Document and Entity Information
Document and Entity Information | 3 Months Ended |
Mar. 31, 2017shares | |
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, 2017 |
Amendment Flag | false |
Document Fiscal Year Focus | 2,017 |
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) | 1,087,119,978 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 | |
Assets | |||
Cash and due from banks | $ 1,308,813 | $ 1,384,770 | |
Interest-bearing deposits in banks | 63,055 | 58,267 | |
Trading account securities | 97,785 | 133,295 | |
Loans held for sale (includes $423,324 and $438,224 respectively, measured at fair value)(1) | [1] | 518,238 | 512,951 |
Available-for-sale and other securities | 16,173,605 | 15,562,837 | |
Held-to-maturity securities | 7,533,517 | 7,806,939 | |
Loans and leases (includes $98,342 and $82,319 respectively, measured at fair value)(1) | [1] | 67,098,269 | 66,961,996 |
Allowance for loan and lease losses | (672,580) | (638,413) | |
Net loans and leases | 66,425,689 | 66,323,583 | |
Bank owned life insurance | 2,445,545 | 2,432,086 | |
Premises and equipment | 852,582 | 815,508 | |
Goodwill | 1,992,849 | 1,992,849 | |
Other intangible assets | 388,103 | 402,458 | |
Servicing rights | 227,678 | 225,578 | |
Accrued income and other assets | 2,018,047 | 2,062,976 | |
Total assets | 100,045,506 | 99,714,097 | |
Liabilities | |||
Deposits | 77,422,510 | 75,607,717 | |
Short-term borrowings | 1,263,430 | 3,692,654 | |
Long-term debt | 9,279,140 | 8,309,159 | |
Accrued expenses and other liabilities | 1,643,279 | 1,796,421 | |
Total liabilities | 89,608,359 | 89,405,951 | |
Shareholders’ equity | |||
Preferred Stock | 1,071,227 | 1,071,227 | |
Common stock | 10,900 | 10,886 | |
Capital surplus | 9,898,889 | 9,881,277 | |
Less treasury shares, at cost | (26,765) | (27,384) | |
Accumulated other comprehensive loss | (390,860) | (401,016) | |
Retained (deficit) earnings | (126,244) | (226,844) | |
Total shareholders’ equity | 10,437,147 | 10,308,146 | |
Total liabilities and shareholders’ equity | $ 100,045,506 | $ 99,714,097 | |
Common shares authorized (par value of $0.01) (in shares) | 1,500,000,000 | 1,500,000,000 | |
Common shares issued (in shares) | 1,089,986,453 | 1,088,641,251 | |
Common shares outstanding (in shares) | 1,087,119,978 | 1,085,688,538 | |
Treasury shares outstanding (in shares) | 2,866,475 | 2,952,713 | |
Preferred stock, authorized shares (in shares) | 6,617,808 | 6,617,808 | |
Preferred shares issued (in shares) | 2,705,571 | 2,702,571 | |
Preferred shares outstanding (in shares) | 1,098,006 | 1,098,006 | |
[1] | Amounts represent loans for which Huntington has elected the fair value option. |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Assets | ||
Loans held for sale, fair value | $ 423,324 | $ 438,224 |
Loans and leases, fair value | $ 98,342 | $ 82,319 |
Shareholders’ equity | ||
Common stock, par value | $ 0.01 | $ 0.01 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Interest and fee income: | ||
Loans and leases | $ 675,934 | $ 463,422 |
Available-for-sale and other securities | ||
Taxable | 76,109 | 39,614 |
Tax-exempt | 18,862 | 13,019 |
Held-to-maturity securities—taxable | 45,195 | 36,789 |
Other | 4,260 | 4,407 |
Total interest income | 820,360 | 557,251 |
Interest expense: | ||
Deposits | 34,790 | 23,018 |
Short-term borrowings | 5,866 | 898 |
Federal Home Loan Bank advances | 66 | 69 |
Subordinated notes and other long-term debt | 49,663 | 30,200 |
Total interest expense | 90,385 | 54,185 |
Net interest income | 729,975 | 503,066 |
Provision for credit losses | 67,638 | 27,582 |
Net interest income after provision for credit losses | 662,337 | 475,484 |
Service charges on deposit accounts | 83,420 | 70,262 |
Cards and payment processing income | 47,169 | 36,447 |
Mortgage banking income | 31,692 | 18,543 |
Trust and investment management services | 33,869 | 22,838 |
Insurance income | 15,264 | 16,225 |
Brokerage income | 15,758 | 15,502 |
Capital markets fees | 14,200 | 13,010 |
Bank owned life insurance income | 17,542 | 13,513 |
Gain on sale of loans | 12,822 | 5,395 |
Net gains on sales of securities | 16 | 0 |
Other noninterest income | 40,735 | 30,132 |
Total noninterest income | 312,463 | 241,867 |
Personnel costs | 382,000 | 285,397 |
Outside data processing and other services | 87,202 | 61,878 |
Equipment | 46,700 | 32,576 |
Net occupancy | 67,700 | 31,476 |
Professional services | 18,295 | 13,538 |
Marketing | 13,923 | 12,268 |
Deposit and other insurance expense | 20,099 | 11,208 |
Amortization of intangibles | 14,355 | 3,712 |
Other noninterest expense | 57,148 | 39,027 |
Total noninterest expense | 707,422 | 491,080 |
Income before income taxes | 267,378 | 226,271 |
Provision for income taxes | 59,284 | 54,957 |
Net income | 208,094 | 171,314 |
Dividends on preferred shares | 18,878 | 7,998 |
Net income applicable to common shares | $ 189,216 | $ 163,316 |
Average common shares—basic (in shares) | 1,086,374 | 795,755 |
Average common shares—diluted (in shares) | 1,108,617 | 808,349 |
Per common share: | ||
Net income—basic (in usd per share) | $ 0.17 | $ 0.21 |
Net income—diluted (in usd per share) | 0.17 | 0.20 |
Cash dividends declared (in usd per share) | $ 0.08 | $ 0.07 |
OTTI losses for the periods presented: | ||
Total OTTI losses | $ (26) | $ (3,733) |
Noncredit-related portion of loss recognized in OCI | 2 | 3,733 |
Impairment losses recognized in earnings on available-for-sale securities | $ (24) | $ 0 |
Condensed Consolidated Stateme5
Condensed Consolidated Statement of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 208,094 | $ 171,314 |
Unrealized gains (losses) on available-for-sale and other securities: | ||
Non-credit-related impairment recoveries (losses) on debt securities not expected to be sold | 524 | (2,349) |
Unrealized net gains (losses) on available-for-sale and other securities arising during the period, net of reclassification for net realized gains and losses | (9,998) | (51,551) |
Total unrealized gains (losses) on available-for-sale and other securities | 10,522 | 49,202 |
Unrealized gains (losses) on cash flow hedging derivatives, net of reclassifications to income | (826) | 8,829 |
Change in accumulated unrealized losses for pension and other post-retirement obligations | 460 | 841 |
Other comprehensive income (loss), net of tax | 10,156 | 58,872 |
Comprehensive income | $ 218,250 | $ 230,186 |
