 179,574 $ 131,911 $ 100,338 $ (31,654 ) (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 three -month periods ended March 31, 2016 and 2015 , there were no OTTI losses recognized in the Unaudited Condensed Consolidated Statements of Income for securities evaluated for impairment as described above. |
HELD-TO-MATURITY SECURITIES
HELD-TO-MATURITY SECURITIES | 3 Months Ended |
Mar. 31, 2016 | |
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 (1 year or less, 1-5 years, 6-10 years, and over 10 years) of held-to-maturity securities at March 31, 2016 and December 31, 2015 : March 31, 2016 December 31, 2015 (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 45,210 45,848 25,909 25,227 After 10 years 5,290,743 5,375,859 5,506,592 5,484,407 Total Federal agencies: mortgage-backed securities 5,335,953 5,421,707 5,532,501 5,509,634 Other agencies: 1 year or less — — — — After 1 year through 5 years — — — — After 5 years through 10 years 274,849 279,716 283,960 284,907 After 10 years 328,593 334,055 336,092 334,004 Total other agencies 603,442 613,771 620,052 618,911 Total U.S. Government backed agencies 5,939,395 6,035,478 6,152,553 6,128,545 Municipal securities: 1 year or less — — — — After 1 year through 5 years — — — — After 5 years through 10 years — — — — After 10 years 6,749 6,765 7,037 6,913 Total municipal securities 6,749 6,765 7,037 6,913 Total held-to-maturity securities $ 5,946,144 $ 6,042,243 $ 6,159,590 $ 6,135,458 The following table provides amortized cost, gross unrealized gains and losses, and fair value by investment category at March 31, 2016 and December 31, 2015 : Unrealized (dollar amounts in thousands) Amortized Cost Gross Gains Gross Losses Fair Value March 31, 2016 Federal agencies: Mortgage-backed securities $ 5,335,953 $ 89,932 $ (4,178 ) $ 5,421,707 Other agencies 603,442 10,329 — 613,771 Total U.S. Government backed agencies 5,939,395 100,261 (4,178 ) 6,035,478 Municipal securities 6,749 16 — 6,765 Total held-to-maturity securities $ 5,946,144 $ 100,277 $ (4,178 ) $ 6,042,243 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 The following tables provide detail on held-to-maturity securities with unrealized losses aggregated by investment category and the length of time the individual securities have been in a continuous loss position, at March 31, 2016 and December 31, 2015 : Less than 12 Months Over 12 Months Total (dollar amounts in thousands ) Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses March 31, 2016 Federal agencies: Mortgage-backed securities $ 231,302 $ (1,252 ) $ 273,252 $ (2,926 ) $ 504,554 $ (4,178 ) Other agencies — — — — — — Total U.S. Government backed securities 231,302 (1,252 ) 273,252 (2,926 ) 504,554 (4,178 ) Municipal securities — — — — — — Total temporarily impaired securities $ 231,302 $ (1,252 ) $ 273,252 $ (2,926 ) $ 504,554 $ (4,178 ) 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 $ 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 ) 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 March 31, 2016 , Management has evaluated held-to-maturity securities with unrealized losses for impairment and concluded no OTTI is required. |
LOAN SALES AND SECURITIZATIONS
LOAN SALES AND SECURITIZATIONS | 3 Months Ended |
Mar. 31, 2016 | |
Transfers and Servicing [Abstract] | |
LOAN SALES AND SECURITIZATIONS | LOAN SALES AND SECURITIZATIONS Residential Mortgage Loans The following table summarizes activity relating to residential mortgage loans sold with servicing retained for the three-month periods ended March 31, 2016 and 2015 : Three months ended (dollar amounts in thousands) 2016 2015 Residential mortgage loans sold with servicing retained $ 632,466 $ 630,683 Pretax gains resulting from above loan sales (1) 14,113 14,862 (1) Recorded in mortgage banking income. A MSR is established only when the servicing is contractually separated from the underlying mortgage loans by sale or securitization of the loans with servicing rights retained. At initial recognition, the MSR asset is established at its fair value using assumptions consistent with assumptions used to estimate the fair value of existing MSRs. At the time of initial capitalization, MSRs may be recorded using either the fair value method or the amortization method. The election of the fair value method or amortization method is made at the time each servicing class is established. Subsequently, servicing rights are accounted for based on the methodology chosen for each respective servicing class. Any increase or decrease in the fair value of MSRs carried under the fair value method, as well as amortization or impairment of MSRs recorded using the amortization method, during the period is recorded as an increase or decrease in mortgage banking income, which is reflected in noninterest income in the Unaudited Condensed Consolidated Statements of Income. The following tables summarize the changes in MSRs recorded using either the fair value method or the amortization method for the three-month periods ended March 31, 2016 and 2015 : Fair Value Method: Three months ended (dollar amounts in thousands) 2016 2015 Fair value, beginning of period $ 17,585 $ 22,786 Change in fair value during the period due to: Time decay (1) (273 ) (339 ) Payoffs (2) (504 ) (818 ) Changes in valuation inputs or assumptions (3) (1,989 ) (1,174 ) Fair value, end of period: $ 14,819 $ 20,455 Weighted-average life (years) 5.2 4.7 (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: Three months ended (dollar amounts in thousands) 2016 2015 Carrying value, beginning of period $ 143,133 $ 132,813 New servicing assets created 6,109 6,454 Servicing assets acquired — — Impairment (charge) / recovery (16,340 ) (7,990 ) Amortization and other (5,627 ) (5,823 ) Carrying value, end of period $ 127,275 $ 125,454 Fair value, end of period $ 127,516 $ 125,691 Weighted-average life (years) 6.5 5.7 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 at March 31, 2016 and December 31, 2015 , to changes in these assumptions follows: March 31, 2016 December 31, 2015 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) 12.30 % $ (628 ) $ (1,212 ) 14.70 % $ (864 ) $ (1,653 ) Spread over forward interest rate swap rates 549 bps (483 ) (935 ) 539 bps (559 ) (1,083 ) For MSRs under the amortization method, a summary of key assumptions and the sensitivity of the MSR value at March 31, 2016 and December 31, 2015 , to changes in these assumptions follows: March 31, 2016 December 31, 2015 Decline in fair value due to Decline in fair value due to (dollar amounts in thousands) Actual 10% 20% Actual 10% 20% Constant prepayment rate (annualized) 9.60 % $ (4,207 ) $ (8,140 ) 11.10 % $ (5,543 ) $ (10,648 ) Spread over forward interest rate swap rates 1,206 bps (3,800 ) (7,370 ) 875 bps (4,662 ) (9,017 ) Total servicing, late and other ancillary fees included in mortgage banking income amounted to $12 million and $12 million for the three-month periods ended March 31, 2016 and 2015 , respectively. The unpaid principal balance of residential mortgage loans serviced for third parties was $16.2 billion and $16.2 billion at March 31, 2016 and December 31, 2015 , respectively. Automobile Loans and Leases 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 three-month periods ended March 31, 2016 and 2015 , and the fair value at the end of each period were as follows: Three months ended (dollar amounts in thousands) 2016 2015 Carrying value, beginning of period $ 8,771 $ 6,898 New servicing assets created — — Amortization and other (1,742 ) (1,835 ) Carrying value, end of period $ 7,029 $ 5,063 Fair value, end of period $ 7,250 $ 5,155 Weighted-average life (years) 3.3 2.4 A summary of key assumptions and the sensitivity of the automobile loan servicing rights value to changes in these assumptions at March 31, 2016 and December 31, 2015 follows: March 31, 2016 December 31, 2015 Decline in fair value due to Decline in fair value due to (dollar amounts in thousands) Actual 10% 20% Actual 10% 20% Constant prepayment rate (annualized) 18.56 % $ (450 ) $ (730 ) 18.36 % $ (500 ) $ (895 ) Spread over forward interest rate swap rates 500 bps (6 ) (12 ) 500 bps (10 ) (19 ) Servicing income amounted to $3 million and $3 million for the three-month periods ending March 31, 2016 , and 2015 , respectively. The unpaid principal balance of automobile loans serviced for third parties was $0.6 billion and $0.9 billion at March 31, 2016 and December 31, 2015 , respectively. Small Business Association (SBA) Portfolio The following table summarizes activity relating to SBA loans sold with servicing retained for the three-month periods ended March 31, 2016 and 2015 : Three months ended (dollar amounts in thousands) 2016 2015 SBA loans sold with servicing retained $ 45,889 $ 42,401 Pretax gains resulting from above loan sales (1) 3,521 3,574 (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 three-month periods ended March 31, 2016 and 2015 , and the fair value at the end of each period were as follows: Three months ended (dollar amounts in thousands) 2016 2015 Carrying value, beginning of period $ 19,747 $ 18,536 New servicing assets created 1,511 1,457 Amortization and other (1,733 ) (2,046 ) Carrying value, end of period $ 19,525 $ 17,947 Fair value, end of period $ 23,048 $ 19,436 Weighted-average life (years) 3.3 3.3 A summary of key assumptions and the sensitivity of the SBA loan servicing rights value to changes in these assumptions at March 31, 2016 and December 31, 2015 follows: March 31, 2016 December 31, 2015 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) 7.50 % $ (319 ) $ (632 ) 7.60 % $ (313 ) $ (622 ) Discount rate 15.00 (618 ) (1,210 ) 15.00 (610 ) (1,194 ) Servicing income amounted to $2 million and $2 million for the three-month periods ending March 31, 2016 , and 2015 , respectively. The unpaid principal balance of SBA loans serviced for third parties was $1.1 billion and $1.0 billion at March 31, 2016 and December 31, 2015 , respectively. |
LONG-TERM DEBT
LONG-TERM DEBT | 3 Months Ended |
Mar. 31, 2016 | |
Debt Disclosure [Abstract] | |
LONG-TERM DEBT | LONG-TERM DEBT In March 2016, Huntington issued $1.0 billion of senior notes at 99.803% of face value. The senior notes mature on March 14, 2021 and have a fixed coupon rate of 3.15% . Debt issuance costs of $6 million related to the note are reported on the balance sheet as a direct deduction from the face amount of the note. |
OTHER COMPREHENSIVE INCOME
OTHER COMPREHENSIVE INCOME | 3 Months Ended |
Mar. 31, 2016 | |
Equity [Abstract] | |
OTHER COMPREHENSIVE INCOME | OTHER COMPREHENSIVE INCOME The components of other comprehensive income for the three-month periods ended March 31, 2016 and 2015 , were as follows: Three months ended Tax (expense) (dollar amounts in thousands) Pretax Benefit After-tax Noncredit-related impairment recoveries (losses) on debt securities not expected to be sold $ (3,634 ) $ 1,285 $ (2,349 ) Unrealized holding gains (losses) on available-for-sale debt securities arising during the period 80,468 (28,685 ) 51,783 Less: Reclassification adjustment for net losses (gains) included in net income (464 ) 164 (300 ) Net change in unrealized holding gains (losses) on available-for-sale debt securities 76,370 (27,236 ) 49,134 Net change in unrealized holding gains (losses) on available-for-sale equity securities 104 (36 ) 68 Unrealized gains (losses) on derivatives used in cash flow hedging relationships arising during the period 14,229 (4,980 ) 9,249 Less: Reclassification adjustment for net (gains) losses included in net income (644 ) 224 (420 ) Net change in unrealized gains (losses) on derivatives used in cash flow hedging relationships 13,585 (4,756 ) 8,829 Net change in pension and other post-retirement obligations 1,293 (452 ) 841 Total other comprehensive income (loss) $ 91,352 $ (32,480 ) $ 58,872 Three months ended Tax (expense) (dollar amounts in thousands) Pretax Benefit After-tax Noncredit-related impairment recoveries (losses) on debt securities not expected to be sold $ 5,245 $ (1,855 ) $ 3,390 Unrealized holding gains (losses) on available-for-sale debt securities arising during the period 60,503 (21,477 ) 39,026 Less: Reclassification adjustment for net losses (gains) included in net income (121 ) 42 (79 ) Net change in unrealized holding gains (losses) on available-for-sale debt securities 65,627 (23,290 ) 42,337 Net change in unrealized holding gains (losses) on available-for-sale equity securities 9 (3 ) 6 Unrealized gains (losses) on derivatives used in cash flow hedging relationships arising during the period 28,144 (9,850 ) 18,294 Less: Reclassification adjustment for net (gains) losses included in net income (123 ) 43 (80 ) Net change in unrealized gains (losses) on derivatives used in cash flow hedging relationships 28,021 (9,807 ) 18,214 Net change in pension and other post-retirement obligations 1,389 (486 ) 903 Total other comprehensive income (loss) $ 95,046 $ (33,586 ) $ 61,460 The following table presents activity in accumulated other comprehensive income (loss), net of tax, for the three -month periods ended March 31, 2016 and 2015 : (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, 2014 $ 15,137 $ 484 $ (12,233 ) $ (225,680 ) $ (222,292 ) Other comprehensive income before reclassifications 42,416 6 18,294 — 60,716 Amounts reclassified from accumulated OCI to earnings (79 ) — (80 ) 903 744 Period change 42,337 6 18,214 903 61,460 March 31, 2015 $ 57,474 $ 490 $ 5,981 $ (224,777 ) $ (160,832 ) December 31, 2015 $ 8,361 $ 176 $ (3,948 ) $ (230,747 ) $ (226,158 ) Other comprehensive income before reclassifications 49,434 68 9,249 — 58,751 Amounts reclassified from accumulated OCI to earnings (300 ) — (420 ) 841 121 Period change 49,134 68 8,829 841 58,872 March 31, 2016 $ 57,495 $ 244 $ 4,881 $ (229,906 ) $ (167,286 ) (1) Amount at March 31, 2016 and December 31, 2015 include $8 million and $9 million , respectively, 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 Unaudited Condensed Consolidated Statements of Income for the three month periods ended March 31, 2016 and 2015 : Reclassifications out of accumulated OCI Accumulated OCI components Amounts reclassified from accumulated OCI Location of net gain (loss) reclassified from accumulated OCI into earnings Three months ended (dollar amounts in thousands) March 31, 2016 March 31, 2015 Gains (losses) on debt securities: Amortization of unrealized gains (losses) $ 464 $ 121 Interest income - held-to-maturity securities - taxable Total before tax 464 121 Tax (expense) benefit (164 ) (42 ) Net of tax $ 300 $ 79 Gains (losses) on cash flow hedging relationships: Interest rate contracts $ 645 $ 133 Interest income - loans and leases Interest rate contracts (1 ) (10 ) Noninterest income - other income Total before tax 644 123 Tax (expense) benefit (224 ) (43 ) Net of tax $ 420 $ 80 Amortization of defined benefit pension and post-retirement items: Actuarial gains (losses) $ (1,785 ) $ (1,881 ) Noninterest expense - personnel costs Prior service credit 492 492 Noninterest expense - personnel costs Total before tax (1,293 ) (1,389 ) Tax (expense) benefit 452 486 Net of tax $ (841 ) $ (903 ) |
SHAREHOLDERS' EQUITY SHAREHOLDE
SHAREHOLDERS' EQUITY SHAREHOLDERS' EQUITY | 3 Months Ended |
Mar. 31, 2016 | |
Stockholders' Equity Note [Abstract] | |
SHAREHOLDERS' EQUITY | SHAREHOLDERS’ EQUITY Preferred D Stock issued and outstanding During the 2016 first quarter, Huntington issued $400 million of preferred stock. As part of this transaction, Huntington issued 16,000,000 depositary shares, each representing a 1/40th ownership interest in a share of 6.250% Series D Non-Cumulative Perpetual Preferred Stock (Preferred D Stock), par value $0.01 per share, with a liquidation preference of $1,000 per share (equivalent to $25 per depositary share). Each holder of a depositary share, will be entitled to all proportional rights and preferences of the Preferred D Stock (including dividend, voting, redemption and liquidation rights). Costs of $14 million related to the issuance of the Preferred D Stock are reported as a direct deduction from the face amount of the stock. Dividends on the Preferred D Stock will be non-cumulative and payable quarterly in arrears, when, as and if authorized by our board of directors or a duly authorized committee of our board and declared by us, at an annual rate of 6.25% per year on the liquidation preference of $1,000 per share, equivalent to $25 per depositary share. The dividend payment dates will be the fifteenth day of each January, April, July and October, commencing on July 15, 2016, or the next business day if any such day is not a business day. The Preferred D Stock is perpetual and has no maturity date. Huntington may redeem the Preferred D Stock at our option, (i) in whole or in part, from time to time, on any dividend payment date on or after April 15, 2021 or (ii) in whole but not in part, within 90 days following a regulatory capital treatment event, in each case, at a redemption price equal to $1,000 per share (equivalent to $25 per depositary share), plus any declared and unpaid dividends and, in the case of a redemption following a regulatory capital treatment event, the pro rated portion of dividends, whether or not declared, for the dividend period in which such redemption occurs. If Huntington redeems the Preferred D Stock, the depositary will redeem a proportional number of depositary shares. Neither the holders of Preferred D Stock nor holders of depositary shares will have the right to require the redemption or repurchase of the Preferred D Stock or the depositary shares. Any redemption of the Preferred D Stock is subject to Huntington's receipt of any required prior approval by the Board of Governors of the Federal Reserve System. 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. 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 and did not repurchase any shares under the current authorization during the 2016 first quarter. 2014 Share Repurchase Program During the three months ended March 31, 2015, Huntington repurchased a total of 4.9 million shares of common stock at a weighted average share price of $10.45 , which completed our previous authorization. |
EARNINGS PER SHARE
EARNINGS PER SHARE | 3 Months Ended |
Mar. 31, 2016 | |
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. 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 three -month periods ended March 31, 2016 and 2015 , was as follows: Three months ended (dollar amounts in thousands, except per share amounts) 2016 2015 Basic earnings per common share: Net income $ 171,314 $ 165,854 Preferred stock dividends (7,998 ) (7,965 ) Net income available to common shareholders $ 163,316 $ 157,889 Average common shares issued and outstanding 795,755 809,778 Basic earnings per common share $ 0.21 $ 0.19 Diluted earnings per common share: Net income available to common shareholders $ 163,316 $ 157,889 Effect of assumed preferred stock conversion — — Net income applicable to diluted earnings per share $ 163,316 $ 157,889 Average common shares issued and outstanding 795,755 809,778 Dilutive potential common shares: Stock options and restricted stock units and awards 10,385 12,126 Shares held in deferred compensation plans 2,075 1,706 Other 134 199 Dilutive potential common shares: 12,594 14,031 Total diluted average common shares issued and outstanding 808,349 823,809 Diluted earnings per common share $ 0.20 $ 0.19 For the three -month periods ended March 31, 2016 and 2015, approximately 3.5 million and 1.6 million , respectively, of options to purchase shares of common stock were not included in the computation of diluted earnings per share because the effect would be antidilutive. |
BENEFIT PLANS
BENEFIT PLANS | 3 Months Ended |
Mar. 31, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
BENEFIT PLANS | . 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 is no required minimum contribution for 2016 . 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 additional information on benefit plans, see the Benefit Plan footnote in our 2015 Form 10-K. On January 1, 2015, Huntington terminated the Company sponsored retiree health care plan for Medicare eligible retirees and their dependents. Instead, Huntington partnered 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 during the 2014 third quarter. It also resulted in a reduction of expense over the estimated life of plan participants. The following table shows the components of net periodic benefit expense of the Plan and the Post-Retirement Benefit Plan: Pension Benefits Post Retirement Benefits Three months ended March 31, Three months ended March 31, (dollar amounts in thousands) 2016 2015 2016 2015 Service cost (1) $ 1,025 $ 457 $ — $ — Interest cost 6,748 7,985 55 141 Expected return on plan assets (10,223 ) (11,043 ) — — Amortization of prior service credit — — (492 ) (492 ) Amortization of gain (loss) 1,864 1,982 (72 ) (116 ) Settlements 3,400 2,550 — — Benefit expense $ 2,814 $ 1,931 $ (509 ) $ (467 ) (1) Since no participants will be earning benefits after December 31, 2013, the 2015 and 2016 service cost represents only administrative expenses. The Bank, as trustee, held all Plan assets at March 31, 2016 and December 31, 2015 . The Plan assets consisted of the following investments: Fair Value (dollar amounts in thousands) March 31, 2016 December 31, 2015 Cash equivalents: Federated-money market $ 7,878 2 % $ 15,590 3 % Fixed income: Corporate obligations 212,386 35 205,081 34 U.S. government obligations 62,909 10 64,456 11 Mutual funds-fixed income 30,773 5 32,874 6 U.S. government agencies 7,454 1 6,979 1 Equities: Mutual funds-equities 134,081 22 136,026 23 Common stock 135,222 23 120,046 20 Exchange traded funds 6,554 1 6,530 1 Limited partnerships 7,329 1 6,635 1 Fair value of plan assets $ 604,586 100 % $ 594,217 100 % 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. At March 31, 2016 , 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 March 31, 2016 , Plan assets were invested 47% in equity investments, 51% in bonds, and 2% in cash with an average duration of 12.5 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. 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. 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. 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 2015 , a discretionary profit-sharing contribution equal to 1% of eligible participants’ 2015 base pay was awarded during the 2016 first quarter. The following table shows the costs of providing the SERP, SRIP, and defined contribution plans: Three months ended March 31, (dollar amounts in thousands) 2016 2015 SERP & SRIP $ 714 $ 578 Defined contribution plan 7,920 7,445 Benefit cost $ 8,634 $ 8,023 |
FAIR VALUES OF ASSETS AND LIABI
FAIR VALUES OF ASSETS AND LIABILITIES | 3 Months Ended |
Mar. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUES OF ASSETS AND LIABILITIES | FAIR VALUES OF ASSETS AND LIABILITIES See Note 17 “Fair Value of Assets and Liabilities” to the consolidated financial statements of the Annual Report on Form 10-K for the year ended December 31, 2015 for a description of valuation methodologies for assets and liabilities measured at fair value on a recurring and non-recurring basis. Assets and liabilities measured at fair value rarely transfer between Level 1 and Level 2 measurements. There were no such transfers during the three-month period ended March 31, 2016 and 2015. Assets and Liabilities measured at fair value on a recurring basis Assets and liabilities measured at fair value on a recurring basis at March 31, 2016 and December 31, 2015 are summarized below: Fair Value Measurements at Reporting Date Using Netting Adjustments (1) March 31, 2016 (dollar amounts in thousands) Level 1 Level 2 Level 3 Assets Loans held for sale $ — $ 364,967 $ — $ — $ 364,967 Loans held for investment — 38,113 — — 38,113 Trading account securities: Municipal securities — 9,752 — — 9,752 Other securities 35,539 633 — — 36,172 35,539 10,385 — — 45,924 Available-for-sale and other securities: U.S. Treasury securities 6,307 — — — 6,307 Federal agencies: Mortgage-backed — 4,841,992 — — 4,841,992 Federal agencies: Other agencies — 114,496 — — 114,496 Municipal securities — 352,013 2,281,743 — 2,633,756 Asset-backed securities — 743,045 94,329 — 837,374 Corporate debt — 536,661 — — 536,661 Other securities 11,404 3,931 — — 15,335 17,711 6,592,138 2,376,072 — 8,985,921 Automobile loans — — 1,216 — 1,216 MSRs — — 14,819 — 14,819 Derivative assets — 566,637 11,082 (219,347 ) 358,372 Liabilities Derivative liabilities — 338,164 735 (201,418 ) 137,481 Short-term borrowings — 624 — — 624 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 (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 three -month periods ended March 31, 2016 and 2015 , 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 Asset- backed securities Automobile loans Opening balance $ 17,585 $ 6,056 $ 2,095,551 $ 100,337 $ 1,748 Transfers into Level 3 — — — — — Transfers out of Level 3 (1) — (915 ) — — — Total gains/losses for the period: Included in earnings (2,766 ) 5,206 — — — Included in OCI — — 11,840 (5,168 ) — Purchases/originations — — 237,450 — — Sales — — — — — Repayments — — — — (532 ) Issues — — — — — Settlements — — (63,098 ) (840 ) — Closing balance $ 14,819 $ 10,347 $ 2,281,743 $ 94,329 $ 1,216 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 $ (2,766 ) $ 5,306 $ — $ — $ — (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 $ 22,786 $ 3,360 $ 1,417,593 $ 30,464 $ 82,738 $ 10,590 Transfers into Level 3 — — — — — — Transfers out of Level 3 — — — — — — Total gains/losses for the period: Included in earnings (2,331 ) 5,001 — 16 — (213 ) Included in OCI — — (3,992 ) 18 7,511 — Purchases/originations — — 242,997 — — — Sales — — — — — — Repayments — — — — — (3,882 ) Issues — — — — — — Settlements — (536 ) (20,790 ) (426 ) (1,094 ) — Closing balance $ 20,455 $ 7,825 $ 1,635,808 $ 30,072 $ 89,155 $ 6,495 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 $ (2,331 ) $ 4,465 $ (3,992 ) $ 18 $ 7,511 $ (213 ) 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 three -month periods ended March 31, 2016 and 2015 : 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 $ (2,766 ) $ 5,206 $ — $ — $ — $ — Securities gains (losses) — — — — — — Interest and fee income — — — — — — Noninterest income — — — — — — Total $ (2,766 ) $ 5,206 $ — $ — $ — $ — 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 $ (2,331 ) $ 5,001 $ — $ — $ — $ — Securities gains (losses) — — — — — — Interest and fee income — — — 16 — (213 ) Noninterest income — — — — — — Total $ (2,331 ) $ 5,001 $ — $ 16 $ — $ (213 ) 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: March 31, 2016 December 31, 2015 (dollar amounts in thousands) Fair value carrying amount Aggregate unpaid principal Difference Fair value carrying amount Aggregate unpaid principal Difference Assets Loans held for sale $ 364,967 $ 348,302 $ 16,665 $ 337,577 $ 326,802 $ 10,775 Loans held for investment 38,113 38,811 (698 ) 32,889 33,637 (748 ) Automobile loans 1,216 1,216 — 1,748 1,748 — The following tables present the net gains (losses) from fair value changes, including net gains (losses) associated with instrument specific credit risk for the three -month periods ended March 31, 2016 and 2015 : Net gains (losses) from Three months ended (dollar amounts in thousands) 2016 2015 Assets Loans held for sale $ 4,649 $ 1,001 Automobile loans — (213 ) Gains (losses) included Three months ended (dollar amounts in thousands) 2016 2015 Assets Automobile loans $ 90 $ 66 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. 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 $ 125,957 $ — $ — $ 125,957 $ (16,340 ) Impaired loans 68,726 — — 68,726 1,417 Other real estate owned 26,132 — — 26,132 (505 ) 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 March 31, 2016 . 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 March 31, 2016 and December 31, 2015 : Quantitative Information about Level 3 Fair Value Measurements at March 31, 2016 (dollar amounts in thousands) Fair Value Valuation Technique Significant Unobservable Input Range (Weighted Average) MSRs $ 14,819 Discounted cash flow Constant prepayment rate 7.0% - 26.5% (12.3%) Spread over forward interest rate 3.0% - 9.2% (5.5%) Derivative assets 11,082 Consensus Pricing Net market price -2.5% - 22.1% (2.3%) Derivative liabilities 735 Estimated Pull through % 7.9% - 99.8% (79.4%) Municipal securities 2,281,743 Discounted cash flow Discount rate 0.6% - 7.8% (3.5%) Cumulative default 0.1% - 56.0% (2.9%) Loss given default 5.0% - 80.0% (21.8%) Asset-backed securities 94,329 Discounted cash flow Discount rate 4.9% - 11.4% (6.5%) Cumulative prepayment rate 0.0% - 100% (9.6%) Cumulative default 1.5% - 100% (11.1%) Loss given default 85% - 100% (96.7%) Cure given deferral 0.0% - 75.0% (36.5%) Automobile loans 1,216 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 68,726 Appraisal value NA NA Other real estate owned 26,132 Appraisal value NA NA 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 March 31, 2016 and December 31, 2015 : March 31, 2016 December 31, 2015 (dollar amounts in thousands) Carrying Amount Fair Value Carrying Amount Fair Value Financial Assets Cash and short-term assets $ 882,916 $ 882,916 $ 898,994 $ 898,994 Trading account securities 45,924 45,924 36,997 36,997 Loans held for sale 567,165 570,609 474,621 484,511 Available-for-sale and other securities 9,319,381 9,319,381 8,775,441 8,775,441 Held-to-maturity securities 5,946,144 6,042,243 6,159,590 6,135,458 Net loans and direct financing leases 50,925,640 49,897,026 49,743,256 48,024,998 Derivatives 358,372 358,372 274,872 274,872 Financial Liabilities Deposits 55,628,842 55,641,189 55,294,979 55,299,435 Short-term borrowings 471,375 471,375 615,279 615,279 Long-term debt 7,935,412 7,928,482 7,067,614 7,043,014 Derivatives 137,481 137,481 144,350 144,350 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 Unaudited Condensed Consolidated Balance Sheets at fair value at March 31, 2016 and December 31, 2015 : Estimated Fair Value Measurements at Reporting Date Using March 31, 2016 (dollar amounts in thousands) Level 1 Level 2 Level 3 Financial Assets Held-to-maturity securities $ — $ 6,042,243 $ — $ 6,042,243 Net loans and direct financing leases — — 49,897,026 49,897,026 Financial Liabilities Deposits — 52,544,042 3,097,147 55,641,189 Short-term borrowings — 624 470,751 471,375 Long-term debt — — 7,928,482 7,928,482 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 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. Not all the financial instruments listed in the table above are subject to the disclosure provisions of ASC Topic 820. 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 | 3 Months Ended |
Mar. 31, 2016 | |
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 March 31, 2016 , identified by the underlying interest rate-sensitive instruments: (dollar amounts in thousands ) Fair Value Hedges Cash Flow Hedges Total Instruments associated with: Loans $ — $ 5,550,000 $ 5,550,000 Deposits — — — Subordinated notes 450,000 — 450,000 Long-term debt 6,375,000 — 6,375,000 Total notional value at March 31, 2016 $ 6,825,000 $ 5,550,000 $ 12,375,000 The following table presents additional information about the interest rate swaps used in Huntington’s asset and liability management activities at March 31, 2016 : Weighted-Average Rate (dollar amounts in thousands ) Notional Value Average Maturity (years) Fair Value Receive Pay Asset conversion swaps Receive fixed—generic $ 5,550,000 0.9 $ 10,925 0.91 % 0.57 % Total asset conversion swaps 5,550,000 0.9 10,925 0.91 0.57 Liability conversion swaps Receive fixed—generic 6,825,000 2.8 141,755 1.50 0.63 Total liability conversion swaps 6,825,000 2.8 141,755 1.50 0.63 Total swap portfolio at March 31, 2016 $ 12,375,000 2 $ 152,680 1.24 % 0.60 % 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. For the three -month periods ended March 31, 2016 , and 2015 , the net amounts resulted in an increase to net interest income of $21 million and $25 million , respectively. The following table presents the fair values at March 31, 2016 and December 31, 2015 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) March 31, 2016 December 31, 2015 Interest rate contracts designated as hedging instruments $ 152,882 $ 80,513 Interest rate contracts not designated as hedging instruments 283,037 190,846 Foreign exchange contracts not designated as hedging instruments 38,635 37,727 Commodities contracts not designated as hedging instruments 91,901 117,894 Total contracts $ 566,455 $ 426,980 Liability derivatives included in accrued expenses and other liabilities: (dollar amounts in thousands) March 31, 2016 December 31, 2015 Interest rate contracts designated as hedging instruments $ 202 $ 15,215 Interest rate contracts not designated as hedging instruments 206,512 121,815 Foreign exchange contracts not designated as hedging instruments 39,756 35,283 Commodities contracts not designated as hedging instruments 88,659 114,887 Total contracts $ 335,129 $ 287,200 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 for the three -month periods ended March 31, 2016 , and 2015 : Three months ended (dollar amounts in thousands) 2016 2015 Interest rate contracts Change in fair value of interest rate swaps hedging deposits (1) $ (82 ) $ (213 ) Change in fair value of hedged deposits (1) 72 214 Change in fair value of interest rate swaps hedging subordinated notes (2) 6,804 3,231 Change in fair value of hedged subordinated notes (2) (6,804 ) (3,231 ) Change in fair value of interest rate swaps hedging other long-term debt (2) 61,032 20,025 Change in fair value of hedged other long-term debt (2) (59,786 ) (19,645 ) (1) Effective portion of the hedging relationship is recognized in Interest expense—deposits in the Unaudited Condensed Consolidated Statements of Income. Any resulting ineffective portion of the hedging relationship is recognized in noninterest income in the Unaudited Condensed 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 Unaudited Condensed Consolidated Statements of Income. Any resulting ineffective portion of the hedging relationship is recognized in noninterest income in the Unaudited Condensed Consolidated Statements of Income. The following table presents the gains and (losses) recognized in OCI and the location in the Unaudited Condensed 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) (after-tax) 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) Three months ended March 31, Three months ended March 31, (dollar amounts in thousands) 2016 2015 2016 2015 Interest rate contracts Loans $ 9,249 $ 18,294 Interest and fee income - loans and leases $ (645 ) $ (133 ) Investment Securities — — Noninterest income - other income 1 10 Total $ 9,249 $ 18,294 $ (644 ) $ (123 ) 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 $5 million after-tax 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 Unaudited Condensed 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 on the ineffective portion on interest rate contracts for derivatives designated as cash flow hedges for the three -month periods ended March 31, 2016 and 2015 : Three months ended (dollar amounts in thousands) 2016 2015 Derivatives in cash flow hedging relationships Interest rate contracts Loans $ 421 $ (163 ) 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) March 31, 2016 December 31, 2015 Derivative assets: Interest rate lock agreements $ 11,082 $ 6,721 Forward trades and options 183 2,468 Total derivative assets 11,265 9,189 Derivative liabilities: Interest rate lock agreements (190 ) (220 ) Forward trades and options (3,580 ) (1,239 ) Total derivative liabilities (3,770 ) (1,459 ) Net derivative asset (liability) $ 7,495 $ 7,730 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 March 31, 2016 and December 31, 2015 , was $0.2 billion and $0.5 billion , respectively. The total notional amount at March 31, 2016 , corresponds to trading assets with a fair value of $6 million and trading liabilities with a fair value of less than $1 million . Net trading gains and (losses) related to MSR hedging for the three-month periods ended March 31, 2016 and 2015 , were $12 million and $5 million . These amounts are included in mortgage banking income in the Unaudited Condensed 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 March 31, 2016 and December 31, 2015 , were $69 million and $76 million , respectively. The total notional values of derivative financial instruments used by Huntington on behalf of customers, including offsetting derivatives, were $14.8 billion and $14.6 billion at March 31, 2016 and December 31, 2015 , respectively. Huntington’s credit risks from interest rate swaps used for trading purposes were $306 million and $224 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 $356 million and $344 million at March 31, 2016 and December 31, 2015 , 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 $9 million and $6 million at March 31, 2016 and December 31, 2015 , respectively. These contracts mature between 2015 and 2043 and are deemed investment grade. Financial assets and liabilities that are offset in the Condensed Consolidated Balance Sheets Huntington records derivatives at fair value as further described in Note 13 . Huntington records these derivatives net of any master netting arrangement in the Unaudited Condensed 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 Unaudited Condensed 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 March 31, 2016 and December 31, 2015 , aggregate credit risk associated with these derivatives, net of collateral that has been pledged by the counterparty, was $21 million and $15 million , respectively. The credit risk associated with interest rate swaps is calculated after considering master netting agreements with broker-dealers and banks. At March 31, 2016 , Huntington pledged $110 million of investment securities and cash collateral to counterparties, while other counterparties pledged $108 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 Unaudited Condensed Consolidated Balance Sheets at March 31, 2016 and December 31, 2015 : Offsetting of Financial Assets and Derivative Assets Gross amounts not offset in the condensed consolidated balance sheets (dollar amounts in thousands) Gross amounts of recognized assets Gross amounts offset in the condensed consolidated balance sheets Net amounts of assets presented in the condensed consolidated balance sheets Financial instruments Cash collateral received Net amount Offsetting of Financial Assets and Derivative Assets March 31, 2016 Derivatives $ 577,719 $ (219,347 ) $ 358,372 $ (44,784 ) $ (2,603 ) $ 310,985 December 31, 2015 Derivatives 436,169 (161,297 ) 274,872 (39,305 ) (3,462 ) 232,105 Offsetting of Financial Liabilities and Derivative Liabilities Gross amounts not offset in the condensed consolidated balance sheets (dollar amounts in thousands) Gross amounts of recognized liabilities Gross amounts offset in the condensed consolidated balance sheets Net amounts of liabilities presented in the condensed consolidated balance sheets Financial instruments Cash collateral delivered Net amount Offsetting of Financial Liabilities and Derivative Liabilities March 31, 2016 Derivatives $ 338,899 $ (201,418 ) $ 137,481 $ (66,571 ) $ (582 ) $ 70,329 December 31, 2015 Derivatives 288,659 (144,309 ) 144,350 (62,460 ) (20 ) 81,870 |