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) | Preferred Stock | Series A Preferred Stock | Series A Preferred StockRetained Earnings (Deficit) | Series B Preferred Stock | Series B Preferred StockRetained Earnings (Deficit) | Series C Preferred Stock | Series C Preferred StockRetained Earnings (Deficit) | Series D Preferred Stock | Series D Preferred StockRetained Earnings (Deficit) |
Balance, beginning of period (in shares) at Dec. 31, 2015 | 796,970 | (2,041) | |||||||||||||
Balance, beginning of period at Dec. 31, 2015 | $ 6,594,606 | $ 7,970 | $ 7,038,502 | $ (17,932) | $ (226,158) | $ (594,067) | $ 386,291 | ||||||||
Comprehensive Income: | |||||||||||||||
Net income | 171,314 | 171,314 | |||||||||||||
Other comprehensive income (loss) | 58,872 | 58,872 | |||||||||||||
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) | 0 | (51) | |||||||||||||
Other | (501) | $ 0 | 10 | $ (485) | (26) | ||||||||||
Balance, end of period (in shares) at Mar. 31, 2016 | 798,781 | (2,092) | |||||||||||||
Balance, end of period at Mar. 31, 2016 | 7,157,670 | $ 7,988 | 7,050,463 | $ (18,417) | (167,286) | (487,717) | 772,639 | ||||||||
Cash dividends declared: | |||||||||||||||
Stock Issued During Period, Value, New Issues | 386,348 | $ 386,348 | |||||||||||||
Balance, beginning of period (in shares) at Dec. 31, 2016 | 1,088,641 | (2,953) | |||||||||||||
Balance, beginning of period at Dec. 31, 2016 | 10,308,146 | $ 10,886 | 9,881,277 | $ (27,384) | (401,016) | (226,844) | 1,071,227 | ||||||||
Comprehensive Income: | |||||||||||||||
Net income | 208,094 | 208,094 | |||||||||||||
Other comprehensive income (loss) | 10,156 | 10,156 | |||||||||||||
Cash dividends declared: | |||||||||||||||
Common stock, dividend | (87,069) | (87,069) | |||||||||||||
Preferred stock, dividend | $ (7,703) | $ (7,703) | $ (330) | $ (330) | $ (1,469) | $ (1,469) | $ (9,375) | $ (9,375) | |||||||
Recognition of the fair value of share-based compensation | (1,885) | (1,885) | |||||||||||||
Other share-based compensation activity (in shares) | 1,338 | ||||||||||||||
Other share-based compensation activity | 17,776 | $ 13 | 19,089 | (1,326) | |||||||||||
Other (in shares) | (7) | (87) | |||||||||||||
Other | 806 | $ 1 | 408 | $ 619 | (222) | ||||||||||
Balance, end of period (in shares) at Mar. 31, 2017 | 1,089,986 | (2,866) | |||||||||||||
Balance, end of period at Mar. 31, 2017 | $ 10,437,147 | $ 10,900 | $ 9,898,889 | $ (26,765) | $ (390,860) | $ (126,244) | $ 1,071,227 |
Condensed Consolidated Stateme7
Condensed Consolidated Statements of Changes in Shareholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Cash dividends declared: | ||
Common stock, Cash dividend per share (in usd per share) | $ 0.08 | $ 0.07 |
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) | 9.31 | 8.31 |
Series C Preferred Stock | ||
Cash dividends declared: | ||
Preferred stock dividend per share (in usd per share) | 14.69 | 0 |
Series D Preferred Stock | ||
Cash dividends declared: | ||
Preferred stock dividend per share (in usd per share) | $ 15.63 | $ 0 |
Condensed Consolidated Stateme8
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Operating activities | ||
Net income | $ 208,094 | $ 171,314 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provision for credit losses | 67,638 | 27,582 |
Depreciation and amortization | 211,198 | 105,103 |
Share-based compensation expense | (1,885) | 11,268 |
Net change in: | ||
Trading account securities | 35,510 | (8,927) |
Loans held for sale | 23,544 | (39,502) |
Accrued income and other assets | 54,010 | (41,066) |
Deferred income taxes | (20,271) | (4,366) |
Accrued expense and other liabilities | (188,072) | (25,580) |
Other, net | 5,985 | (4,036) |
Net cash provided by (used for) operating activities | 395,751 | 191,790 |
Investing activities | ||
Change in interest bearing deposits in banks | 16,876 | (14,830) |
Proceeds from: | ||
Maturities and calls of available-for-sale and other securities | 116,261 | 217,015 |
Maturities of held-to-maturity securities | 279,077 | 210,606 |
Sales of available-for-sale and other securities | 165,364 | 0 |
Purchases of available-for-sale and other securities | (887,880) | (691,607) |
Purchases of held-to-maturity securities | (8,616) | 0 |
Net proceeds from sales of portfolio loans | 118,626 | 74,831 |
Net loan and lease activity, excluding sales and purchases | (437,084) | (714,140) |
Purchases of premises and equipment | (55,485) | (12,157) |
Proceeds from sales of other real estate | 5,860 | 6,950 |
Purchases of loans and leases | (43,972) | (667,031) |
Other, net | (6,094) | 920 |
Net cash provided by (used for) investing activities | (737,067) | (1,589,443) |
Financing activities | ||
Increase (decrease) in deposits | 1,814,793 | 363,177 |
Increase (decrease) in short-term borrowings | (2,433,055) | (147,339) |
Net proceeds from issuance of long-term debt | 1,029,231 | 1,024,068 |
Maturity/redemption of long-term debt | (47,434) | (195,475) |
Dividends paid on preferred stock | (18,865) | (7,998) |
Dividends paid on common stock | (87,015) | (56,195) |
Proceeds from stock options exercised | 4,822 | 1,126 |
Proceeds from Issuance of Preferred Stock and Preference Stock | 0 | 386,348 |
Other, net | 2,882 | (967) |
Net cash provided by (used for) financing activities | 265,359 | 1,366,745 |
Increase (decrease) in cash and cash equivalents | (75,957) | (30,908) |
Cash and cash equivalents at beginning of period | 1,384,770 | 847,156 |
Cash and cash equivalents at end of period | 1,308,813 | 816,248 |
Supplemental disclosures: | ||
Interest paid | 86,477 | |
Income taxes paid (refunded) | 1,059 | |
Non-cash activities | ||
Loans transferred to held-for-sale from portfolio | 158,735 | 145,210 |
Loans transferred to portfolio from held-for-sale | 168 | 9,259 |
Transfer of loans to OREO | $ 10,271 | $ 6,468 |
BASIS OF PRESENTATION
BASIS OF PRESENTATION | 3 Months Ended |
Mar. 31, 2017 | |
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 statement 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 2016 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. |
ACCOUNTING STANDARDS UPDATE
ACCOUNTING STANDARDS UPDATE | 3 Months Ended |
Mar. 31, 2017 | |
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 for revenue recognition. The amendments are effective for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. Management intends to adopt the new guidance on January 1, 2018 using the modified retrospective approach and is well into its outlined implementation plan. In this regard, management has completed a preliminary analysis that includes (a) identification of all revenue streams included in the financial statements; (b) determination of scope exclusions to identify ‘in-scope’ revenue streams; (c) determination of size, timing, and amount of revenue recognition for in-scope items; (d) determination of sample size of contracts for further analysis; and (e) completion of limited analysis on selected contracts to evaluate the potential impact of the new guidance. The key revenue streams identified include service charges, credit card and payment processing fees, trust services fees, insurance income, brokerage services, and mortgage banking income. The new guidance is not expected to have a significant impact on Huntington’s Unaudited Consolidated Financial Statements. ASU 2016-01 - Recognition and Measurement of Financial Assets and Financial Liabilities. The amendments in this Update make targeted improvements to GAAP including, but not limited to, requiring an entity to measure its equity investments with changes in the fair value recognized in the income statement; requiring an entity to present separately in OCI the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments (i.e., FVO liability); requiring public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes; assessing deferred tax assets related to a net unrealized loss on AFS securities in combination with the entity’s other deferred tax assets; and eliminating some of the disclosures required by the existing GAAP while requiring entities to present and disclose some additional information. The new guidance is effective for the fiscal period beginning after December 15, 2017, including interim periods within those fiscal years. An entity should apply the amendments as a cumulative-effect adjustment to the balance sheet as of the beginning of the fiscal year of adoption. The amendment is not expected to have a material impact on Huntington's Unaudited Consolidated Financial Statements. ASU 2016-02 - Leases. This Update sets forth a new lease accounting model for lessors and lessees. For lessees, virtually all leases will be required to be recognized on the balance sheet by recording a right-of-use asset and lease liability. 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 Consolidated Financial Statements. Huntington expects to recognize a right-of-use asset and a lease liability for its operating lease commitments. 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, a change in the derivative counterparty does not, in and of itself, require de-designation of that hedging relationship provided that all other hedge accounting criteria continue to be met. The Update was adopted in the current reporting period and did not have a significant impact on Huntington's Unaudited 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. The Update was adopted in the current reporting period and did not have a significant impact on Huntington's Unaudited 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. The Update was adopted in the current reporting period and did not have a significant impact on Huntington's Unaudited Consolidated Financial Statements. ASU 2016-13 - Financial Instruments - Credit Losses. The amendments in this Update eliminate the probable recognition threshold for credit losses on financial assets measured at amortized cost. The Update requires those financial assets to be presented at the net amount expected to be collected (i.e., net of expected credit losses). The measurement of expected credit losses should be based on relevant information about past events, including historical experience, current conditions, and reasonable and supportable forecasts that affect the collectibility of the reported amount. The Update is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted for fiscal years beginning after December 15, 2018. The amendments should be applied through a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective. Management currently intends to adopt the guidance on January 1, 2020 and is assessing the impact of this Update on Huntington's Unaudited Consolidated Financial Statements. Management has formed a working group comprised of teams from different disciplines including credit and finance. The working group is currently evaluating the requirements of the new standard and the impact it will have on our processes. The early stages of this evaluation include a review of existing credit models to identify areas where existing credit models used to comply with other regulatory requirements may be leveraged and areas where new impairment models may be required. ASU 2016-15 - Classification of Certain Cash Receipts and Cash Payments. The amendments in this Update add or clarify guidance on the classification of certain cash receipts and payments in the statement of cash flows. Current guidance lacks consistent principles for evaluating the classification of cash payments and receipts in the statement of cash flows. This has led to diversity in practice and, in certain circumstances, financial statement restatements. Therefore, the FASB issued the ASU with the intent of reducing diversity in practice with respect to several types of cash flows. The amendments in this Update are effective using a retrospective transition approach for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted, including adoption in an interim period. If an entity early adopts the amendments in an interim period, any adjustments should be reflected as of the beginning of the fiscal year that includes that interim period. This Update is not expected to have a significant impact on Huntington's Unaudited Consolidated Financial Statements. ASU 2016-17 - Consolidation - Interests Held Through Related Parties that are Under Common Control. The Update amends the guidance included in ASU 2015-02, Consolidation: Amendments to Consolidation Analysis adopted by Huntington in 2016. The Update makes a narrow amendment and requires that a single decision maker should consider indirect economic interests in the entity held through related parties that are under common control on a proportionate basis when determining whether it is the primary beneficiary of that VIE. Prior to this amendment, indirect interests held through related parties that are under common control were to be considered equivalent of single decision maker’s direct interests in their entirety. The Update was adopted in the current reporting period and did not have a significant impact on Huntington's Unaudited Consolidated Financial Statements. ASU 2017-04 - Simplifying the Test for Goodwill Impairment. The Update simplifies the goodwill impairment test. Under the new guidance, Step 2 of the goodwill impairment process that requires an entity