VIEs
VIEs | 3 Months Ended |
Mar. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
VIEs | VIEs Consolidated VIEs Consolidated VIEs at March 31, 2016 , 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. During the 2016 first quarter, Huntington canceled the Series 2012A Trust. As a result, any remaining assets at the time of the cancellation were no longer part of the trust. The following tables present the carrying amount and classification of the consolidated trusts’ assets and liabilities that were included in the Unaudited Condensed Consolidated Balance Sheets at March 31, 2016 and December 31, 2015 : March 31, 2016 Huntington Technology Other Consolidated VIEs Total (dollar amounts in thousands) Series 2014A Assets: Cash $ 1,560 $ — $ 1,560 Loans and leases 128,138 — 128,138 Allowance for loan and lease losses — — — Net loans and leases 128,138 — 128,138 Accrued income and other assets — 222 222 Total assets $ 129,698 $ 222 $ 129,920 Liabilities: Other long-term debt $ 104,199 $ — $ 104,199 Accrued interest and other liabilities — 222 222 Total liabilities 104,199 222 104,421 Equity: Beneficial Interest owned by third party 25,499 — 25,499 Total liabilities and equity $ 129,698 $ 222 $ 129,920 December 31, 2015 Huntington Technology Other Consolidated VIEs Total (dollar amounts in thousands) Series 2012A Series 2014A Assets: Cash $ 1,377 $ 1,561 $ — $ 2,938 Loans and leases 32,180 152,331 — 184,511 Allowance for loan and lease losses — — — — 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 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 Unaudited Condensed 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 March 31, 2016 , and December 31, 2015 : March 31, 2016 (dollar amounts in thousands) Total Assets Total Liabilities Maximum Exposure to Loss 2015-1 Automobile Trust $ 6,453 $ — $ 6,453 2012-2 Automobile Trust 422 — 422 Trust Preferred Securities 13,919 317,114 — Low Income Housing Tax Credit Partnerships 413,026 186,651 413,026 Other Investments 62,235 24,926 62,235 Total $ 496,055 $ 528,691 $ 482,136 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 2015-1, 2012-1, 2012-2, and 2011 AUTOMOBILE TRUST During the 2015 second quarter, 2012 fourth quarter, 2012 first quarter and 2011 third quarter, we transferred automobile loans totaling $0.8 billion , $1.0 billion , $1.3 billion and $1.0 billion , respectively, to trusts in securitization transactions. The securitizations and the resulting sale of all underlying securities qualified for sale accounting. The interest Huntington holds in the VIEs relates to servicing rights which are included within accrued income and other assets of Huntington’s Unaudited Condensed Consolidated Balance Sheets. The maximum exposure to loss is equal to the carrying value of the servicing asset. During the 2016 first quarter, Huntington canceled the 2012-1 Automobile Trust. As a result, any remaining assets at the time of the cancellation were no longer part of the trust. TRUST PREFERRED SECURITIES Huntington has certain wholly-owned trusts whose assets, liabilities, equity, income, and expenses are not included within Huntington’s Unaudited Condensed Consolidated Financial Statements. These trusts have been formed for the sole purpose of issuing trust-preferred securities, from which the proceeds are then invested in Huntington junior subordinated debentures, which are reflected in Huntington’s Unaudited Condensed Consolidated Balance Sheets as subordinated notes. The trust securities are the obligations of the trusts, and as such, are not consolidated within Huntington’s Unaudited Condensed Consolidated Financial Statements. A list of trust preferred securities outstanding at March 31, 2016 follows: (dollar amounts in thousands) Rate Principal amount of subordinated note/ debenture issued to trust (1) Investment in unconsolidated subsidiary Huntington Capital I 1.32 % (2) $ 111,816 $ 6,186 Huntington Capital II 1.26 (3) 54,593 3,093 Sky Financial Capital Trust III 2.03 (4) 72,165 2,165 Sky Financial Capital Trust IV 2.01 (4) 74,320 2,320 Camco Financial Trust 3.07 (5) 4,220 155 Total $ 317,114 $ 13,919 (1) Represents the principal amount of debentures issued to each trust, including unamortized original issue discount. (2) Variable effective rate at March 31, 2016 , based on three month LIBOR + 0.70% . (3) Variable effective rate at March 31, 2016 , based on three month LIBOR + 0.625% . (4) Variable effective rate at March 31, 2016 , based on three month LIBOR + 1.40% . (5) Variable effective rate (including impact of purchase accounting accretion) at March 31, 2016 , 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 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 gains/losses related to these investments are included in noninterest-income in the Unaudited Condensed Consolidated Statements of Income. The following table presents the balances of Huntington’s affordable housing tax credit investments and related unfunded commitments at March 31, 2016 and December 31, 2015 : (dollar amounts in thousands) March 31, December 31, Affordable housing tax credit investments $ 674,221 $ 674,157 Less: amortization (261,195 ) (248,657 ) Net affordable housing tax credit investments $ 413,026 $ 425,500 Unfunded commitments $ 186,651 $ 196,001 The following table presents other information relating to Huntington’s affordable housing tax credit investments for the three-month periods ended March 31, 2016 and 2015 : Three months ended (dollar amounts in thousands) 2016 2015 Tax credits and other tax benefits recognized $ 18,285 $ 15,747 Proportional amortization method Tax credit amortization expense included in provision for income taxes 12,407 11,074 Equity method Tax credit investment (gains) losses included in non-interest income 132 147 Huntington recognized immaterial impairment losses on tax credit investments during the three-month periods ended March 31, 2016 and 2015 . 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 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 | 3 Months Ended |
Mar. 31, 2016 | |
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 Unaudited Condensed Consolidated Financial Statements. The contract amounts of these financial agreements at March 31, 2016 and December 31, 2015 , were as follows: (dollar amounts in thousands) March 31, December 31, Contract amount represents credit risk: Commitments to extend credit Commercial $ 11,052,384 $ 11,448,927 Consumer 8,872,015 8,574,093 Commercial real estate 888,967 813,271 Standby letters-of-credit 509,910 511,706 Commercial letters-of-credit 15,724 56,119 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 $7 million at March 31, 2016 and December 31, 2015 , 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 March 31, 2016 , Huntington had $510 million of standby letters-of-credit outstanding, of which 81% were collateralized. Included in this $510 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 March 31, 2016 , approximately $148 million of the standby letters-of-credit were rated strong with sufficient asset quality, liquidity, and good debt capacity and coverage; approximately $360 million were rated average with acceptable asset quality, liquidity, and modest debt capacity; and $2 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 March 31, 2016 , Huntington had $16 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 March 31, 2016 and December 31, 2015 , Huntington had commitments to sell residential real estate loans of $826 million and $659 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 $60 million at March 31, 2016 . 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. Huntington has been named a defendant in two lawsuits, arising from Huntington’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 Huntington, 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 Huntington on December 8, 2006, the Cyberco bankruptcy trustee sought recovery of over $70 million he alleged was transferred to Huntington. The Cyberco bankruptcy trustee also alleged preferential transfers were made to Huntington in the amount of approximately $1 million . Huntington 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. Huntington 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 Huntington on January 19, 2007, seeking to avoid and recover alleged transfers that occurred in two ways: (1) checks made payable to Huntington for application to Cyberco’s indebtedness to Huntington, and (2) deposits into Cyberco’s bank accounts with Huntington. A trial was held as to only Huntington’s defenses. Subsequently, the trustee filed a summary judgment motion on the affirmative case, alleging the fraudulent transfers to Huntington 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 Huntington during the period from April 30, 2004 through November 2004 were not received in good faith and that Huntington 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 Huntington 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 Huntington under the Bankruptcy Code, and Huntington 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 Huntington 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 Huntington 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. Huntington 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, Huntington has not been named a defendant in those other cases. Powell v. Huntington National Bank. Huntington 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. Huntington 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 Huntington. Following further briefing by the parties, the federal district court denied Huntington’s motion for judgment on the pleadings on September 26, 2014. On June 8, 2015, the Fourth Circuit Court of Appeals granted Huntington’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. The parties are currently engaged in discovery. FirstMerit Merger Shareholder Litigation . Huntington is a defendant in five lawsuits filed in February and March of 2016 in state and federal courts in Ohio relating to the FirstMerit merger. The plaintiffs in each case are FirstMerit shareholders and have filed class action and derivative claims seeking to enjoin the merger. The plaintiffs also claim that the registration statement filed regarding the merger contained material omissions and/or misrepresentations and seek the filing of a revised registration statement, as well as money damages. Specifically as to Huntington, the plaintiffs claim Huntington aided and abetted in alleged breaches of fiduciary duties by the FirstMerit board of directors in approving the merger, and in one complaint, allege that Huntington had direct involvement in making omissions and/or misrepresentations in the registration statement. Huntington is preparing its defense to the complaints. |
SEGMENT REPORTING
SEGMENT REPORTING | 3 Months Ended |
Mar. 31, 2016 | |
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. 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 operating basis financial information reconciled to Huntington’s March 31, 2016 , December 31, 2015 , and March 31, 2015 , reported results by business segment: Three months ended March 31, Income Statements Retail & Business Banking Commercial Banking AFCRE RBHPCG Home Lending Treasury/Other Huntington Consolidated (dollar amounts in thousands) 2016 Net interest income $ 264,688 $ 100,863 $ 95,569 $ 39,279 $ 13,016 $ (10,349 ) $ 503,066 Provision for credit losses 12,196 34,756 (16,617 ) (479 ) (2,274 ) — 27,582 Noninterest income 117,559 58,581 7,252 27,807 11,650 19,018 241,867 Noninterest expense 273,729 90,428 40,204 49,997 25,608 11,114 491,080 Income taxes 33,713 11,991 27,732 6,149 466 (25,094 ) 54,957 Net income (loss) $ 62,609 $ 22,269 $ 51,502 $ 11,419 $ 866 $ 22,649 $ 171,314 2015 Net interest income $ 248,650 $ 74,918 $ 95,162 $ 26,824 $ 15,277 $ 6,854 $ 467,685 Provision for credit losses 7,151 6,835 (1,383 ) 2,645 5,343 — 20,591 Noninterest income 95,759 54,893 4,675 40,424 18,658 17,214 231,623 Noninterest expense 256,366 56,417 36,178 58,627 35,788 15,481 458,857 Income taxes 28,312 23,296 22,765 2,092 (2,519 ) (19,940 ) 54,006 Net income (loss) $ 52,580 $ 43,263 $ 42,277 $ 3,884 $ (4,677 ) $ 28,527 $ 165,854 Assets at Deposits at (dollar amounts in thousands) March 31, December 31, March 31, December 31, Retail & Business Banking $ 15,786,893 $ 15,746,086 $ 31,302,518 $ 30,875,607 Commercial Banking 17,954,911 17,022,387 11,257,864 11,424,778 AFCRE 18,503,547 17,856,368 1,607,598 1,651,702 RBHPCG 4,324,770 4,284,608 7,889,524 7,690,581 Home Lending 3,107,196 3,087,486 334,186 361,881 Treasury / Other 12,967,650 13,021,366 3,237,152 3,290,430 Total $ 72,644,967 $ 71,018,301 $ 55,628,842 $ 55,294,979 |
ACCOUNTING STANDARDS UPDATE (Po
ACCOUNTING STANDARDS UPDATE (Policies) | 3 Months Ended |
Mar. 31, 2016 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
ACCOUNTING STANDARDS UPDATE | ACCOUNTING STANDARDS UPDATE 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 2015-02 - Consolidation (Topic 810)-Amendments to the Consolidation Analysis . This Update provides a new scope exception for registered money market funds and similar unregistered money market funds, provides targeted amendments to the current consolidation guidance, and ends the deferral granted to investment companies from applying the variable interest entity accounting guidance. This amendment was effective during the current reporting period and did not have a significant impact on Huntington's Unaudited Condensed Consolidated Financial Statements. ASU 2015-03 - Imputation of Interest (Topic 835): Simplifying the Presentation of Debt Issuance Costs. This Update was issued to simplify the presentation of debt issuance costs. The amendments require debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction to the carrying amount of that debt liability, consistent with debt discounts. The amendment was effective during the current reporting period and did not have a significant impact on Huntington’s Unaudited Condensed Consolidated Financial Statements. For more information, refer to Note 8 “Long-Term Debt”. ASU 2015-10 - Technical Corrections and Improvements. This Update sets forth certain technical corrections and improvements 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 ASU, among other things, 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 is required to clearly indicate that the fair value information presented is not as of the period’s end. The technical correction for fair value disclosure was effective upon issuance and did not have a significant impact on Huntington’s Unaudited Condensed Consolidated Financial Statements. ASU 2015-16 - Simplifying the Accounting for Measurement-Period Adjustments. This Update requires an acquirer to 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 also 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. This Update is effective for the current reporting period and did not have a significant impact on Huntington's Unaudited Condensed Consolidated Financial Statements. ASU 2016-01 - Recognition and Measurement of Financial Assets and Financial Liabilities. This Update sets forth targeted improvements to GAAP including, but not limited to, requiring an entity to recognize the changes in fair value of equity investments in the income statement, requiring public business entities to use the exit price when measuring the fair value of financial instruments for financial statement disclosure purposes, eliminating certain disclosures required by existing GAAP, and providing for additional disclosures. The Update is effective for the fiscal period beginning after December 15, 2017, including interim periods within those fiscal years. A cumulative-effect adjustment to the balance sheet will be required as of the beginning of the fiscal year upon adoption. The Update is not expected to have a significant impact on Huntington's Unaudited Condensed Consolidated Financial Statements. ASU 2016-02 - Leases. This Update sets forth a new lease accounting model for lessors and lessees. For lessees, all leases will be required to be recognized on the balance sheet by recording a right-of-use asset Subsequent accounting for leases varies depending on whether the lease is an operating lease or a finance lease. The accounting applied by a lessor is largely unchanged from that applied under the existing guidance. The ASU requires additional qualitative and quantitative disclosures with the objective of enabling users of financial statements to assess the amount, timing, and uncertainty of cash flows arising from leases. The Update is effective for the fiscal period beginning after December 15, 2018, with early application permitted. Management is currently assessing the impact of the new guidance on Huntington's Unaudited Condensed Consolidated Financial Statements. ASU 2016-05 - Effect of Derivative Contract Novations on Existing Hedge Accounting Relationships. This Update provides accounting clarification for changes in the counterparty to a derivative instrument that has been designated as a qualified hedging instrument. Specifically, changes in the derivative counterparty should not, in and of itself, require de-designation of that hedging relationship provided that all other hedge accounting criteria continue to be met. This Update is effective for financial statements issued for fiscal years beginning after December 15, 2016 and interim periods within those fiscal years. Early application is permitted. An entity has an option to apply the amendments in this Update on either a prospective basis or a modified retrospective basis. Management does not believe the new guidance will have a significant impact on Huntington's Unaudited Condensed Consolidated Financial Statements. ASU 2016-06 - Contingent Put and Call Options in Debt Instruments. This Update clarifies the requirements for assessing whether contingent call (put) options that can accelerate the payment of principal on debt instruments are clearly and closely related to their debt instruments. An entity performing the assessment set forth in this Update will be required to assess embedded call (put) options solely in accordance with the four-step decision sequence. This Update is effective for financial statements issued for fiscal years beginning after December 15, 2016 and interim periods within those fiscal years. Early adoption is permitted. An entity should apply this Update on a modified retrospective basis to existing debt instruments as of the beginning of the fiscal year for which the amendments are effective. This Update is not expected to have a significant impact on Huntington's Unaudited Condensed Consolidated Financial Statements. ASU 2016-07 - Simplifying the Transition to the Equity Method of Accounting. This Update eliminates the requirement for the retrospective use of the equity method of accounting as a result of an increase in the level of ownership interest or degree of influence of an investor. The amendments require that the equity method investor add the cost of acquiring the additional interest in the investee to the current basis of the investor’s previously held interest and adopt the equity method of accounting as of the date the investment becomes qualified for the equity method accounting. This Update is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016. The amendments are not expected to have a significant impact on Huntington's Unaudited Condensed Consolidated Financial Statements. ASU 2016-09 - Improvements to Employee Share-Based Payment Accounting. This Update simplifies several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification in the statement of cash flows. The amendments, among other things, require all tax benefits and tax deficiencies related to share-based award to be recognized in the income statement. Other changes include an election related to the accounting for forfeitures, changes to the cash flow statement presentation for excess tax benefits, as well as for cash paid by an employer when directly withholding shares for tax withholding purposes. The amendments are effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods. Early adoption is permitted for any entity in any interim or annual period. Management is currently assessing the impact of this Update on Huntington's Unaudited Condensed Consolidated Financial Statements. |
LOANS _ LEASES AND ALLOWANCE 27
LOANS / LEASES AND ALLOWANCE FOR CREDIT LOSSES (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Receivables [Abstract] | |
Loan and Lease Portfolio | The following table provides a detailed listing of Huntington’s loan and lease portfolio at March 31, 2016 and December 31, 2015 : (dollar amounts in thousands) March 31, December 31, Loans and leases: Commercial and industrial $ 21,253,692 $ 20,559,834 Commercial real estate 5,281,810 5,268,651 Automobile 9,919,921 9,480,678 Home equity 8,422,439 8,470,482 Residential mortgage 6,081,984 5,998,400 Other consumer 579,513 563,054 Loans and leases 51,539,359 50,341,099 Allowance for loan and lease losses (613,719 ) (597,843 ) Net loans and leases $ 50,925,640 $ 49,743,256 |
Loans acquired with deteriorated credit quality | |
Loan Purchases and Sales | The following table summarizes significant portfolio loan purchase and sale activity for the three-month periods ended March 31, 2016 and 2015 . The table below excludes mortgage loans originated for sale. (dollar amounts in thousands) Commercial Commercial Automobile Home Residential Other Total Portfolio loans and leases purchased or transferred from held for sale during the: Three-month period ended March 31, 2016 $ 664,887 $ — $ — $ — $ 2,144 $ — $ 667,031 Three-month period ended March 31, 2015 12,591 — — — 3,883 — 16,474 Portfolio loans and leases sold or transferred to loans held for sale during the: Three-month period ended March 31, 2016 $ 144,519 $ — $ — $ — $ — $ — $ 144,519 Three-month period ended March 31, 2015 85,700 — 1,061,859 (1) — — — 1,147,559 (1) Reflects the transfer of approximately $1.0 billion automobile loans to loans held-for-sale at March 31, 2015. |
NALs and Past Due Loans | The following table presents NALs by loan class at March 31, 2016 and December 31, 2015 : (dollar amounts in thousands) March 31, December 31, Commercial and industrial: Owner occupied $ 28,202 $ 35,481 Other commercial and industrial 279,622 139,714 Total commercial and industrial 307,824 175,195 Commercial real estate: Retail properties 4,087 7,217 Multi-family 4,501 5,819 Office 17,495 10,495 Industrial and warehouse 1,794 2,202 Other commercial real estate 2,924 3,251 Total commercial real estate 30,801 28,984 Automobile 7,598 6,564 Home equity: Secured by first-lien 35,101 35,389 Secured by junior-lien 27,107 30,889 Total home equity 62,208 66,278 Residential mortgage 90,303 94,560 Other consumer — — Total nonaccrual loans $ 498,734 $ 371,581 |
Aging analysis of loans and leases | The following table presents an aging analysis of loans and leases, including past due loans, by loan class at March 31, 2016 and December 31, 2015 : (1) March 31, 2016 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 $ 2,841 $ 1,399 $ 10,952 $ 15,192 $ 3,991,359 $ 4,006,551 $ — Purchased credit-impaired 6 69 4,459 4,534 10,066 14,600 4,459 (2) Other commercial and industrial 39,246 31,255 41,679 112,180 17,120,361 17,232,541 3,573 (3) Total commercial and industrial 42,093 32,723 57,090 131,906 21,121,786 21,253,692 8,032 Commercial real estate: Retail properties 204 530 2,782 3,516 1,570,318 1,573,834 — Multi-family 624 567 1,811 3,002 1,085,120 1,088,122 — Office — 182 3,003 3,185 859,000 862,185 — Industrial and warehouse 120 — 994 1,114 400,263 401,377 — Purchased credit-impaired — — 12,694 12,694 — 12,694 12,694 (2) Other commercial real estate 249 278 2,433 2,960 1,340,638 1,343,598 — Total commercial real estate 1,197 1,557 23,717 26,471 5,255,339 5,281,810 12,694 Automobile 54,220 10,205 5,291 69,716 9,850,205 9,919,921 5,064 Home equity: Secured by first-lien 11,570 5,148 25,854 42,572 5,146,801 5,189,373 4,606 Secured by junior-lien 14,156 8,025 25,066 47,247 3,185,819 3,233,066 3,965 Total home equity 25,726 13,173 50,920 89,819 8,332,620 8,422,439 8,571 Residential mortgage: Residential mortgage 85,460 31,460 116,358 233,278 5,847,214 6,080,492 69,583 (4) Purchased credit-impaired — — — — 1,492 1,492 — Total residential mortgage 85,460 31,460 116,358 233,278 5,848,706 6,081,984 69,583 Other consumer: Other consumer 4,987 1,393 1,868 8,248 571,226 579,474 1,868 Purchased credit-impaired — — — — 39 39 — Total other consumer 4,987 1,393 1,868 8,248 571,265 579,513 1,868 Total loans and leases $ 213,683 $ 90,511 $ 255,244 $ 559,438 $ 50,979,921 $ 51,539,359 $ 105,812 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 (2) Other commercial and industrial 32,476 8,531 27,236 68,243 16,457,774 16,526,017 2,775 (3) 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 (2) 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 (5) 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 (1) NALs are included in this aging analysis based on the loan’s past due status. (2) 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. (3) Amounts include Huntington Technology Finance administrative lease delinquencies. (4) Includes $58 million guaranteed by the U.S. government. (5) Includes $56 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 three-month periods ended March 31, 2016 and 2015 : (dollar amounts in thousands) Commercial Commercial Automobile Home Residential Other Total Three-month period ended March 31, 2016: ALLL balance, beginning of period $ 298,746 $ 100,007 $ 49,504 $ 83,671 $ 41,646 $ 24,269 $ 597,843 Loan charge-offs (16,823 ) (12,126 ) (11,486 ) (7,710 ) (2,760 ) (8,787 ) (59,692 ) Recoveries of loans previously charged-off 10,309 29,602 4,716 4,029 1,113 1,371 51,140 Provision (reduction in allowance) for loan and lease losses 28,135 (15,409 ) 5,298 (1,888 ) 753 7,449 24,338 Write-downs of loans sold or transferred to loans held for sale — — — — 90 — 90 ALLL balance, end of period $ 320,367 $ 102,074 $ 48,032 $ 78,102 $ 40,842 $ 24,302 $ 613,719 AULC balance, beginning of period $ 55,886 $ 7,562 $ — $ 2,068 $ 18 $ 6,547 $ 72,081 Provision for (reduction in allowance) unfunded loan commitments and letters of credit 2,499 (75 ) — 42 2 776 3,244 AULC balance, end of period $ 58,385 $ 7,487 $ — $ 2,110 $ 20 $ 7,323 $ 75,325 ACL balance, end of period $ 378,752 $ 109,561 $ 48,032 $ 80,212 $ 40,862 $ 31,625 $ 689,044 (dollar amounts in thousands) Commercial Commercial Automobile Home Residential Other Total Three-month period ended March 31, 2015: ALLL balance, beginning of period $ 286,995 $ 102,839 $ 33,466 $ 96,413 $ 47,211 $ 38,272 $ 605,196 Loan charge-offs (24,612 ) (2,013 ) (8,103 ) (8,586 ) (4,863 ) (6,898 ) (55,075 ) Recoveries of loans previously charged-off 13,209 6,025 3,855 3,961 2,047 1,546 30,643 Provision for (reduction in allowance) loan and lease losses 8,981 (6,099 ) 10,200 18,492 10,985 (15,904 ) 26,655 Allowance for loans sold or transferred to loans held for sale — — (2,293 ) — — — (2,293 ) ALLL balance, end of period $ 284,573 $ 100,752 $ 37,125 $ 110,280 $ 55,380 $ 17,016 $ 605,126 AULC balance, beginning of period $ 48,988 $ 6,041 $ — $ 1,924 $ 8 $ 3,845 $ 60,806 Provision for (reduction in allowance) unfunded loan commitments and letters of credit (6,673 ) (510 ) — 715 1 403 (6,064 ) AULC balance, end of period $ 42,315 $ 5,531 $ — $ 2,639 $ 9 $ 4,248 $ 54,742 ACL balance, end of period $ 326,888 $ 106,283 $ 37,125 $ 112,919 $ 55,389 $ 21,264 $ 659,868 |
Loan and lease balances by credit quality indicator | The following table presents each loan and lease class by credit quality indicator at March 31, 2016 and December 31, 2015 : March 31, 2016 Credit Risk Profile by UCS Classification (dollar amounts in thousands) Pass OLEM Substandard Doubtful Total Commercial and industrial: Owner occupied $ 3,747,191 $ 85,644 $ 173,241 $ 475 $ 4,006,551 Purchased credit-impaired 3,013 670 10,917 — 14,600 Other commercial and industrial 16,138,472 308,603 778,423 7,043 17,232,541 Total commercial and industrial 19,888,676 394,917 962,581 7,518 21,253,692 Commercial real estate: Retail properties 1,555,093 8,240 10,501 — 1,573,834 Multi-family 1,042,495 28,005 17,218 404 1,088,122 Office 806,473 15,129 40,161 422 862,185 Industrial and warehouse 376,898 20,588 3,837 54 401,377 Purchased credit-impaired 7,115 447 5,132 — 12,694 Other commercial real estate 1,308,447 3,622 30,898 631 1,343,598 Total commercial real estate 5,096,521 76,031 107,747 1,511 5,281,810 Credit Risk Profile by FICO Score (1) 750+ 650-749 <650 Other (2) Total Automobile 4,894,441 3,618,491 1,140,522 266,467 9,919,921 Home equity: Secured by first-lien 3,346,422 1,463,054 264,024 115,873 5,189,373 Secured by junior-lien 1,812,484 1,018,134 309,979 92,469 3,233,066 Total home equity 5,158,906 2,481,188 574,003 208,342 8,422,439 Residential mortgage: Residential mortgage 3,652,557 1,790,319 550,229 87,387 6,080,492 Purchased credit-impaired 278 737 477 — 1,492 Total residential mortgage 3,652,835 1,791,056 550,706 87,387 6,081,984 Other consumer: Other consumer 216,875 263,341 54,790 44,468 579,474 Purchased credit-impaired — 39 — — 39 Total other consumer $ 216,875 $ 263,380 $ 54,790 $ 44,468 $ 579,513 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 (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 at March 31, 2016 and December 31, 2015 : (dollar amounts in thousands) Commercial and Industrial Commercial Real Estate Automobile Home Equity Residential Mortgage Other Consumer Total ALL at March 31, 2016: Portion of ALLL balance: Attributable to purchased credit-impaired loans $ 799 $ — $ — $ — $ — $ — $ 799 Attributable to loans individually evaluated for impairment 24,557 7,180 1,853 13,894 16,335 340 64,159 Attributable to loans collectively evaluated for impairment 295,011 94,894 46,179 64,208 24,507 23,962 548,761 Total ALLL balance $ 320,367 $ 102,074 $ 48,032 $ 78,102 $ 40,842 $ 24,302 $ 613,719 Loan and Lease Ending Balances at March 31, 2016: Portion of loan and lease ending balance: Attributable to purchased credit-impaired loans $ 14,600 $ 12,694 $ — $ — $ 1,492 $ 39 $ 28,825 Individually evaluated for impairment 587,810 139,938 33,264 251,194 357,565 4,959 1,374,730 Collectively evaluated for impairment 20,651,282 5,129,178 9,886,657 8,171,245 5,722,927 574,515 50,135,804 Total loans and leases evaluated for impairment $ 21,253,692 $ 5,281,810 $ 9,919,921 $ 8,422,439 $ 6,081,984 $ 579,513 $ 51,539,359 (dollar amounts in thousands) Commercial and Industrial Commercial Real Estate Automobile Home Equity Residential Mortgage Other Consumer Total ALLL 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 balances: 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 |
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: (1), (2) March 31, 2016 Three months ended March 31, 2016 (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 $ 40,757 $ 47,876 $ — $ 50,604 $ 291 Purchased credit-impaired — — — — — Other commercial and industrial 240,790 243,042 — 210,540 942 Total commercial and industrial 281,547 290,918 — 261,144 1,233 Commercial real estate: Retail properties 31,499 32,517 — 36,673 485 Multi-family 20,325 20,325 — 6,775 57 Office 16,360 30,330 — 10,671 141 Industrial and warehouse — — — 1,143 19 Purchased credit-impaired 12,694 53,108 — 13,226 867 Other commercial real estate 6,479 6,645 — 3,319 47 Total commercial real estate 87,357 142,925 — 71,807 1,616 Residential mortgage: Residential mortgage — — — — — Purchased credit-impaired 1,492 2,074 — 1,473 2 Total residential mortgage 1,492 2,074 — 1,473 2 Other consumer Other consumer — — — — — Purchased credit-impaired 39 96 — 45 102 Total other consumer $ 39 $ 96 $ — $ 45 $ 102 With an allowance recorded: Commercial and industrial: (3) Owner occupied $ 66,342 $ 74,899 $ 4,086 $ 57,815 $ 584 Purchased credit-impaired 14,600 22,636 799 17,808 997 Other commercial and industrial 239,921 267,857 20,471 188,461 1,505 Total commercial and industrial 320,863 365,392 25,356 264,084 3,086 Commercial real estate: (4) Retail properties 7,128 8,038 252 8,385 84 Multi-family 16,284 18,663 1,441 28,461 297 Office 11,798 14,949 1,496 11,727 52 Industrial and warehouse 3,108 3,642 259 6,411 20 Purchased credit-impaired — — — — — Other commercial real estate 26,957 30,472 3,732 24,873 305 Total commercial real estate 65,275 75,764 7,180 79,857 758 Automobile 33,264 33,962 1,853 32,284 578 Home equity: Secured by first-lien 55,830 59,880 4,294 54,251 500 Secured by junior-lien 195,364 226,846 9,600 195,765 2,468 Total home equity 251,194 286,726 13,894 250,016 2,968 Residential mortgage (6): Residential mortgage 357,565 399,284 16,335 362,280 3,036 Purchased credit-impaired — — — — — Total residential mortgage 357,565 399,284 16,335 362,280 3,036 Other consumer: Other consumer 4,959 4,979 340 4,799 66 Purchased credit-impaired — — — — — Total other consumer $ 4,959 $ 4,979 $ 340 $ 4,799 $ 66 December 31, 2015 Three months ended (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 $ — $ 12,264 $ 74 Purchased credit-impaired — — — — — Other commercial and industrial 197,969 213,739 — 41,552 338 Total commercial and industrial 255,801 279,551 — 53,816 412 Commercial real estate: Retail properties 42,009 54,021 — 57,556 496 Multi-family — — — — — Office 9,030 12,919 — 1,680 31 Industrial and warehouse 1,720 1,741 — 526 7 Purchased credit-impaired 13,758 55,358 — 36,857 1,925 Other commercial real estate 1,743 1,775 — 4,354 46 Total commercial real estate 68,260 125,814 — 100,973 2,505 Other consumer — — — — — Purchased credit-impaired 52 101 — — — Total other consumer $ 52 $ 101 $ — $ — $ — With an allowance recorded: Commercial and industrial: (3) Owner occupied $ 54,092 $ 62,527 $ 4,171 $ 50,705 $ 440 Purchased credit-impaired 21,017 30,676 2,602 22,303 1,164 Other commercial and industrial 171,140 181,000 15,143 148,098 1,036 Total commercial and industrial 246,249 274,203 21,916 221,106 2,640 Commercial real estate: (4) Retail properties 9,096 11,121 1,190 40,572 363 Multi-family 34,349 37,208 1,593 15,625 170 Office 14,365 17,350 1,177 50,628 563 Industrial and warehouse 9,721 10,550 1,540 7,949 82 Purchased credit-impaired — — — — — Other commercial real estate 22,944 28,701 2,614 29,605 354 Total commercial real estate 90,475 104,930 8,114 144,379 1,532 Automobile 31,304 31,878 1,779 30,385 561 Home equity: Secured by first-lien 52,672 57,224 4,359 146,545 1,584 Secured by junior-lien 196,167 227,733 11,883 170,386 1,985 Total home equity 248,839 284,957 16,242 316,931 3,569 Residential mortgage (6): Residential mortgage 366,995 408,925 16,811 371,643 3,122 Purchased credit-impaired 1,454 2,189 127 2,040 3 Total residential mortgage 368,449 411,114 16,938 373,683 3,125 Other consumer: Other consumer 4,640 4,649 176 4,566 62 Purchased credit-impaired — — — 51 118 Total other consumer $ 4,640 $ 4,649 $ 176 $ 4,617 $ 180 (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 March 31, 2016 , $92 million of the $321 million commercial and industrial loans with an allowance recorded were considered impaired due to their status as a TDR. At December 31, 2015 , $91 million of the $246 million commercial and industrial loans with an allowance recorded were considered impaired due to their status as a TDR. (4) At March 31, 2016 , $30 million of the $65 million commercial real estate loans with an allowance recorded were considered impaired due to their status as a TDR. At December 31, 2015 , $35 million of the $90 million commercial real estate 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 March 31, 2016 , $29 million of the $358 million residential mortgages loans with an allowance recorded were guaranteed by the U.S. government. At December 31, 2015 , $29 million of the $368 million residential mortgage loans with an allowance recorded were guaranteed by the U.S. government. |
Detailed troubled debt restructuring information by class | The following tables present 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 three-month periods ended March 31, 2016 an 2015 : New Troubled Debt Restructurings During The Three-Month Period Ended (1) March 31, 2016 March 31, 2015 (dollar amounts in thousands) Number of Contracts Post-modification Outstanding Ending Balance Financial effects of modification (2) Number of Contracts Post-modification Outstanding Ending Balance Financial effects of modification (2) C&I—Owner occupied: Interest rate reduction 1 $ 17 $ (1 ) 1 $ 46 $ (1 ) Amortization or maturity date change 52 36,509 480 46 10,461 (174 ) Other 2 223 (17 ) 3 613 (29 ) Total C&I—Owner occupied 55 36,749 462 50 11,120 (204 ) C&I—Other commercial and industrial: Interest rate reduction — — — 1 30 — Amortization or maturity date change 132 86,149 92 117 80,376 814 Other 6 635 13 5 28,388 (430 ) Total C&I—Other commercial and industrial 138 86,784 105 123 108,794 384 CRE—Retail properties: Interest rate reduction — — — 1 1,657 (11 ) Amortization or maturity date change 4 523 (38 ) 11 4,577 (199 ) Other — — — — — — Total CRE—Retail properties 4 523 (38 ) 12 6,234 (210 ) CRE—Multi family: Interest rate reduction — — — — — — Amortization or maturity date change 9 22,509 (105 ) 19 5,045 (1 ) Other — — — — — — Total CRE—Multi family 9 22,509 (105 ) 19 5,045 (1 ) CRE—Office: Interest rate reduction — — — — — — Amortization or maturity date change 6 8,361 431 5 26,085 (31 ) Other 1 139 (19 ) — — — Total CRE—Office 7 8,500 412 5 26,085 (31 ) CRE—Industrial and warehouse: Interest rate reduction — — — — — — Amortization or maturity date change 2 372 (879 ) 1 226 — Other — — — — — — Total CRE—Industrial and Warehouse 2 372 (879 ) 1 226 — CRE—Other commercial real estate: Interest rate reduction — — — — — — Amortization or maturity date change 3 2,030 32 7 3,659 10 Other 1 124 35 1 152 — Total CRE—Other commercial real estate 4 2,154 67 8 3,811 10 Automobile: Interest rate reduction 4 42 2 13 19 1 Amortization or maturity date change 421 3,901 220 496 3,352 158 Chapter 7 bankruptcy 317 2,562 115 144 1,223 100 Other — — — — — — Total Automobile 742 6,505 337 653 4,594 259 Residential mortgage: Interest rate reduction 5 657 (32 ) 5 476 (4 ) Amortization or maturity date change 92 10,759 (577 ) 123 13,858 (121 ) Chapter 7 bankruptcy 17 1,505 70 34 4,176 (124 ) Other — — — 6 708 — Total Residential mortgage 114 12,921 (539 ) 168 19,218 (249 ) First-lien home equity: Interest rate reduction 12 971 33 10 1,419 26 Amortization or maturity date change 25 2,050 (28 ) 49 3,611 (303 ) Chapter 7 bankruptcy 39 2,866 122 26 1,585 80 Other — — — — — — Total First-lien home equity 76 5,887 127 85 6,615 (197 ) Junior-lien home equity: Interest rate reduction 8 413 34 4 251 15 Amortization or maturity date change 204 9,840 (1,254 ) 347 16,507 (2,936 ) Chapter 7 bankruptcy 60 731 611 51 775 887 Other — — — — — — Total Junior-lien home equity 272 10,984 (609 ) 402 17,533 (2,034 ) Other consumer: Interest rate reduction — — — — — — Amortization or maturity date change 4 555 24 4 95 4 Chapter 7 bankruptcy 7 66 7 2 6 1 Other — — — — — — Total Other consumer 11 621 31 6 101 5 Total new troubled debt restructurings 1,434 $ 194,509 $ (629 ) 1,532 $ 209,376 $ (2,268 ) (1) TDRs may include multiple concessions and the disclosure classifications are based on the primary concession provided to the borrower. (2) Amount represents the financial impact via provision for loan and lease losses as a result of the modification. |
AVAILABLE-FOR-SALE AND OTHER 28
AVAILABLE-FOR-SALE AND OTHER SECURITIES (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Investments, Debt and Equity Securities [Abstract] | |
Contractual maturities of investment securities | Listed below are the contractual maturities (1 year or less, 1-5 years, 6-10 years, and over 10 years) of available-for-sale and other securities at March 31, 2016 and December 31, 2015 : March 31, 2016 December 31, 2015 (dollar amounts in thousands) Amortized Cost Fair Value Amortized Cost Fair Value U.S. Treasury, Federal agency, and other agency securities: U.S. Treasury: 1 year or less $ 798 $ 798 $ — $ — After 1 year through 5 years 5,463 5,509 5,457 5,472 After 5 years through 10 years — — — — After 10 years — — — — Total U.S. Treasury 6,261 6,307 5,457 5,472 Federal agencies: mortgage-backed securities: 1 year or less 51,065 50,983 51,146 51,050 After 1 year through 5 years 104,732 106,924 111,655 113,393 After 5 years through 10 years 241,927 247,936 254,397 257,765 After 10 years 4,371,145 4,436,149 4,088,120 4,099,480 Total Federal agencies: mortgage-backed securities 4,768,869 4,841,992 4,505,318 4,521,688 Other agencies: 1 year or less 2,202 2,242 801 805 After 1 year through 5 years 8,146 8,549 9,101 9,395 After 5 years through 10 years 101,107 103,705 105,174 105,713 After 10 years — — — — Total other agencies 111,455 114,496 115,076 115,913 Total U.S. Treasury, Federal agency, and other agency securities 4,886,585 4,962,795 4,625,851 4,643,073 Municipal securities: 1 year or less 285,763 275,832 281,644 280,823 After 1 year through 5 years 587,570 592,057 587,664 587,345 After 5 years through 10 years 1,164,206 1,171,111 1,053,502 1,048,550 After 10 years 557,927 594,756 509,133 539,678 Total municipal securities 2,595,466 2,633,756 2,431,943 2,456,396 Asset-backed securities: 1 year or less — — — — After 1 year through 5 years 150,053 149,844 110,115 109,300 After 5 years through 10 years 88,267 89,019 128,342 128,208 After 10 years 641,296 598,511 662,602 623,905 Total asset-backed securities 879,616 837,374 901,059 861,413 Corporate debt: 1 year or less 29,307 29,919 300 302 After 1 year through 5 years 346,591 353,571 356,513 360,653 After 5 years through 10 years 152,382 153,171 107,394 105,522 After 10 years — — — — Total corporate debt 528,280 536,661 464,207 466,477 Other: 1 year or less — — — — After 1 year through 5 years 3,950 3,931 3,950 3,898 After 5 years through 10 years — — — — After 10 years — — — — Non-marketable equity securities 333,460 333,460 332,786 332,786 Mutual funds 10,506 10,506 10,604 10,604 Marketable equity securities 524 898 523 794 Total other 348,440 348,795 347,863 348,082 Total available-for-sale and other securities $ 9,238,387 $ 9,319,381 $ 8,770,923 $ 8,775,441 |
Amortized cost, fair value, and gross unrealized gains 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 March 31, 2016 and December 31, 2015 : Unrealized (dollar amounts in thousands) Amortized Cost Gross Gains Gross Losses Fair Value March 31, 2016 U.S. Treasury $ 6,261 $ 46 $ — $ 6,307 Federal agencies: Mortgage-backed securities 4,768,869 74,186 (1,063 ) 4,841,992 Other agencies 111,455 3,041 — 114,496 Total U.S. Treasury, Federal agency securities 4,886,585 77,273 (1,063 ) 4,962,795 Municipal securities 2,595,466 72,956 (34,666 ) 2,633,756 Asset-backed securities 879,616 1,724 (43,966 ) 837,374 Corporate debt 528,280 8,495 (114 ) 536,661 Other securities 348,440 375 (20 ) 348,795 Total available-for-sale and other securities $ 9,238,387 $ 160,823 $ (79,829 ) $ 9,319,381 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 |
Available for sale securities in an unrealized loss position table text block | 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 March 31, 2016 and December 31, 2015 : Less than 12 Months Over 12 Months Total (dollar amounts in thousands ) Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses March 31, 2016 Federal agencies: Mortgage-backed securities $ 266,950 $ (709 ) $ 61,611 $ (354 ) $ 328,561 $ (1,063 ) Other agencies — — — — — — Total Federal agency securities 266,950 (709 ) 61,611 (354 ) 328,561 (1,063 ) Municipal securities 521,994 (19,927 ) 208,458 (14,739 ) 730,452 (34,666 ) Asset-backed securities 305,927 (5,319 ) 173,013 (38,647 ) 478,940 (43,966 ) Corporate debt 17,333 (35 ) 10,217 (79 ) 27,550 (114 ) Other securities 2,280 (20 ) 2,280 (20 ) Total temporarily impaired securities $ 1,112,204 $ (25,990 ) $ 455,579 $ (53,839 ) $ 1,567,783 $ (79,829 ) 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 ) |
Realized securities gains and losses | or the three -month periods ended March 31, 2016 and 2015 . |
Trust Preferred Securities Data | The following table summarizes the relevant characteristics of our CDO securities portfolio, which are included in asset-backed securities, at March 31, 2016 . 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 Data March 31, 2016 (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 $ 41,646 $ 27,794 $ 23,447 $ (4,347 ) C 30/36 15 % 6 % 5 % ICONS 19,214 19,214 15,131 (4,083 ) BB 19/21 7 14 51 MM Comm III 4,684 4,475 3,545 (930 ) BB 5/8 5 7 33 Pre TSL IX 5,000 3,955 2,963 (992 ) C 27/38 18 10 7 Pre TSL XI 25,000 20,020 14,288 (5,732 ) C 43/55 16 8 11 Pre TSL XIII 27,530 19,588 15,505 (4,083 ) C 46/56 10 11 24 Reg Diversified (1) 25,500 5,104 1,762 (3,342 ) D 22/38 33 7 — Tropic III 31,000 31,000 17,689 (13,311 ) CCC+ 30/40 19 8 39 Total at March 31, 2016 $ 179,574 $ 131,150 $ 94,330 $ (36,820 ) Total at December 31, 2015 $ 179,574 $ 131,911 $ 100,338 $ (31,654 ) (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. |
HELD-TO-MATURITY SECURITIES (Ta
HELD-TO-MATURITY SECURITIES (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Held-to-maturity Securities [Abstract] | |
Contractual maturities of held-to-maturity securities | Listed below are the contractual maturities (1 year or less, 1-5 years, 6-10 years, and over 10 years) of held-to-maturity securities at March 31, 2016 and December 31, 2015 : March 31, 2016 December 31, 2015 (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 45,210 45,848 25,909 25,227 After 10 years 5,290,743 5,375,859 5,506,592 5,484,407 Total Federal agencies: mortgage-backed securities 5,335,953 5,421,707 5,532,501 5,509,634 Other agencies: 1 year or less — — — — After 1 year through 5 years — — — — After 5 years through 10 years 274,849 279,716 283,960 284,907 After 10 years 328,593 334,055 336,092 334,004 Total other agencies 603,442 613,771 620,052 618,911 Total U.S. Government backed agencies 5,939,395 6,035,478 6,152,553 6,128,545 Municipal securities: 1 year or less — — — — After 1 year through 5 years — — — — After 5 years through 10 years — — — — After 10 years 6,749 6,765 7,037 6,913 Total municipal securities 6,749 6,765 7,037 6,913 Total held-to-maturity securities $ 5,946,144 $ 6,042,243 $ 6,159,590 $ 6,135,458 |
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 March 31, 2016 and December 31, 2015 : Unrealized (dollar amounts in thousands) Amortized Cost Gross Gains Gross Losses Fair Value March 31, 2016 Federal agencies: Mortgage-backed securities $ 5,335,953 $ 89,932 $ (4,178 ) $ 5,421,707 Other agencies 603,442 10,329 — 613,771 Total U.S. Government backed agencies 5,939,395 100,261 (4,178 ) 6,035,478 Municipal securities 6,749 16 — 6,765 Total held-to-maturity securities $ 5,946,144 $ 100,277 $ (4,178 ) $ 6,042,243 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 |
Investment securities in an unrealized loss position | The following tables provide detail on held-to-maturity securities with unrealized losses aggregated by investment category and the length of time the individual securities have been in a continuous loss position, at March 31, 2016 and December 31, 2015 : Less than 12 Months Over 12 Months Total (dollar amounts in thousands ) Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses March 31, 2016 Federal agencies: Mortgage-backed securities $ 231,302 $ (1,252 ) $ 273,252 $ (2,926 ) $ 504,554 $ (4,178 ) Other agencies — — — — — — Total U.S. Government backed securities 231,302 (1,252 ) 273,252 (2,926 ) 504,554 (4,178 ) Municipal securities — — — — — — Total temporarily impaired securities $ 231,302 $ (1,252 ) $ 273,252 $ (2,926 ) $ 504,554 $ (4,178 ) 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 $ 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 ) |
LOAN SALES AND SECURITIZATIONS
LOAN SALES AND SECURITIZATIONS (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Transfers and Servicing [Abstract] | |
Summarizes activity relating to loans securitized sold with servicing retained | The following table summarizes activity relating to SBA loans sold with servicing retained for the three-month periods ended March 31, 2016 and 2015 : Three months ended (dollar amounts in thousands) 2016 2015 SBA loans sold with servicing retained $ 45,889 $ 42,401 Pretax gains resulting from above loan sales (1) 3,521 3,574 (1) Recorded in gain on sale of loans. The following table summarizes activity relating to residential mortgage loans sold with servicing retained for the three-month periods ended March 31, 2016 and 2015 : Three months ended (dollar amounts in thousands) 2016 2015 Residential mortgage loans sold with servicing retained $ 632,466 $ 630,683 Pretax gains resulting from above loan sales (1) 14,113 14,862 (1) Recorded in mortgage banking income. |
Summarizes activity relating to loans sold with servicing retained using the fair value method | The following tables summarize the changes in MSRs recorded using either the fair value method or the amortization method for the three-month periods ended March 31, 2016 and 2015 : Fair Value Method: Three months ended (dollar amounts in thousands) 2016 2015 Fair value, beginning of period $ 17,585 $ 22,786 Change in fair value during the period due to: Time decay (1) (273 ) (339 ) Payoffs (2) (504 ) (818 ) Changes in valuation inputs or assumptions (3) (1,989 ) (1,174 ) Fair value, end of period: $ 14,819 $ 20,455 Weighted-average life (years) 5.2 4.7 (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. |
Summarizes activity relating to loans sold with servicing retained using the amortization method | Amortization Method: Three months ended (dollar amounts in thousands) 2016 2015 Carrying value, beginning of period $ 143,133 $ 132,813 New servicing assets created 6,109 6,454 Servicing assets acquired — — Impairment (charge) / recovery (16,340 ) (7,990 ) Amortization and other (5,627 ) (5,823 ) Carrying value, end of period $ 127,275 $ 125,454 Fair value, end of period $ 127,516 $ 125,691 Weighted-average life (years) 6.5 5.7 The following tables summarize the changes in the carrying value of the servicing asset for the three-month periods ended March 31, 2016 and 2015 , and the fair value at the end of each period were as follows: Three months ended (dollar amounts in thousands) 2016 2015 Carrying value, beginning of period $ 19,747 $ 18,536 New servicing assets created 1,511 1,457 Amortization and other (1,733 ) (2,046 ) Carrying value, end of period $ 19,525 $ 17,947 Fair value, end of period $ 23,048 $ 19,436 Weighted-average life (years) 3.3 3.3 Changes in the carrying value of automobile loan servicing rights for the three-month periods ended March 31, 2016 and 2015 , and the fair value at the end of each period were as follows: Three months ended (dollar amounts in thousands) 2016 2015 Carrying value, beginning of period $ 8,771 $ 6,898 New servicing assets created — — Amortization and other (1,742 ) (1,835 ) Carrying value, end of period $ 7,029 $ 5,063 Fair value, end of period $ 7,250 $ 5,155 Weighted-average life (years) 3.3 2.4 |
Summary of key assumptions and the sensitivity of the servicing rights value to changes in the assumptions | A summary of key assumptions and the sensitivity of the SBA loan servicing rights value to changes in these assumptions at March 31, 2016 and December 31, 2015 follows: March 31, 2016 December 31, 2015 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) 7.50 % $ (319 ) $ (632 ) 7.60 % $ (313 ) $ (622 ) Discount rate 15.00 (618 ) (1,210 ) 15.00 (610 ) (1,194 ) For MSRs under the fair value method, a summary of key assumptions and the sensitivity of the MSR value at March 31, 2016 and December 31, 2015 , to changes in these assumptions follows: March 31, 2016 December 31, 2015 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) 12.30 % $ (628 ) $ (1,212 ) 14.70 % $ (864 ) $ (1,653 ) Spread over forward interest rate swap rates 549 bps (483 ) (935 ) 539 bps (559 ) (1,083 ) For MSRs under the amortization method, a summary of key assumptions and the sensitivity of the MSR value at March 31, 2016 and December 31, 2015 , to changes in these assumptions follows: March 31, 2016 December 31, 2015 Decline in fair value due to Decline in fair value due to (dollar amounts in thousands) Actual 10% 20% Actual 10% 20% Constant prepayment rate (annualized) 9.60 % $ (4,207 ) $ (8,140 ) 11.10 % $ (5,543 ) $ (10,648 ) Spread over forward interest rate swap rates 1,206 bps (3,800 ) (7,370 ) 875 bps (4,662 ) (9,017 ) A summary of key assumptions and the sensitivity of the automobile loan servicing rights value to changes in these assumptions at March 31, 2016 and December 31, 2015 follows: March 31, 2016 December 31, 2015 Decline in fair value due to Decline in fair value due to (dollar amounts in thousands) Actual 10% 20% Actual 10% 20% Constant prepayment rate (annualized) 18.56 % $ (450 ) $ (730 ) 18.36 % $ (500 ) $ (895 ) Spread over forward interest rate swap rates 500 bps (6 ) (12 ) 500 bps (10 ) (19 ) |
OTHER COMPREHENSIVE INCOME (Tab
OTHER COMPREHENSIVE INCOME (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Equity [Abstract] | |
Components of other comprehensive income | The components of other comprehensive income for the three-month periods ended March 31, 2016 and 2015 , were as follows: Three months ended Tax (expense) (dollar amounts in thousands) Pretax Benefit After-tax Noncredit-related impairment recoveries (losses) on debt securities not expected to be sold $ (3,634 ) $ 1,285 $ (2,349 ) Unrealized holding gains (losses) on available-for-sale debt securities arising during the period 80,468 (28,685 ) 51,783 Less: Reclassification adjustment for net losses (gains) included in net income (464 ) 164 (300 ) Net change in unrealized holding gains (losses) on available-for-sale debt securities 76,370 (27,236 ) 49,134 Net change in unrealized holding gains (losses) on available-for-sale equity securities 104 (36 ) 68 Unrealized gains (losses) on derivatives used in cash flow hedging relationships arising during the period 14,229 (4,980 ) 9,249 Less: Reclassification adjustment for net (gains) losses included in net income (644 ) 224 (420 ) Net change in unrealized gains (losses) on derivatives used in cash flow hedging relationships 13,585 (4,756 ) 8,829 Net change in pension and other post-retirement obligations 1,293 (452 ) 841 Total other comprehensive income (loss) $ 91,352 $ (32,480 ) $ 58,872 Three months ended Tax (expense) (dollar amounts in thousands) Pretax Benefit After-tax Noncredit-related impairment recoveries (losses) on debt securities not expected to be sold $ 5,245 $ (1,855 ) $ 3,390 Unrealized holding gains (losses) on available-for-sale debt securities arising during the period 60,503 (21,477 ) 39,026 Less: Reclassification adjustment for net losses (gains) included in net income (121 ) 42 (79 ) Net change in unrealized holding gains (losses) on available-for-sale debt securities 65,627 (23,290 ) 42,337 Net change in unrealized holding gains (losses) on available-for-sale equity securities 9 (3 ) 6 Unrealized gains (losses) on derivatives used in cash flow hedging relationships arising during the period 28,144 (9,850 ) 18,294 Less: Reclassification adjustment for net (gains) losses included in net income (123 ) 43 (80 ) Net change in unrealized gains (losses) on derivatives used in cash flow hedging relationships 28,021 (9,807 ) 18,214 Net change in pension and other post-retirement obligations 1,389 (486 ) 903 Total other comprehensive income (loss) $ 95,046 $ (33,586 ) $ 61,460 |
Activity in accumulated other comprehensive income, net of tax | The following table presents activity in accumulated other comprehensive income (loss), net of tax, for the three -month periods ended March 31, 2016 and 2015 : (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, 2014 $ 15,137 $ 484 $ (12,233 ) $ (225,680 ) $ (222,292 ) Other comprehensive income before reclassifications 42,416 6 18,294 — 60,716 Amounts reclassified from accumulated OCI to earnings (79 ) — (80 ) 903 744 Period change 42,337 6 18,214 903 61,460 March 31, 2015 $ 57,474 $ 490 $ 5,981 $ (224,777 ) $ (160,832 ) December 31, 2015 $ 8,361 $ 176 $ (3,948 ) $ (230,747 ) $ (226,158 ) Other comprehensive income before reclassifications 49,434 68 9,249 — 58,751 Amounts reclassified from accumulated OCI to earnings (300 ) — (420 ) 841 121 Period change 49,134 68 8,829 841 58,872 March 31, 2016 $ 57,495 $ 244 $ 4,881 $ (229,906 ) $ (167,286 ) (1) Amount at March 31, 2016 and December 31, 2015 include $8 million and $9 million , respectively, 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 Unaudited Condensed Consolidated Statements of Income for the three month periods ended March 31, 2016 and 2015 : Reclassifications out of accumulated OCI Accumulated OCI components Amounts reclassified from accumulated OCI Location of net gain (loss) reclassified from accumulated OCI into earnings Three months ended (dollar amounts in thousands) March 31, 2016 March 31, 2015 Gains (losses) on debt securities: Amortization of unrealized gains (losses) $ 464 $ 121 Interest income - held-to-maturity securities - taxable Total before tax 464 121 Tax (expense) benefit (164 ) (42 ) Net of tax $ 300 $ 79 Gains (losses) on cash flow hedging relationships: Interest rate contracts $ 645 $ 133 Interest income - loans and leases Interest rate contracts (1 ) (10 ) Noninterest income - other income Total before tax 644 123 Tax (expense) benefit (224 ) (43 ) Net of tax $ 420 $ 80 Amortization of defined benefit pension and post-retirement items: Actuarial gains (losses) $ (1,785 ) $ (1,881 ) Noninterest expense - personnel costs Prior service credit 492 492 Noninterest expense - personnel costs Total before tax (1,293 ) (1,389 ) Tax (expense) benefit 452 486 Net of tax $ (841 ) $ (903 ) |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Earnings Per Share [Abstract] | |
Basic and diluted earnings loss per share | The calculation of basic and diluted earnings per share for three -month periods ended March 31, 2016 and 2015 , was as follows: Three months ended (dollar amounts in thousands, except per share amounts) 2016 2015 Basic earnings per common share: Net income $ 171,314 $ 165,854 Preferred stock dividends (7,998 ) (7,965 ) Net income available to common shareholders $ 163,316 $ 157,889 Average common shares issued and outstanding 795,755 809,778 Basic earnings per common share $ 0.21 $ 0.19 Diluted earnings per common share: Net income available to common shareholders $ 163,316 $ 157,889 Effect of assumed preferred stock conversion — — Net income applicable to diluted earnings per share $ 163,316 $ 157,889 Average common shares issued and outstanding 795,755 809,778 Dilutive potential common shares: Stock options and restricted stock units and awards 10,385 12,126 Shares held in deferred compensation plans 2,075 1,706 Other 134 199 Dilutive potential common shares: 12,594 14,031 Total diluted average common shares issued and outstanding 808,349 823,809 Diluted earnings per common share $ 0.20 $ 0.19 |
BENEFIT PLANS (Tables)
BENEFIT PLANS (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Schedule of Net Benefit Costs | The following table shows the components of net periodic benefit expense of the Plan and the Post-Retirement Benefit Plan: Pension Benefits Post Retirement Benefits Three months ended March 31, Three months ended March 31, (dollar amounts in thousands) 2016 2015 2016 2015 Service cost (1) $ 1,025 $ 457 $ — $ — Interest cost 6,748 7,985 55 141 Expected return on plan assets (10,223 ) (11,043 ) — — Amortization of prior service credit — — (492 ) (492 ) Amortization of gain (loss) 1,864 1,982 (72 ) (116 ) Settlements 3,400 2,550 — — Benefit expense $ 2,814 $ 1,931 $ (509 ) $ (467 ) (1) Since no participants will be earning benefits after December 31, 2013, the 2015 and 2016 service cost represents only administrative expenses. |
Schedule of Allocation of Plan Assets | Bank, as trustee, held all Plan assets at March 31, 2016 and December 31, 2015 . The Plan assets consisted of the following investments: Fair Value (dollar amounts in thousands) March 31, 2016 December 31, 2015 Cash equivalents: Federated-money market $ 7,878 2 % $ 15,590 3 % Fixed income: Corporate obligations 212,386 35 205,081 34 U.S. government obligations 62,909 10 64,456 11 Mutual funds-fixed income 30,773 5 32,874 6 U.S. government agencies 7,454 1 6,979 1 Equities: Mutual funds-equities 134,081 22 136,026 23 Common stock 135,222 23 120,046 20 Exchange traded funds 6,554 1 6,530 1 Limited partnerships 7,329 1 6,635 1 Fair value of plan assets $ 604,586 100 % $ 594,217 100 % Inv |
Schedule of Costs of Retirement Plans | following table shows the costs of providing the SERP, SRIP, and defined contribution plans: Three months ended March 31, (dollar amounts in thousands) 2016 2015 SERP & SRIP $ 714 $ 578 Defined contribution plan 7,920 7,445 Benefit cost $ 8,634 $ 8,023 |
FAIR VALUES OF ASSETS AND LIA34
FAIR VALUES OF ASSETS AND LIABILITIES (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
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 Assets and liabilities measured at fair value on a recurring basis at March 31, 2016 and December 31, 2015 are summarized below: Fair Value Measurements at Reporting Date Using Netting Adjustments (1) March 31, 2016 (dollar amounts in thousands) Level 1 Level 2 Level 3 Assets Loans held for sale $ — $ 364,967 $ — $ — $ 364,967 Loans held for investment — 38,113 — — 38,113 Trading account securities: Municipal securities — 9,752 — — 9,752 Other securities 35,539 633 — — 36,172 35,539 10,385 — — 45,924 Available-for-sale and other securities: U.S. Treasury securities 6,307 — — — 6,307 Federal agencies: Mortgage-backed — 4,841,992 — — 4,841,992 Federal agencies: Other agencies — 114,496 — — 114,496 Municipal securities — 352,013 2,281,743 — 2,633,756 Asset-backed securities — 743,045 94,329 — 837,374 Corporate debt — 536,661 — — 536,661 Other securities 11,404 3,931 — — 15,335 17,711 6,592,138 2,376,072 — 8,985,921 Automobile loans — — 1,216 — 1,216 MSRs — — 14,819 — 14,819 Derivative assets — 566,637 11,082 (219,347 ) 358,372 Liabilities Derivative liabilities — 338,164 735 (201,418 ) 137,481 Short-term borrowings — 624 — — 624 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 (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. |
Rollforward of financial instruments 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 Asset- backed securities Automobile loans Opening balance $ 17,585 $ 6,056 $ 2,095,551 $ 100,337 $ 1,748 Transfers into Level 3 — — — — — Transfers out of Level 3 (1) — (915 ) — — — Total gains/losses for the period: Included in earnings (2,766 ) 5,206 — — — Included in OCI — — 11,840 (5,168 ) — Purchases/originations — — 237,450 — — Sales — — — — — Repayments — — — — (532 ) Issues — — — — — Settlements — — (63,098 ) (840 ) — Closing balance $ 14,819 $ 10,347 $ 2,281,743 $ 94,329 $ 1,216 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 $ (2,766 ) $ 5,306 $ — $ — $ — (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 $ 22,786 $ 3,360 $ 1,417,593 $ 30,464 $ 82,738 $ 10,590 Transfers into Level 3 — — — — — — Transfers out of Level 3 — — — — — — Total gains/losses for the period: Included in earnings (2,331 ) 5,001 — 16 — (213 ) Included in OCI — — (3,992 ) 18 7,511 — Purchases/originations — — 242,997 — — — Sales — — — — — — Repayments — — — — — (3,882 ) Issues — — — — — — Settlements — (536 ) (20,790 ) (426 ) (1,094 ) — Closing balance $ 20,455 $ 7,825 $ 1,635,808 $ 30,072 $ 89,155 $ 6,495 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 $ (2,331 ) $ 4,465 $ (3,992 ) $ 18 $ 7,511 $ (213 ) |
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 three -month periods ended March 31, 2016 and 2015 : 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 $ (2,766 ) $ 5,206 $ — $ — $ — $ — Securities gains (losses) — — — — — — Interest and fee income — — — — — — Noninterest income — — — — — — Total $ (2,766 ) $ 5,206 $ — $ — $ — $ — 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 $ (2,331 ) $ 5,001 $ — $ — $ — $ — Securities gains (losses) — — — — — — Interest and fee income — — — 16 — (213 ) Noninterest income — — — — — — Total $ (2,331 ) $ 5,001 $ — $ 16 $ — $ (213 ) |
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: March 31, 2016 December 31, 2015 (dollar amounts in thousands) Fair value carrying amount Aggregate unpaid principal Difference Fair value carrying amount Aggregate unpaid principal Difference Assets Loans held for sale $ 364,967 $ 348,302 $ 16,665 $ 337,577 $ 326,802 $ 10,775 Loans held for investment 38,113 38,811 (698 ) 32,889 33,637 (748 ) Automobile loans 1,216 1,216 — 1,748 1,748 — The following tables present the net gains (losses) from fair value changes, including net gains (losses) associated with instrument specific credit risk for the three -month periods ended March 31, 2016 and 2015 : Net gains (losses) from Three months ended (dollar amounts in thousands) 2016 2015 Assets Loans held for sale $ 4,649 $ 1,001 Automobile loans — (213 ) Gains (losses) included Three months ended (dollar amounts in thousands) 2016 2015 Assets Automobile loans $ 90 $ 66 |
Assets measured at fair value on a nonrecurring basis | 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 $ 125,957 $ — $ — $ 125,957 $ (16,340 ) Impaired loans 68,726 — — 68,726 1,417 Other real estate owned 26,132 — — 26,132 (505 ) |
Quantitative information about significant unobservable level 3 fair value measurement inputs | Quantitative Information about Level 3 Fair Value Measurements at March 31, 2016 (dollar amounts in thousands) Fair Value Valuation Technique Significant Unobservable Input Range (Weighted Average) MSRs $ 14,819 Discounted cash flow Constant prepayment rate 7.0% - 26.5% (12.3%) Spread over forward interest rate 3.0% - 9.2% (5.5%) Derivative assets 11,082 Consensus Pricing Net market price -2.5% - 22.1% (2.3%) Derivative liabilities 735 Estimated Pull through % 7.9% - 99.8% (79.4%) Municipal securities 2,281,743 Discounted cash flow Discount rate 0.6% - 7.8% (3.5%) Cumulative default 0.1% - 56.0% (2.9%) Loss given default 5.0% - 80.0% (21.8%) Asset-backed securities 94,329 Discounted cash flow Discount rate 4.9% - 11.4% (6.5%) Cumulative prepayment rate 0.0% - 100% (9.6%) Cumulative default 1.5% - 100% (11.1%) Loss given default 85% - 100% (96.7%) Cure given deferral 0.0% - 75.0% (36.5%) Automobile loans 1,216 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 68,726 Appraisal value NA NA Other real estate owned 26,132 Appraisal value NA NA 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 |
Carrying amounts and estimated 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 March 31, 2016 and December 31, 2015 : March 31, 2016 December 31, 2015 (dollar amounts in thousands) Carrying Amount Fair Value Carrying Amount Fair Value Financial Assets Cash and short-term assets $ 882,916 $ 882,916 $ 898,994 $ 898,994 Trading account securities 45,924 45,924 36,997 36,997 Loans held for sale 567,165 570,609 474,621 484,511 Available-for-sale and other securities 9,319,381 9,319,381 8,775,441 8,775,441 Held-to-maturity securities 5,946,144 6,042,243 6,159,590 6,135,458 Net loans and direct financing leases 50,925,640 49,897,026 49,743,256 48,024,998 Derivatives 358,372 358,372 274,872 274,872 Financial Liabilities Deposits 55,628,842 55,641,189 55,294,979 55,299,435 Short-term borrowings 471,375 471,375 615,279 615,279 Long-term debt 7,935,412 7,928,482 7,067,614 7,043,014 Derivatives 137,481 137,481 144,350 144,350 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 Unaudited Condensed Consolidated Balance Sheets at fair value at March 31, 2016 and December 31, 2015 : Estimated Fair Value Measurements at Reporting Date Using March 31, 2016 (dollar amounts in thousands) Level 1 Level 2 Level 3 Financial Assets Held-to-maturity securities $ — $ 6,042,243 $ — $ 6,042,243 Net loans and direct financing leases — — 49,897,026 49,897,026 Financial Liabilities Deposits — 52,544,042 3,097,147 55,641,189 Short-term borrowings — 624 470,751 471,375 Long-term debt — — 7,928,482 7,928,482 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 |
DERIVATIVE FINANCIAL INSTRUME35
DERIVATIVE FINANCIAL INSTRUMENTS (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
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 March 31, 2016 , identified by the underlying interest rate-sensitive instruments: (dollar amounts in thousands ) Fair Value Hedges Cash Flow Hedges Total Instruments associated with: Loans $ — $ 5,550,000 $ 5,550,000 Deposits — — — Subordinated notes 450,000 — 450,000 Long-term debt 6,375,000 — 6,375,000 Total notional value at March 31, 2016 $ 6,825,000 $ 5,550,000 $ 12,375,000 |
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 March 31, 2016 : Weighted-Average Rate (dollar amounts in thousands ) Notional Value Average Maturity (years) Fair Value Receive Pay Asset conversion swaps Receive fixed—generic $ 5,550,000 0.9 $ 10,925 0.91 % 0.57 % Total asset conversion swaps 5,550,000 0.9 10,925 0.91 0.57 Liability conversion swaps Receive fixed—generic 6,825,000 2.8 141,755 1.50 0.63 Total liability conversion swaps 6,825,000 2.8 141,755 1.50 0.63 Total swap portfolio at March 31, 2016 $ 12,375,000 2 $ 152,680 1.24 % 0.60 % |
Asset and liability derivatives included in accrued income and other assets | The following table presents the fair values at March 31, 2016 and December 31, 2015 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) March 31, 2016 December 31, 2015 Interest rate contracts designated as hedging instruments $ 152,882 $ 80,513 Interest rate contracts not designated as hedging instruments 283,037 190,846 Foreign exchange contracts not designated as hedging instruments 38,635 37,727 Commodities contracts not designated as hedging instruments 91,901 117,894 Total contracts $ 566,455 $ 426,980 Liability derivatives included in accrued expenses and other liabilities: (dollar amounts in thousands) March 31, 2016 December 31, 2015 Interest rate contracts designated as hedging instruments $ 202 $ 15,215 Interest rate contracts not designated as hedging instruments 206,512 121,815 Foreign exchange contracts not designated as hedging instruments 39,756 35,283 Commodities contracts not designated as hedging instruments 88,659 114,887 Total contracts $ 335,129 $ 287,200 |
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 for the three -month periods ended March 31, 2016 , and 2015 : Three months ended (dollar amounts in thousands) 2016 2015 Interest rate contracts Change in fair value of interest rate swaps hedging deposits (1) $ (82 ) $ (213 ) Change in fair value of hedged deposits (1) 72 214 Change in fair value of interest rate swaps hedging subordinated notes (2) 6,804 3,231 Change in fair value of hedged subordinated notes (2) (6,804 ) (3,231 ) Change in fair value of interest rate swaps hedging other long-term debt (2) 61,032 20,025 Change in fair value of hedged other long-term debt (2) (59,786 ) (19,645 ) (1) Effective portion of the hedging relationship is recognized in Interest expense—deposits in the Unaudited Condensed Consolidated Statements of Income. Any resulting ineffective portion of the hedging relationship is recognized in noninterest income in the Unaudited Condensed 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 Unaudited Condensed Consolidated Statements of Income. Any resulting ineffective portion of the hedging relationship is recognized in noninterest income in the Unaudited Condensed 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 Unaudited Condensed 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) (after-tax) 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) Three months ended March 31, Three months ended March 31, (dollar amounts in thousands) 2016 2015 2016 2015 Interest rate contracts Loans $ 9,249 $ 18,294 Interest and fee income - loans and leases $ (645 ) $ (133 ) Investment Securities — — Noninterest income - other income 1 10 Total $ 9,249 $ 18,294 $ (644 ) $ (123 ) |
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 on the ineffective portion on interest rate contracts for derivatives designated as cash flow hedges for the three -month periods ended March 31, 2016 and 2015 : Three months ended (dollar amounts in thousands) 2016 2015 Derivatives in cash flow hedging relationships Interest rate contracts Loans $ 421 $ (163 ) |
Derivative assets and liabilities used in mortgage banking activities [Table Text Block] | The following table summarizes the derivative assets and liabilities used in mortgage banking activities: (dollar amounts in thousands) March 31, 2016 December 31, 2015 Derivative assets: Interest rate lock agreements $ 11,082 $ 6,721 Forward trades and options 183 2,468 Total derivative assets 11,265 9,189 Derivative liabilities: Interest rate lock agreements (190 ) (220 ) Forward trades and options (3,580 ) (1,239 ) Total derivative liabilities (3,770 ) (1,459 ) Net derivative asset (liability) $ 7,495 $ 7,730 |
Offsetting of financial liabilities and derivative liabilities | Offsetting of Financial Liabilities and Derivative Liabilities Gross amounts not offset in the condensed consolidated balance sheets (dollar amounts in thousands) Gross amounts of recognized liabilities Gross amounts offset in the condensed consolidated balance sheets Net amounts of liabilities presented in the condensed consolidated balance sheets Financial instruments Cash collateral delivered Net amount Offsetting of Financial Liabilities and Derivative Liabilities March 31, 2016 Derivatives $ 338,899 $ (201,418 ) $ 137,481 $ (66,571 ) $ (582 ) $ 70,329 December 31, 2015 Derivatives 288,659 (144,309 ) 144,350 (62,460 ) (20 ) 81,870 |
Offsetting of financial assets and derivatives assets | The following tables present the gross amounts of these assets and liabilities with any offsets to arrive at the net amounts recognized in the Unaudited Condensed Consolidated Balance Sheets at March 31, 2016 and December 31, 2015 : Offsetting of Financial Assets and Derivative Assets Gross amounts not offset in the condensed consolidated balance sheets (dollar amounts in thousands) Gross amounts of recognized assets Gross amounts offset in the condensed consolidated balance sheets Net amounts of assets presented in the condensed consolidated balance sheets Financial instruments Cash collateral received Net amount Offsetting of Financial Assets and Derivative Assets March 31, 2016 Derivatives $ 577,719 $ (219,347 ) $ 358,372 $ (44,784 ) $ (2,603 ) $ 310,985 December 31, 2015 Derivatives 436,169 (161,297 ) 274,872 (39,305 ) (3,462 ) 232,105 |
VIEs (Tables)
VIEs (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