to determine the implied fair value of its goodwill by assigning fair value to all its assets and liabilities, is eliminated. Instead, the entity should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit's fair value. An entity still has the option to perform the qualitative assessment for a reporting unit to determine if the quantitative impairment test is necessary. The new guidance is effective for annual and interim goodwill tests performed in fiscal years beginning after December 15, 2019. Early adoption is permitted. The amendment is not expected to have a material impact on Huntington's Unaudited Consolidated Financial Statements. ASU 2017-07 - Improving the Presentation of Net Periodic Pension Cost and Periodic Postretirement Benefit Cost. The amendments in this Update require that an employer report the service cost component of the pension cost and postretirement benefit cost in the same line items as other compensation costs arising from services rendered by the pertinent employees during the period. The other components of the net benefit cost should be presented in the income statement separately from the service cost component. The amendments in this Update are effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Early adoption is permitted as of the beginning of an annual period for which financial statements have not been issued or made available for issuance. This Update is not expected to have a significant impact on Huntington's Unaudited Consolidated Financial Statements. ASU 2017-08 - Premium Amortization on Purchased Callable Debt Securities. The Update amends the guidance related to amortization for certain callable debt securities held at a premium. The new guidance requires the premium to be amortized to the earliest call date. The guidance does not require an accounting change for securities purchased at discount. The Update was adopted in the current reporting period and did not have a significant impact on Huntington's Unaudited Consolidated Financial Statements. |
LOANS _ LEASES AND ALLOWANCE FO
LOANS / LEASES AND ALLOWANCE FOR CREDIT LOSSES | 3 Months Ended |
Mar. 31, 2017 | |
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 and purchase accounting adjustments, which resulted in a net premium of $179 million and $120 million at March 31, 2017 and December 31, 2016 , respectively. Loan and Lease Portfolio Composition The following table provides a detailed listing of Huntington’s loan and lease portfolio at March 31, 2017 and December 31, 2016 : (dollar amounts in thousands) March 31, December 31, Loans and leases: Commercial and industrial $ 28,175,924 $ 28,058,712 Commercial real estate 7,093,118 7,300,901 Automobile 11,155,094 10,968,782 Home equity 9,974,294 10,105,774 Residential mortgage 7,829,137 7,724,961 RV and marine finance 1,934,983 1,846,447 Other consumer 935,719 956,419 Loans and leases 67,098,269 66,961,996 Allowance for loan and lease losses (672,580 ) (638,413 ) Net loans and leases $ 66,425,689 $ 66,323,583 Purchased Credit-Impaired Loans The following table presents a rollforward of the accretable yield for purchased credit impaired loans for the three-month period ended March 31, 2017 : and 2016 : Three months ended (dollar amounts in thousands) 2017 FirstMerit Balance, beginning of period $ 36,669 Accretion (4,702 ) Reclassification (to) from nonaccretable difference 5,405 Balance, end of period $ 37,372 The following table reflects the ending and unpaid balances of the purchase credit impaired loans at March 31, 2017 and December 31, 2016 : March 31, 2017 December 31, 2016 (dollar amounts in thousands) Ending Unpaid Ending Unpaid FirstMerit Commercial and industrial $ 67,514 $ 97,946 $ 68,338 $ 100,031 Commercial real estate 22,597 38,045 34,042 56,320 Total $ 90,111 $ 135,991 $ 102,380 $ 156,351 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. The following table presents NALs by loan class at March 31, 2017 and December 31, 2016 : (dollar amounts in thousands) March 31, December 31, Commercial and industrial $ 232,171 $ 234,184 Commercial real estate 13,889 20,508 Automobile 4,881 5,766 Home equity 69,575 71,798 Residential mortgage 80,686 90,502 RV and marine finance 106 245 Other consumer 2 — Total nonaccrual loans $ 401,310 $ 423,003 The following table presents an aging analysis of loans and leases, including past due loans, by loan class at March 31, 2017 and December 31, 2016 : (1) March 31, 2017 Past Due Loans Accounted for Under the Fair Value Option Total Loans 90 or (dollar amounts in thousands) 30-59 60-89 90 or Total Current Purchased Credit Impaired Commercial and industrial $ 77,998 $ 11,428 $ 77,392 $ 166,818 $ 27,941,592 $ 67,514 $ — $ 28,175,924 $ 15,054 (2) Commercial real estate 38,046 460 26,281 64,787 7,005,734 22,597 — 7,093,118 14,499 Automobile 70,564 15,517 8,331 94,412 11,058,889 — 1,793 11,155,094 8,123 Home equity 43,532 18,464 58,631 120,627 9,850,680 — 2,987 9,974,294 15,453 Residential mortgage 91,831 38,144 112,207 242,182 7,495,211 — 91,744 7,829,137 69,244 (3) RV and marine finance 10,101 3,064 2,202 15,367 1,918,199 — 1,417 1,934,983 2,200 Other consumer 9,234 3,766 3,369 16,369 918,949 — 401 935,719 3,370 Total loans and leases $ 341,306 $ 90,843 $ 288,413 $ 720,562 $ 66,189,254 $ 90,111 $ 98,342 $ 67,098,269 $ 127,943 December 31, 2016 Past Due Loans Accounted for Under the Fair Value Option Total Loans 90 or (dollar amounts in thousands) 30-59 60-89 90 or Total Current Purchased Commercial and industrial 42,052 20,136 74,174 136,362 27,854,012 68,338 — 28,058,712 18,148 (2) Commercial real estate 21,187 3,202 29,659 54,048 7,212,811 34,042 — 7,300,901 17,215 Automobile loans 76,283 17,188 10,442 103,913 10,862,715 — 2,154 10,968,782 10,182 Home equity 38,899 23,903 53,002 115,804 9,986,697 — 3,273 10,105,774 11,508 Residential mortgage 122,469 37,460 116,682 276,611 7,373,414 — 74,936 7,724,961 66,952 (3) RV and marine finance 10,009 2,230 1,566 13,805 1,831,123 — 1,519 1,846,447 1,462 Other consumer 9,442 4,324 3,894 17,660 938,322 — 437 956,419 3,895 Total loans and leases $ 320,341 $ 108,443 $ 289,419 $ 718,203 $ 66,059,094 $ 102,380 $ 82,319 $ 66,961,996 $ 129,362 (1) NALs are included in this aging analysis based on the loan’s past due status. (2) Amounts include Huntington Technology Finance administrative lease delinquencies. (3) Amounts include loans guaranteed by government organizations. 