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 Unaudited Condensed Consolidated Balance Sheets at March 31, 2016 and December 31, 2015 : March 31, 2016 Huntington Technology Other Consolidated VIEs Total (dollar amounts in thousands) Series 2014A Assets: Cash $ 1,560 $ — $ 1,560 Loans and leases 128,138 — 128,138 Allowance for loan and lease losses — — — Net loans and leases 128,138 — 128,138 Accrued income and other assets — 222 222 Total assets $ 129,698 $ 222 $ 129,920 Liabilities: Other long-term debt $ 104,199 $ — $ 104,199 Accrued interest and other liabilities — 222 222 Total liabilities 104,199 222 104,421 Equity: Beneficial Interest owned by third party 25,499 — 25,499 Total liabilities and equity $ 129,698 $ 222 $ 129,920 December 31, 2015 Huntington Technology Other Consolidated VIEs Total (dollar amounts in thousands) Series 2012A Series 2014A Assets: Cash $ 1,377 $ 1,561 $ — $ 2,938 Loans and leases 32,180 152,331 — 184,511 Allowance for loan and lease losses — — — — 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 The following tables provide a summary of the assets and liabilities included in Huntington’s Unaudited Condensed 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 March 31, 2016 , and December 31, 2015 : March 31, 2016 (dollar amounts in thousands) Total Assets Total Liabilities Maximum Exposure to Loss 2015-1 Automobile Trust $ 6,453 $ — $ 6,453 2012-2 Automobile Trust 422 — 422 Trust Preferred Securities 13,919 317,114 — Low Income Housing Tax Credit Partnerships 413,026 186,651 413,026 Other Investments 62,235 24,926 62,235 Total $ 496,055 $ 528,691 $ 482,136 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 |
Summary of Outstanding Trust Preferred Securities | A list of trust preferred securities outstanding at March 31, 2016 follows: (dollar amounts in thousands) Rate Principal amount of subordinated note/ debenture issued to trust (1) Investment in unconsolidated subsidiary Huntington Capital I 1.32 % (2) $ 111,816 $ 6,186 Huntington Capital II 1.26 (3) 54,593 3,093 Sky Financial Capital Trust III 2.03 (4) 72,165 2,165 Sky Financial Capital Trust IV 2.01 (4) 74,320 2,320 Camco Financial Trust 3.07 (5) 4,220 155 Total $ 317,114 $ 13,919 (1) Represents the principal amount of debentures issued to each trust, including unamortized original issue discount. (2) Variable effective rate at March 31, 2016 , based on three month LIBOR + 0.70% . (3) Variable effective rate at March 31, 2016 , based on three month LIBOR + 0.625% . (4) Variable effective rate at March 31, 2016 , based on three month LIBOR + 1.40% . (5) Variable effective rate (including impact of purchase accounting accretion) at March 31, 2016 , based on three month LIBOR + 1.33% . |
Affordable housing tax credit investments | The following table presents the balances of Huntington’s affordable housing tax credit investments and related unfunded commitments at March 31, 2016 and December 31, 2015 : (dollar amounts in thousands) March 31, December 31, Affordable housing tax credit investments $ 674,221 $ 674,157 Less: amortization (261,195 ) (248,657 ) Net affordable housing tax credit investments $ 413,026 $ 425,500 Unfunded commitments $ 186,651 $ 196,001 The following table presents other information relating to Huntington’s affordable housing tax credit investments for the three-month periods ended March 31, 2016 and 2015 : Three months ended (dollar amounts in thousands) 2016 2015 Tax credits and other tax benefits recognized $ 18,285 $ 15,747 Proportional amortization method Tax credit amortization expense included in provision for income taxes 12,407 11,074 Equity method Tax credit investment (gains) losses included in non-interest income 132 147 |
COMMITMENTS AND CONTINGENT LI37
COMMITMENTS AND CONTINGENT LIABILITIES (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contract amounts of various commitments to extend credit | In the ordinary course of business, Huntington makes various commitments to extend credit that are not reflected in the Unaudited Condensed Consolidated Financial Statements. The contract amounts of these financial agreements at March 31, 2016 and December 31, 2015 , were as follows: (dollar amounts in thousands) March 31, December 31, Contract amount represents credit risk: Commitments to extend credit Commercial $ 11,052,384 $ 11,448,927 Consumer 8,872,015 8,574,093 Commercial real estate 888,967 813,271 Standby letters-of-credit 509,910 511,706 Commercial letters-of-credit 15,724 56,119 |
SEGMENT REPORTING (Tables)
SEGMENT REPORTING (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | Listed below is certain operating basis financial information reconciled to Huntington’s March 31, 2016 , December 31, 2015 , and March 31, 2015 , reported results by business segment: Three months ended March 31, Income Statements Retail & Business Banking Commercial Banking AFCRE RBHPCG Home Lending Treasury/Other Huntington Consolidated (dollar amounts in thousands) 2016 Net interest income $ 264,688 $ 100,863 $ 95,569 $ 39,279 $ 13,016 $ (10,349 ) $ 503,066 Provision for credit losses 12,196 34,756 (16,617 ) (479 ) (2,274 ) — 27,582 Noninterest income 117,559 58,581 7,252 27,807 11,650 19,018 241,867 Noninterest expense 273,729 90,428 40,204 49,997 25,608 11,114 491,080 Income taxes 33,713 11,991 27,732 6,149 466 (25,094 ) 54,957 Net income (loss) $ 62,609 $ 22,269 $ 51,502 $ 11,419 $ 866 $ 22,649 $ 171,314 2015 Net interest income $ 248,650 $ 74,918 $ 95,162 $ 26,824 $ 15,277 $ 6,854 $ 467,685 Provision for credit losses 7,151 6,835 (1,383 ) 2,645 5,343 — 20,591 Noninterest income 95,759 54,893 4,675 40,424 18,658 17,214 231,623 Noninterest expense 256,366 56,417 36,178 58,627 35,788 15,481 458,857 Income taxes 28,312 23,296 22,765 2,092 (2,519 ) (19,940 ) 54,006 Net income (loss) $ 52,580 $ 43,263 $ 42,277 $ 3,884 $ (4,677 ) $ 28,527 $ 165,854 |
Segment Disclosure of Assets and Deposits | Assets at Deposits at (dollar amounts in thousands) March 31, December 31, March 31, December 31, Retail & Business Banking $ 15,786,893 $ 15,746,086 $ 31,302,518 $ 30,875,607 Commercial Banking 17,954,911 17,022,387 11,257,864 11,424,778 AFCRE 18,503,547 17,856,368 1,607,598 1,651,702 RBHPCG 4,324,770 4,284,608 7,889,524 7,690,581 Home Lending 3,107,196 3,087,486 334,186 361,881 Treasury / Other 12,967,650 13,021,366 3,237,152 3,290,430 Total $ 72,644,967 $ 71,018,301 $ 55,628,842 $ 55,294,979 |
BUSINESS COMBINATIONS BUSINESS
BUSINESS COMBINATIONS BUSINESS COMBINATIONS (Details) $ / shares in Units, $ in Thousands | 3 Months Ended | ||
Sep. 30, 2016USD ($)$ / shares | Mar. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract] | |||
Goodwill | $ 676,869 | $ 676,869 | |
Subsequent Event [Member] | Scenario, Forecast [Member] | FirstMerit Bank [Member] | |||
Business Acquisition [Line Items] | |||
Business Combination, Consideration Transferred | $ 3,400,000 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract] | |||
Business Acquisition, Assets Reported by Acquired Entity for Last Annual Period | $ 25,500,000 | ||
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable, Per Share | 1.72 | ||
Business Combination, Consideration Transferred, Cash Paid for Each Share of Acquired Entity's Shares | $ / shares | $ 5 |
LOANS _ LEASES AND ALLOWANCE 40
LOANS / LEASES AND ALLOWANCE FOR CREDIT LOSSES - Narrative (Details) | 3 Months Ended | |||
Mar. 31, 2016USD ($)reservesecuritizationcomponent | Dec. 31, 2015USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans and leases receivable net premium | $ 272,000,000 | $ 262,000,000 | ||
Allowance for loan and lease losses | $ 613,719,000 | 597,843,000 | $ 605,126,000 | $ 605,196,000 |
Number of days past due | 30 days | |||
Allowance number of reserves | reserve | 2 | |||
Allowance number of components of reserve | component | 2 | |||
Collateral for secured borrowings | $ 18,000,000,000 | |||
Macquarie Equipment Finance | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Collateral for secured borrowings | $ 128,000,000 | |||
Number of securitizations acquired | securitization | 2 | |||
Commercial Real Estate | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Allowance for loan and lease losses | $ 102,074,000 | 100,007,000 | 100,752,000 | 102,839,000 |
Threshold period past due for nonperforming status | 90 days | |||
Threshold outstanding balance for quarterly impairment evaluation | $ 1,000,000 | |||
Threshold period past due for write-off | 90 days | |||
Other Consumer | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Allowance for loan and lease losses | $ 24,302,000 | 24,269,000 | 17,016,000 | 38,272,000 |
Threshold period past due for nonperforming status | 120 days | |||
Threshold period past due for write-off | 120 days | |||
Commercial and Industrial | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Allowance for loan and lease losses | $ 320,367,000 | 298,746,000 | 284,573,000 | 286,995,000 |
Threshold period past due for nonperforming status | 90 days | |||
Threshold outstanding balance for quarterly impairment evaluation | $ 1,000,000 | |||
Threshold period past due for write-off | 90 days | |||
Residential Mortgage | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Allowance for loan and lease losses | $ 40,842,000 | 41,646,000 | 55,380,000 | 47,211,000 |
Threshold period past due for nonperforming status | 150 days | |||
Threshold period past due for write-off | 150 days | |||
Home Equity | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Allowance for loan and lease losses | $ 78,102,000 | 83,671,000 | 110,280,000 | 96,413,000 |
Automobile | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Allowance for loan and lease losses | $ 48,032,000 | $ 49,504,000 | $ 37,125,000 | $ 33,466,000 |
Threshold period past due for nonperforming status | 120 days | |||
Threshold period past due for write-off | 120 days | |||
Secured by first-lien | Home Equity | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Threshold period past due for nonperforming status | 150 days | |||
Threshold period past due for write-off | 150 days | |||
Secured by junior-lien | Home Equity | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Threshold period past due for nonperforming status | 120 days | |||
Threshold period past due for write-off | 120 days |
LOANS _ LEASES AND ALLOWANCE 41
LOANS / LEASES AND ALLOWANCE FOR CREDIT LOSSES - Loan and Lease Portfolio Composition (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | |
Loan and Lease Portfolio | |||||
Commercial and industrial | $ 21,253,692 | $ 20,559,834 | |||
Commercial real estate | 5,281,810 | 5,268,651 | |||
Automobile | 9,919,921 | 9,480,678 | |||
Home equity | 8,422,439 | 8,470,482 | |||
Residential mortgage | 6,081,984 | 5,998,400 | |||
Other consumer | 579,513 | 563,054 | |||
Loans and leases | [1] | 51,539,359 | 50,341,099 | ||
Allowance for loan and lease losses | (613,719) | (597,843) | $ (605,126) | $ (605,196) | |
Net loans and leases | $ 50,925,640 | $ 49,743,256 | |||
[1] | Amounts represent loans for which Huntington has elected the fair value option. |
LOANS _ LEASES AND ALLOWANCE 42
LOANS / LEASES AND ALLOWANCE FOR CREDIT LOSSES LOANS / LEASES AND ALLOWANCE FOR CREDIT LOSSES - Loan Purchases and Sales (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Significant Purchases | $ 667,031 | $ 16,474 |
Financing Receivable, Significant Sales | 144,519 | 1,147,559 |
Commercial and Industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Significant Purchases | 664,887 | 12,591 |
Financing Receivable, Significant Sales | 144,519 | 85,700 |
Commercial Real Estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Significant Purchases | 0 | 0 |
Financing Receivable, Significant Sales | 0 | 0 |
Automobile | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Significant Purchases | 0 | 0 |
Financing Receivable, Significant Sales | 1,000,000 | |
Financing Receivable, Significant Sales | 0 | 1,061,859 |
Home Equity | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Significant Purchases | 0 | 0 |
Financing Receivable, Significant Sales | 0 | 0 |
Residential Mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Significant Purchases | 2,144 | 3,883 |
Financing Receivable, Significant Sales | 0 | 0 |
Other Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Significant Purchases | 0 | 0 |
Financing Receivable, Significant Sales | $ 0 | $ 0 |
LOANS _ LEASES AND ALLOWANCE 43
LOANS / LEASES AND ALLOWANCE FOR CREDIT LOSSES - Nonaccrual Loans by Loan Class (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total nonaccrual loans | $ 498,734 | $ 371,581 |
Commercial and Industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total nonaccrual loans | 307,824 | 175,195 |
Commercial and Industrial | Owner occupied | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total nonaccrual loans | 28,202 | 35,481 |
Commercial and Industrial | Other commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total nonaccrual loans | 279,622 | 139,714 |
Commercial Real Estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total nonaccrual loans | 30,801 | 28,984 |
Commercial Real Estate | Retail properties | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total nonaccrual loans | 4,087 | 7,217 |
Commercial Real Estate | Multi-family | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total nonaccrual loans | 4,501 | 5,819 |
Commercial Real Estate | Office | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total nonaccrual loans | 17,495 | 10,495 |
Commercial Real Estate | Industrial and warehouse | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total nonaccrual loans | 1,794 | 2,202 |
Commercial Real Estate | Other commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total nonaccrual loans | 2,924 | 3,251 |
Automobile | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total nonaccrual loans | 7,598 | 6,564 |
Home Equity | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total nonaccrual loans | 62,208 | 66,278 |
Home Equity | Secured by first-lien | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total nonaccrual loans | 35,101 | 35,389 |
Home Equity | Secured by junior-lien | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total nonaccrual loans | 27,107 | 30,889 |
Residential Mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total nonaccrual loans | 90,303 | 94,560 |
Other Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total nonaccrual loans | $ 0 | $ 0 |
LOANS _ LEASES AND ALLOWANCE 44
LOANS / LEASES AND ALLOWANCE FOR CREDIT LOSSES - NALs Past Due (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | $ 559,438 | $ 609,579 | |
Current | 50,979,921 | 49,731,520 | |
Loans and leases | [1] | 51,539,359 | 50,341,099 |
90 or more days past due and accruing | 105,812 | 105,790 | |
Amount guaranteed by government | 58,000 | 56,000 | |
30-59 Days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 213,683 | 269,219 | |
60-89 Days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 90,511 | 87,321 | |
90 or more days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 255,244 | 253,039 | |
Commercial and Industrial | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 131,906 | 105,273 | |
Current | 21,121,786 | 20,454,561 | |
Loans and leases | 21,253,692 | 20,559,834 | |
90 or more days past due and accruing | 8,032 | 8,724 | |
Commercial and Industrial | 30-59 Days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 42,093 | 44,715 | |
Commercial and Industrial | 60-89 Days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 32,723 | 13,580 | |
Commercial and Industrial | 90 or more days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 57,090 | 46,978 | |
Commercial and Industrial | Purchased credit-impaired | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 4,534 | 7,677 | |
Current | 10,066 | 13,340 | |
Loans and leases | 14,600 | 21,017 | |
90 or more days past due and accruing | 4,459 | 5,949 | |
Commercial and Industrial | Purchased credit-impaired | 30-59 Days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 6 | 292 | |
Commercial and Industrial | Purchased credit-impaired | 60-89 Days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 69 | 1,436 | |
Commercial and Industrial | Purchased credit-impaired | 90 or more days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 4,459 | 5,949 | |
Commercial and Industrial | Owner occupied | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 15,192 | 29,353 | |
Current | 3,991,359 | 3,983,447 | |
Loans and leases | 4,006,551 | 4,012,800 | |
90 or more days past due and accruing | 0 | 0 | |
Commercial and Industrial | Owner occupied | 30-59 Days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 2,841 | 11,947 | |
Commercial and Industrial | Owner occupied | 60-89 Days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 1,399 | 3,613 | |
Commercial and Industrial | Owner occupied | 90 or more days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 10,952 | 13,793 | |
Commercial and Industrial | Other commercial and industrial | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 112,180 | 68,243 | |
Current | 17,120,361 | 16,457,774 | |
Loans and leases | 17,232,541 | 16,526,017 | |
90 or more days past due and accruing | 3,573 | 2,775 | |
Commercial and Industrial | Other commercial and industrial | 30-59 Days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 39,246 | 32,476 | |
Commercial and Industrial | Other commercial and industrial | 60-89 Days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 31,255 | 8,531 | |
Commercial and Industrial | Other commercial and industrial | 90 or more days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 41,679 | 27,236 | |
Commercial Real Estate | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 26,471 | 36,619 | |
Current | 5,255,339 | 5,232,032 | |
Loans and leases | 5,281,810 | 5,268,651 | |
90 or more days past due and accruing | 12,694 | 9,549 | |
Commercial Real Estate | 30-59 Days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 1,197 | 9,232 | |
Commercial Real Estate | 60-89 Days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 1,557 | 5,721 | |
Commercial Real Estate | 90 or more days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 23,717 | 21,666 | |
Commercial Real Estate | Purchased credit-impaired | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 12,694 | 13,469 | |
Current | 0 | 289 | |
Loans and leases | 12,694 | 13,758 | |
90 or more days past due and accruing | 12,694 | 9,549 | |
Commercial Real Estate | Purchased credit-impaired | 30-59 Days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 0 | 102 | |
Commercial Real Estate | Purchased credit-impaired | 60-89 Days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 0 | 3,818 | |
Commercial Real Estate | Purchased credit-impaired | 90 or more days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 12,694 | 9,549 | |
Commercial Real Estate | Retail properties | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 3,516 | 5,655 | |
Current | 1,570,318 | 1,501,054 | |
Loans and leases | 1,573,834 | 1,506,709 | |
90 or more days past due and accruing | 0 | 0 | |
Commercial Real Estate | Retail properties | 30-59 Days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 204 | 1,823 | |
Commercial Real Estate | Retail properties | 60-89 Days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 530 | 195 | |
Commercial Real Estate | Retail properties | 90 or more days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 2,782 | 3,637 | |
Commercial Real Estate | Multi-family | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 3,002 | 4,789 | |
Current | 1,085,120 | 1,073,429 | |
Loans and leases | 1,088,122 | 1,078,218 | |
90 or more days past due and accruing | 0 | 0 | |
Commercial Real Estate | Multi-family | 30-59 Days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 624 | 961 | |
Commercial Real Estate | Multi-family | 60-89 Days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 567 | 1,137 | |
Commercial Real Estate | Multi-family | 90 or more days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 1,811 | 2,691 | |
Commercial Real Estate | Office | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 3,185 | 8,294 | |
Current | 859,000 | 886,331 | |
Loans and leases | 862,185 | 894,625 | |
90 or more days past due and accruing | 0 | 0 | |
Commercial Real Estate | Office | 30-59 Days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 0 | 5,022 | |
Commercial Real Estate | Office | 60-89 Days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 182 | 256 | |
Commercial Real Estate | Office | 90 or more days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 3,003 | 3,016 | |
Commercial Real Estate | Industrial and warehouse | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 1,114 | 466 | |
Current | 400,263 | 503,701 | |
Loans and leases | 401,377 | 504,167 | |
90 or more days past due and accruing | 0 | 0 | |
Commercial Real Estate | Industrial and warehouse | 30-59 Days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 120 | 93 | |
Commercial Real Estate | Industrial and warehouse | 60-89 Days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 0 | 0 | |
Commercial Real Estate | Industrial and warehouse | 90 or more days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 994 | 373 | |
Commercial Real Estate | Other commercial real estate | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 2,960 | 3,946 | |
Current | 1,340,638 | 1,267,228 | |
Loans and leases | 1,343,598 | 1,271,174 | |
90 or more days past due and accruing | 0 | 0 | |
Commercial Real Estate | Other commercial real estate | 30-59 Days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 249 | 1,231 | |
Commercial Real Estate | Other commercial real estate | 60-89 Days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 278 | 315 | |
Commercial Real Estate | Other commercial real estate | 90 or more days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 2,433 | 2,400 | |
Automobile | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 69,716 | 91,864 | |
Current | 9,850,205 | 9,388,814 | |
Loans and leases | 9,919,921 | 9,480,678 | |
90 or more days past due and accruing | 5,064 | 7,162 | |
Automobile | 30-59 Days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 54,220 | 69,553 | |
Automobile | 60-89 Days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 10,205 | 14,965 | |
Automobile | 90 or more days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 5,291 | 7,346 | |
Home Equity | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 89,819 | 109,682 | |
Current | 8,332,620 | 8,360,800 | |
Loans and leases | 8,422,439 | 8,470,482 | |
90 or more days past due and accruing | 8,571 | 9,044 | |
Home Equity | 30-59 Days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 25,726 | 36,477 | |
Home Equity | 60-89 Days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 13,173 | 16,905 | |
Home Equity | 90 or more days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 50,920 | 56,300 | |
Home Equity | Secured by first-lien | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 42,572 | 52,229 | |
Current | 5,146,801 | 5,139,256 | |
Loans and leases | 5,189,373 | 5,191,485 | |
90 or more days past due and accruing | 4,606 | 4,499 | |
Home Equity | Secured by first-lien | 30-59 Days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 11,570 | 18,349 | |
Home Equity | Secured by first-lien | 60-89 Days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 5,148 | 7,576 | |
Home Equity | Secured by first-lien | 90 or more days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 25,854 | 26,304 | |
Home Equity | Secured by junior-lien | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 47,247 | 57,453 | |
Current | 3,185,819 | 3,221,544 | |
Loans and leases | 3,233,066 | 3,278,997 | |
90 or more days past due and accruing | 3,965 | 4,545 | |
Home Equity | Secured by junior-lien | 30-59 Days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 14,156 | 18,128 | |
Home Equity | Secured by junior-lien | 60-89 Days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 8,025 | 9,329 | |
Home Equity | Secured by junior-lien | 90 or more days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 25,066 | 29,996 | |
Residential Mortgage | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 233,278 | 256,425 | |
Current | 5,848,706 | 5,741,975 | |
Loans and leases | 6,081,984 | 5,998,400 | |
90 or more days past due and accruing | 69,583 | 69,917 | |
Residential Mortgage | 30-59 Days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 85,460 | 102,773 | |
Residential Mortgage | 60-89 Days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 31,460 | 34,298 | |
Residential Mortgage | 90 or more days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 116,358 | 119,354 | |
Residential Mortgage | Purchased credit-impaired | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 0 | 103 | |
Current | 1,492 | 1,351 | |
Loans and leases | 1,492 | 1,454 | |
90 or more days past due and accruing | 0 | 0 | |
Residential Mortgage | Purchased credit-impaired | 30-59 Days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 0 | 103 | |
Residential Mortgage | Purchased credit-impaired | 60-89 Days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 0 | 0 | |
Residential Mortgage | Purchased credit-impaired | 90 or more days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 0 | 0 | |
Residential Mortgage | Residential mortgage | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 233,278 | 256,322 | |
Current | 5,847,214 | 5,740,624 | |
Loans and leases | 6,080,492 | 5,996,946 | |
90 or more days past due and accruing | 69,583 | 69,917 | |
Residential Mortgage | Residential mortgage | 30-59 Days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 85,460 | 102,670 | |
Residential Mortgage | Residential mortgage | 60-89 Days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 31,460 | 34,298 | |
Residential Mortgage | Residential mortgage | 90 or more days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 116,358 | 119,354 | |
Other Consumer | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 8,248 | 9,716 | |
Current | 571,265 | 553,338 | |
Loans and leases | 579,513 | 563,054 | |
90 or more days past due and accruing | 1,868 | 1,394 | |
Other Consumer | 30-59 Days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 4,987 | 6,469 | |
Other Consumer | 60-89 Days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 1,393 | 1,852 | |
Other Consumer | 90 or more days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 1,868 | 1,395 | |
Other Consumer | Purchased credit-impaired | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 0 | 0 | |
Current | 39 | 52 | |
Loans and leases | 39 | 52 | |
90 or more days past due and accruing | 0 | 0 | |
Other Consumer | Purchased credit-impaired | 30-59 Days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 0 | 0 | |
Other Consumer | Purchased credit-impaired | 60-89 Days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 0 | 0 | |
Other Consumer | Purchased credit-impaired | 90 or more days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 0 | 0 | |
Other Consumer | Other consumer | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 8,248 | 9,716 | |
Current | 571,226 | 553,286 | |
Loans and leases | 579,474 | 563,002 | |
90 or more days past due and accruing | 1,868 | 1,394 | |
Other Consumer | Other consumer | 30-59 Days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 4,987 | 6,469 | |
Other Consumer | Other consumer | 60-89 Days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 1,393 | 1,852 | |
Other Consumer | Other consumer | 90 or more days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | $ 1,868 | $ 1,395 | |
[1] | Amounts represent loans for which Huntington has elected the fair value option. |
LOANS _ LEASES AND ALLOWANCE 45
LOANS / LEASES AND ALLOWANCE FOR CREDIT LOSSES - Allowance for Credit Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | |
Allowance For Credit Losses Roll Forward [Abstract] | ||||
ALLL balance, beginning of period | $ 597,843 | $ 605,196 | ||
Loan charge-offs | (59,692) | (55,075) | ||
Recoveries of loans previously charged-off | 51,140 | 30,643 | ||
Provision for loan and lease losses | (24,338) | (26,655) | ||
Allowance for loans sold or transferred to loans held for sale | (90) | (2,293) | ||
ALLL balance, end of period | 613,719 | 605,126 | ||
Provision for unfunded loan commitments and letters of credit | (3,244) | (6,064) | ||
AULC Balance, end of period | 75,325 | 54,742 | $ 72,081 | $ 60,806 |
ACL balance, end of period | 689,044 | 659,868 | ||
Commercial and Industrial | ||||
Allowance For Credit Losses Roll Forward [Abstract] | ||||
ALLL balance, beginning of period | 298,746 | 286,995 | ||
Loan charge-offs | (16,823) | (24,612) | ||
Recoveries of loans previously charged-off | 10,309 | 13,209 | ||
Provision for loan and lease losses | (28,135) | (8,981) | ||
Allowance for loans sold or transferred to loans held for sale | 0 | 0 | ||
ALLL balance, end of period | 320,367 | 284,573 | ||
Provision for unfunded loan commitments and letters of credit | (2,499) | (6,673) | ||
AULC Balance, end of period | 58,385 | 42,315 | 55,886 | 48,988 |
ACL balance, end of period | 378,752 | 326,888 | ||
Commercial Real Estate | ||||
Allowance For Credit Losses Roll Forward [Abstract] | ||||
ALLL balance, beginning of period | 100,007 | 102,839 | ||
Loan charge-offs | (12,126) | (2,013) | ||
Recoveries of loans previously charged-off | 29,602 | 6,025 | ||
Provision for loan and lease losses | (15,409) | (6,099) | ||
Allowance for loans sold or transferred to loans held for sale | 0 | 0 | ||
ALLL balance, end of period | 102,074 | 100,752 | ||
Provision for unfunded loan commitments and letters of credit | (75) | (510) | ||
AULC Balance, end of period | 7,487 | 5,531 | 7,562 | 6,041 |
ACL balance, end of period | 109,561 | 106,283 | ||
Automobile | ||||
Allowance For Credit Losses Roll Forward [Abstract] | ||||
ALLL balance, beginning of period | 49,504 | 33,466 | ||
Loan charge-offs | (11,486) | (8,103) | ||
Recoveries of loans previously charged-off | 4,716 | 3,855 | ||
Provision for loan and lease losses | (5,298) | (10,200) | ||
Allowance for loans sold or transferred to loans held for sale | 0 | (2,293) | ||
ALLL balance, end of period | 48,032 | 37,125 | ||
Provision for unfunded loan commitments and letters of credit | 0 | 0 | ||
AULC Balance, end of period | 0 | 0 | 0 | 0 |
ACL balance, end of period | 48,032 | 37,125 | ||
Home Equity | ||||
Allowance For Credit Losses Roll Forward [Abstract] | ||||
ALLL balance, beginning of period | 83,671 | 96,413 | ||
Loan charge-offs | (7,710) | (8,586) | ||
Recoveries of loans previously charged-off | 4,029 | 3,961 | ||
Provision for loan and lease losses | (1,888) | (18,492) | ||
Allowance for loans sold or transferred to loans held for sale | 0 | 0 | ||
ALLL balance, end of period | 78,102 | 110,280 | ||
Provision for unfunded loan commitments and letters of credit | (42) | (715) | ||
AULC Balance, end of period | 2,110 | 2,639 | 2,068 | 1,924 |
ACL balance, end of period | 80,212 | 112,919 | ||
Residential Mortgage | ||||
Allowance For Credit Losses Roll Forward [Abstract] | ||||
ALLL balance, beginning of period | 41,646 | 47,211 | ||
Loan charge-offs | (2,760) | (4,863) | ||
Recoveries of loans previously charged-off | 1,113 | 2,047 | ||
Provision for loan and lease losses | (753) | (10,985) | ||
Allowance for loans sold or transferred to loans held for sale | (90) | 0 | ||
ALLL balance, end of period | 40,842 | 55,380 | ||
Provision for unfunded loan commitments and letters of credit | (2) | (1) | ||
AULC Balance, end of period | 20 | 9 | 18 | 8 |
ACL balance, end of period | 40,862 | 55,389 | ||
Other Consumer | ||||
Allowance For Credit Losses Roll Forward [Abstract] | ||||
ALLL balance, beginning of period | 24,269 | 38,272 | ||
Loan charge-offs | (8,787) | (6,898) | ||
Recoveries of loans previously charged-off | 1,371 | 1,546 | ||
Provision for loan and lease losses | (7,449) | (15,904) | ||
Allowance for loans sold or transferred to loans held for sale | 0 | 0 | ||
ALLL balance, end of period | 24,302 | 17,016 | ||
Provision for unfunded loan commitments and letters of credit | (776) | (403) | ||
AULC Balance, end of period | 7,323 | 4,248 | $ 6,547 | $ 3,845 |
ACL balance, end of period | $ 31,625 | $ 21,264 |
LOANS _ LEASES AND ALLOWANCE 46
LOANS / LEASES AND ALLOWANCE FOR CREDIT LOSSES - Credit Quality Indicators (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Commercial and industrial | $ 21,253,692 | $ 20,559,834 |
Commercial real estate | 5,281,810 | 5,268,651 |
Automobile | 9,919,921 | 9,480,678 |
Home equity | 8,422,439 | 8,470,482 |
Residential mortgage | 6,081,984 | 5,998,400 |
Other consumer | 579,513 | 563,054 |
Commercial and Industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Commercial and industrial | 21,253,692 | 20,559,834 |
Commercial and Industrial | Pass | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Commercial and industrial | 19,888,676 | 19,257,789 |
Commercial and Industrial | OLEM | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Commercial and industrial | 394,917 | 399,339 |
Commercial and Industrial | Substandard | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Commercial and industrial | 962,581 | 895,577 |
Commercial and Industrial | Doubtful | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Commercial and industrial | 7,518 | 7,129 |
Commercial and Industrial | Purchased credit-impaired | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Commercial and industrial | 14,600 | 21,017 |
Commercial and Industrial | Purchased credit-impaired | Pass | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Commercial and industrial | 3,013 | 3,051 |
Commercial and Industrial | Purchased credit-impaired | OLEM | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Commercial and industrial | 670 | 674 |
Commercial and Industrial | Purchased credit-impaired | Substandard | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Commercial and industrial | 10,917 | 15,661 |
Commercial and Industrial | Purchased credit-impaired | Doubtful | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Commercial and industrial | 0 | 1,631 |
Commercial and Industrial | Owner occupied | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Commercial and industrial | 4,006,551 | 4,012,800 |
Commercial and Industrial | Owner occupied | Pass | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Commercial and industrial | 3,747,191 | 3,731,113 |
Commercial and Industrial | Owner occupied | OLEM | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Commercial and industrial | 85,644 | 114,490 |
Commercial and Industrial | Owner occupied | Substandard | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Commercial and industrial | 173,241 | 165,301 |
Commercial and Industrial | Owner occupied | Doubtful | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Commercial and industrial | 475 | 1,896 |
Commercial and Industrial | Other commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Commercial and industrial | 17,232,541 | 16,526,017 |
Commercial and Industrial | Other commercial and industrial | Pass | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Commercial and industrial | 16,138,472 | 15,523,625 |
Commercial and Industrial | Other commercial and industrial | OLEM | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Commercial and industrial | 308,603 | 284,175 |
Commercial and Industrial | Other commercial and industrial | Substandard | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Commercial and industrial | 778,423 | 714,615 |
Commercial and Industrial | Other commercial and industrial | Doubtful | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Commercial and industrial | 7,043 | 3,602 |
Commercial Real Estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Commercial real estate | 5,281,810 | 5,268,651 |
Commercial Real Estate | Pass | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Commercial real estate | 5,096,521 | 5,066,054 |
Commercial Real Estate | OLEM | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Commercial real estate | 76,031 | 79,787 |
Commercial Real Estate | Substandard | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Commercial real estate | 107,747 | 121,167 |
Commercial Real Estate | Doubtful | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Commercial real estate | 1,511 | 1,643 |
Commercial Real Estate | Purchased credit-impaired | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Commercial real estate | 12,694 | 13,758 |
Commercial Real Estate | Purchased credit-impaired | Pass | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Commercial real estate | 7,115 | 7,194 |
Commercial Real Estate | Purchased credit-impaired | OLEM | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Commercial real estate | 447 | 397 |
Commercial Real Estate | Purchased credit-impaired | Substandard | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Commercial real estate | 5,132 | 6,167 |
Commercial Real Estate | Purchased credit-impaired | Doubtful | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Commercial real estate | 0 | 0 |
Commercial Real Estate | Retail properties | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Commercial real estate | 1,573,834 | 1,506,709 |
Commercial Real Estate | Retail properties | Pass | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Commercial real estate | 1,555,093 | 1,473,014 |
Commercial Real Estate | Retail properties | OLEM | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Commercial real estate | 8,240 | 10,865 |
Commercial Real Estate | Retail properties | Substandard | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Commercial real estate | 10,501 | 22,830 |
Commercial Real Estate | Retail properties | Doubtful | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Commercial real estate | 0 | 0 |
Commercial Real Estate | Multi-family | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Commercial real estate | 1,088,122 | 1,078,218 |
Commercial Real Estate | Multi-family | Pass | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Commercial real estate | 1,042,495 | 1,029,138 |