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 commercial real estate values and the development of new or expanded Commercial business segments. Also, the ACL assessment includes the on-going assessment of credit quality metrics, and a comparison of certain ACL benchmarks to current performance. The ALLL consists of two components: (1) the transaction reserve, which includes a loan level allocation, specific reserves related to loans considered to be impaired, and loans involved in troubled debt restructurings, and (2) the general reserve. The transaction reserve component includes both (1) an estimate of loss based on pools of commercial and consumer loans and leases with similar characteristics, and (2) an estimate of loss based on an impairment review of each impaired C&I and CRE loan where obligor balance is greater than $1 million . For the C&I and CRE portfolios, the estimate of loss based on pools of loans and leases with similar characteristics is made by applying a PD factor and a LGD factor to each individual loan based on a regularly updated loan grade, using a standardized loan grading system. The PD factor and an LGD factor are determined for each loan grade using statistical models based on historical performance data. The PD factor considers on-going reviews of the financial performance of the specific borrower, including cash flow, debt-service coverage ratio, earnings power, debt level, and equity position, in conjunction with an assessment of the borrower’s industry and future prospects. The LGD factor considers analysis of the type of collateral and the relative LTV ratio. These reserve factors are developed based on credit migration models that track historical movements of loans between loan ratings over time and a combination of long-term average loss experience of our own portfolio and external industry data. In the case of more homogeneous portfolios, such as automobile loans, home equity loans, residential mortgage loans and RV and marine finance, the determination of the transaction reserve also incorporates PD and LGD factors. The estimate of loss is based on pools of loans and leases with similar characteristics. The PD factor considers current credit scores unless the account is delinquent, in which case a higher PD factor is used. The credit score provides a basis for understanding the borrower’s past and current payment performance, and this information is used to estimate expected losses over the emergence period. The performance of first-lien loans ahead of our junior-lien loans is available to use as part of our updated score process. The LGD factor considers analysis of the type of collateral and the relative LTV ratio. Credit scores, models, analyses, and other factors used to determine both the PD and LGD factors are updated frequently to capture the recent behavioral characteristics of the subject portfolios, as well as any changes in loss mitigation or credit origination strategies, and adjustments to the reserve factors are made as required. The general reserve consists of various risk-profile reserve components. The risk-profile component considers items unique to our structure, policies, processes, and portfolio composition, as well as qualitative measurements and assessments of the loan portfolios including, but not limited to, management quality, concentrations, portfolio composition, industry comparisons, and internal review functions. The estimate for the AULC is determined using the same procedures and methodologies as used for the ALLL. The loss factors used in the AULC are the same as the loss factors used in the ALLL while also considering a historical utilization of unused commitments. The AULC is reflected in accrued expenses and other liabilities in the Unaudited Condensed Consolidated Balance Sheets. The acquired loans were recorded at their fair value as of the acquisition date and the prior ALLL was eliminated. An ALLL for acquired loans is estimated using a methodology similar to that used for originated loans. The allowance determined for each acquired loan is compared to the remaining fair value adjustment for that loan. If the computed allowance is greater, the excess is added to the allowance through a provision for loan losses. If the computed allowance is less, no additional allowance is recognized. 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 loans sold or transferred to held for sale. The following table presents ALLL and AULC activity by portfolio segment for the three-month periods ended March 31, 2017 and 2016 : (dollar amounts in thousands) Commercial Consumer Total Three-month period ended March 31, 2017: ALLL balance, beginning of period $ 451,091 $ 187,322 $ 638,413 Loan charge-offs (23,669 ) (47,046 ) (70,715 ) Recoveries of loans previously charged-off 17,815 13,462 31,277 Provision (reduction in allowance) for loan and lease losses 35,145 38,534 73,679 Allowance for loans sold or transferred to loans held for sale (74 ) — (74 ) ALLL balance, end of period $ 480,308 $ 192,272 $ 672,580 AULC balance, beginning of period $ 86,543 $ 11,336 $ 97,879 Provision for (reduction in allowance) unfunded loan commitments and letters of credit 2,356 (8,397 ) (6,041 ) AULC balance, end of period $ 88,899 $ 2,939 $ 91,838 ACL balance, end of period $ 569,207 $ 195,211 $ 764,418 (dollar amounts in thousands) Commercial Consumer Total Three-month period ended March 31, 2016: ALLL balance, beginning of period $ 398,753 $ 199,090 $ 597,843 Loan charge-offs (28,949 ) (30,743 ) (59,692 ) Recoveries of loans previously charged-off 39,911 11,229 51,140 Provision for (reduction in allowance) loan and lease losses 12,726 11,612 24,338 Allowance for loans sold or transferred to loans held for sale — 90 90 ALLL balance, end of period $ 422,441 $ 191,278 $ 613,719 AULC balance, beginning of period $ 63,448 $ 8,633 $ 72,081 Provision for (reduction in allowance) unfunded loan commitments and letters of credit 2,424 820 3,244 AULC balance, end of period $ 65,872 $ 9,453 $ 75,325 ACL balance, end of period $ 488,313 $ 200,731 $ 689,044 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, RV and marine finance loans and other consumer loans are charged-off at 120 -days past due. First-lien and junior-lien home equity loans are charged-off to the estimated fair value of the collateral, less anticipated selling costs, at 150 -days past due and 120 -days past due, respectively. Residential mortgages are charged-off to the estimated fair value of the collateral at 150 -days past due. 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 internally defined 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. 