Commercial Real Estate | Multi-family | OLEM | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Commercial real estate | 28,005 | 28,862 |
Commercial Real Estate | Multi-family | Substandard | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Commercial real estate | 17,218 | 19,898 |
Commercial Real Estate | Multi-family | Doubtful | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Commercial real estate | 404 | 320 |
Commercial Real Estate | Office | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Commercial real estate | 862,185 | 894,625 |
Commercial Real Estate | Office | Pass | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Commercial real estate | 806,473 | 822,824 |
Commercial Real Estate | Office | OLEM | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Commercial real estate | 15,129 | 35,350 |
Commercial Real Estate | Office | Substandard | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Commercial real estate | 40,161 | 36,011 |
Commercial Real Estate | Office | Doubtful | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Commercial real estate | 422 | 440 |
Commercial Real Estate | Industrial and warehouse | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Commercial real estate | 401,377 | 504,167 |
Commercial Real Estate | Industrial and warehouse | Pass | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Commercial real estate | 376,898 | 493,402 |
Commercial Real Estate | Industrial and warehouse | OLEM | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Commercial real estate | 20,588 | 259 |
Commercial Real Estate | Industrial and warehouse | Substandard | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Commercial real estate | 3,837 | 10,450 |
Commercial Real Estate | Industrial and warehouse | Doubtful | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Commercial real estate | 54 | 56 |
Commercial Real Estate | Other commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Commercial real estate | 1,343,598 | 1,271,174 |
Commercial Real Estate | Other commercial real estate | Pass | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Commercial real estate | 1,308,447 | 1,240,482 |
Commercial Real Estate | Other commercial real estate | OLEM | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Commercial real estate | 3,622 | 4,054 |
Commercial Real Estate | Other commercial real estate | Substandard | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Commercial real estate | 30,898 | 25,811 |
Commercial Real Estate | Other commercial real estate | Doubtful | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Commercial real estate | 631 | 827 |
Automobile | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Automobile | 9,919,921 | 9,480,678 |
Automobile | Greater than 750 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Automobile | 4,894,441 | 4,680,684 |
Automobile | 650-749 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Automobile | 3,618,491 | 3,454,585 |
Automobile | Less Than 650 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Automobile | 1,140,522 | 1,086,914 |
Automobile | Other FICO score | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Automobile | 266,467 | 258,495 |
Home Equity | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Home equity | 8,422,439 | 8,470,482 |
Home Equity | Greater than 750 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Home equity | 5,158,906 | 5,210,741 |
Home Equity | 650-749 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Home equity | 2,481,188 | 2,466,425 |
Home Equity | Less Than 650 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Home equity | 574,003 | 582,326 |
Home Equity | Other FICO score | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Home equity | 208,342 | 210,990 |
Home Equity | Secured by first-lien | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Home equity | 5,189,373 | 5,191,485 |
Home Equity | Secured by first-lien | Greater than 750 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Home equity | 3,346,422 | 3,369,657 |
Home Equity | Secured by first-lien | 650-749 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Home equity | 1,463,054 | 1,441,574 |
Home Equity | Secured by first-lien | Less Than 650 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Home equity | 264,024 | 258,328 |
Home Equity | Secured by first-lien | Other FICO score | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Home equity | 115,873 | 121,926 |
Home Equity | Secured by junior-lien | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Home equity | 3,233,066 | 3,278,997 |
Home Equity | Secured by junior-lien | Greater than 750 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Home equity | 1,812,484 | 1,841,084 |
Home Equity | Secured by junior-lien | 650-749 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Home equity | 1,018,134 | 1,024,851 |
Home Equity | Secured by junior-lien | Less Than 650 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Home equity | 309,979 | 323,998 |
Home Equity | Secured by junior-lien | Other FICO score | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Home equity | 92,469 | 89,064 |
Residential Mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Residential mortgage | 6,081,984 | 5,998,400 |
Residential Mortgage | Greater than 750 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Residential mortgage | 3,652,835 | 3,564,064 |
Residential Mortgage | 650-749 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Residential mortgage | 1,791,056 | 1,813,779 |
Residential Mortgage | Less Than 650 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Residential mortgage | 550,706 | 567,984 |
Residential Mortgage | Other FICO score | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Residential mortgage | 87,387 | 52,573 |
Residential Mortgage | Purchased credit-impaired | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Residential mortgage | 1,492 | 1,454 |
Residential Mortgage | Purchased credit-impaired | Greater than 750 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Residential mortgage | 278 | 381 |
Residential Mortgage | Purchased credit-impaired | 650-749 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Residential mortgage | 737 | 777 |
Residential Mortgage | Purchased credit-impaired | Less Than 650 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Residential mortgage | 477 | 296 |
Residential Mortgage | Purchased credit-impaired | Other FICO score | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Residential mortgage | 0 | 0 |
Residential Mortgage | Residential mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Residential mortgage | 6,080,492 | 5,996,946 |
Residential Mortgage | Residential mortgage | Greater than 750 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Residential mortgage | 3,652,557 | 3,563,683 |
Residential Mortgage | Residential mortgage | 650-749 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Residential mortgage | 1,790,319 | 1,813,002 |
Residential Mortgage | Residential mortgage | Less Than 650 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Residential mortgage | 550,229 | 567,688 |
Residential Mortgage | Residential mortgage | Other FICO score | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Residential mortgage | 87,387 | 52,573 |
Other Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Other consumer | 579,513 | 563,054 |
Other Consumer | Greater than 750 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Other consumer | 216,875 | 233,969 |
Other Consumer | 650-749 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Other consumer | 263,380 | 269,746 |
Other Consumer | Less Than 650 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Other consumer | 54,790 | 49,650 |
Other Consumer | Other FICO score | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Other consumer | 44,468 | 9,689 |
Other Consumer | Purchased credit-impaired | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Other consumer | 39 | 52 |
Other Consumer | Purchased credit-impaired | Greater than 750 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Other consumer | 0 | 0 |
Other Consumer | Purchased credit-impaired | 650-749 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Other consumer | 39 | 52 |
Other Consumer | Purchased credit-impaired | Less Than 650 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Other consumer | 0 | 0 |
Other Consumer | Purchased credit-impaired | Other FICO score | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Other consumer | 0 | 0 |
Other Consumer | Other consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Other consumer | 579,474 | 563,002 |
Other Consumer | Other consumer | Greater than 750 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Other consumer | 216,875 | 233,969 |
Other Consumer | Other consumer | 650-749 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Other consumer | 263,341 | 269,694 |
Other Consumer | Other consumer | Less Than 650 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Other consumer | 54,790 | 49,650 |
Other Consumer | Other consumer | Other FICO score | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Other consumer | $ 44,468 | $ 9,689 |
LOANS _ LEASES AND ALLOWANCE 47
LOANS / LEASES AND ALLOWANCE FOR CREDIT LOSSES - ALLL Attributable to Loans by Portfolio Segment (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | |
Portion of ALLL balance: | |||||
Attributable to loans collectively evaluated for impairment | $ 548,761 | $ 532,678 | |||
Attributable to loans individually evaluated for impairment | 64,159 | 62,436 | |||
Total ALLL balance | 613,719 | 597,843 | $ 605,126 | $ 605,196 | |
Portion of loan and lease ending balance: | |||||
Collectively evaluated for impairment | 50,135,804 | 49,027,030 | |||
Individually evaluated for impairment | 1,374,730 | 1,277,788 | |||
Loans and leases | [1] | 51,539,359 | 50,341,099 | ||
Commercial and Industrial | |||||
Portion of ALLL balance: | |||||
Attributable to loans collectively evaluated for impairment | 295,011 | 276,830 | |||
Attributable to loans individually evaluated for impairment | 24,557 | 19,314 | |||
Total ALLL balance | 320,367 | 298,746 | 284,573 | 286,995 | |
Portion of loan and lease ending balance: | |||||
Collectively evaluated for impairment | 20,651,282 | 20,057,784 | |||
Individually evaluated for impairment | 587,810 | 481,033 | |||
Loans and leases | 21,253,692 | 20,559,834 | |||
Commercial Real Estate | |||||
Portion of ALLL balance: | |||||
Attributable to loans collectively evaluated for impairment | 94,894 | 91,893 | |||
Attributable to loans individually evaluated for impairment | 7,180 | 8,114 | |||
Total ALLL balance | 102,074 | 100,007 | 100,752 | 102,839 | |
Portion of loan and lease ending balance: | |||||
Collectively evaluated for impairment | 5,129,178 | 5,109,916 | |||
Individually evaluated for impairment | 139,938 | 144,977 | |||
Loans and leases | 5,281,810 | 5,268,651 | |||
Automobile | |||||
Portion of ALLL balance: | |||||
Attributable to loans collectively evaluated for impairment | 46,179 | 47,725 | |||
Attributable to loans individually evaluated for impairment | 1,853 | 1,779 | |||
Total ALLL balance | 48,032 | 49,504 | 37,125 | 33,466 | |
Portion of loan and lease ending balance: | |||||
Collectively evaluated for impairment | 9,886,657 | 9,449,374 | |||
Individually evaluated for impairment | 33,264 | 31,304 | |||
Loans and leases | 9,919,921 | 9,480,678 | |||
Home Equity | |||||
Portion of ALLL balance: | |||||
Attributable to loans collectively evaluated for impairment | 64,208 | 67,429 | |||
Attributable to loans individually evaluated for impairment | 13,894 | 16,242 | |||
Total ALLL balance | 78,102 | 83,671 | 110,280 | 96,413 | |
Portion of loan and lease ending balance: | |||||
Collectively evaluated for impairment | 8,171,245 | 8,221,643 | |||
Individually evaluated for impairment | 251,194 | 248,839 | |||
Loans and leases | 8,422,439 | 8,470,482 | |||
Residential Mortgage | |||||
Portion of ALLL balance: | |||||
Attributable to loans collectively evaluated for impairment | 24,507 | 24,708 | |||
Attributable to loans individually evaluated for impairment | 16,335 | 16,811 | |||
Total ALLL balance | 40,842 | 41,646 | 55,380 | 47,211 | |
Portion of loan and lease ending balance: | |||||
Collectively evaluated for impairment | 5,722,927 | 5,629,951 | |||
Individually evaluated for impairment | 357,565 | 366,995 | |||
Loans and leases | 6,081,984 | 5,998,400 | |||
Other Consumer | |||||
Portion of ALLL balance: | |||||
Attributable to loans collectively evaluated for impairment | 23,962 | 24,093 | |||
Attributable to loans individually evaluated for impairment | 340 | 176 | |||
Total ALLL balance | 24,302 | 24,269 | $ 17,016 | $ 38,272 | |
Portion of loan and lease ending balance: | |||||
Collectively evaluated for impairment | 574,515 | 558,362 | |||
Individually evaluated for impairment | 4,959 | 4,640 | |||
Loans and leases | 579,513 | 563,054 | |||
Purchased credit-impaired | |||||
Portion of ALLL balance: | |||||
Attributable to loans collectively evaluated for impairment | 799 | 2,729 | |||
Portion of loan and lease ending balance: | |||||
Collectively evaluated for impairment | 28,825 | 36,281 | |||
Purchased credit-impaired | Commercial and Industrial | |||||
Portion of ALLL balance: | |||||
Attributable to loans collectively evaluated for impairment | 799 | 2,602 | |||
Portion of loan and lease ending balance: | |||||
Collectively evaluated for impairment | 14,600 | 21,017 | |||
Loans and leases | 14,600 | 21,017 | |||
Purchased credit-impaired | Commercial Real Estate | |||||
Portion of ALLL balance: | |||||
Attributable to loans collectively evaluated for impairment | 0 | 0 | |||
Portion of loan and lease ending balance: | |||||
Collectively evaluated for impairment | 12,694 | 13,758 | |||
Loans and leases | 12,694 | 13,758 | |||
Purchased credit-impaired | Automobile | |||||
Portion of ALLL balance: | |||||
Attributable to loans collectively evaluated for impairment | 0 | 0 | |||
Portion of loan and lease ending balance: | |||||
Collectively evaluated for impairment | 0 | 0 | |||
Purchased credit-impaired | Home Equity | |||||
Portion of ALLL balance: | |||||
Attributable to loans collectively evaluated for impairment | 0 | 0 | |||
Portion of loan and lease ending balance: | |||||
Collectively evaluated for impairment | 0 | 0 | |||
Purchased credit-impaired | Residential Mortgage | |||||
Portion of ALLL balance: | |||||
Attributable to loans collectively evaluated for impairment | 0 | 127 | |||
Portion of loan and lease ending balance: | |||||
Collectively evaluated for impairment | 1,492 | 1,454 | |||
Loans and leases | 1,492 | 1,454 | |||
Purchased credit-impaired | Other Consumer | |||||
Portion of ALLL balance: | |||||
Attributable to loans collectively evaluated for impairment | 0 | 0 | |||
Portion of loan and lease ending balance: | |||||
Collectively evaluated for impairment | 39 | 52 | |||
Loans and leases | $ 39 | $ 52 | |||
[1] | Amounts represent loans for which Huntington has elected the fair value option. |
LOANS _ LEASES AND ALLOWANCE 48
LOANS / LEASES AND ALLOWANCE FOR CREDIT LOSSES - Impaired Loans (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Commercial and Industrial | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Ending balance of impaired loans with no allowance recorded | $ 281,547 | $ 255,801 | |
Unpaid principal balance of impaired loans with no allowance recorded | 290,918 | 279,551 | |
Average balance of impaired loans with no allowance recorded | 261,144 | $ 53,816 | |
Interest income recognized on impaired loans with no allowance recorded | 1,233 | 412 | |
Ending balance of impaired loans with allowance recorded | 320,863 | 246,249 | |
Unpaid principal balance of impaired loans with allowance recorded | 365,392 | 274,203 | |
Related Allowance | 25,356 | 21,916 | |
Average balance of impaired loans with allowance recorded | 264,084 | 221,106 | |
Interest income recognized on impaired loans with allowance recorded | 3,086 | 2,640 | |
Loans considered impaired due to status as a TDR | 92,000 | 91,000 | |
Commercial and Industrial | Purchased credit-impaired | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Ending balance of impaired loans with no allowance recorded | 0 | 0 | |
Unpaid principal balance of impaired loans with no allowance recorded | 0 | 0 | |
Average balance of impaired loans with no allowance recorded | 0 | 0 | |
Interest income recognized on impaired loans with no allowance recorded | 0 | 0 | |
Ending balance of impaired loans with allowance recorded | 14,600 | 21,017 | |
Unpaid principal balance of impaired loans with allowance recorded | 22,636 | 30,676 | |
Related Allowance | 799 | 2,602 | |
Average balance of impaired loans with allowance recorded | 17,808 | 22,303 | |
Interest income recognized on impaired loans with allowance recorded | 997 | 1,164 | |
Commercial and Industrial | Owner occupied | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Ending balance of impaired loans with no allowance recorded | 40,757 | 57,832 | |
Unpaid principal balance of impaired loans with no allowance recorded | 47,876 | 65,812 | |
Average balance of impaired loans with no allowance recorded | 50,604 | 12,264 | |
Interest income recognized on impaired loans with no allowance recorded | 291 | 74 | |
Ending balance of impaired loans with allowance recorded | 66,342 | 54,092 | |
Unpaid principal balance of impaired loans with allowance recorded | 74,899 | 62,527 | |
Related Allowance | 4,086 | 4,171 | |
Average balance of impaired loans with allowance recorded | 57,815 | 50,705 | |
Interest income recognized on impaired loans with allowance recorded | 584 | 440 | |
Commercial and Industrial | Other commercial and industrial | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Ending balance of impaired loans with no allowance recorded | 240,790 | 197,969 | |
Unpaid principal balance of impaired loans with no allowance recorded | 243,042 | 213,739 | |
Average balance of impaired loans with no allowance recorded | 210,540 | 41,552 | |
Interest income recognized on impaired loans with no allowance recorded | 942 | 338 | |
Ending balance of impaired loans with allowance recorded | 239,921 | 171,140 | |
Unpaid principal balance of impaired loans with allowance recorded | 267,857 | 181,000 | |
Related Allowance | 20,471 | 15,143 | |
Average balance of impaired loans with allowance recorded | 188,461 | 148,098 | |
Interest income recognized on impaired loans with allowance recorded | 1,505 | 1,036 | |
Commercial Real Estate | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Ending balance of impaired loans with no allowance recorded | 87,357 | 68,260 | |
Unpaid principal balance of impaired loans with no allowance recorded | 142,925 | 125,814 | |
Average balance of impaired loans with no allowance recorded | 71,807 | 100,973 | |
Interest income recognized on impaired loans with no allowance recorded | 1,616 | 2,505 | |
Ending balance of impaired loans with allowance recorded | 65,275 | 90,475 | |
Unpaid principal balance of impaired loans with allowance recorded | 75,764 | 104,930 | |
Related Allowance | 7,180 | 8,114 | |
Average balance of impaired loans with allowance recorded | 79,857 | 144,379 | |
Interest income recognized on impaired loans with allowance recorded | 758 | 1,532 | |
Loans considered impaired due to status as a TDR | 30,000 | 35,000 | |
Commercial Real Estate | Purchased credit-impaired | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Ending balance of impaired loans with no allowance recorded | 12,694 | 13,758 | |
Unpaid principal balance of impaired loans with no allowance recorded | 53,108 | 55,358 | |
Average balance of impaired loans with no allowance recorded | 13,226 | 36,857 | |
Interest income recognized on impaired loans with no allowance recorded | 867 | 1,925 | |
Ending balance of impaired loans with allowance recorded | 0 | 0 | |
Unpaid principal balance of impaired loans with allowance recorded | 0 | 0 | |
Related Allowance | 0 | 0 | |
Average balance of impaired loans with allowance recorded | 0 | 0 | |
Interest income recognized on impaired loans with allowance recorded | 0 | 0 | |
Commercial Real Estate | Retail properties | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Ending balance of impaired loans with no allowance recorded | 31,499 | 42,009 | |
Unpaid principal balance of impaired loans with no allowance recorded | 32,517 | 54,021 | |
Average balance of impaired loans with no allowance recorded | 36,673 | 57,556 | |
Interest income recognized on impaired loans with no allowance recorded | 485 | 496 | |
Ending balance of impaired loans with allowance recorded | 7,128 | 9,096 | |
Unpaid principal balance of impaired loans with allowance recorded | 8,038 | 11,121 | |
Related Allowance | 252 | 1,190 | |
Average balance of impaired loans with allowance recorded | 8,385 | 40,572 | |
Interest income recognized on impaired loans with allowance recorded | 84 | 363 | |
Commercial Real Estate | Multi-family | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Ending balance of impaired loans with no allowance recorded | 20,325 | 0 | |
Unpaid principal balance of impaired loans with no allowance recorded | 20,325 | 0 | |
Average balance of impaired loans with no allowance recorded | 6,775 | 0 | |
Interest income recognized on impaired loans with no allowance recorded | 57 | 0 | |
Ending balance of impaired loans with allowance recorded | 16,284 | 34,349 | |
Unpaid principal balance of impaired loans with allowance recorded | 18,663 | 37,208 | |
Related Allowance | 1,441 | 1,593 | |
Average balance of impaired loans with allowance recorded | 28,461 | 15,625 | |
Interest income recognized on impaired loans with allowance recorded | 297 | 170 | |
Commercial Real Estate | Office | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Ending balance of impaired loans with no allowance recorded | 16,360 | 9,030 | |
Unpaid principal balance of impaired loans with no allowance recorded | 30,330 | 12,919 | |
Average balance of impaired loans with no allowance recorded | 10,671 | 1,680 | |
Interest income recognized on impaired loans with no allowance recorded | 141 | 31 | |
Ending balance of impaired loans with allowance recorded | 11,798 | 14,365 | |
Unpaid principal balance of impaired loans with allowance recorded | 14,949 | 17,350 | |
Related Allowance | 1,496 | 1,177 | |
Average balance of impaired loans with allowance recorded | 11,727 | 50,628 | |
Interest income recognized on impaired loans with allowance recorded | 52 | 563 | |
Commercial Real Estate | Industrial and warehouse | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Ending balance of impaired loans with no allowance recorded | 0 | 1,720 | |
Unpaid principal balance of impaired loans with no allowance recorded | 0 | 1,741 | |
Average balance of impaired loans with no allowance recorded | 1,143 | 526 | |
Interest income recognized on impaired loans with no allowance recorded | 19 | 7 | |
Ending balance of impaired loans with allowance recorded | 3,108 | 9,721 | |
Unpaid principal balance of impaired loans with allowance recorded | 3,642 | 10,550 | |
Related Allowance | 259 | 1,540 | |
Average balance of impaired loans with allowance recorded | 6,411 | 7,949 | |
Interest income recognized on impaired loans with allowance recorded | 20 | 82 | |
Commercial Real Estate | Other commercial real estate | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Ending balance of impaired loans with no allowance recorded | 6,479 | 1,743 | |
Unpaid principal balance of impaired loans with no allowance recorded | 6,645 | 1,775 | |
Average balance of impaired loans with no allowance recorded | 3,319 | 4,354 | |
Interest income recognized on impaired loans with no allowance recorded | 47 | 46 | |
Ending balance of impaired loans with allowance recorded | 26,957 | 22,944 | |
Unpaid principal balance of impaired loans with allowance recorded | 30,472 | 28,701 | |
Related Allowance | 3,732 | 2,614 | |
Average balance of impaired loans with allowance recorded | 24,873 | 29,605 | |
Interest income recognized on impaired loans with allowance recorded | 305 | 354 | |
Automobile | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Ending balance of impaired loans with allowance recorded | 33,264 | 31,304 | |
Unpaid principal balance of impaired loans with allowance recorded | 33,962 | 31,878 | |
Related Allowance | 1,853 | 1,779 | |
Average balance of impaired loans with allowance recorded | 32,284 | 30,385 | |
Interest income recognized on impaired loans with allowance recorded | 578 | 561 | |
Home Equity | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Ending balance of impaired loans with allowance recorded | 251,194 | 248,839 | |
Unpaid principal balance of impaired loans with allowance recorded | 286,726 | 284,957 | |
Related Allowance | 13,894 | 16,242 | |
Average balance of impaired loans with allowance recorded | 250,016 | 316,931 | |
Interest income recognized on impaired loans with allowance recorded | 2,968 | 3,569 | |
Home Equity | Secured by first-lien | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Ending balance of impaired loans with allowance recorded | 55,830 | 52,672 | |
Unpaid principal balance of impaired loans with allowance recorded | 59,880 | 57,224 | |
Related Allowance | 4,294 | 4,359 | |
Average balance of impaired loans with allowance recorded | 54,251 | 146,545 | |
Interest income recognized on impaired loans with allowance recorded | 500 | 1,584 | |
Home Equity | Secured by junior-lien | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Ending balance of impaired loans with allowance recorded | 195,364 | 196,167 | |
Unpaid principal balance of impaired loans with allowance recorded | 226,846 | 227,733 | |
Related Allowance | 9,600 | 11,883 | |
Average balance of impaired loans with allowance recorded | 195,765 | 170,386 | |
Interest income recognized on impaired loans with allowance recorded | 2,468 | 1,985 | |
Residential Mortgage | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Ending balance of impaired loans with allowance recorded | 357,565 | 368,449 | |
Unpaid principal balance of impaired loans with allowance recorded | 399,284 | 411,114 | |
Related Allowance | 16,335 | 16,938 | |
Average balance of impaired loans with allowance recorded | 362,280 | 373,683 | |
Interest income recognized on impaired loans with allowance recorded | 3,036 | 3,125 | |
Amount of TDRs guaranteed by the U.S. government | 29,000 | 29,000 | |
Residential Mortgage | Purchased credit-impaired | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Ending balance of impaired loans with allowance recorded | 0 | 1,454 | |
Unpaid principal balance of impaired loans with allowance recorded | 0 | 2,189 | |
Related Allowance | 0 | 127 | |
Average balance of impaired loans with allowance recorded | 0 | 2,040 | |
Interest income recognized on impaired loans with allowance recorded | 0 | 3 | |
Residential Mortgage | Residential Mortgage Other [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Ending balance of impaired loans with allowance recorded | 357,565 | 366,995 | |
Unpaid principal balance of impaired loans with allowance recorded | 399,284 | 408,925 | |
Related Allowance | 16,335 | 16,811 | |
Average balance of impaired loans with allowance recorded | 362,280 | 371,643 | |
Interest income recognized on impaired loans with allowance recorded | 3,036 | 3,122 | |
Other Consumer | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Ending balance of impaired loans with no allowance recorded | 39 | 52 | |
Unpaid principal balance of impaired loans with no allowance recorded | 96 | 101 | |
Average balance of impaired loans with no allowance recorded | 45 | 0 | |
Interest income recognized on impaired loans with no allowance recorded | 102 | 0 | |
Ending balance of impaired loans with allowance recorded | 4,959 | 4,640 | |
Unpaid principal balance of impaired loans with allowance recorded | 4,979 | 4,649 | |
Related Allowance | 340 | 176 | |
Average balance of impaired loans with allowance recorded | 4,799 | 4,617 | |
Interest income recognized on impaired loans with allowance recorded | 66 | 180 | |
Other Consumer | Purchased credit-impaired | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Ending balance of impaired loans with no allowance recorded | 39 | 52 | |
Unpaid principal balance of impaired loans with no allowance recorded | 96 | 101 | |
Average balance of impaired loans with no allowance recorded | 45 | 0 | |
Interest income recognized on impaired loans with no allowance recorded | 102 | 0 | |
Ending balance of impaired loans with allowance recorded | 0 | 0 | |
Unpaid principal balance of impaired loans with allowance recorded | 0 | 0 | |
Related Allowance | 0 | 0 | |
Average balance of impaired loans with allowance recorded | 0 | 51 | |
Interest income recognized on impaired loans with allowance recorded | 0 | 118 | |
Other Consumer | Other consumer | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Ending balance of impaired loans with no allowance recorded | 0 | 0 | |
Unpaid principal balance of impaired loans with no allowance recorded | 0 | 0 | |
Average balance of impaired loans with no allowance recorded | 0 | 0 | |
Interest income recognized on impaired loans with no allowance recorded | 0 | 0 | |
Ending balance of impaired loans with allowance recorded | 4,959 | 4,640 | |
Unpaid principal balance of impaired loans with allowance recorded | 4,979 | 4,649 | |
Related Allowance | 340 | $ 176 | |
Average balance of impaired loans with allowance recorded | 4,799 | 4,566 | |
Interest income recognized on impaired loans with allowance recorded | 66 | $ 62 | |
Residential Mortgage Purchased Impaired [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Ending balance of impaired loans with no allowance recorded | 1,492 | ||
Unpaid principal balance of impaired loans with no allowance recorded | 2,074 | ||
Average balance of impaired loans with no allowance recorded | 1,473 | ||
Interest income recognized on impaired loans with no allowance recorded | 2 | ||
Residential Mortgage Other [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Ending balance of impaired loans with no allowance recorded | 0 | ||
Unpaid principal balance of impaired loans with no allowance recorded | 0 | ||
Average balance of impaired loans with no allowance recorded | 0 | ||
Interest income recognized on impaired loans with no allowance recorded | 0 | ||
Residential Mortgage | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Ending balance of impaired loans with no allowance recorded | 1,492 | ||
Unpaid principal balance of impaired loans with no allowance recorded | 2,074 | ||
Average balance of impaired loans with no allowance recorded | 1,473 | ||
Interest income recognized on impaired loans with no allowance recorded | $ 2 |
LOANS _ LEASES AND ALLOWANCE 49
LOANS / LEASES AND ALLOWANCE FOR CREDIT LOSSES - TDRs (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016USD ($)notecontract | Mar. 31, 2015USD ($)contract | |
Financing Receivable, Modifications [Line Items] | ||
Number of new notes potentially created in NAL restructuring | note | 2 | |
New Troubled Debt Restructuring, Number of Contracts | contract | 1,434 | 1,532 |
New Troubled Debt Restructuring, Post-modification Outstanding Ending Balance | $ 194,509 | $ 209,376 |
New Troubled Debt Restructuring, Financial effects of modification | $ (629) | $ (2,268) |
Commercial and Industrial | Owner occupied | ||
Financing Receivable, Modifications [Line Items] | ||
New Troubled Debt Restructuring, Number of Contracts | contract | 55 | 50 |
New Troubled Debt Restructuring, Post-modification Outstanding Ending Balance | $ 36,749 | $ 11,120 |
New Troubled Debt Restructuring, Financial effects of modification | $ (462) | $ (204) |
Commercial and Industrial | Owner occupied | Interest rate reduction | ||
Financing Receivable, Modifications [Line Items] | ||
New Troubled Debt Restructuring, Number of Contracts | contract | 1 | 1 |
New Troubled Debt Restructuring, Post-modification Outstanding Ending Balance | $ 17 | $ 46 |
New Troubled Debt Restructuring, Financial effects of modification | $ (1) | $ (1) |
Commercial and Industrial | Owner occupied | Amortization or maturity date change | ||
Financing Receivable, Modifications [Line Items] | ||
New Troubled Debt Restructuring, Number of Contracts | contract | 52 | 46 |
New Troubled Debt Restructuring, Post-modification Outstanding Ending Balance | $ 36,509 | $ 10,461 |
New Troubled Debt Restructuring, Financial effects of modification | $ (480) | $ (174) |
Commercial and Industrial | Owner occupied | Other | ||
Financing Receivable, Modifications [Line Items] | ||
New Troubled Debt Restructuring, Number of Contracts | contract | 2 | 3 |
New Troubled Debt Restructuring, Post-modification Outstanding Ending Balance | $ 223 | $ 613 |
New Troubled Debt Restructuring, Financial effects of modification | $ (17) | $ (29) |
Commercial and Industrial | Other commercial and industrial | ||
Financing Receivable, Modifications [Line Items] | ||
New Troubled Debt Restructuring, Number of Contracts | contract | 138 | 123 |
New Troubled Debt Restructuring, Post-modification Outstanding Ending Balance | $ 86,784 | $ 108,794 |
New Troubled Debt Restructuring, Financial effects of modification | $ (105) | $ (384) |
Commercial and Industrial | Other commercial and industrial | Interest rate reduction | ||
Financing Receivable, Modifications [Line Items] | ||
New Troubled Debt Restructuring, Number of Contracts | contract | 0 | 1 |
New Troubled Debt Restructuring, Post-modification Outstanding Ending Balance | $ 0 | $ 30 |
New Troubled Debt Restructuring, Financial effects of modification | $ 0 | $ 0 |
Commercial and Industrial | Other commercial and industrial | Amortization or maturity date change | ||
Financing Receivable, Modifications [Line Items] | ||
New Troubled Debt Restructuring, Number of Contracts | contract | 132 | 117 |
New Troubled Debt Restructuring, Post-modification Outstanding Ending Balance | $ 86,149 | $ 80,376 |
New Troubled Debt Restructuring, Financial effects of modification | $ (92) | $ (814) |
Commercial and Industrial | Other commercial and industrial | Other | ||
Financing Receivable, Modifications [Line Items] | ||
New Troubled Debt Restructuring, Number of Contracts | contract | 6 | 5 |
New Troubled Debt Restructuring, Post-modification Outstanding Ending Balance | $ 635 | $ 28,388 |
New Troubled Debt Restructuring, Financial effects of modification | $ (13) | $ (430) |
Commercial Real Estate | Retail properties | ||
Financing Receivable, Modifications [Line Items] | ||
New Troubled Debt Restructuring, Number of Contracts | contract | 4 | 12 |
New Troubled Debt Restructuring, Post-modification Outstanding Ending Balance | $ 523 | $ 6,234 |
New Troubled Debt Restructuring, Financial effects of modification | $ (38) | $ (210) |
Commercial Real Estate | Retail properties | Interest rate reduction | ||
Financing Receivable, Modifications [Line Items] | ||
New Troubled Debt Restructuring, Number of Contracts | contract | 0 | 1 |
New Troubled Debt Restructuring, Post-modification Outstanding Ending Balance | $ 0 | $ 1,657 |
New Troubled Debt Restructuring, Financial effects of modification | $ 0 | $ (11) |
Commercial Real Estate | Retail properties | Amortization or maturity date change | ||
Financing Receivable, Modifications [Line Items] | ||
New Troubled Debt Restructuring, Number of Contracts | contract | 4 | 11 |
New Troubled Debt Restructuring, Post-modification Outstanding Ending Balance | $ 523 | $ 4,577 |
New Troubled Debt Restructuring, Financial effects of modification | $ (38) | $ (199) |
Commercial Real Estate | Retail properties | Other | ||
Financing Receivable, Modifications [Line Items] | ||
New Troubled Debt Restructuring, Number of Contracts | contract | 0 | 0 |
New Troubled Debt Restructuring, Post-modification Outstanding Ending Balance | $ 0 | $ 0 |
New Troubled Debt Restructuring, Financial effects of modification | $ 0 | $ 0 |
Commercial Real Estate | Multi-family | ||
Financing Receivable, Modifications [Line Items] | ||
New Troubled Debt Restructuring, Number of Contracts | contract | 9 | 19 |
New Troubled Debt Restructuring, Post-modification Outstanding Ending Balance | $ 22,509 | $ 5,045 |
New Troubled Debt Restructuring, Financial effects of modification | $ (105) | $ (1) |
Commercial Real Estate | Multi-family | Interest rate reduction | ||
Financing Receivable, Modifications [Line Items] | ||
New Troubled Debt Restructuring, Number of Contracts | contract | 0 | 0 |
New Troubled Debt Restructuring, Post-modification Outstanding Ending Balance | $ 0 | $ 0 |
New Troubled Debt Restructuring, Financial effects of modification | $ 0 | $ 0 |
Commercial Real Estate | Multi-family | Amortization or maturity date change | ||
Financing Receivable, Modifications [Line Items] | ||
New Troubled Debt Restructuring, Number of Contracts | contract | 9 | 19 |
New Troubled Debt Restructuring, Post-modification Outstanding Ending Balance | $ 22,509 | $ 5,045 |
New Troubled Debt Restructuring, Financial effects of modification | $ (105) | $ (1) |
Commercial Real Estate | Multi-family | Other | ||
Financing Receivable, Modifications [Line Items] | ||
New Troubled Debt Restructuring, Number of Contracts | contract | 0 | 0 |
New Troubled Debt Restructuring, Post-modification Outstanding Ending Balance | $ 0 | $ 0 |
New Troubled Debt Restructuring, Financial effects of modification | $ 0 | $ 0 |
Commercial Real Estate | Office | ||
Financing Receivable, Modifications [Line Items] | ||
New Troubled Debt Restructuring, Number of Contracts | contract | 7 | 5 |
New Troubled Debt Restructuring, Post-modification Outstanding Ending Balance | $ 8,500 | $ 26,085 |
New Troubled Debt Restructuring, Financial effects of modification | $ (412) | $ (31) |
Commercial Real Estate | Office | Interest rate reduction | ||
Financing Receivable, Modifications [Line Items] | ||
New Troubled Debt Restructuring, Number of Contracts | contract | 0 | 0 |
New Troubled Debt Restructuring, Post-modification Outstanding Ending Balance | $ 0 | $ 0 |