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 both considered Classified loans. For all classes within the 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, 2017 and December 31, 2016 : March 31, 2017 Credit Risk Profile by UCS Classification (dollar amounts in thousands) Pass OLEM Substandard Doubtful Total Commercial Commercial and industrial $ 26,216,400 $ 808,467 $ 1,131,835 $ 19,222 $ 28,175,924 Commercial real estate 6,867,440 120,212 103,983 1,483 7,093,118 Credit Risk Profile by FICO Score (1), (2) 750+ 650-749 <650 Other (3) Total Consumer Automobile $ 5,445,124 $ 4,254,397 $ 1,172,859 $ 280,921 $ 11,153,301 Home equity 6,131,710 2,924,593 631,268 283,736 9,971,307 Residential mortgage 4,643,664 2,406,782 611,675 75,272 7,737,393 RV and marine finance 1,179,561 699,701 16,202 38,102 1,933,566 Other consumer 333,683 440,599 142,515 18,521 935,318 December 31, 2016 Credit Risk Profile by UCS Classification (dollar amounts in thousands) Pass OLEM Substandard Doubtful Total Commercial Commercial and industrial $ 26,211,885 $ 810,287 $ 1,028,819 $ 7,721 $ 28,058,712 Commercial real estate 7,042,304 96,975 159,098 2,524 7,300,901 Credit Risk Profile by FICO Score (1), (2) 750+ 650-749 <650 Other (3) Total Consumer Automobile $ 5,369,085 $ 4,043,611 $ 1,298,460 $ 255,472 $ 10,966,628 Home equity 6,280,328 2,891,330 637,560 293,283 10,102,501 Residential mortgage 4,662,777 2,285,121 615,067 87,060 7,650,025 RV and marine finance 1,064,143 644,039 72,995 63,751 1,844,928 Other consumer 346,867 455,959 133,243 19,913 955,982 (1) Excludes loans accounted for under the fair value option. (2) Reflects most recent customer credit scores. (3) 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 evaluated 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 cost, fee, premium, or discount. When the contractual interest rate is variable, the effective interest rate of the loan changes over time. A specific reserve is established as a component of the ALLL when a loan has been determined to be impaired. Subsequent to the initial measurement of impairment, if there is a significant change to the impaired loan’s expected future cash flows, or if actual cash flows are significantly different from the cash flows previously estimated, Huntington recalculates the impairment and appropriately adjusts the specific reserve. Similarly, if Huntington measures impairment based on the observable market price of an impaired loan or the fair value of the collateral of an impaired collateral dependent loan, Huntington will adjust the specific reserve. When a loan within any class is impaired, the accrual of interest income is discontinued unless the receipt of principal and interest is no longer in doubt. Interest income on TDRs is accrued when all principal and interest is expected to be collected under the post-modification terms. Cash receipts 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 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, 2017 and December 31, 2016 : (dollar amounts in thousands) Commercial Consumer Total ALLL at March 31, 2017: Portion of ALLL balance: Attributable to loans individually evaluated for impairment $ 24,519 $ 11,888 $ 36,407 Attributable to loans collectively evaluated for impairment 455,789 180,384 636,173 Total ALLL balance $ 480,308 $ 192,272 $ 672,580 Loan and Lease Ending Balances at March 31, 2017: (1) Portion of loan and lease ending balance: Purchased credit-impaired loans $ 90,111 $ — $ 90,111 Individually evaluated for impairment 425,793 457,790 883,583 Collectively evaluated for impairment 34,753,138 31,273,095 66,026,233 Total loans and leases evaluated for impairment $ 35,269,042 $ 31,730,885 $ 66,999,927 (dollar amounts in thousands) Commercial Consumer Total ALLL at December 31, 2016 Portion of ALLL balance: Attributable to loans individually evaluated for impairment $ 10,525 $ 11,021 $ 21,546 Attributable to loans collectively evaluated for impairment 440,566 176,301 616,867 Total ALLL balance: $ 451,091 $ 187,322 $ 638,413 Loan and Lease Ending Balances at December 31, 2016 (1) Portion of loan and lease ending balances: Purchased credit-impaired loans $ 102,380 $ — $ 102,380 Individually evaluated for impairment 415,624 457,890 873,514 Collectively evaluated for impairment 34,841,609 31,062,174 65,903,783 Total loans and leases evaluated for impairment $ 35,359,613 $ 31,520,064 $ 66,879,677 (1) Excludes loans accounted for under the fair value option. 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 impaired loans and leases and purchased credit-impaired loans: (1), (2) March 31, 2017 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 $ 250,789 $ 290,673 $ — $ 275,409 $ 4,500 Commercial real estate 86,621 117,745 — 85,829 2,000 Automobile — — — — — Home equity — — — — — Residential mortgage — — — — — RV and marine finance — — — — — Other consumer — — — — — With an allowance recorded: Commercial and industrial (3) 278,368 306,613 33,678 334,179 1,906 Commercial real estate (4) 41,416 49,444 2,810 69,094 467 Automobile 32,731 32,942 2,004 31,846 534 Home equity (6) 326,755 360,622 16,232 323,079 3,949 Residential mortgage (6) (7) 349,527 383,685 14,217 338,640 3,110 RV and marine finance 687 710 26 343 11 Other consumer 4,245 4,245 248 4,071 57 Total Commercial and industrial 529,157 597,286 33,678 609,588 6,406 Commercial real estate 128,037 167,189 2,810 154,923 2,467 Automobile 32,731 32,942 2,004 31,846 534 Home equity 326,755 360,622 16,232 323,079 3,949 Residential mortgage 349,527 383,685 14,217 338,640 3,110 RV and marine finance 687 710 26 343 11 Other consumer 4,245 4,245 248 4,071 57 December 31, 2016 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 $ 299,606 $ 358,712 $ — $ 261,144 $ 1,233 Commercial real estate 88,817 126,152 — 71,807 1,616 Automobile — — — — — Home equity — — — — — Residential mortgage — — — 1,473 2 RV and marine finance — — — — — Other consumer — — — 45 102 With an allowance recorded: Commercial and industrial (3) 406,243 448,121 22,259 264,084 3,086 Commercial real estate (4) 97,238 107,512 3,434 79,857 758 Automobile 30,961 31,298 1,850 32,284 578 Home equity (6) 319,404 352,722 15,032 250,016 2,968 Residential mortgage (6) (7) 327,753 363,099 12,849 362,280 3,036 RV and marine finance — — — — — Other consumer 3,897 3,897 260 4,799 66 Total Commercial and industrial 705,849 806,833 22,259 525,228 4,319 Commercial real estate 186,055 233,664 3,434 151,664 2,374 Automobile 30,961 31,298 1,850 32,284 578 Home equity 319,404 352,722 15,032 250,016 2,968 Residential mortgage 327,753 363,099 12,849 363,753 3,038 RV and marine finance — — — — — Other consumer 3,897 3,897 