New Troubled Debt Restructuring, Financial effects of modification | $ 0 | $ 0 |
Commercial Real Estate | Office | Amortization or maturity date change | ||
Financing Receivable, Modifications [Line Items] | ||
New Troubled Debt Restructuring, Number of Contracts | contract | 6 | 5 |
New Troubled Debt Restructuring, Post-modification Outstanding Ending Balance | $ 8,361 | $ 26,085 |
New Troubled Debt Restructuring, Financial effects of modification | $ (431) | $ (31) |
Commercial Real Estate | Office | Other | ||
Financing Receivable, Modifications [Line Items] | ||
New Troubled Debt Restructuring, Number of Contracts | contract | 1 | 0 |
New Troubled Debt Restructuring, Post-modification Outstanding Ending Balance | $ 139 | $ 0 |
New Troubled Debt Restructuring, Financial effects of modification | $ (19) | $ 0 |
Commercial Real Estate | Industrial and warehouse | ||
Financing Receivable, Modifications [Line Items] | ||
New Troubled Debt Restructuring, Number of Contracts | contract | 2 | 1 |
New Troubled Debt Restructuring, Post-modification Outstanding Ending Balance | $ 372 | $ 226 |
New Troubled Debt Restructuring, Financial effects of modification | $ (879) | $ 0 |
Commercial Real Estate | Industrial and warehouse | Interest rate reduction | ||
Financing Receivable, Modifications [Line Items] | ||
New Troubled Debt Restructuring, Number of Contracts | contract | 0 | 0 |
New Troubled Debt Restructuring, Post-modification Outstanding Ending Balance | $ 0 | $ 0 |
New Troubled Debt Restructuring, Financial effects of modification | $ 0 | $ 0 |
Commercial Real Estate | Industrial and warehouse | Amortization or maturity date change | ||
Financing Receivable, Modifications [Line Items] | ||
New Troubled Debt Restructuring, Number of Contracts | contract | 2 | 1 |
New Troubled Debt Restructuring, Post-modification Outstanding Ending Balance | $ 372 | $ 226 |
New Troubled Debt Restructuring, Financial effects of modification | $ (879) | $ 0 |
Commercial Real Estate | Industrial and warehouse | Other | ||
Financing Receivable, Modifications [Line Items] | ||
New Troubled Debt Restructuring, Number of Contracts | contract | 0 | 0 |
New Troubled Debt Restructuring, Post-modification Outstanding Ending Balance | $ 0 | $ 0 |
New Troubled Debt Restructuring, Financial effects of modification | $ 0 | $ 0 |
Commercial Real Estate | Other commercial real estate | ||
Financing Receivable, Modifications [Line Items] | ||
New Troubled Debt Restructuring, Number of Contracts | contract | 4 | 8 |
New Troubled Debt Restructuring, Post-modification Outstanding Ending Balance | $ 2,154 | $ 3,811 |
New Troubled Debt Restructuring, Financial effects of modification | $ (67) | $ (10) |
Commercial Real Estate | Other commercial real estate | Interest rate reduction | ||
Financing Receivable, Modifications [Line Items] | ||
New Troubled Debt Restructuring, Number of Contracts | contract | 0 | 0 |
New Troubled Debt Restructuring, Post-modification Outstanding Ending Balance | $ 0 | $ 0 |
New Troubled Debt Restructuring, Financial effects of modification | $ 0 | $ 0 |
Commercial Real Estate | Other commercial real estate | Amortization or maturity date change | ||
Financing Receivable, Modifications [Line Items] | ||
New Troubled Debt Restructuring, Number of Contracts | contract | 3 | 7 |
New Troubled Debt Restructuring, Post-modification Outstanding Ending Balance | $ 2,030 | $ 3,659 |
New Troubled Debt Restructuring, Financial effects of modification | $ (32) | $ (10) |
Commercial Real Estate | Other commercial real estate | Other | ||
Financing Receivable, Modifications [Line Items] | ||
New Troubled Debt Restructuring, Number of Contracts | contract | 1 | 1 |
New Troubled Debt Restructuring, Post-modification Outstanding Ending Balance | $ 124 | $ 152 |
New Troubled Debt Restructuring, Financial effects of modification | $ (35) | $ 0 |
Automobile | ||
Financing Receivable, Modifications [Line Items] | ||
New Troubled Debt Restructuring, Number of Contracts | contract | 742 | 653 |
New Troubled Debt Restructuring, Post-modification Outstanding Ending Balance | $ 6,505 | $ 4,594 |
New Troubled Debt Restructuring, Financial effects of modification | $ (337) | $ (259) |
Automobile | Interest rate reduction | ||
Financing Receivable, Modifications [Line Items] | ||
New Troubled Debt Restructuring, Number of Contracts | contract | 4 | 13 |
New Troubled Debt Restructuring, Post-modification Outstanding Ending Balance | $ 42 | $ 19 |
New Troubled Debt Restructuring, Financial effects of modification | $ (2) | $ (1) |
Automobile | Amortization or maturity date change | ||
Financing Receivable, Modifications [Line Items] | ||
New Troubled Debt Restructuring, Number of Contracts | contract | 421 | 496 |
New Troubled Debt Restructuring, Post-modification Outstanding Ending Balance | $ 3,901 | $ 3,352 |
New Troubled Debt Restructuring, Financial effects of modification | $ (220) | $ (158) |
Automobile | Chapter 7 bankruptcy | ||
Financing Receivable, Modifications [Line Items] | ||
New Troubled Debt Restructuring, Number of Contracts | contract | 317 | 144 |
New Troubled Debt Restructuring, Post-modification Outstanding Ending Balance | $ 2,562 | $ 1,223 |
New Troubled Debt Restructuring, Financial effects of modification | $ (115) | $ (100) |
Automobile | Other | ||
Financing Receivable, Modifications [Line Items] | ||
New Troubled Debt Restructuring, Number of Contracts | contract | 0 | 0 |
New Troubled Debt Restructuring, Post-modification Outstanding Ending Balance | $ 0 | $ 0 |
New Troubled Debt Restructuring, Financial effects of modification | $ 0 | $ 0 |
Residential Mortgage | ||
Financing Receivable, Modifications [Line Items] | ||
New Troubled Debt Restructuring, Number of Contracts | contract | 114 | 168 |
New Troubled Debt Restructuring, Post-modification Outstanding Ending Balance | $ 12,921 | $ 19,218 |
New Troubled Debt Restructuring, Financial effects of modification | $ (539) | $ (249) |
Residential Mortgage | Interest rate reduction | ||
Financing Receivable, Modifications [Line Items] | ||
New Troubled Debt Restructuring, Number of Contracts | contract | 5 | 5 |
New Troubled Debt Restructuring, Post-modification Outstanding Ending Balance | $ 657 | $ 476 |
New Troubled Debt Restructuring, Financial effects of modification | $ (32) | $ (4) |
Residential Mortgage | Amortization or maturity date change | ||
Financing Receivable, Modifications [Line Items] | ||
New Troubled Debt Restructuring, Number of Contracts | contract | 92 | 123 |
New Troubled Debt Restructuring, Post-modification Outstanding Ending Balance | $ 10,759 | $ 13,858 |
New Troubled Debt Restructuring, Financial effects of modification | $ (577) | $ (121) |
Residential Mortgage | Chapter 7 bankruptcy | ||
Financing Receivable, Modifications [Line Items] | ||
New Troubled Debt Restructuring, Number of Contracts | contract | 17 | 34 |
New Troubled Debt Restructuring, Post-modification Outstanding Ending Balance | $ 1,505 | $ 4,176 |
New Troubled Debt Restructuring, Financial effects of modification | $ (70) | $ (124) |
Residential Mortgage | Other | ||
Financing Receivable, Modifications [Line Items] | ||
New Troubled Debt Restructuring, Number of Contracts | contract | 0 | 6 |
New Troubled Debt Restructuring, Post-modification Outstanding Ending Balance | $ 0 | $ 708 |
New Troubled Debt Restructuring, Financial effects of modification | $ 0 | $ 0 |
Home Equity | Secured by first-lien | ||
Financing Receivable, Modifications [Line Items] | ||
New Troubled Debt Restructuring, Number of Contracts | contract | 76 | 85 |
New Troubled Debt Restructuring, Post-modification Outstanding Ending Balance | $ 5,887 | $ 6,615 |
New Troubled Debt Restructuring, Financial effects of modification | $ (127) | $ (197) |
Home Equity | Secured by first-lien | Interest rate reduction | ||
Financing Receivable, Modifications [Line Items] | ||
New Troubled Debt Restructuring, Number of Contracts | contract | 12 | 10 |
New Troubled Debt Restructuring, Post-modification Outstanding Ending Balance | $ 971 | $ 1,419 |
New Troubled Debt Restructuring, Financial effects of modification | $ (33) | $ (26) |
Home Equity | Secured by first-lien | Amortization or maturity date change | ||
Financing Receivable, Modifications [Line Items] | ||
New Troubled Debt Restructuring, Number of Contracts | contract | 25 | 49 |
New Troubled Debt Restructuring, Post-modification Outstanding Ending Balance | $ 2,050 | $ 3,611 |
New Troubled Debt Restructuring, Financial effects of modification | $ (28) | $ (303) |
Home Equity | Secured by first-lien | Chapter 7 bankruptcy | ||
Financing Receivable, Modifications [Line Items] | ||
New Troubled Debt Restructuring, Number of Contracts | contract | 39 | 26 |
New Troubled Debt Restructuring, Post-modification Outstanding Ending Balance | $ 2,866 | $ 1,585 |
New Troubled Debt Restructuring, Financial effects of modification | $ (122) | $ (80) |
Home Equity | Secured by first-lien | Other | ||
Financing Receivable, Modifications [Line Items] | ||
New Troubled Debt Restructuring, Number of Contracts | contract | 0 | 0 |
New Troubled Debt Restructuring, Post-modification Outstanding Ending Balance | $ 0 | $ 0 |
New Troubled Debt Restructuring, Financial effects of modification | $ 0 | $ 0 |
Home Equity | Secured by junior-lien | ||
Financing Receivable, Modifications [Line Items] | ||
New Troubled Debt Restructuring, Number of Contracts | contract | 272 | 402 |
New Troubled Debt Restructuring, Post-modification Outstanding Ending Balance | $ 10,984 | $ 17,533 |
New Troubled Debt Restructuring, Financial effects of modification | $ (609) | $ (2,034) |
Home Equity | Secured by junior-lien | Interest rate reduction | ||
Financing Receivable, Modifications [Line Items] | ||
New Troubled Debt Restructuring, Number of Contracts | contract | 8 | 4 |
New Troubled Debt Restructuring, Post-modification Outstanding Ending Balance | $ 413 | $ 251 |
New Troubled Debt Restructuring, Financial effects of modification | $ (34) | $ (15) |
Home Equity | Secured by junior-lien | Amortization or maturity date change | ||
Financing Receivable, Modifications [Line Items] | ||
New Troubled Debt Restructuring, Number of Contracts | contract | 204 | 347 |
New Troubled Debt Restructuring, Post-modification Outstanding Ending Balance | $ 9,840 | $ 16,507 |
New Troubled Debt Restructuring, Financial effects of modification | $ (1,254) | $ (2,936) |
Home Equity | Secured by junior-lien | Chapter 7 bankruptcy | ||
Financing Receivable, Modifications [Line Items] | ||
New Troubled Debt Restructuring, Number of Contracts | contract | 60 | 51 |
New Troubled Debt Restructuring, Post-modification Outstanding Ending Balance | $ 731 | $ 775 |
New Troubled Debt Restructuring, Financial effects of modification | $ (611) | $ (887) |
Home Equity | Secured by junior-lien | Other | ||
Financing Receivable, Modifications [Line Items] | ||
New Troubled Debt Restructuring, Number of Contracts | contract | 0 | 0 |
New Troubled Debt Restructuring, Post-modification Outstanding Ending Balance | $ 0 | $ 0 |
New Troubled Debt Restructuring, Financial effects of modification | $ 0 | $ 0 |
Other Consumer | ||
Financing Receivable, Modifications [Line Items] | ||
New Troubled Debt Restructuring, Number of Contracts | contract | 11 | 6 |
New Troubled Debt Restructuring, Post-modification Outstanding Ending Balance | $ 621 | $ 101 |
New Troubled Debt Restructuring, Financial effects of modification | $ (31) | $ (5) |
Other Consumer | Interest rate reduction | ||
Financing Receivable, Modifications [Line Items] | ||
New Troubled Debt Restructuring, Number of Contracts | contract | 0 | 0 |
New Troubled Debt Restructuring, Post-modification Outstanding Ending Balance | $ 0 | $ 0 |
New Troubled Debt Restructuring, Financial effects of modification | $ 0 | $ 0 |
Other Consumer | Amortization or maturity date change | ||
Financing Receivable, Modifications [Line Items] | ||
New Troubled Debt Restructuring, Number of Contracts | contract | 4 | 4 |
New Troubled Debt Restructuring, Post-modification Outstanding Ending Balance | $ 555 | $ 95 |
New Troubled Debt Restructuring, Financial effects of modification | $ (24) | $ (4) |
Other Consumer | Chapter 7 bankruptcy | ||
Financing Receivable, Modifications [Line Items] | ||
New Troubled Debt Restructuring, Number of Contracts | contract | 7 | 2 |
New Troubled Debt Restructuring, Post-modification Outstanding Ending Balance | $ 66 | $ 6 |
New Troubled Debt Restructuring, Financial effects of modification | $ (7) | $ (1) |
Other Consumer | Other | ||
Financing Receivable, Modifications [Line Items] | ||
New Troubled Debt Restructuring, Number of Contracts | contract | 0 | 0 |
New Troubled Debt Restructuring, Post-modification Outstanding Ending Balance | $ 0 | $ 0 |
New Troubled Debt Restructuring, Financial effects of modification | $ 0 | $ 0 |
AVAILABLE-FOR-SALE AND OTHER 50
AVAILABLE-FOR-SALE AND OTHER SECURITIES - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
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 | $ 2,900 | ||
Non-marketable equity securities | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Stock issued by Federal Reserve Banks included in other securities | 176 | $ 176 | |
Federal Home Loan Bank of Cincinnati [Member] | Non-marketable equity securities | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Stock issued by the Federal Home Loan Bank included in other securities | 157 | $ 157 | |
Commercial | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Contractually Specified Servicing Fees, Late Fees, and Ancillary Fees Earned in Exchange for Servicing Financial Assets | $ 2 | $ 2 |
AVAILABLE-FOR-SALE AND OTHER 51
AVAILABLE-FOR-SALE AND OTHER SECURITIES - Contractual Maturities (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Available-for-sale Securities, Debt Maturities, Single Maturity Date, Amortized Cost Basis [Abstract] | ||
Amortized Cost | $ 9,238,387 | $ 8,770,923 |
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract] | ||
Available-for-sale and other securities | 9,319,381 | 8,775,441 |
U.S. Treasury | ||
Available-for-sale Securities, Debt Maturities, Single Maturity Date, Amortized Cost Basis [Abstract] | ||
Amortized Cost, Under 1 year | 798 | 0 |
Amortized Cost, 1-5 years | 5,463 | 5,457 |
Amortized Cost, 6-10 years | 0 | 0 |
Amortized Cost, Over 10 years | 0 | 0 |
Amortized Cost | 6,261 | 5,457 |
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract] | ||
Fair Value, Under 1 year | 798 | 0 |
Fair Value, 1-5 years | 5,509 | 5,472 |
Fair Value, 6-10 years | 0 | 0 |
Fair Value, Over 10 years | 0 | 0 |
Available-for-sale and other securities | 6,307 | 5,472 |
Federal agencies: Mortgage-backed securities | ||
Available-for-sale Securities, Debt Maturities, Single Maturity Date, Amortized Cost Basis [Abstract] | ||
Amortized Cost, Under 1 year | 51,065 | 51,146 |
Amortized Cost, 1-5 years | 104,732 | 111,655 |
Amortized Cost, 6-10 years | 241,927 | 254,397 |
Amortized Cost, Over 10 years | 4,371,145 | 4,088,120 |
Amortized Cost | 4,768,869 | 4,505,318 |
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract] | ||
Fair Value, Under 1 year | 50,983 | 51,050 |
Fair Value, 1-5 years | 106,924 | 113,393 |
Fair Value, 6-10 years | 247,936 | 257,765 |
Fair Value, Over 10 years | 4,436,149 | 4,099,480 |
Available-for-sale and other securities | 4,841,992 | 4,521,688 |
Federal agencies, Other agencies | ||
Available-for-sale Securities, Debt Maturities, Single Maturity Date, Amortized Cost Basis [Abstract] | ||
Amortized Cost, Under 1 year | 2,202 | 801 |
Amortized Cost, 1-5 years | 8,146 | 9,101 |
Amortized Cost, 6-10 years | 101,107 | 105,174 |
Amortized Cost, Over 10 years | 0 | 0 |
Amortized Cost | 111,455 | 115,076 |
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract] | ||
Fair Value, Under 1 year | 2,242 | 805 |
Fair Value, 1-5 years | 8,549 | 9,395 |
Fair Value, 6-10 years | 103,705 | 105,713 |
Fair Value, Over 10 years | 0 | 0 |
Available-for-sale and other securities | 114,496 | 115,913 |
Total U.S. Treasury, Federal agency securities | ||
Available-for-sale Securities, Debt Maturities, Single Maturity Date, Amortized Cost Basis [Abstract] | ||
Amortized Cost | 4,886,585 | 4,625,851 |
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract] | ||
Available-for-sale and other securities | 4,962,795 | 4,643,073 |
Municipal securities | ||
Available-for-sale Securities, Debt Maturities, Single Maturity Date, Amortized Cost Basis [Abstract] | ||
Amortized Cost, Under 1 year | 285,763 | 281,644 |
Amortized Cost, 1-5 years | 587,570 | 587,664 |
Amortized Cost, 6-10 years | 1,164,206 | 1,053,502 |
Amortized Cost, Over 10 years | 557,927 | 509,133 |
Amortized Cost | 2,595,466 | 2,431,943 |
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract] | ||
Fair Value, Under 1 year | 275,832 | 280,823 |
Fair Value, 1-5 years | 592,057 | 587,345 |
Fair Value, 6-10 years | 1,171,111 | 1,048,550 |
Fair Value, Over 10 years | 594,756 | 539,678 |
Available-for-sale and other securities | 2,633,756 | 2,456,396 |
Asset-backed securities | ||
Available-for-sale Securities, Debt Maturities, Single Maturity Date, Amortized Cost Basis [Abstract] | ||
Amortized Cost, Under 1 year | 0 | 0 |
Amortized Cost, 1-5 years | 150,053 | 110,115 |
Amortized Cost, 6-10 years | 88,267 | 128,342 |
Amortized Cost, Over 10 years | 641,296 | 662,602 |
Amortized Cost | 879,616 | 901,059 |
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract] | ||
Fair Value, Under 1 year | 0 | 0 |
Fair Value, 1-5 years | 149,844 | 109,300 |
Fair Value, 6-10 years | 89,019 | 128,208 |
Fair Value, Over 10 years | 598,511 | 623,905 |
Available-for-sale and other securities | 837,374 | 861,413 |
Corporate debt | ||
Available-for-sale Securities, Debt Maturities, Single Maturity Date, Amortized Cost Basis [Abstract] | ||
Amortized Cost, Under 1 year | 29,307 | 300 |
Amortized Cost, 1-5 years | 346,591 | 356,513 |
Amortized Cost, 6-10 years | 152,382 | 107,394 |
Amortized Cost, Over 10 years | 0 | 0 |
Amortized Cost | 528,280 | 464,207 |
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract] | ||
Fair Value, Under 1 year | 29,919 | 302 |
Fair Value, 1-5 years | 353,571 | 360,653 |
Fair Value, 6-10 years | 153,171 | 105,522 |
Fair Value, Over 10 years | 0 | 0 |
Available-for-sale and other securities | 536,661 | 466,477 |
Other securities | ||
Available-for-sale Securities, Debt Maturities, Single Maturity Date, Amortized Cost Basis [Abstract] | ||
Amortized Cost, Under 1 year | 0 | 0 |
Amortized Cost, 1-5 years | 3,950 | 3,950 |
Amortized Cost, 6-10 years | 0 | 0 |
Amortized Cost, Over 10 years | 0 | 0 |
Amortized Cost | 348,440 | 347,863 |
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract] | ||
Fair Value, Under 1 year | 0 | 0 |
Fair Value, 1-5 years | 3,931 | 3,898 |
Fair Value, 6-10 years | 0 | 0 |
Fair Value, Over 10 years | 0 | 0 |
Available-for-sale and other securities | 348,795 | 348,082 |
Non-marketable equity securities | ||
Available-for-sale Securities, Debt Maturities, Single Maturity Date, Amortized Cost Basis [Abstract] | ||
Amortized Cost | 333,460 | 332,786 |
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract] | ||
Available-for-sale and other securities | 333,460 | 332,786 |
Mutual funds | ||
Available-for-sale Securities, Debt Maturities, Single Maturity Date, Amortized Cost Basis [Abstract] | ||
Amortized Cost | 10,506 | 10,604 |
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract] | ||
Available-for-sale and other securities | 10,506 | 10,604 |
Marketable equity securities | ||
Available-for-sale Securities, Debt Maturities, Single Maturity Date, Amortized Cost Basis [Abstract] | ||
Amortized Cost | 524 | 523 |
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract] | ||
Available-for-sale and other securities | $ 898 | $ 794 |
AVAILABLE-FOR-SALE AND OTHER 52
AVAILABLE-FOR-SALE AND OTHER SECURITIES - Schedule of Amortized Cost, Fair Value, and Gross Unrealized Gains and Losses (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $ 9,238,387 | $ 8,770,923 |
Unrealized Gross Gains | 160,823 | 88,169 |
Unrealized Gross Losses | (79,829) | (83,651) |
Fair Value | 9,319,381 | 8,775,441 |
U.S. Treasury | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 6,261 | 5,457 |
Unrealized Gross Gains | 46 | 15 |
Unrealized Gross Losses | 0 | 0 |
Fair Value | 6,307 | 5,472 |
Federal agencies: Mortgage-backed securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 4,768,869 | 4,505,318 |
Unrealized Gross Gains | 74,186 | 30,078 |
Unrealized Gross Losses | (1,063) | (13,708) |
Fair Value | 4,841,992 | 4,521,688 |
Federal agencies, Other agencies | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 111,455 | 115,076 |
Unrealized Gross Gains | 3,041 | 888 |
Unrealized Gross Losses | 0 | (51) |
Fair Value | 114,496 | 115,913 |
Total U.S. Treasury, Federal agency securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 4,886,585 | 4,625,851 |
Unrealized Gross Gains | 77,273 | 30,981 |
Unrealized Gross Losses | (1,063) | (13,759) |
Fair Value | 4,962,795 | 4,643,073 |
Municipal securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 2,595,466 | 2,431,943 |
Unrealized Gross Gains | 72,956 | 51,558 |
Unrealized Gross Losses | (34,666) | (27,105) |
Fair Value | 2,633,756 | 2,456,396 |
Asset-backed securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 879,616 | 901,059 |
Unrealized Gross Gains | 1,724 | 535 |
Unrealized Gross Losses | (43,966) | (40,181) |
Fair Value | 837,374 | 861,413 |
Corporate debt | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 528,280 | 464,207 |
Unrealized Gross Gains | 8,495 | 4,824 |
Unrealized Gross Losses | (114) | (2,554) |
Fair Value | 536,661 | 466,477 |
Other securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 348,440 | 347,863 |
Unrealized Gross Gains | 375 | 271 |
Unrealized Gross Losses | (20) | (52) |
Fair Value | $ 348,795 | $ 348,082 |
AVAILABLE-FOR-SALE AND OTHER 53
AVAILABLE-FOR-SALE AND OTHER SECURITIES AVAILABLE-FOR-SALE AND OTHER SECURITIES - Continuous Unrealized Loss Position (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Fair Value | ||
Less than 12 Months | $ 1,112,204 | $ 2,987,605 |
Over 12 Months | 455,579 | 563,431 |
Total | 1,567,783 | 3,551,036 |
Unrealized Losses | ||
Less than 12 Months | (25,990) | (34,876) |
Over 12 Months | (53,839) | (48,775) |
Total | (79,829) | (83,651) |
Federal agencies: Mortgage-backed securities | ||
Fair Value | ||
Less than 12 Months | 266,950 | 1,658,516 |
Over 12 Months | 61,611 | 84,147 |
Total | 328,561 | 1,742,663 |
Unrealized Losses | ||
Less than 12 Months | (709) | (11,341) |
Over 12 Months | (354) | (2,367) |
Total | (1,063) | (13,708) |
Federal agencies, Other agencies | ||
Fair Value | ||
Less than 12 Months | 0 | 37,982 |
Over 12 Months | 0 | 0 |
Total | 0 | 37,982 |
Unrealized Losses | ||
Less than 12 Months | 0 | (51) |
Over 12 Months | 0 | 0 |
Total | 0 | (51) |
Total U.S. Treasury, Federal agency securities | ||
Fair Value | ||
Less than 12 Months | 266,950 | 1,696,498 |
Over 12 Months | 61,611 | 84,147 |
Total | 328,561 | 1,780,645 |
Unrealized Losses | ||
Less than 12 Months | (709) | (11,392) |
Over 12 Months | (354) | (2,367) |
Total | (1,063) | (13,759) |
Municipal securities | ||
Fair Value | ||
Less than 12 Months | 521,994 | 570,916 |
Over 12 Months | 208,458 | 248,204 |
Total | 730,452 | 819,120 |
Unrealized Losses | ||
Less than 12 Months | (19,927) | (15,992) |
Over 12 Months | (14,739) | (11,113) |
Total | (34,666) | (27,105) |
Asset-backed securities | ||
Fair Value | ||
Less than 12 Months | 305,927 | 552,275 |
Over 12 Months | 173,013 | 207,639 |
Total | 478,940 | 759,914 |
Unrealized Losses | ||
Less than 12 Months | (5,319) | (5,791) |
Over 12 Months | (38,647) | (34,390) |
Total | (43,966) | (40,181) |
Corporate debt | ||
Fair Value | ||
Less than 12 Months | 17,333 | 167,144 |
Over 12 Months | 10,217 | 21,965 |
Total | 27,550 | 189,109 |
Unrealized Losses | ||
Less than 12 Months | (35) | (1,673) |
Over 12 Months | (79) | (881) |
Total | $ (114) | (2,554) |
Other securities | ||
Fair Value | ||
Less than 12 Months | 772 | |
Over 12 Months | $ 2,280 | 1,476 |
Total | $ 2,280 | 2,248 |
Unrealized Losses | ||
Less than 12 Months | (28) | |
Over 12 Months | $ (20) | (24) |
Total | $ (20) | $ (52) |
AVAILABLE-FOR-SALE AND OTHER 54
AVAILABLE-FOR-SALE AND OTHER SECURITIES - OTTI by Security Type (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Schedule of Available-for-sale Securities [Line Items] | ||
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net | $ 0 | $ 0 |
AVAILABLE-FOR-SALE AND OTHER 55
AVAILABLE-FOR-SALE AND OTHER SECURITIES - Collateralized Debt Obligation (Details) $ in Thousands | Jan. 14, 2014agency | Mar. 31, 2016USD ($)pool | Dec. 31, 2015USD ($) |
Schedule of Available-for-sale Securities [Line Items] | |||
Unrealized Gross Losses | $ (79,829) | $ (83,651) | |
Pooled Trust Preferred | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Number of federal agencies | agency | 5 | ||
Number of pools of trust preferred securities | pool | 8 | ||
Number of pools of trust preferred securities included in the no-exclusive list | pool | 7 | ||
Par Value | $ 179,574 | 179,574 | |
Amortized Cost | 131,150 | 131,911 | |
Fair Value | 94,330 | 100,338 | |
Unrealized Gross Losses | (36,820) | $ (31,654) | |
Pooled Trust Preferred | Alesco II | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Par Value | 41,646 | ||
Amortized Cost | 27,794 | ||
Fair Value | 23,447 | ||
Unrealized Gross Losses | $ (4,347) | ||
Actual Deferrals and Defaults as Percent of Original Collateral | 15.00% | ||
Expected Defaults as Percent of Remaining Performing Collateral | 6.00% | ||
Excess Subordination | 5.00% | ||
Pooled Trust Preferred | ICONS | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Par Value | $ 19,214 | ||
Amortized Cost | 19,214 | ||
Fair Value | 15,131 | ||
Unrealized Gross Losses | $ (4,083) | ||
Actual Deferrals and Defaults as Percent of Original Collateral | 7.00% | ||
Expected Defaults as Percent of Remaining Performing Collateral | 14.00% | ||
Excess Subordination | 51.00% | ||
Pooled Trust Preferred | MM Comm III | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Par Value | $ 4,684 | ||
Amortized Cost | 4,475 | ||
Fair Value | 3,545 | ||
Unrealized Gross Losses | $ (930) | ||
Actual Deferrals and Defaults as Percent of Original Collateral | 5.00% | ||
Expected Defaults as Percent of Remaining Performing Collateral | 7.00% | ||
Excess Subordination | 33.00% | ||
Pooled Trust Preferred | Pre TSL IX | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Par Value | $ 5,000 | ||
Amortized Cost | 3,955 | ||
Fair Value | 2,963 | ||
Unrealized Gross Losses | $ (992) | ||
Actual Deferrals and Defaults as Percent of Original Collateral | 18.00% | ||
Expected Defaults as Percent of Remaining Performing Collateral | 10.00% | ||
Excess Subordination | 7.00% | ||
Pooled Trust Preferred | Pre TSL XI | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Par Value | $ 25,000 | ||
Amortized Cost | 20,020 | ||
Fair Value | 14,288 | ||
Unrealized Gross Losses | $ (5,732) | ||
Actual Deferrals and Defaults as Percent of Original Collateral | 16.00% | ||
Expected Defaults as Percent of Remaining Performing Collateral | 8.00% | ||
Excess Subordination | 11.00% | ||
Pooled Trust Preferred | Pre TSL XIII | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Par Value | $ 27,530 | ||
Amortized Cost | 19,588 | ||
Fair Value | 15,505 | ||
Unrealized Gross Losses | $ (4,083) | ||
Actual Deferrals and Defaults as Percent of Original Collateral | 10.00% | ||
Expected Defaults as Percent of Remaining Performing Collateral | 11.00% | ||
Excess Subordination | 24.00% | ||
Pooled Trust Preferred | Reg Diversified | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Par Value | $ 25,500 | ||
Amortized Cost | 5,104 | ||
Fair Value | 1,762 | ||
Unrealized Gross Losses | $ (3,342) | ||
Actual Deferrals and Defaults as Percent of Original Collateral | 33.00% | ||
Expected Defaults as Percent of Remaining Performing Collateral | 7.00% | ||
Excess Subordination | 0.00% | ||
Pooled Trust Preferred | Tropic III | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Par Value | $ 31,000 | ||
Amortized Cost | 31,000 | ||
Fair Value | 17,689 | ||
Unrealized Gross Losses | $ (13,311) | ||
Actual Deferrals and Defaults as Percent of Original Collateral | 19.00% | ||
Expected Defaults as Percent of Remaining Performing Collateral | 8.00% | ||
Excess Subordination | 39.00% |
HELD-TO-MATURITY SECURITIES - N
HELD-TO-MATURITY SECURITIES - Narrative (Details) - USD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Dec. 31, 2015 | |
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 securities | $ 0 |
HELD-TO-MATURITY SECURITIES - C
HELD-TO-MATURITY SECURITIES - Contractual Maturities (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Held-to-maturity Securities, Debt Maturities, Net Carrying Amount [Abstract] | ||
Held-to-maturity securities | $ 5,946,144 | $ 6,159,590 |
Held-to-maturity Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract] | ||
Fair Value | 6,042,243 | 6,135,458 |
Federal agencies: Mortgage-backed securities | ||
Held-to-maturity Securities, Debt Maturities, Net Carrying Amount [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 | 45,210 | 25,909 |
Held-to-maturity Securities, Over 10 years | 5,290,743 | 5,506,592 |
Held-to-maturity securities | 5,335,953 | 5,532,501 |
Held-to-maturity Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract] | ||
Fair Value, Under 1 year | 0 | 0 |
Fair Value, 1-5 years | 0 | 0 |
Fair Value, 6-10 years | 45,848 | 25,227 |
Fair Value, Over 10 years | 5,375,859 | 5,484,407 |
Fair Value | 5,421,707 | 5,509,634 |
Federal agencies, Other agencies | ||
Held-to-maturity Securities, Debt Maturities, Net Carrying Amount [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 | 274,849 | 283,960 |
Held-to-maturity Securities, Over 10 years | 328,593 | 336,092 |
Held-to-maturity securities | 603,442 | 620,052 |
Held-to-maturity Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract] | ||
Fair Value, Under 1 year | 0 | 0 |
Fair Value, 1-5 years | 0 | 0 |
Fair Value, 6-10 years | 279,716 | 284,907 |
Fair Value, Over 10 years | 334,055 | 334,004 |
Fair Value | 613,771 | 618,911 |
Total U.S. Treasury, Federal agency securities | ||
Held-to-maturity Securities, Debt Maturities, Net Carrying Amount [Abstract] | ||
Held-to-maturity securities | 5,939,395 | 6,152,553 |
Held-to-maturity Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract] | ||
Fair Value | 6,035,478 | 6,128,545 |
Municipal securities | ||
Held-to-maturity Securities, Debt Maturities, Net Carrying Amount [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 | 6,749 | 7,037 |
Held-to-maturity securities | 6,749 | 7,037 |
Held-to-maturity Securities, Debt Maturities, Fair Value, Fiscal Year 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 | 6,765 | 6,913 |
Fair Value | $ 6,765 | $ 6,913 |
HELD-TO-MATURITY SECURITIES - A
HELD-TO-MATURITY SECURITIES - Amortized Cost, Gross Unrealized Gains and Losses, & Fair Value (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | $ 5,946,144 | $ 6,159,590 |
Unrealized Gross Gains | 100,277 | 16,282 |
Unrealized Gross Losses | (4,178) | (40,414) |
Fair Value | 6,042,243 | 6,135,458 |
Federal agencies: Mortgage-backed securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 5,335,953 | 5,532,501 |
Unrealized Gross Gains | 89,932 | 14,637 |
Unrealized Gross Losses | (4,178) | (37,504) |
Fair Value | 5,421,707 | 5,509,634 |
Federal agencies, Other agencies | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 603,442 | 620,052 |
Unrealized Gross Gains | 10,329 | 1,645 |
Unrealized Gross Losses | 0 | (2,786) |
Fair Value | 613,771 | 618,911 |
Total U.S. Treasury, Federal agency securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 5,939,395 | 6,152,553 |
Unrealized Gross Gains | 100,261 | 16,282 |
Unrealized Gross Losses | (4,178) | (40,290) |
Fair Value | 6,035,478 | 6,128,545 |
Municipal securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 6,749 | 7,037 |
Unrealized Gross Gains | 16 | 0 |
Unrealized Gross Losses | 0 | (124) |
Fair Value | $ 6,765 | $ 6,913 |
HELD-TO-MATURITY SECURITIES -59
HELD-TO-MATURITY SECURITIES - Continuous Unrealized Loss Position (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Fair Value | ||
Less than 12 Months | $ 231,302 | $ 4,118,300 |
Over 12 Months | 273,252 | 533,432 |
Total | 504,554 | 4,651,732 |
Unrealized Losses | ||
Less than 12 Months | (1,252) | (28,107) |
Over 12 Months | (2,926) | (12,307) |
Total | (4,178) | (40,414) |
Federal agencies: Mortgage-backed securities | ||
Fair Value | ||
Less than 12 Months | 231,302 | 3,692,890 |
Over 12 Months | 273,252 | 519,872 |
Total | 504,554 | 4,212,762 |
Unrealized Losses | ||
Less than 12 Months | (1,252) | (25,418) |
Over 12 Months | (2,926) | (12,086) |
Total | (4,178) | (37,504) |
Federal agencies, Other agencies | ||
Fair Value | ||
Less than 12 Months | 0 | 425,410 |
Over 12 Months | 0 | 6,647 |
Total | 0 | 432,057 |
Unrealized Losses | ||
Less than 12 Months | 0 | (2,689) |
Over 12 Months | 0 | (97) |
Total | 0 | (2,786) |
Total U.S. Treasury, Federal agency securities | ||
Fair Value | ||
Less than 12 Months | 231,302 | 4,118,300 |
Over 12 Months | 273,252 | 526,519 |
Total | 504,554 | 4,644,819 |
Unrealized Losses | ||
Less than 12 Months | (1,252) | (28,107) |
Over 12 Months | (2,926) | (12,183) |
Total | (4,178) | (40,290) |
Municipal securities | ||
Fair Value | ||
Less than 12 Months | 0 | 0 |
Over 12 Months | 0 | 6,913 |
Total | 0 | 6,913 |
Unrealized Losses | ||
Less than 12 Months | 0 | 0 |
Over 12 Months | 0 | (124) |
Total | $ 0 | $ (124) |
LOAN SALES AND SECURITIZATION60
LOAN SALES AND SECURITIZATIONS - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | ||||||
Mar. 31, 2016 | Sep. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2012 | Mar. 31, 2012 | Sep. 30, 2011 | Dec. 31, 2015 | |
Servicing Assets at Fair Value [Line Items] | |||||||
Total of automobile loans transferred in securitization transactions | $ 800,000 | $ 1,000,000 | $ 1,300,000 | $ 1,000,000 | |||
Residential Mortgage | |||||||
Servicing Assets at Fair Value [Line Items] | |||||||
Loans with servicing retained sold | $ 632,466 | $ 630,683 | |||||
Servicing income | 12,000 | 12,000 | |||||
Pretax gains resulting from above loan sales | 14,113 | 14,862 | |||||
Unpaid principal balance of third party serviced loans | 16,200,000 | $ 16,200,000 | |||||
Automobile Loan | |||||||
Servicing Assets at Fair Value [Line Items] | |||||||
Servicing income | 3,000 | 3,000 | |||||
Unpaid principal balance of third party serviced loans | 600,000 | 900,000 | |||||
Small Business Association (SBA) Loan | |||||||
Servicing Assets at Fair Value [Line Items] | |||||||
Loans with servicing retained sold | 45,889 | 42,401 | |||||
Servicing income | 2,000 | 2,000 | |||||
Pretax gains resulting from above loan sales | 3,521 | $ 3,574 | |||||
Unpaid principal balance of third party serviced loans | $ 1,100,000 | $ 1,000,000 |
LOAN SALES AND SECURITIZATION61
LOAN SALES AND SECURITIZATIONS - Residential Mortgage Portfolio (Details) - Residential Mortgage - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Servicing Asset at Amortized Cost [Line Items] | ||
Loans sold with servicing retained | $ 632,466 | $ 630,683 |
Pretax gains resulting from above loan sales | $ 14,113 | $ 14,862 |
LOAN SALES AND SECURITIZATION62
LOAN SALES AND SECURITIZATIONS - Residential Mortgage Portfolio, MSRs Fair Value Method (Details) - Residential Mortgage - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Servicing Asset at Fair Value, Amount [Roll Forward] | ||
Fair value, beginning of period | $ 17,585 | $ 22,786 |
Time decay | (273) | (339) |
Payoffs | (504) | (818) |
Changes in valuation inputs or assumptions | (1,989) | (1,174) |
Fair value, end of period: | $ 14,819 | $ 20,455 |
Fair value method | ||
Servicing Asset at Fair Value, Amount [Roll Forward] | ||
Weighted-average life (years) | 5 years 2 months | 4 years 8 months |
LOAN SALES AND SECURITIZATION63
LOAN SALES AND SECURITIZATIONS - Residential Mortgage Portfolio, MSRs Amortization Method (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Servicing Asset at Amortized Cost, Balance [Roll Forward] | |||
Fair value, end of period | $ 168,648 | $ 189,237 | |
Residential Mortgage | |||
Servicing Asset at Amortized Cost, Balance [Roll Forward] | |||
Carrying value, beginning of period | 143,133 | $ 132,813 | |
New servicing assets created | 6,109 | 6,454 | |
Servicing assets acquired | 0 | 0 | |
Impairment (charge) / recovery | (16,340) | (7,990) | |
Amortization and other | (5,627) | (5,823) | |
Carrying value, end of period | 127,275 | 125,454 | |
Fair value, end of period | $ 127,516 | $ 125,691 | |
Residential Mortgage | Amortization method | |||
Servicing Asset at Amortized Cost, Balance [Roll Forward] | |||
Weighted-average life (years) | 6 years 6 months | 5 years 8 months |
LOAN SALES AND SECURITIZATION64
LOAN SALES AND SECURITIZATIONS LOAN SALES AND SECURTIZIATIONS - Residential Mortgage Portfolio, MSRs Fair Value Method Key Assumptions (Details) - Fair value method - Residential Mortgage - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Dec. 31, 2015 | |
Servicing Assets at Fair Value [Line Items] | ||
Constant prepayment rate (annualized), actual | 12.30% | 14.70% |
Constant prepayment rate (annualized), 10% adverse change | $ (628) | $ (864) |
Constant prepayment rate (annualized), 20% adverse change | $ (1,212) | $ (1,653) |
Spread over forward interest rate swap rates, actual | 5.00% | 5.00% |
Spread over forward interest rate swap rates, 10% adverse change | $ (483) | $ (559) |
Spread over forward interest rate swap rates, 20% adverse change | $ (935) | $ (1,083) |
LOAN SALES AND SECURITIZATION65
LOAN SALES AND SECURITIZATIONS - Residential Mortgage Portfolio, MSRs Amortization Method Key Assumptions (Details) - Amortization method - Residential Mortgage - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Dec. 31, 2015 | |
Servicing Asset at Amortized Cost [Line Items] | ||
Constant prepayment rate (annualized), actual | 9.60% | 11.10% |