260 4,844 168 (1) These tables do not include loans fully charged-off. (2) All automobile, RV and marine finance and other consumer impaired loans included in these tables are considered impaired due to their status as a TDR. (3) At March 31, 2017 and December 31, 2016 , commercial and industrial loans with an allowance recorded of $117 million and $293 million , respectively, were considered impaired due to their status as a TDR. (4) At March 31, 2017 and December 31, 2016 , commercial real estate loans with an allowance recorded of $24 million and $81 million , respectively, 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) Includes home equity and residential mortgages considered to be collateral dependent as well as home equity and mortgage loans considered impaired due to their status as a TDR. (7) At March 31, 2017 and December 31, 2016 , residential mortgage loans with an allowance recorded of $30 million and $29 million , respectively, were guaranteed by the U.S. government. TDR Loans TDRs are modified loans where a concession was provided to a borrower experiencing financial difficulties. Loan modifications are considered TDRs when the concessions provided are not available to the borrower through either normal channels or other sources. However, not all loan modifications are TDRs. Acquired, non-purchased credit impaired loan are only considered for TDR reporting for modifications made subsequent to acquisition. The following table presents by class and by the reason for the modification, the number of contracts, post-modification outstanding balance, and the financial effects of the modification for the three-month periods ended March 31, 2017 an 2016 : New Troubled Debt Restructurings During The Three-Month Period Ended (1) March 31, 2017 March 31, 2016 (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) Commercial and industrial: Interest rate reduction 1 $ 19 $ 6 1 $ 17 $ (1 ) Amortization or maturity date change 236 112,425 (1,002 ) 184 122,658 572 Other 3 160 (27 ) 8 858 (4 ) Total Commercial and industrial 240 112,604 (1,023 ) 193 123,533 567 Commercial real estate: Interest rate reduction — — — — — — Amortization or maturity date change 24 31,263 (388 ) 24 33,795 (559 ) Other — — — 2 263 16 Total commercial real estate: 24 31,263 (388 ) 26 34,058 (543 ) Automobile: Interest rate reduction 14 178 5 4 42 2 Amortization or maturity date change 477 4,301 111 421 3,901 220 Chapter 7 bankruptcy 240 1,822 29 317 2,562 115 Other — — — — — — Total Automobile 731 6,301 145 742 6,505 337 Home equity: Interest rate reduction 8 562 7 20 1,384 67 Amortization or maturity date change 106 5,496 (674 ) 229 11,890 (1,282 ) Chapter 7 bankruptcy 87 3,619 1,038 99 3,597 733 Other 58 3,729 (326 ) — — — Total Home equity 259 13,406 45 348 16,871 (482 ) Residential mortgage: Interest rate reduction 2 110 (9 ) 5 657 (32 ) Amortization or maturity date change 99 11,071 (258 ) 92 10,759 (577 ) Chapter 7 bankruptcy 24 2,691 (136 ) 17 1,505 70 Other 16 1,920 14 — — — Total Residential mortgage 141 15,792 (389 ) 114 12,921 (539 ) RV and marine finance: Interest rate reduction — — — — — — Amortization or maturity date change 14 476 12 — — — Chapter 7 bankruptcy 15 210 4 — — — Other — — — — — — Total RV and marine finance 29 686 16 — — — Other consumer: Interest rate reduction 1 78 2 — — — Amortization or maturity date change 2 267 7 4 555 24 Chapter 7 bankruptcy 1 4 — 7 66 7 Other — — — — — — Total Other consumer 4 349 9 11 621 31 Total new troubled debt restructurings 1,428 $ 180,401 $ (1,585 ) 1,434 $ 194,509 $ (629 ) (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. Pledged Loans and Leases At March 31, 2017 , the Bank has access to the Federal Reserve’s discount window and advances from the FHLB – Cincinnati. As of March 31, 2017 , these borrowings and advances are secured by $29.3 billion of loans and securities. On March 31, 2015, Huntington completed its acquisition of Macquarie Equipment Finance, which we have re-branded Huntington Technology Finance. Huntington assumed debt associated with a related securitization. As of March 31, 2017 , the debt is secured by $55 million of leases held by the trust. |
AVAILABLE-FOR-SALE AND OTHER SE
AVAILABLE-FOR-SALE AND OTHER SECURITIES | 3 Months Ended |
Mar. 31, 2017 | |
Investments, Debt and Equity Securities [Abstract] | |
AVAILABLE-FOR-SALE AND OTHER SECURITIES | AVAILABLE-FOR-SALE AND OTHER SECURITIES Listed below are the contractual maturities of available-for-sale and other securities at March 31, 2017 and December 31, 2016 : March 31, 2017 December 31, 2016 (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 $ 6,379 $ 6,383 $ 4,978 $ 4,988 After 1 year through 5 years 502 507 502 509 After 5 years through 10 years — — — — After 10 years — — — — Total U.S. Treasury 6,881 6,890 5,480 5,497 Federal agencies: mortgage-backed securities: 1 year or less — — — — After 1 year through 5 years 41,925 41,995 46,591 46,762 After 5 years through 10 years 273,555 274,738 173,941 176,404 After 10 years 11,099,533 10,905,134 10,630,929 10,450,176 Total Federal agencies: mortgage-backed securities 11,415,013 11,221,867 10,851,461 10,673,342 Other agencies: 1 year or less 4,354 4,417 4,302 4,367 After 1 year through 5 years 9,503 9,690 5,092 5,247 After 5 years through 10 years 75,673 75,736 63,618 63,928 After 10 years — — — — Total other agencies 89,530 89,843 73,012 73,542 Total U.S. Treasury, Federal agency, and other agency securities 11,511,424 11,318,600 10,929,953 10,752,381 Municipal securities: 1 year or less 180,536 178,416 169,636 166,887 After 1 year through 5 years 951,261 953,776 933,893 933,903 After 5 years through 10 years 1,481,804 1,493,797 1,463,459 1,464,583 After 10 years 689,993 691,165 693,440 684,684 Total municipal securities 3,303,594 3,317,154 3,260,428 3,250,057 Asset-backed securities: 1 year or less — — — — After 1 year through 5 years 88,216 88,681 80,700 80,560 After 5 years through 10 years 168,634 170,102 223,352 224,565 After 10 years 537,534 508,154 520,072 488,356 Total asset-backed securities 794,384 766,937 824,124 793,481 Corporate debt: 1 year or less 59,021 59,429 43,223 43,603 After 1 year through 5 years 64,529 66,027 78,430 80,196 After 5 years through 10 years 34,681 35,362 32,523 32,865 After 10 years 36,098 37,863 40,361 42,019 Total corporate debt 194,329 198,681 194,537 198,683 Other: 1 year or less 1,652 1,652 1,650 1,650 After 1 year through 5 years 2,300 2,275 2,302 2,283 After 5 years through 10 years — — — — After 10 years 46 46 10 10 Nonmarketable equity securities 552,628 552,628 