Constant prepayment rate (annualized), 10% adverse change | $ (4,207) | $ (5,543) |
Constant prepayment rate (annualized), 20% adverse change | $ (8,140) | $ (10,648) |
Spread over forward interest rate swap rates, actual | 12.00% | 9.00% |
Spread over forward interest rate swap rates, 10% adverse change | $ (3,800) | $ (4,662) |
Spread over forward interest rate swap rates, 20% adverse change | $ (7,370) | $ (9,017) |
LOAN SALES AND SECURITIZATION66
LOAN SALES AND SECURITIZATIONS - Automobile Loans, MSRs Amortization Method (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Servicing Asset at Amortized Cost, Balance [Roll Forward] | |||
Fair value, end of period | $ 168,648 | $ 189,237 | |
Automobile Loan | |||
Servicing Asset at Amortized Cost, Balance [Roll Forward] | |||
Carrying value, beginning of period | 8,771 | $ 6,898 | |
New servicing assets created | 0 | 0 | |
Amortization and other | (1,742) | (1,835) | |
Fair value, end of period | 7,250 | 5,155 | |
Carrying value, end of period | $ 7,029 | $ 5,063 | |
Automobile Loan | Amortization method | |||
Servicing Asset at Amortized Cost, Balance [Roll Forward] | |||
Weighted-average life (years) | 3 years 3 months | 2 years 5 months |
LOAN SALES AND SECURITIZATION67
LOAN SALES AND SECURITIZATIONS - Automobile Loans, MSRs Amortizations Method Key Assumptions (Details) - Amortization method - Automobile Loan - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Dec. 31, 2015 | |
Servicing Asset at Amortized Cost [Line Items] | ||
Constant prepayment rate (annualized), actual | 18.56% | 18.36% |
Constant prepayment rate (annualized), 10% adverse change | $ (450) | $ (500) |
Constant prepayment rate (annualized), 20% adverse change | $ (730) | $ (895) |
Spread over forward interest rate swap rates, actual | 5.00% | 5.00% |
Spread over forward interest rate swap rates, 10% adverse change | $ (6) | $ (10) |
Spread over forward interest rate swap rates, 20% adverse change | $ (12) | $ (19) |
LOAN SALES AND SECURITIZATION68
LOAN SALES AND SECURITIZATIONS - Small Business Association Portfolio (Details) - Small Business Association (SBA) Loan - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Transfer of Financial Assets Accounted for as Sales [Line Items] | ||
Loans with servicing retained sold | $ 45,889 | $ 42,401 |
Pretax gains resulting from above loan sales | $ 3,521 | $ 3,574 |
LOAN SALES AND SECURITIZATION69
LOAN SALES AND SECURITIZATIONS - Small Business Association Portfolio, MSRs Amortization Method (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Servicing Asset at Amortized Cost, Balance [Roll Forward] | |||
Fair value, end of period | $ 168,648 | $ 189,237 | |
Small Business Association (SBA) Loan | |||
Servicing Asset at Amortized Cost, Balance [Roll Forward] | |||
Carrying value, beginning of period | 19,747 | $ 18,536 | |
New servicing assets created | 1,511 | 1,457 | |
Amortization and other | (1,733) | (2,046) | |
Carrying value, end of period | 19,525 | 17,947 | |
Fair value, end of period | $ 23,048 | $ 19,436 | |
Weighted-average life (years) | 3 years 3 months 18 days | 3 years 4 months |
LOAN SALES AND SECURITIZATION70
LOAN SALES AND SECURITIZATIONS - Small Business Association Portfolio, MSRs Amortization Method Key Assumptions (Details) - Small Business Association (SBA) Loan - Amortization method - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Dec. 31, 2015 | |
Servicing Asset at Amortized Cost [Line Items] | ||
Constant prepayment rate (annualized), actual | 7.50% | 7.60% |
Constant prepayment rate (annualized), 10% adverse change | $ (319) | $ (313) |
Constant prepayment rate (annualized), 20% adverse change | $ (632) | $ (622) |
Spread over forward interest rate swap rates, actual | 15.00% | 15.00% |
Spread over forward interest rate swap rates, 10% adverse change | $ (618) | $ (610) |
Spread over forward interest rate swap rates, 20% adverse change | $ (1,210) | $ (1,194) |
LONG-TERM DEBT (Details)
LONG-TERM DEBT (Details) - Senior Notes - 3.15% Senior notes Due March 2021 | 1 Months Ended |
Mar. 31, 2016USD ($) | |
Debt Instrument [Line Items] | |
Debt face amount | $ 1,000,000,000 |
Debt percent of value | 99.803% |
Debt stated interest rate | 3.15% |
Debt issuance costs | $ 6,000,000 |
OTHER COMPREHENSIVE INCOME - Ac
OTHER COMPREHENSIVE INCOME - Activity (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Pretax | ||
Non-credit-related impairment losses (recoveries) on debt (equity) securities not expected to be sold, before-tax | $ (3,634) | $ 5,245 |
Unrealized gains and losses on derivatives used in cash flow hedging relationships arising during the period, pretax | 14,229 | 28,144 |
Less: Reclassification adjustment for net losses (gains) losses included in net income, pretax | (644) | (123) |
Net change in unrealized gains (losses) on derivatives used in cash flow hedging relationships, pretax | 13,585 | 28,021 |
Change in pension and post-retirement benefit plan assets and liabilities, pretax | 1,293 | 1,389 |
Total other comprehensive income (loss), pretax | 91,352 | 95,046 |
Tax (Expense) Benefit | ||
Non-credit-related impairment losses (recoveries) on debt (equity) securities not expected to be sold, tax (expense) benefit | 1,285 | (1,855) |
Unrealized gains and losses on derivatives used in cash flow hedging relationships arising during the period, tax (expense) benefit | (4,980) | (9,850) |
Less: Reclassification adjustment for net losses (gains) losses included in net income, tax (expense) benefit | 224 | 43 |
Net change in unrealized gains (losses) on derivatives used in cash flow hedging relationships | (4,756) | (9,807) |
Change in pension and post-retirement benefit plan assets and liabilities, tax (expense) benefit | (452) | (486) |
Total other comprehensive income (loss), tax (expense) benefit | (32,480) | (33,586) |
After-tax | ||
Transition obligation | (2,349) | 3,390 |
Unrealized net gains (losses) on available-for-sale and other securities arising during the period, net of reclassification for net realized gains | 51,551 | 38,953 |
Unrealized gains and losses on derivatives used in cash flow hedging relationships arising during the period, after-tax | 9,249 | 18,294 |
Less: Reclassification adjustment for net losses (gains) losses included in net income, after-tax | (420) | (80) |
Net change in unrealized gains (losses) on derivatives used in cash flow hedging relationships, after tax | 8,829 | 18,214 |
Change in pension and post-retirement benefit plan assets and liabilities, after-tax | 841 | 903 |
Other comprehensive income (loss), net of tax | 58,872 | 61,460 |
Debt Securities | ||
Pretax | ||
Unrealized holding gains (losses) on debt (equity) securities available for sale arising during the period, pretax | 80,468 | 60,503 |
Less: Reclassification adjustment for net losses (gains) losses included in net income, pretax | (464) | (121) |
Net change in unrealized holding gains (losses) on debt (equity) securities available for sale, pretax | 76,370 | 65,627 |
Tax (Expense) Benefit | ||
Unrealized holding gains (losses) on debt (equity) securities available for sale arising during the period, tax (expense) benefit | (28,685) | (21,477) |
Less: Reclassification adjustment for net losses (gains) losses included in net income, tax (expense) benefit | 164 | 42 |
Net change in unrealized holding gains (losses) on debt (equity) securities available for sale, tax (expense) benefit | (27,236) | (23,290) |
After-tax | ||
Unrealized holding gains (losses) on debt (equity) securities available for sale arising during the period, after-tax | 51,783 | 39,026 |
Less: Reclassification adjustment for net losses (gains) losses included in net income, after-tax | (300) | (79) |
Unrealized net gains (losses) on available-for-sale and other securities arising during the period, net of reclassification for net realized gains | 49,134 | 42,337 |
Equity Securities | ||
Pretax | ||
Net change in unrealized holding gains (losses) on debt (equity) securities available for sale, pretax | 104 | 9 |
Tax (Expense) Benefit | ||
Net change in unrealized holding gains (losses) on debt (equity) securities available for sale, tax (expense) benefit | (36) | (3) |
After-tax | ||
Unrealized net gains (losses) on available-for-sale and other securities arising during the period, net of reclassification for net realized gains | 68 | 6 |
Accumulated Other Comprehensive Loss | ||
After-tax | ||
Other comprehensive income (loss), net of tax | $ 58,872 | $ 61,460 |
OTHER COMPREHENSIVE INCOME OTHE
OTHER COMPREHENSIVE INCOME OTHER COMPREHENSIVE INCOME - AOCI Roll Forward (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Balance, beginning of period | $ 6,594,606 | $ 6,328,170 |
Other comprehensive income before reclassifications | 58,751 | 60,716 |
Amounts reclassified from accumulated OCI to earnings | 121 | 744 |
Period change | 61,460 | |
Balance, end of period | 7,157,670 | 6,461,954 |
Unrealized gains and (losses) on debt securities | Debt Securities | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Balance, beginning of period | 8,361 | 15,137 |
Other comprehensive income before reclassifications | 49,434 | 42,416 |
Amounts reclassified from accumulated OCI to earnings | (300) | (79) |
Period change | 49,134 | 42,337 |
Balance, end of period | 57,495 | 57,474 |
Unrealized gains and (losses) on debt securities | Equity Securities | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Balance, beginning of period | 176 | 484 |
Other comprehensive income before reclassifications | 68 | 6 |
Amounts reclassified from accumulated OCI to earnings | 0 | 0 |
Period change | 68 | 6 |
Balance, end of period | 244 | 490 |
Unrealized gains and (losses) on cash flow hedging derivatives | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Balance, beginning of period | (3,948) | (12,233) |
Other comprehensive income before reclassifications | 9,249 | 18,294 |
Amounts reclassified from accumulated OCI to earnings | (420) | (80) |
Period change | 8,829 | 18,214 |
Balance, end of period | 4,881 | 5,981 |
Unrealized gains (losses) for pension and other post- retirement obligations | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Balance, beginning of period | (230,747) | (225,680) |
Other comprehensive income before reclassifications | 0 | 0 |
Amounts reclassified from accumulated OCI to earnings | 841 | 903 |
Period change | 841 | 903 |
Balance, end of period | (229,906) | (224,777) |
Accumulated Other Comprehensive Loss | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Balance, beginning of period | (226,158) | (222,292) |
Period change | 58,872 | |
Balance, end of period | (167,286) | (160,832) |
Reclassification out of Accumulated Other Comprehensive Income | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Net unrealized loss on securities transfer | $ 8,000 | $ 9,000 |
OTHER COMPREHENSIVE INCOME - Re
OTHER COMPREHENSIVE INCOME - Reclassifications (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | Sep. 30, 2014 | |
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||
Interest income - held-to-maturity securities - taxable | $ 36,789 | $ 20,667 | |
Interest income - loans and leases | 463,422 | 420,614 | |
Noninterest income - other income | 30,132 | 21,918 | |
Income before income taxes | 226,271 | 219,860 | |
Provision for income taxes | (54,957) | (54,006) | $ (54,006) |
Net income applicable to common shares | 163,316 | 157,889 | |
Unrealized gains and (losses) on debt securities | Reclassification out of Accumulated Other Comprehensive Income | |||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||
Interest income - held-to-maturity securities - taxable | 464 | 121 | |
Income before income taxes | 464 | 121 | |
Provision for income taxes | (164) | (42) | |
Net income applicable to common shares | 300 | 79 | |
Unrealized gains and (losses) on cash flow hedging derivatives | Reclassification out of Accumulated Other Comprehensive Income | |||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||
Income before income taxes | 644 | 123 | |
Provision for income taxes | (224) | (43) | |
Net income applicable to common shares | 420 | 80 | |
Unrealized gains and (losses) on cash flow hedging derivatives | Interest Rate Contract | Reclassification out of Accumulated Other Comprehensive Income | |||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||
Interest income - loans and leases | 645 | 133 | |
Noninterest income - other income | (1) | (10) | |
Amortization of defined benefit pension and post-retirement items: actuarial gains (losses) | Reclassification out of Accumulated Other Comprehensive Income | |||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||
Amortization of defined benefit pension and post-retirement items | (1,785) | (1,881) | |
Amortization of defined benefit pension and post-retirement items: Prior service credit | Reclassification out of Accumulated Other Comprehensive Income | |||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||
Amortization of defined benefit pension and post-retirement items | 492 | 492 | |
Unrealized gains (losses) for pension and other post- retirement obligations | Reclassification out of Accumulated Other Comprehensive Income | |||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||
Income before income taxes | (1,293) | (1,389) | |
Provision for income taxes | 452 | 486 | |
Net income applicable to common shares | $ (841) | $ (903) |
SHAREHOLDERS' EQUITY (Details)
SHAREHOLDERS' EQUITY (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 11, 2015 | |
Equity, Class of Treasury Stock [Line Items] | |||
Depositary shares issued (in shares) | 16,000,000 | ||
Purchase of common stock shares | 4,900,000 | ||
Purchase of common stock, average price per share (in usd per share) | $ 10.45 | ||
2015 Share Repurchase Program | |||
Equity, Class of Treasury Stock [Line Items] | |||
Stock repurchase program authorized amount | $ 366,000,000 | ||
Series D Preferred Stock | |||
Equity, Class of Treasury Stock [Line Items] | |||
Preferred stock | $ 400,000,000 | ||
Preferred Stock, fixed rate | 6.25% | ||
Preferred Stock, par value (in dollars per share) | $ 0.01 | ||
Preferred Stock, liquidation value per share (in dollars per share) | 1,000 | ||
Depositary shares, liquidation value per share (in dollars per share) | $ 25 | ||
Stock issuance costs | $ 14,000,000 | ||
Preferred stock redemption period | 90 days |
EARNINGS PER SHARE (Details)
EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | Sep. 30, 2014 | |
Basic earnings per common share: | |||
Net income | $ 171,314 | $ 165,854 | $ 165,854 |
Preferred stock dividends | (7,998) | (7,965) | |
Net income available to common shareholders | $ 163,316 | $ 157,889 | |
Average common shares issued and outstanding (in shares) | 795,755 | 809,778 | |
Basic earnings per common share (in usd per share) | $ 0.21 | $ 0.19 | |
Diluted earnings per common share: | |||
Net income available to common shareholders | $ 163,316 | $ 157,889 | |
Dilutive potential common shares: | |||
Stock options and restricted stock units and awards | 10,385 | 12,126 | |
Shares held in deferred compensation plans | 2,075 | 1,706 | |
Other | 134 | 199 | |
Dilutive potential common shares: | 12,594 | 14,031 | |
Total diluted average common shares issued and outstanding (in shares) | 808,349 | 823,809 | |
Diluted earnings per common share (in usd per share) | $ 0.20 | $ 0.19 | |
Employee Stock Option | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Options outstanding to purchase common stock shares having antidilutive effect | 3,500 | 1,600 |
BENEFIT PLANS - Narrative (Deta
BENEFIT PLANS - Narrative (Details) $ in Millions | 3 Months Ended | |
Mar. 31, 2016USD ($)year | Dec. 31, 2015 | |
Defined Benefit Plan, Information about Plan Assets [Abstract] | ||
Fair value of plan assets, Percentage | 100.00% | 100.00% |
Average duration of plan assets investment in bonds, years | 12 years 6 months 11 days | |
Defined Contribution Pension and Other Postretirement Plans Disclosure [Abstract] | ||
Match - Base pay contributed to the plan | matches participant contributions, up to the first 4% | |
Base Pay Contributed To Plan Profit Sharing | profit-sharing contribution equal to 1% of eligible participants’ 2015 | |
Pension Benefits | ||
Defined Benefit Plan, Information about Plan Assets [Abstract] | ||
Estimated Life Of Benefit Obligations | 11 years 10 months 25 days | |
Post Retirement Benefits | ||
Benefit Plans (Textuals) [Abstract] | ||
Employees retirement age for health care and life insurance benefits under unfunded defined benefit post-retirement plan | year | 55 | |
Deferred Compensation Arrangement With Individual Requisite Service Period | 10 years | |
Plan Amendment Measurement Reduction In Liability | $ | $ 5 | |
Equity Securities | ||
Defined Benefit Plan, Information about Plan Assets [Abstract] | ||
Defined Benefit Plan, Actual Plan Asset Allocations | 47.00% | |
Defined Benefit Plan, Target Plan Asset Allocations Range Minimum | 20.00% | |
Defined Benefit Plan, Target Plan Asset Allocations Range Maximum | 50.00% | |
Covered Bonds | ||
Defined Benefit Plan, Information about Plan Assets [Abstract] | ||
Defined Benefit Plan, Actual Plan Asset Allocations | 51.00% | |
Defined Benefit Plan, Target Plan Asset Allocations Range Minimum | 50.00% | |
Defined Benefit Plan, Target Plan Asset Allocations Range Maximum | 80.00% | |
Cash and Cash Equivalents | ||
Defined Benefit Plan, Information about Plan Assets [Abstract] | ||
Defined Benefit Plan, Actual Plan Asset Allocations | 2.00% |
BENEFIT PLANS - Net Periodic Be
BENEFIT PLANS - Net Periodic Benefit Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Pension Benefits | ||
Components of net periodic benefit expense [Abstract] | ||
Service cost | $ 1,025 | $ 457 |
Interest cost | 6,748 | 7,985 |
Expected return on plan assets | (10,223) | (11,043) |
Amortization of prior service cost | 0 | 0 |
Amortization of gains (losses) | 1,864 | 1,982 |
Settlements | 3,400 | 2,550 |
Benefit cost | 2,814 | 1,931 |
Post Retirement Benefits | ||
Components of net periodic benefit expense [Abstract] | ||
Service cost | 0 | 0 |
Interest cost | 55 | 141 |
Expected return on plan assets | 0 | 0 |
Amortization of prior service cost | (492) | (492) |
Amortization of gains (losses) | (72) | (116) |
Settlements | 0 | 0 |
Benefit cost | $ (509) | $ (467) |
BENEFIT PLANS - Fair Value of P
BENEFIT PLANS - Fair Value of Plan Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Summary of plan assets investments | ||
Fair value of plan assets | $ 604,586 | $ 594,217 |
Fair value of plan assets, Percentage | 100.00% | 100.00% |
Huntington funds - money market | ||
Summary of plan assets investments | ||
Fair value of plan assets | $ 7,878 | $ 15,590 |
Fair value of plan assets, Percentage | 2.00% | 3.00% |
Corporate Obligations | ||
Summary of plan assets investments | ||
Fair value of plan assets | $ 212,386 | $ 205,081 |
Fair value of plan assets, Percentage | 35.00% | 34.00% |
U.S. Government Obligations | ||
Summary of plan assets investments | ||
Fair value of plan assets | $ 62,909 | $ 64,456 |
Fair value of plan assets, Percentage | 10.00% | 11.00% |
Mutual funds - fixed income | ||
Summary of plan assets investments | ||
Fair value of plan assets | $ 30,773 | $ 32,874 |
Fair value of plan assets, Percentage | 5.00% | 6.00% |
U.S. Government Agencies | ||
Summary of plan assets investments | ||
Fair value of plan assets | $ 7,454 | $ 6,979 |
Fair value of plan assets, Percentage | 1.00% | 1.00% |
Mutual Funds - equities | ||
Summary of plan assets investments | ||
Fair value of plan assets | $ 134,081 | $ 136,026 |
Fair value of plan assets, Percentage | 22.00% | 23.00% |
Other | ||
Summary of plan assets investments | ||
Fair value of plan assets | $ 135,222 | $ 120,046 |
Fair value of plan assets, Percentage | 23.00% | 20.00% |
Exchange Traded Funds | ||
Summary of plan assets investments | ||
Fair value of plan assets | $ 6,554 | $ 6,530 |
Fair value of plan assets, Percentage | 1.00% | 1.00% |
Limited Partnerships | ||
Summary of plan assets investments | ||
Fair value of plan assets | $ 7,329 | $ 6,635 |
Fair value of plan assets, Percentage | 1.00% | 1.00% |
BENEFIT PLANS - Costs of Retire
BENEFIT PLANS - Costs of Retirement Plans (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Compensation and Retirement Disclosure [Abstract] | ||
Supplemental Executive Retirement Plan And Supplemental Retirement Income Plan | $ 714 | $ 578 |
Defined Contribution Plan, Cost Recognized | 7,920 | 7,445 |
Benefit Cost | $ 8,634 | $ 8,023 |
FAIR VALUES OF ASSETS AND LIA81
FAIR VALUES OF ASSETS AND LIABILITIES - Recurring Basis (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Assets measured at fair value on a recurring basis | ||
Loans held for investment | $ 38,113 | $ 32,889 |
Trading account securities | 45,924 | 36,997 |
Available-for-sale and other securities | 9,319,381 | 8,775,441 |
U.S. Treasury | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale and other securities | 6,307 | 5,472 |
Federal agencies: Mortgage-backed securities | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale and other securities | 4,841,992 | 4,521,688 |
Federal agencies, Other agencies | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale and other securities | 114,496 | 115,913 |
Municipal securities | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale and other securities | 2,633,756 | 2,456,396 |
Corporate debt | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale and other securities | 536,661 | 466,477 |
Recurring Basis | ||
Assets measured at fair value on a recurring basis | ||
Loans held for sale | 364,967 | 337,577 |
Trading account securities | 45,924 | 36,997 |
Available-for-sale and other securities | 8,985,921 | 8,442,655 |
Automobile loans | 1,216 | 1,748 |
MSRs | 14,819 | 17,585 |
Derivative assets netting | (219,347) | (161,297) |
Derivatives assets | 358,372 | 274,872 |
Liabilities measured at fair value on a recurring basis | ||
Gross amounts offset in the condensed consolidated balance sheets | (201,418) | (144,309) |
Derivative liabilities | 137,481 | 144,350 |
Short-term borrowings | 624 | 1,770 |
Recurring Basis | U.S. Treasury | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale and other securities | 6,307 | 5,472 |
Recurring Basis | Federal agencies: Mortgage-backed securities | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale and other securities | 4,841,992 | 4,521,688 |
Recurring Basis | Federal agencies, Other agencies | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale and other securities | 114,496 | 115,913 |
Recurring Basis | Municipal securities | ||
Assets measured at fair value on a recurring basis | ||
Trading account securities | 9,752 | 4,159 |
Available-for-sale and other securities | 2,633,756 | 2,456,396 |
Recurring Basis | Asset-backed Securities | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale and other securities | 837,374 | 861,413 |
Recurring Basis | Corporate debt | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale and other securities | 536,661 | 466,477 |
Recurring Basis | Other Debt Obligations [Member] | ||
Assets measured at fair value on a recurring basis | ||
Trading account securities | 36,172 | 32,838 |
Available-for-sale and other securities | 15,335 | 15,296 |
Recurring Basis | Level 1 | ||
Assets measured at fair value on a recurring basis | ||
Loans held for sale | 0 | 0 |
Loans held for investment | 0 | 0 |
Trading account securities | 35,539 | 32,475 |
Available-for-sale and other securities | 17,711 | 16,869 |
Automobile loans | 0 | 0 |
MSRs | 0 | 0 |
Gross amounts of recognized assets | 0 | 0 |
Liabilities measured at fair value on a recurring basis | ||
Gross amounts of recognized liabilities | 0 | 0 |
Short-term borrowings | 0 | 0 |
Recurring Basis | Level 1 | U.S. Treasury | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale and other securities | 6,307 | 5,472 |
Recurring Basis | Level 1 | Federal agencies: Mortgage-backed securities | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale and other securities | 0 | 0 |
Recurring Basis | Level 1 | Federal agencies, Other agencies | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale and other securities | 0 | 0 |
Recurring Basis | 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 Basis | Level 1 | Asset-backed Securities | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale and other securities | 0 | 0 |
Recurring Basis | Level 1 | Corporate debt | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale and other securities | 0 | 0 |
Recurring Basis | Level 1 | Other Debt Obligations [Member] | ||
Assets measured at fair value on a recurring basis | ||
Trading account securities | 35,539 | 32,475 |
Available-for-sale and other securities | 11,404 | 11,397 |
Recurring Basis | Level 2 | ||
Assets measured at fair value on a recurring basis | ||
Loans held for sale | 364,967 | 337,577 |
Loans held for investment | 38,113 | 32,889 |
Trading account securities | 10,385 | 4,522 |
Available-for-sale and other securities | 6,592,138 | 6,229,898 |
Automobile loans | 0 | 0 |
MSRs | 0 | 0 |
Gross amounts of recognized assets | 566,637 | 429,448 |
Liabilities measured at fair value on a recurring basis | ||
Gross amounts of recognized liabilities | 338,164 | 287,994 |
Short-term borrowings | 624 | 1,770 |
Recurring Basis | Level 2 | U.S. Treasury | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale and other securities | 0 | 0 |
Recurring Basis | Level 2 | Federal agencies: Mortgage-backed securities | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale and other securities | 4,841,992 | 4,521,688 |
Recurring Basis | Level 2 | Federal agencies, Other agencies | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale and other securities | 114,496 | 115,913 |
Recurring Basis | Level 2 | Municipal securities | ||
Assets measured at fair value on a recurring basis | ||
Trading account securities | 9,752 | 4,159 |
Available-for-sale and other securities | 352,013 | 360,845 |
Recurring Basis | Level 2 | Asset-backed Securities | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale and other securities | 743,045 | 761,076 |
Recurring Basis | Level 2 | Corporate debt | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale and other securities | 536,661 | 466,477 |
Recurring Basis | Level 2 | Other Debt Obligations [Member] | ||
Assets measured at fair value on a recurring basis | ||
Trading account securities | 633 | 363 |
Available-for-sale and other securities | 3,931 | 3,899 |
Recurring Basis | Level 3 | ||
Assets measured at fair value on a recurring basis | ||
Loans held for sale | 0 | 0 |
Loans held for investment | 0 | 0 |
Trading account securities | 0 | 0 |
Available-for-sale and other securities | 2,376,072 | 2,195,888 |
Automobile loans | 1,216 | 1,748 |
MSRs | 14,819 | 17,585 |
Gross amounts of recognized assets | 11,082 | 6,721 |
Liabilities measured at fair value on a recurring basis | ||
Gross amounts of recognized liabilities | 735 | 665 |
Short-term borrowings | 0 | 0 |
Recurring Basis | Level 3 | U.S. Treasury | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale and other securities | 0 | 0 |
Recurring Basis | Level 3 | Federal agencies: Mortgage-backed securities | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale and other securities | 0 | 0 |
Recurring Basis | Level 3 | Federal agencies, Other agencies | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale and other securities | 0 | 0 |
Recurring Basis | Level 3 | Municipal securities | ||
Assets measured at fair value on a recurring basis | ||
Trading account securities | 0 | 0 |
Available-for-sale and other securities | 2,281,743 | 2,095,551 |
Recurring Basis | Level 3 | Asset-backed Securities | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale and other securities | 94,329 | 100,337 |
Recurring Basis | Level 3 | Corporate debt | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale and other securities | 0 | 0 |
Recurring Basis | Level 3 | Other Debt Obligations [Member] | ||
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 LIA82
FAIR VALUES OF ASSETS AND LIABILITIES - Level 3 Roll Forward (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Net Derivative Instruments Level 3 Roll Forward: | ||
Opening balance | $ 6,056 | $ 3,360 |
Transfers into Level 3 | 0 | 0 |
Transfers out of Level 3 | (915) | 0 |
Total gains/losses for the period: | ||
Included in earnings | 5,206 | 5,001 |
Included in OCI | 0 | 0 |
Purchases/originations | 0 | 0 |
Sales | 0 | 0 |
Repayments | 0 | 0 |
Issues | 0 | 0 |
Settlements | 0 | (536) |
Closing balance | 10,347 | 7,825 |
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 | 5,306 | 4,465 |
MSRs | ||
Assets Level 3 Roll Forward: | ||
Opening balance | 17,585 | 22,786 |
Transfers into Level 3 | 0 | 0 |
Transfers out of Level 3 (1) | 0 | 0 |
Total gains/losses for the period: | ||
Included in earnings | (2,766) | (2,331) |
Included in OCI | 0 | 0 |
Purchases | 0 | 0 |
Sales | 0 | 0 |
Repayments | 0 | 0 |
Issuances | 0 | 0 |
Settlements | 0 | 0 |
Closing balance | 14,819 | 20,455 |
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 | (2,766) | (2,331) |
Municipal securities | ||
Assets Level 3 Roll Forward: | ||
Opening balance | 2,095,551 | 1,417,593 |
Transfers into Level 3 | 0 | 0 |
Transfers out of Level 3 (1) | 0 | 0 |
Total gains/losses for the period: | ||
Included in earnings | 0 | 0 |
Included in OCI | 11,840 | (3,992) |
Purchases | 237,450 | 242,997 |
Sales | 0 | 0 |
Repayments | 0 | 0 |
Issuances | 0 | 0 |
Settlements | (63,098) | (20,790) |
Closing balance | 2,281,743 | 1,635,808 |
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 | (3,992) |
Private label CMO | ||
Assets Level 3 Roll Forward: | ||
Opening balance | 30,464 | |
Transfers into Level 3 | 0 | |
Transfers out of Level 3 (1) | 0 | |
Total gains/losses for the period: | ||
Included in earnings | 0 | 16 |
Included in OCI | 18 | |
Purchases | 0 | |
Sales | 0 | |
Repayments | 0 | |
Issuances | 0 | |
Settlements | (426) | |
Closing balance | 30,072 | |
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 | 18 | |
Asset-backed Securities | ||
Assets Level 3 Roll Forward: | ||
Opening balance | 100,337 | 82,738 |
Transfers into Level 3 | 0 | 0 |
Transfers out of Level 3 (1) | 0 | 0 |
Total gains/losses for the period: | ||
Included in earnings | 0 | 0 |
Included in OCI | (5,168) | 7,511 |
Purchases | 0 | 0 |
Sales | 0 | 0 |
Repayments | 0 | 0 |
Issuances | 0 | 0 |
Settlements | (840) | (1,094) |
Closing balance | 94,329 | 89,155 |
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 | 7,511 |
Automobile Loan | ||
Assets Level 3 Roll Forward: | ||
Opening balance | 1,748 | 10,590 |
Transfers into Level 3 | 0 | 0 |
Transfers out of Level 3 (1) | 0 | 0 |
Total gains/losses for the period: | ||
Included in earnings | 0 | (213) |
Included in OCI | 0 | 0 |
Purchases | 0 | 0 |
Sales | 0 | 0 |
Repayments | (532) | (3,882) |
Issuances | 0 | 0 |
Settlements | 0 | 0 |
Closing balance | 1,216 | 6,495 |
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 | $ (213) |
FAIR VALUES OF ASSETS AND LIA83
FAIR VALUES OF ASSETS AND LIABILITIES - Level 3 Classification of Gains/Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Net derivative asset (liability), gain (loss) included in earnings | $ 5,206 | $ 5,001 |
Mortgage banking income | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Net derivative asset (liability), gain (loss) included in earnings | 5,206 | 5,001 |
Securities gains (losses) | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Net derivative asset (liability), gain (loss) included in earnings | 0 | 0 |
Interest and fee income | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Net derivative asset (liability), gain (loss) included in earnings | 0 | 0 |
Noninterest income | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Net derivative asset (liability), gain (loss) included in earnings | 0 | 0 |
MSRs | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Asset, gain (loss) included in earnings | (2,766) | (2,331) |
MSRs | Mortgage banking income | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Asset, gain (loss) included in earnings | (2,766) | (2,331) |
MSRs | Securities gains (losses) | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Asset, gain (loss) included in earnings | 0 | 0 |
MSRs | Interest and fee income | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Asset, gain (loss) included in earnings | 0 | 0 |
MSRs | Noninterest income | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Asset, gain (loss) included in earnings | 0 | 0 |
Municipal securities | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Asset, gain (loss) included in earnings | 0 | 0 |
Municipal securities | Mortgage banking income | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Asset, gain (loss) included in earnings | 0 | 0 |
Municipal securities | Securities gains (losses) | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Asset, gain (loss) included in earnings | 0 | 0 |
Municipal securities | Interest and fee income | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Asset, gain (loss) included in earnings | 0 | 0 |
Municipal securities | Noninterest income | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Asset, gain (loss) included in earnings | 0 | 0 |
Private label CMO | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Asset, gain (loss) included in earnings | 0 | 16 |
Private label CMO | Mortgage banking income | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Asset, gain (loss) included in earnings | 0 | 0 |
Private label CMO | Securities gains (losses) | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Asset, gain (loss) included in earnings | 0 | 0 |
Private label CMO | Interest and fee income | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Asset, gain (loss) included in earnings | 0 | 16 |
Private label CMO | Noninterest income | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Asset, gain (loss) included in earnings | 0 | 0 |
Asset-backed Securities | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Asset, gain (loss) included in earnings | 0 | 0 |
Asset-backed Securities | Mortgage banking income | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Asset, gain (loss) included in earnings | 0 | 0 |
Asset-backed Securities | Securities gains (losses) | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Asset, gain (loss) included in earnings | 0 | 0 |
Asset-backed Securities | Interest and fee income | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Asset, gain (loss) included in earnings | 0 | 0 |
Asset-backed Securities | Noninterest income | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Asset, gain (loss) included in earnings | 0 | 0 |
Automobile Loan | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Asset, gain (loss) included in earnings | 0 | (213) |
Automobile Loan | Mortgage banking income | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Asset, gain (loss) included in earnings | 0 | 0 |
Automobile Loan | Securities gains (losses) | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Asset, gain (loss) included in earnings | 0 | 0 |
Automobile Loan | Interest and fee income | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Asset, gain (loss) included in earnings | 0 | (213) |
Automobile Loan | Noninterest income | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Asset, gain (loss) included in earnings | $ 0 | $ 0 |
FAIR VALUES OF ASSETS AND LIA84
FAIR VALUES OF ASSETS AND LIABILITIES - Fair Value Option (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Loans held for investment, fair value carrying amount | $ 38,113 | $ 32,889 |
Loans held for sale | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Loans held for sale, fair value carrying amount | 364,967 | 337,577 |
Loans held for sale, aggregate unpaid principal | 348,302 | 326,802 |
Difference | 16,665 | 10,775 |
Loans held for investment | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Loans held for investment, fair value carrying amount | 38,113 | 32,889 |
Loans held for investment, aggregate unpaid principal | 38,811 | 33,637 |
Difference | (698) | (748) |
Automobile loans | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Automobile loans | 1,216 | 1,748 |
Automobile loans, aggregate unpaid principal | 1,216 | 1,748 |
Difference | $ 0 | $ 0 |
FAIR VALUES OF ASSETS AND LIA85
FAIR VALUES OF ASSETS AND LIABILITIES - Fair Value Option-Changs in Fair Value (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Loans held for sale | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Net gains (losses) from fair value changes | $ 4,649 | $ 1,001 |
Automobile loans | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Net gains (losses) from fair value changes | 0 | (213) |
Gains (losses) included in fair value changes associated with instrument specific credit risk | $ 90 | $ 66 |
FAIR VALUES OF ASSETS AND LIA86
FAIR VALUES OF ASSETS AND LIABILITIES - Non-Recurring Basis (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt | $ 7,935,412 | $ 7,041,364 |
Held-to-maturity securities | 5,946,144 | 6,159,590 |
Assets measured at fair value on a nonrecurring basis | ||
Net loans and direct financing leases | 50,925,640 | 49,743,256 |
Fair Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt | 7,928,482 | 7,043,014 |
Held-to-maturity securities | 6,042,243 | 6,135,458 |
Assets measured at fair value on a nonrecurring basis | ||
Net loans and direct financing leases | 49,897,026 | 48,024,998 |
Level 1 | Fair Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt | 0 | 0 |
Held-to-maturity securities | 0 | 0 |
Assets measured at fair value on a nonrecurring basis | ||
Net loans and direct financing leases | 0 | 0 |
Level 2 | Fair Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt | 0 | 0 |
Held-to-maturity securities | 6,042,243 | 6,135,458 |
Assets measured at fair value on a nonrecurring basis | ||
Net loans and direct financing leases | 0 | 0 |
Level 3 | Fair Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt | 7,928,482 | 7,043,014 |
Held-to-maturity securities | 0 | 0 |
Assets measured at fair value on a nonrecurring basis | ||
Net loans and direct financing leases | 49,897,026 | 48,024,998 |
Nonrecurring Basis | ||
Assets measured at fair value on a nonrecurring basis | ||
Impaired loans | $ 62,029 | |
Nonrecurring Basis | Fair Value | ||
Assets measured at fair value on a nonrecurring basis | ||
MSRs | (125,957) | |
Impaired loans | 68,726 | |
Other real estate owned | (26,132) | |
Nonrecurring Basis | Total Gains/(Losses) | ||
Assets measured at fair value on a nonrecurring basis | ||
MSRs | (16,340) | |
Impaired loans | 1,417 | |
Other real estate owned | (505) | |
Nonrecurring Basis | Level 1 | Fair Value | ||
Assets measured at fair value on a nonrecurring basis | ||
MSRs | 0 | |
Impaired loans | 0 | |
Other real estate owned | 0 | |
Nonrecurring Basis | Level 2 | Fair Value | ||
Assets measured at fair value on a nonrecurring basis | ||
MSRs | 0 | |
Impaired loans | 0 | |
Other real estate owned | 0 | |
Nonrecurring Basis | Level 3 | Fair Value | ||
Assets measured at fair value on a nonrecurring basis | ||
MSRs | (125,957) | |
Impaired loans | 68,726 | |
Other real estate owned | $ (26,132) |
FAIR VALUES OF ASSETS AND LIA87
FAIR VALUES OF ASSETS AND LIABILITIES - Significant Unobservable Level 3 Inputs (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | ||
Available-for-sale and other securities | $ 9,319,381 | $ 8,775,441 |
Fair Value, Measurements, Recurring | ||
Fair Value Disclosures [Abstract] | ||
MSRs | 14,819 | 17,585 |
Available-for-sale and other securities | 8,985,921 | 8,442,655 |
Automobile loans | 1,216 | 1,748 |
Fair Value, Measurements, Recurring | Level 3 | ||
Fair Value Disclosures [Abstract] | ||
MSRs | 14,819 | 17,585 |
Gross amounts of recognized assets | 11,082 | 6,721 |
Gross amounts of recognized liabilities | 735 | 665 |
Available-for-sale and other securities | 2,376,072 | 2,195,888 |
Automobile loans | 1,216 | 1,748 |
Fair Value, Measurements, Nonrecurring | ||
Fair Value Disclosures [Abstract] | ||
Impaired loans Fair Value Disclosure | 62,029 | |
Accrued income and other assets Fair Value Disclosure | 27,342 | |
Asset-backed Securities | Fair Value, Measurements, Recurring | ||
Fair Value Disclosures [Abstract] | ||
Available-for-sale and other securities | 837,374 | 861,413 |
Asset-backed Securities | Fair Value, Measurements, Recurring | Level 3 | ||
Fair Value Disclosures [Abstract] | ||
Available-for-sale and other securities | 94,329 | 100,337 |
Municipal securities | ||
Fair Value Disclosures [Abstract] | ||
Available-for-sale and other securities | 2,633,756 | 2,456,396 |
Municipal securities | Fair Value, Measurements, Recurring | ||
Fair Value Disclosures [Abstract] | ||
Available-for-sale and other securities | 2,633,756 | 2,456,396 |
Municipal securities | Fair Value, Measurements, Recurring | Level 3 | ||
Fair Value Disclosures [Abstract] | ||
Available-for-sale and other securities | $ 2,281,743 | $ 2,095,551 |
Cost Approach Valuation Technique | Maximum | MSRs | Level 3 | ||
Fair Value Disclosures [Abstract] | ||
Constant prepayment rate | 26.50% | 25.70% |
Spread over forward interest rate swap rates | 0.092 | 0.092 |
Cost Approach Valuation Technique | Maximum | Private label CMO | Level 3 | ||
Fair Value Disclosures [Abstract] | ||
Discount rate | 7.80% | 7.20% |
Cumulative default | 56.00% | 50.00% |
Loss given default | 80.00% | 80.00% |
Cost Approach Valuation Technique | Maximum | Asset-backed Securities | Level 3 | ||
Fair Value Disclosures [Abstract] | ||
Discount rate | 11.40% | 10.90% |
Cumulative prepayment rate | 100.00% | 100.00% |
Cumulative default | 100.00% | 100.00% |
Loss given default | 100.00% | 100.00% |
Cure given deferral | 75.00% | 75.00% |
Cost Approach Valuation Technique | Maximum | Automobile Loan | Level 3 | ||
Fair Value Disclosures [Abstract] | ||
Discount rate | 5.00% | 5.00% |
Cost Approach Valuation Technique | Minimum | MSRs | Level 3 | ||
Fair Value Disclosures [Abstract] | ||
Constant prepayment rate | 7.00% | 7.90% |
Spread over forward interest rate swap rates | 0.033 | 0.033 |
Cost Approach Valuation Technique | Minimum | Private label CMO | Level 3 | ||
Fair Value Disclosures [Abstract] | ||
Discount rate | 0.60% | 0.30% |
Cumulative default | 0.10% | 0.10% |
Loss given default | 5.00% | 5.00% |
Cost Approach Valuation Technique | Minimum | Asset-backed Securities | Level 3 | ||
Fair Value Disclosures [Abstract] | ||
Discount rate | 4.90% | 4.60% |
Cumulative prepayment rate | 0.00% | 0.00% |
Cumulative default | 1.50% | 1.60% |
Loss given default | 85.00% | 85.00% |
Cure given deferral | 0.00% | 0.00% |
Cost Approach Valuation Technique | Minimum | Automobile Loan | Level 3 | ||
Fair Value Disclosures [Abstract] | ||
Discount rate | 0.20% | 0.20% |
Cost Approach Valuation Technique | Weighted Average | MSRs | Level 3 | ||
Fair Value Disclosures [Abstract] | ||
Constant prepayment rate | 12.30% | 14.70% |
Spread over forward interest rate swap rates | 0.054 | 0.054 |
Cost Approach Valuation Technique | Weighted Average | Private label CMO | Level 3 | ||
Fair Value Disclosures [Abstract] | ||
Discount rate | 3.50% | 3.10% |
Cumulative default | 2.90% | 2.10% |
Loss given default | 21.80% | 20.50% |
Cost Approach Valuation Technique | Weighted Average | Asset-backed Securities | Level 3 | ||
Fair Value Disclosures [Abstract] | ||
Discount rate | 6.50% | 6.20% |
Cumulative prepayment rate | 9.60% | 9.60% |
Cumulative default | 11.10% | 11.10% |
Loss given default | 96.70% | 96.60% |
Cure given deferral | 36.50% | 36.80% |
Cost Approach Valuation Technique | Weighted Average | Automobile Loan | Level 3 | ||
Fair Value Disclosures [Abstract] | ||
Constant prepayment rate | 154.20% | 154.20% |
Discount rate | 2.30% | 2.30% |
Life of pool cumulative losses | 2.10% | 2.10% |
Market Approach Valuation Technique | Maximum | Derivative Instruments [Member] | Level 3 | ||
Fair Value Disclosures [Abstract] | ||
Net market price | 22.10% | 20.90% |
Estimated Pull through % | 99.80% | 99.80% |
Market Approach Valuation Technique | Minimum | Derivative Instruments [Member] | Level 3 | ||
Fair Value Disclosures [Abstract] | ||
Net market price | (2.50%) | (3.20%) |
Estimated Pull through % | 22.10% | 11.90% |
Market Approach Valuation Technique | Weighted Average | Derivative Instruments [Member] | Level 3 | ||
Fair Value Disclosures [Abstract] | ||
Net market price | 2.30% | 1.90% |
Estimated Pull through % | 79.40% | 76.70% |
FAIR VALUES OF ASSETS AND LIA88
FAIR VALUES OF ASSETS AND LIABILITIES - Balance Sheet Location (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | |
Financial Assets: | |||
Trading account securities | $ 45,924 | $ 36,997 | |
Loans held for sale | [1] | 567,664 | 474,621 |
Available-for-sale and other securities | 9,319,381 | 8,775,441 | |
Held-to-maturity securities, Total | 5,946,144 | 6,159,590 | |
Net loans and direct financing leases | 50,925,640 | 49,743,256 | |
Financial Liabilities: | |||
Deposits | 55,628,842 | 55,294,979 | |
Short-term borrowings | 471,375 | 615,279 | |
Long-term borrowings | 7,935,412 | 7,041,364 | |
Carrying Amount | |||
Financial Assets: | |||
Cash and short-term assets | 882,916 | 898,994 | |
Trading account securities | 45,924 | 36,997 | |
Loans held for sale | 567,165 | 474,621 | |
Available-for-sale and other securities | 9,319,381 | 8,775,441 | |
Held-to-maturity securities, Total | 5,946,144 | 6,159,590 | |
Net loans and direct financing leases | 50,925,640 | 49,743,256 | |
Derivatives | 358,372 | 274,872 | |
Financial Liabilities: | |||
Deposits | 55,628,842 | 55,294,979 | |
Short-term borrowings | 471,375 | 615,279 | |
Long-term borrowings | 7,935,412 | 7,067,614 | |
Derivatives | 137,481 | 144,350 | |
Fair Value | |||
Financial Assets: | |||
Cash and short-term assets | 882,916 | 898,994 | |
Trading account securities | 45,924 | 36,997 | |
Loans held for sale | 570,609 | 484,511 | |
Available-for-sale and other securities | 9,319,381 | 8,775,441 | |
Held-to-maturity securities, Total | 6,042,243 | 6,135,458 | |
Net loans and direct financing leases | 49,897,026 | 48,024,998 | |
Derivatives | 358,372 | 274,872 | |
Financial Liabilities: | |||
Deposits | 55,641,189 | 55,299,435 | |
Short-term borrowings | 471,375 | 615,279 | |
Long-term borrowings | 7,928,482 | 7,043,014 | |
Derivatives | 137,481 | 144,350 | |
Fair Value | Level 1 | |||
Financial Assets: | |||
Held-to-maturity securities, Total | 0 | 0 | |
Net loans and direct financing leases | 0 | 0 | |
Financial Liabilities: | |||
Deposits | 0 | 0 | |
Short-term borrowings | 0 | 0 | |
Long-term borrowings | 0 | 0 | |
Fair Value | Level 2 | |||
Financial Assets: | |||
Held-to-maturity securities, Total | 6,042,243 | 6,135,458 | |
Net loans and direct financing leases | 0 | 0 | |
Financial Liabilities: | |||
Deposits | 52,544,042 | 51,869,105 | |
Short-term borrowings | 624 | 1,770 | |
Long-term borrowings | 0 | 0 | |
Fair Value | Level 3 | |||
Financial Assets: | |||
Held-to-maturity securities, Total | 0 | 0 | |
Net loans and direct financing leases | 49,897,026 | 48,024,998 | |
Financial Liabilities: | |||
Deposits | 3,097,147 | 3,430,330 | |
Short-term borrowings | 470,751 | 613,509 | |
Long-term borrowings | $ 7,928,482 | $ 7,043,014 | |
[1] | Amounts represent loans for which Huntington has elected the fair value option. |
DERIVATIVE FINANCIAL INSTRUME89
DERIVATIVE FINANCIAL INSTRUMENTS - Narrative (Details) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2016USD ($)group | Mar. 31, 2015USD ($) | Dec. 31, 2015USD ($) | |
Derivative [Line Items] | |||
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net | $ 5,000 | ||
Derivative Financial Instruments (Textuals) [Abstract] | |||
Purchase of interest rate caps and derivative financial instruments, notional value | 12,375,000 | $ 500,000 | |
Total notional amount corresponds to trading assets, fair value | 6,000 | ||
Notional amount corresponds to trading liabilities, fair value (less than) | 1,000 | ||
Credit risks from interest rate swaps used for trading purposes | $ 306,000 | 224,000 | |
Additional Derivative Financial Instruments (Textuals) [Abstract] | |||
Number of primary groups | group | 2 | ||
Aggregate credit risk, net of collateral | $ 21,000 | 15,000 | |
Investment securities and cash collateral pledged by Huntington | 110,000 | ||
Investment securities and cash collateral pledged to Huntington | 108,000 | ||
Increase (decrease) to net interest income due to derivative adjustment | 21,000 | $ 25,000 | |
Derivative used in trading activity | |||
Derivative Financial Instruments (Textuals) [Abstract] | |||
Net derivative asset (liability) | 69,000 | 76,000 | |
Derivative financial instruments used by Huntington on behalf of customers including offsetting derivatives, notional value | 14,800,000 | 14,600,000 | |
Derivative used in Mortgage Banking Activities | |||
Derivative Financial Instruments (Textuals) [Abstract] | |||
Net derivative asset (liability) | 7,495 | 7,730 | |
Purchase of interest rate caps and derivative financial instruments, notional value | 200,000 | ||
Gains (losses) related to derivative instruments Included in total MSR | 12,000 | $ 5,000 | |
Total derivative liabilities | 3,770 | 1,459 | |
Other Credit Derivatives | |||
Derivative Financial Instruments (Textuals) [Abstract] | |||
Derivative Asset, Notional Amount | $ 356,000 | $ 344,000 |
DERIVATIVE FINANCIAL INSTRUME90
DERIVATIVE FINANCIAL INSTRUMENTS - Asset and Liability Management (Details) - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 |
Notional Disclosures [Abstract] | ||
Derivative, Notional Amount | $ 12,375,000,000 | $ 500,000,000 |
Fair Value Hedging | ||
Notional Disclosures [Abstract] | ||
Derivative, Notional Amount | 6,825,000,000 | |
Cash Flow Hedging | ||
Notional Disclosures [Abstract] | ||
Derivative, Notional Amount | 5,550,000,000 | |
Loan | ||
Notional Disclosures [Abstract] | ||
Derivative, Notional Amount | 5,550,000,000 | |
Loan | Fair Value Hedging | ||
Notional Disclosures [Abstract] | ||
Derivative, Notional Amount | 0 | |
Loan | Cash Flow Hedging | ||
Notional Disclosures [Abstract] | ||
Derivative, Notional Amount | 5,550,000,000 | |
Deposits | ||
Notional Disclosures [Abstract] | ||
Derivative, Notional Amount | 0 | |
Deposits | Fair Value Hedging | ||
Notional Disclosures [Abstract] | ||
Derivative, Notional Amount | 0 | |
Deposits | Cash Flow Hedging | ||
Notional Disclosures [Abstract] | ||
Derivative, Notional Amount | 0 | |
Subordinated notes | ||
Notional Disclosures [Abstract] | ||
Derivative, Notional Amount | 450,000,000 | |
Subordinated notes | Fair Value Hedging | ||
Notional Disclosures [Abstract] | ||
Derivative, Notional Amount | 450,000,000 | |
Subordinated notes | Cash Flow Hedging | ||
Notional Disclosures [Abstract] | ||
Derivative, Notional Amount | 0 | |
Other long-term debt | ||
Notional Disclosures [Abstract] | ||
Derivative, Notional Amount | 6,375,000,000 | |
Other long-term debt | Fair Value Hedging | ||
Notional Disclosures [Abstract] | ||
Derivative, Notional Amount | 6,375,000,000 | |
Other long-term debt | Cash Flow Hedging | ||
Notional Disclosures [Abstract] | ||
Derivative, Notional Amount | $ 0 |
DERIVATIVE FINANCIAL INSTRUME91
DERIVATIVE FINANCIAL INSTRUMENTS - Asset and Liability Managemen Add Info (Details Add Info) - USD ($) | 3 Months Ended | |
Mar. 31, 2016 | Dec. 31, 2015 | |
Derivative [Line Items] | ||
Derivative, Notional Amount | $ 12,375,000,000 | $ 500,000,000 |
Additional information about the interest rate swaps used in companies Asset and Liability Management | ||
Notional Amount Of Interest Rate Derivatives | $ 12,375,000,000 | |
Average Maturity (years) | 2 years | |
Fair Value | $ 152,680,000 | |
Weighted-Average Rate Receive | 1.24% | |
Weighted-Average Rate Pay | 0.60% | |
Asset conversion swaps - Receive Fixed - Generic | ||
Additional information about the interest rate swaps used in companies Asset and Liability Management | ||
Notional Amount Of Interest Rate Derivatives | $ 5,550,000,000 | |
Average Maturity (years) | 10 months 24 days | |
Fair Value | $ 10,925,000 | |
Weighted-Average Rate Receive | 0.91% | |
Weighted-Average Rate Pay | 0.57% | |
Liability conversion swaps - Receive Fixed - Generic | ||
Additional information about the interest rate swaps used in companies Asset and Liability Management | ||
Notional Amount Of Interest Rate Derivatives | $ 6,825,000,000 | |
Average Maturity (years) | 2 years 9 months 18 days | |
Fair Value | $ 141,755,000 | |
Weighted-Average Rate Receive | 1.50% | |
Weighted-Average Rate Pay | 0.63% | |
Fair Value Hedging | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | $ 6,825,000,000 | |
Cash Flow Hedging | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | 5,550,000,000 | |
Loan | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | 5,550,000,000 | |
Loan | Fair Value Hedging | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | 0 | |
Loan | Cash Flow Hedging | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | 5,550,000,000 | |
Deposits | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | 0 | |
Deposits | Fair Value Hedging | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | 0 | |
Deposits | Cash Flow Hedging | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | 0 | |
Subordinated notes | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | 450,000,000 | |
Subordinated notes | Fair Value Hedging | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | 450,000,000 | |
Subordinated notes | Cash Flow Hedging | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | 0 | |
Other long term debt | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | 6,375,000,000 | |
Other long term debt | Fair Value Hedging | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | 6,375,000,000 | |
Other long term debt | Cash Flow Hedging | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | $ 0 |
DERIVATIVE FINANCIAL INSTRUME92
DERIVATIVE FINANCIAL INSTRUMENTS - Hedging Instruments (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Accrued income and other assets | ||
Asset derivatives included in accrued income and other assets | ||
Interest rate contracts designated as hedging instruments | $ 152,882 | $ 80,513 |
Interest rate contracts not designated as hedging instruments | 283,037 | 190,846 |
Foreign exchange contracts not designated as hedging instruments | 38,635 | 37,727 |
Commodities contracts not designated as hedging instruments | 91,901 | 117,894 |
Total contracts | 566,455 | 426,980 |
Accrued expenses and other liabilities | ||
Liability derivatives included in accrued expenses and other liabilities | ||
Interest rate contracts designated as hedging instruments | 202 | 15,215 |
Interest rate contracts not designated as hedging instruments | 206,512 | 121,815 |
Foreign exchange contracts not designated as hedging instruments | 39,756 | 35,283 |
Commodities contracts not designated as hedging instruments | 88,659 | 114,887 |
Total contracts | $ 335,129 | $ 287,200 |
DERIVATIVE FINANCIAL INSTRUME93
DERIVATIVE FINANCIAL INSTRUMENTS - Cash Flow Hedges (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Cash Flow Hedging | ||
Gains and (losses) recognized in other comprehensive income (loss) (OCI) for derivatives designated as effective cash flow hedges | ||
Amount of gain or (loss) recognized in OCI on derivatives (effective portion) | $ 9,249 | $ 18,294 |
Amount of gain or (loss) reclassified from accumulated OCI into earnings (effective portion) | 644 | 123 |
Hedged Other long term debt | Interest expense subordinated notes and other long term debt | ||
Increase or (decrease) to interest expense for derivatives designated as fair value hedges | ||
Increase or (decrease) to interest expense for derivatives designated as fair value hedges | (59,786) | (19,645) |
Hedged Subordinated notes | Interest expense subordinated notes and other long term debt | ||
Increase or (decrease) to interest expense for derivatives designated as fair value hedges | ||
Increase or (decrease) to interest expense for derivatives designated as fair value hedges | (6,804) | (3,231) |
Hedged Deposits | Interest expense deposits | ||
Increase or (decrease) to interest expense for derivatives designated as fair value hedges | ||
Increase or (decrease) to interest expense for derivatives designated as fair value hedges | 72 | 214 |
Loans | Interest and fee income loans and leases | Cash Flow Hedging | ||
Gains and (losses) recognized in other comprehensive income (loss) (OCI) for derivatives designated as effective cash flow hedges | ||
Amount of gain or (loss) recognized in OCI on derivatives (effective portion) | 9,249 | 18,294 |
Amount of gain or (loss) reclassified from accumulated OCI into earnings (effective portion) | 645 | 133 |
Investment securities | Interest and fee income investment securities | Cash Flow Hedging | ||
Gains and (losses) recognized in other comprehensive income (loss) (OCI) for derivatives designated as effective cash flow hedges | ||
Amount of gain or (loss) recognized in OCI on derivatives (effective portion) | 0 | 0 |
Amount of gain or (loss) reclassified from accumulated OCI into earnings (effective portion) | (1) | (10) |
Deposits | Interest expense deposits | ||
Increase or (decrease) to interest expense for derivatives designated as fair value hedges | ||
Increase or (decrease) to interest expense for derivatives designated as fair value hedges | (82) | (213) |
Subordinated notes | Interest expense subordinated notes and other long term debt | ||
Increase or (decrease) to interest expense for derivatives designated as fair value hedges | ||
Increase or (decrease) to interest expense for derivatives designated as fair value hedges | 6,804 | 3,231 |
Other long-term debt | Interest expense subordinated notes and other long term debt | ||
Increase or (decrease) to interest expense for derivatives designated as fair value hedges | ||
Increase or (decrease) to interest expense for derivatives designated as fair value hedges | $ 61,032 | $ 20,025 |
DERIVATIVE FINANCIAL INSTRUME94
DERIVATIVE FINANCIAL INSTRUMENTS - Fair Value Hedges (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Loan | ||
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 | $ 421 | $ (163) |
DERIVATIVE FINANCIAL INSTRUME95
DERIVATIVE FINANCIAL INSTRUMENTS - Mortgage Banking Activities (Details) - Derivative used in Mortgage Banking Activities - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Derivative assets: | ||
Total derivative assets | $ 11,265 | $ 9,189 |
Derivative liabilities: | ||
Total derivative liabilities | (3,770) | (1,459) |
Net derivative asset (liability) | 7,495 | 7,730 |
Interest rate lock agreements | ||
Derivative assets: | ||
Total derivative assets | 11,082 | 6,721 |
Derivative liabilities: | ||
Total derivative liabilities | (190) | (220) |
Forward trades and options | ||
Derivative assets: | ||
Total derivative assets | 183 | 2,468 |
Derivative liabilities: | ||
Total derivative liabilities | $ (3,580) | $ (1,239) |
DERIVATIVE FINANCIAL INSTRUME96
DERIVATIVE FINANCIAL INSTRUMENTS DERIVATIVE FINANCIAL INSTRUMENTS - Credit Derivatives (Details) - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 |
Credit Derivatives [Line Items] | ||
Credit Risk Derivative Assets, at Fair Value | $ 9 | $ 6 |
Other Credit Derivatives | ||
Credit Derivatives [Line Items] | ||
Derivative Asset, Notional Amount | $ 356 | $ 344 |
DERIVATIVE FINANCIAL INSTRUME97
DERIVATIVE FINANCIAL INSTRUMENTS - Offsetting Assets (Details) - Derivative Contract - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Offsetting Derivative Assets [Abstract] | ||
Gross amounts of recognized assets | $ 577,719 | $ 436,169 |
Gross amounts offset in the condensed consolidated balance sheets | 219,347 | 161,297 |
Net amounts of assets presented in the condensed consolidated balance sheets | 358,372 | 274,872 |
Gross amounts not offset in the condensed consolidated balance sheets, Financial instruments | (44,784) | (39,305) |
Gross amounts not offset in the condensed consolidated balance sheets, cash collateral received | (2,603) | (3,462) |
Net amount | $ 310,985 | $ 232,105 |
DERIVATIVE FINANCIAL INSTRUME98
DERIVATIVE FINANCIAL INSTRUMENTS - Offsetting Liabilities (Details) - Derivative Contract - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Offsetting Derivative Liabilities [Abstract] | ||
Gross amounts of recognized liabilities | $ 338,899 | $ 288,659 |
Gross amounts offset in the condensed consolidated balance sheets | (201,418) | (144,309) |
Derivative liabilities | 137,481 | 144,350 |
Gross amounts not offset in the condensed consolidated balance sheets, Financial instruments | (66,571) | (62,460) |
Gross amounts not offset in the condensed consolidated balance sheets, Cash collateral received | (582) | (20) |
Net amount | $ 70,329 | $ 81,870 |
VIEs - Narrative (Details)
VIEs - Narrative (Details) $ in Billions | 3 Months Ended | ||||
Sep. 30, 2015USD ($) | Mar. 31, 2015trust | Dec. 31, 2012USD ($) | Mar. 31, 2012USD ($) | Sep. 30, 2011USD ($) | |
Variable Interest Entity [Line Items] | |||||
Number of securitization trusts acquired | trust | 2 | ||||
Total of automobile loans transferred in securitization transactions | $ | $ 0.8 | $ 1 | $ 1.3 | $ 1 |
VIEs - Consolidated (Details)
VIEs - Consolidated (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | |
Assets | |||||
Cash | $ 816,248 | $ 847,156 | |||
Loans and leases | [1] | 51,539,359 | 50,341,099 | ||
Allowance for loan and lease losses | (613,719) | (597,843) | $ (605,126) | $ (605,196) | |
Net loans and leases | 50,925,640 | 49,743,256 | |||
Accrued income and other assets | 1,682,275 | 1,630,110 | |||
Total assets | 72,644,967 | 71,018,301 | |||
Liabilities | |||||
Long-term borrowings | 7,935,412 | 7,041,364 | |||
Accrued interest and other liabilities | 1,451,668 | 1,472,073 | |||
Total liabilities | 65,487,297 | 64,423,695 | |||
Equity | |||||
Total liabilities and shareholders’ equity | 72,644,967 | 71,018,301 | |||
Macquarie Equipment Funding Trust Series 2012A | |||||
Assets | |||||
Cash | 1,377 | ||||
Loans and leases | 32,180 | ||||
Allowance for loan and lease losses | 0 | ||||
Net loans and leases | 32,180 | ||||
Accrued income and other assets | 0 | ||||
Total assets | 33,557 | ||||
Liabilities | |||||
Long-term borrowings | 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 | ||||
Huntington Technology Funding Trust Series 2014A | |||||
Assets | |||||
Cash | 1,560 | 1,561 | |||
Loans and leases | 128,138 | 152,331 | |||
Allowance for loan and lease losses | 0 | 0 | |||
Net loans and leases | 128,138 | 152,331 | |||
Accrued income and other assets | 0 | 0 | |||
Total assets | 129,698 | 153,892 | |||
Liabilities | |||||
Long-term borrowings | 104,199 | 123,577 | |||
Accrued interest and other liabilities | 0 | 0 | |||
Total liabilities | 104,199 | 123,577 | |||
Equity | |||||
Beneficial interest owned by third party | 25,499 | 30,315 | |||
Total liabilities and shareholders’ equity | 129,698 | 153,892 | |||
Franklin 2009 Trust | |||||
Assets | |||||
Cash | 0 | 0 | |||
Loans and leases | 0 | 0 | |||
Allowance for loan and lease losses | 0 | 0 | |||
Net loans and leases | 0 | 0 | |||
Accrued income and other assets | 222 | 229 | |||
Total assets | 222 | 229 | |||
Liabilities | |||||
Long-term borrowings | 0 | 0 | |||
Accrued interest and other liabilities | 222 | 229 | |||
Total liabilities | 222 | 229 | |||
Equity | |||||
Beneficial interest owned by third party | 0 | 0 | |||
Total liabilities and shareholders’ equity | 222 | 229 | |||
Consolidated Trusts | |||||
Assets | |||||
Cash | 1,560 | 2,938 | |||
Loans and leases | 128,138 | 184,511 | |||
Allowance for loan and lease losses | 0 | 0 | |||
Net loans and leases | 128,138 | 184,511 | |||
Accrued income and other assets | 222 | 229 | |||
Total assets | 129,920 | 187,678 | |||
Liabilities | |||||
Long-term borrowings | 104,199 | 150,730 | |||
Accrued interest and other liabilities | 222 | 229 | |||
Total liabilities | 104,421 | 150,959 | |||
Equity | |||||
Beneficial interest owned by third party | 25,499 | 36,719 | |||
Total liabilities and shareholders’ equity | $ 129,920 | $ 187,678 | |||
[1] | Amounts represent loans for which Huntington has elected the fair value option. |
VIEs - Unconsolidated VIEs (Det
VIEs - Unconsolidated VIEs (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
2015-1 Automobile Trust | ||
Variable Interest Entity [Line Items] | ||
Total Assets | $ 6,453 | $ 7,695 |
Total Liabilities | 0 | 0 |
Maximum Exposure to Loss | 6,453 | 7,695 |
2012-1 Automobile Trust | ||
Variable Interest Entity [Line Items] | ||
Total Assets | 94 | |
Total Liabilities | 0 | |
Maximum Exposure to Loss | 94 | |
2012-2 Automobile Trust | ||
Variable Interest Entity [Line Items] | ||
Total Assets | 422 | 771 |
Total Liabilities | 0 | 0 |
Maximum Exposure to Loss | 422 | 771 |
Trust Preferred Securities | ||
Variable Interest Entity [Line Items] | ||
Total Assets | 13,919 | 13,919 |
Total Liabilities | 317,114 | 317,106 |
Maximum Exposure to Loss | 0 | 0 |
Low Income Housing Tax Credit Partnerships | ||
Variable Interest Entity [Line Items] | ||
Total Assets | 413,026 | 425,500 |
Total Liabilities | 186,651 | 196,001 |
Maximum Exposure to Loss | 413,026 | 425,500 |
Other Investments | ||
Variable Interest Entity [Line Items] | ||
Total Assets | 62,235 | 68,746 |
Total Liabilities | 24,926 | 25,762 |
Maximum Exposure to Loss | 62,235 | 68,746 |
Total | ||
Variable Interest Entity [Line Items] | ||
Total Assets | 496,055 | 516,725 |
Total Liabilities | 528,691 | 538,869 |
Maximum Exposure to Loss | $ 482,136 | $ 502,806 |
VIEs - Trust preferred Securiti
VIEs - Trust preferred Securities (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2016USD ($) | |
Summary of Outstanding Trust Preferred Securities | |
Principal amount of subordinated note/ debenture issued to trust | $ 317,114 |
Investment in unconsolidated subsidiary | $ 13,919 |
Summary of Outstanding Trust Preferred Securities (Textuals) [Abstract] | |
Maximum year to defer payment of interest on Debenture | 5 years |
Huntington Capital I | |
Summary of Outstanding Trust Preferred Securities | |
Interest rate on Trust Preferred Securities | 1.32% |
Principal amount of subordinated note/ debenture issued to trust | $ 111,816 |
Investment in unconsolidated subsidiary | $ 6,186 |
Huntington Capital I | Three-Month LIBOR | |
Summary of Outstanding Trust Preferred Securities (Textuals) [Abstract] | |
Rate spread over three month LIBOR | 0.70% |
Huntington Capital II | |
Summary of Outstanding Trust Preferred Securities | |
Interest rate on Trust Preferred Securities | 1.26% |
Principal amount of subordinated note/ debenture issued to trust | $ 54,593 |
Investment in unconsolidated subsidiary | $ 3,093 |
Huntington Capital II | Three-Month LIBOR | |
Summary of Outstanding Trust Preferred Securities (Textuals) [Abstract] | |
Rate spread over three month LIBOR | 0.625% |
Sky Financial Capital Trust III | |
Summary of Outstanding Trust Preferred Securities | |
Interest rate on Trust Preferred Securities | 2.03% |
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 | |
Summary of Outstanding Trust Preferred Securities (Textuals) [Abstract] | |
Rate spread over three month LIBOR | 1.40% |
Sky Financial Capital Trust IV | |
Summary of Outstanding Trust Preferred Securities | |
Interest rate on Trust Preferred Securities | 2.01% |
Principal amount of subordinated note/ debenture issued to trust | $ 74,320 |
Investment in unconsolidated subsidiary | $ 2,320 |
Camco Financial Trust | |
Summary of Outstanding Trust Preferred Securities | |
Interest rate on Trust Preferred Securities | 3.07% |
Principal amount of subordinated note/ debenture issued to trust | $ 4,220 |
Investment in unconsolidated subsidiary | $ 155 |
Camco Financial Trust | Three-Month LIBOR | |
Summary of Outstanding Trust Preferred Securities (Textuals) [Abstract] | |
Rate spread over three month LIBOR | 1.33% |
VIEs - Low Income Housing Tax C
VIEs - Low Income Housing Tax Credit Partnership (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Low Income Housing Tax Credit Partnerships | |||
Variable Interest Entity [Line Items] | |||
Affordable housing tax credit investments | $ 674,221 | $ 674,157 | |
Less: amortization | (261,195) | (248,657) | |
Net affordable housing tax credit investments | 413,026 | 425,500 | |
Unfunded commitments | 186,651 | $ 196,001 | |
Tax credits and other tax benefits recognized | 18,285 | $ 15,747 | |
Proportional Amortization Method | |||
Variable Interest Entity [Line Items] | |||
Tax credit amortization expense included in provision for income taxes | 12,407 | 11,074 | |
Equity Method | |||
Variable Interest Entity [Line Items] | |||
Tax credit investment (gains) losses included in non-interest income | $ 132 | $ 147 |
COMMITMENTS AND CONTINGENT L104
COMMITMENTS AND CONTINGENT LIABILITIES - Commitments to Extend Credit (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Commercial | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Contract amount represents credit risk | $ 11,052,384 | $ 11,448,927 |
Consumer | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Contract amount represents credit risk | 8,872,015 | 8,574,093 |
Commercial Real Estate | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Contract amount represents credit risk | 888,967 | 813,271 |
Standby Letters of Credit | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Contract amount represents credit risk | 509,910 | 511,706 |
Commercial letters-of-credit | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Contract amount represents credit risk | $ 15,724 | $ 56,119 |
COMMITMENTS AND CONTINGENT L105
COMMITMENTS AND CONTINGENT LIABILITIES - Narrative (Details) | Jan. 17, 2012county | Jan. 19, 2007USD ($)transfer | Mar. 31, 2016USD ($)lawsuitcomplaint | Mar. 31, 2016USD ($)lawsuit | Sep. 30, 2015USD ($) | Dec. 31, 2015USD ($) | Sep. 28, 2015USD ($) | Jul. 27, 2012USD ($) | Dec. 08, 2006USD ($) |
Loss Contingencies [Line Items] | |||||||||
Maturity period of majority of standby letters of credit | P2Y | ||||||||
Maturity period of Commercial letters of credit | P90D | ||||||||
Maturity period of forward contracts relating mortgage banking business | 1 year | ||||||||
Aggregate range of reasonably possible losses current legal proceedings, Min | $ 0 | $ 0 | |||||||
Aggregate range of reasonably possible losses current legal proceedings, Max | $ 60,000,000 | $ 60,000,000 | |||||||
Cyberco Litigation | |||||||||
Loss Contingencies [Line Items] | |||||||||
Number of lawsuits | lawsuit | 2 | ||||||||
Bankruptcy trustee alleging for the amount | $ 70,000,000 | ||||||||
Number of transfer types | transfer | 2 | ||||||||
Fraudulent transfers alleged by Teleservices bankruptcy trustee | $ 73,000,000 | ||||||||
Preferential transfer alleged by bankruptcy trustee | $ 1,000,000 | ||||||||
Bankruptcy Court recommended judgment amount in Cyberco case, principal | $ 72,000,000 | $ 72,000,000 | |||||||
Bankruptcy Court recommended judgment amount in Cyberco case, interest | $ 9,000,000 | ||||||||
Loss contingency period increase (decrease) | $ 38,000,000 | ||||||||
MERSCORP Litigation [Member] | |||||||||
Loss Contingencies [Line Items] | |||||||||
Number of counties | county | 88 | ||||||||
FirstMerit Merger Litigation [Member] | |||||||||
Loss Contingencies [Line Items] | |||||||||
Number of lawsuits | lawsuit | 5 | ||||||||
Number of complaints | complaint | 1 | ||||||||
Standby Letters of Credit | |||||||||
Loss Contingencies [Line Items] | |||||||||
Carrying amount of deferred revenue associated with guarantees | $ 7,000,000 | $ 7,000,000 | $ 7,000,000 | ||||||
Outstanding standby letters of credit | $ 509,910,000 | $ 509,910,000 | 511,706,000 | ||||||
Percentage of Outstanding standby letters of credit collateralized | 81.00% | 81.00% | |||||||
Commercial letters-of-credit | |||||||||
Loss Contingencies [Line Items] | |||||||||
Outstanding standby letters of credit | $ 15,724,000 | $ 15,724,000 | 56,119,000 | ||||||
Commitments to Sell Loans | |||||||||
Loss Contingencies [Line Items] | |||||||||
Commitments to sell residential real estate loans | 826,000,000 | 826,000,000 | $ 659,000,000 | ||||||
Risk Level, Low | |||||||||
Loss Contingencies [Line Items] | |||||||||
Outstanding standby letters of credit | 148,000,000 | 148,000,000 | |||||||
Risk Level, High | |||||||||
Loss Contingencies [Line Items] | |||||||||
Outstanding standby letters of credit | 2,000,000 | 2,000,000 | |||||||
Risk Level, Medium | |||||||||
Loss Contingencies [Line Items] | |||||||||
Outstanding standby letters of credit | $ 360,000,000 | $ 360,000,000 |
SEGMENT REPORTING (Details)
SEGMENT REPORTING (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2016USD ($)businessreporting_unitbanking_marketsegments | Mar. 31, 2015USD ($) | Sep. 30, 2014USD ($) | Dec. 31, 2015USD ($) | |
Segment Reporting Information [Line Items] | ||||
Number of reporting segments | segments | 5 | |||
Maximum business banking customer's revenue | $ 20,000 | |||
Number of business banking businesses | business | 165,000 | |||
Net interest income | $ 503,066 | $ 467,685 | $ 467,685 | |
Provision for credit losses | 27,582 | 20,591 | 20,591 | |
Noninterest income | 241,867 | 231,623 | 231,623 | |
Noninterest expense | 491,080 | 458,857 | 458,857 | |
Income taxes | 54,957 | 54,006 | 54,006 | |
Net income (loss) | 171,314 | $ 165,854 | 165,854 | |
Assets | 72,644,967 | $ 71,018,301 | ||
Deposits | 55,628,842 | 55,294,979 | ||
Operating Segments | Retail & Business Banking | ||||
Segment Reporting Information [Line Items] | ||||
Net interest income | 264,688 | 248,650 | ||
Provision for credit losses | 12,196 | 7,151 | ||
Noninterest income | 117,559 | 95,759 | ||
Noninterest expense | 273,729 | 256,366 | ||
Income taxes | 33,713 | 28,312 | ||
Net income (loss) | 62,609 | 52,580 | ||
Assets | 15,786,893 | 15,746,086 | ||
Deposits | $ 31,302,518 | 30,875,607 | ||
Operating Segments | Commercial Banking | ||||
Segment Reporting Information [Line Items] | ||||
Number of reporting units | reporting_unit | 7 | |||
Net interest income | $ 100,863 | 74,918 | ||
Provision for credit losses | 34,756 | 6,835 | ||
Noninterest income | 58,581 | 54,893 | ||
Noninterest expense | 90,428 | 56,417 | ||
Income taxes | 11,991 | 23,296 | ||
Net income (loss) | 22,269 | 43,263 | ||
Assets | 17,954,911 | 17,022,387 | ||
Deposits | 11,257,864 | 11,424,778 | ||
Operating Segments | AFCRE | ||||
Segment Reporting Information [Line Items] | ||||
Net interest income | 95,569 | 95,162 | ||
Provision for credit losses | (16,617) | (1,383) | ||
Noninterest income | 7,252 | 4,675 | ||
Noninterest expense | 40,204 | 36,178 | ||
Income taxes | 27,732 | 22,765 | ||
Net income (loss) | 51,502 | 42,277 | ||
Assets | 18,503,547 | 17,856,368 | ||
Deposits | $ 1,607,598 | 1,651,702 | ||
Operating Segments | RBPCG | ||||
Segment Reporting Information [Line Items] | ||||
Number of regional banking markets | banking_market | 11 | |||
Net interest income | $ 39,279 | 26,824 | ||
Provision for credit losses | (479) | 2,645 | ||
Noninterest income | 27,807 | 40,424 | ||
Noninterest expense | 49,997 | 58,627 | ||
Income taxes | 6,149 | 2,092 | ||
Net income (loss) | 11,419 | 3,884 | ||
Assets | 4,324,770 | 4,284,608 | ||
Deposits | 7,889,524 | 7,690,581 | ||
Operating Segments | Home Lending | ||||
Segment Reporting Information [Line Items] | ||||
Net interest income | 13,016 | 15,277 | ||
Provision for credit losses | (2,274) | 5,343 | ||
Noninterest income | 11,650 | 18,658 | ||
Noninterest expense | 25,608 | 35,788 | ||
Income taxes | 466 | (2,519) | ||
Net income (loss) | 866 | (4,677) | ||
Assets | 3,107,196 | 3,087,486 | ||
Deposits | 334,186 | 361,881 | ||
Treasury/ Other | ||||
Segment Reporting Information [Line Items] | ||||
Assets | 12,967,650 | 13,021,366 | ||
Deposits | 3,237,152 | $ 3,290,430 | ||
Treasury/ Other | Others [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net interest income | (10,349) | 6,854 | ||
Provision for credit losses | 0 | 0 | ||
Noninterest income | 19,018 | 17,214 | ||
Noninterest expense | 11,114 | 15,481 | ||
Income taxes | (25,094) | (19,940) | ||
Net income (loss) | $ 22,649 | $ 28,527 |