547,704 547,704 Mutual funds 14,331 14,331 15,286 15,286 Marketable equity securities 861 1,301 861 1,302 Total other 571,818 572,233 567,813 568,235 Total available-for-sale and other securities $ 16,375,549 $ 16,173,605 $ 15,776,855 $ 15,562,837 Other securities at March 31, 2017 and December 31, 2016 include nonmarketable equity securities of $249 million and $249 million of stock issued by the FHLB and $303 million and $299 million of Federal Reserve Bank stock, respectively. Non-marketable equity securities are recorded at amortized cost. Other securities also include Mutual funds and marketable equity securities. The following tables provide amortized cost, fair value, and gross unrealized gains and losses recognized in OCI by investment category at March 31, 2017 and December 31, 2016 : Unrealized (dollar amounts in thousands) Amortized Cost Gross Gains Gross Losses Fair Value March 31, 2017 U.S. Treasury $ 6,881 $ 9 $ — $ 6,890 Federal agencies: Mortgage-backed securities 11,415,013 10,882 (204,028 ) 11,221,867 Other agencies 89,530 356 (43 ) 89,843 Total U.S. Treasury, Federal agency securities 11,511,424 11,247 (204,071 ) 11,318,600 Municipal securities 3,303,594 39,687 (26,127 ) 3,317,154 Asset-backed securities 794,384 2,225 (29,672 ) 766,937 Corporate debt 194,329 4,357 (5 ) 198,681 Other securities 571,818 441 (26 ) 572,233 Total available-for-sale and other securities $ 16,375,549 $ 57,957 $ (259,901 ) $ 16,173,605 Unrealized (dollar amounts in thousands) Amortized Cost Gross Gains Gross Losses Fair Value December 31, 2016 U.S. Treasury $ 5,480 $ 17 $ — $ 5,497 Federal agencies: Mortgage-backed securities 10,851,461 12,548 (190,667 ) 10,673,342 Other agencies 73,012 536 (6 ) 73,542 Total U.S. Treasury, Federal agency securities 10,929,953 13,101 (190,673 ) 10,752,381 Municipal securities 3,260,428 28,431 (38,802 ) 3,250,057 Asset-backed securities 824,124 1,492 (32,135 ) 793,481 Corporate debt 194,537 4,161 (15 ) 198,683 Other securities 567,813 441 (19 ) 568,235 Total available-for-sale and other securities $ 15,776,855 $ 47,626 $ (261,644 ) $ 15,562,837 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, 2017 and December 31, 2016 : 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, 2017 Federal agencies: Mortgage-backed securities $ 9,846,004 $ (202,610 ) $ 40,432 $ (1,418 ) $ 9,886,436 $ (204,028 ) Other agencies 25,475 (43 ) — — 25,475 (43 ) Total Federal agency securities 9,871,479 (202,653 ) 40,432 (1,418 ) 9,911,911 (204,071 ) Municipal securities 859,848 (19,825 ) 257,829 (6,302 ) 1,117,677 (26,127 ) Asset-backed securities 260,870 (2,268 ) 201,436 (27,404 ) 462,306 (29,672 ) Corporate debt 694 (5 ) 200 — 894 (5 ) Other securities 785 (15 ) 1,489 (11 ) 2,274 (26 ) Total temporarily impaired securities $ 10,993,676 $ (224,766 ) $ 501,386 $ (35,135 ) $ 11,495,062 $ (259,901 ) 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, 2016 Federal agencies: Mortgage-backed securities $ 8,908,470 $ (189,318 ) $ 41,706 $ (1,349 ) $ 8,950,176 $ (190,667 ) Other agencies 924 (6 ) — — 924 (6 ) Total Federal agency securities 8,909,394 (189,324 ) 41,706 (1,349 ) 8,951,100 (190,673 ) Municipal securities 1,412,152 (29,175 ) 272,292 (9,627 ) 1,684,444 (38,802 ) Asset-backed securities 361,185 (3,043 ) 178,924 (29,092 ) 540,109 (32,135 ) Corporate debt 3,567 (15 ) 200 — 3,767 (15 ) Other securities 790 (11 ) 1,492 (8 ) 2,282 (19 ) Total temporarily impaired securities $ 10,687,088 $ (221,568 ) $ 494,614 $ (40,076 ) $ 11,181,702 $ (261,644 ) At March 31, 2017 , 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 $5.2 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, 2017 . The following table is a summary of realized securities gains and losses for the three-month periods ended March 31, 2017 and 2016 : Three months ended (dollar amounts in thousands) 2017 2016 Gross gains on sales of securities $ 545 $ — Gross (losses) on sales of securities (553 ) — Net gain on sales of securities $ (8 ) $ — Security Impairment Huntington evaluates the available-for-sale securities portfolio on a quarterly basis for impairment. The Company conducts a comprehensive security-level assessment on all available-for-sale securities. 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. 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 credit 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. 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 the Company has 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 the analysis, the Company estimates appropriate default and recovery probabilities for each piece of collateral then estimates 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). The following table summarizes the relevant characteristics of the Company's CDO securities portfolio, which are included in asset-backed securities, at March 31, 2017 . Each security is part of a pool of issuers and supports a more senior tranche of securities except for the MM Comm III securities which are the most senior class. Collateralized Debt Obligation Securities (dollar amounts in thousands) Deal Name Par Value Amortized Cost Fair Value Unrealized Loss (2) Lowest Credit Rating (3) # of Issuers Currently Performing/ Remaining (4) Actual Deferrals and Defaults as a % of Original Collateral Expected Defaults as a % of Remaining Performing Collateral Excess Subordination (5) ICONS $ 18,594 $ 18,594 $ 15,416 $ (3,178 ) BB 19/21 7 13 55 MM Comm III 4,573 4,369 3,625 (744 ) BB+ 5/8 5 6 39 Pre TSL IX (1) 5,000 3,955 3,285 (670 ) C 27/37 16 8 10 Pre TSL XI (1) 25,000 19,413 15,923 (3,490 ) C 43/53 14 8 14 Reg Diversified (1) 25,500 4,195 1,832 (2,363 ) D 20/36 33 8 — Tropic III 31,000 31,000 19,411 (11,589 ) BB 27/36 16 7 42 Total at March 31, 2017 $ 109,667 $ 81,526 $ 59,492 $ (22,034 ) Total at December 31, 2016 $ 137,197 $ 101,210 $ 76,003 $ (25,207 ) (1) Security was determined to have OTTI. As such, the amortized cost 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, 2017 and 2016 , the following table summarizes by security type the total OTTI losses recognized in the Unaudited Condensed Consolidated Statements of Income for securities evaluated for impairment as described above. Three months ended (dollar amounts in thousands) 2017 2016 Available-for-sale and other securities: Collateralized Debt Obligations $ — $ — Municipal Securities 24 — Total available-for-sale and other securities $ 24 $ — The following table rolls forward the OTTI recognized in earnings on debt securities held by Huntington for the three-month periods ended March 31, 2017 and 2016 as follows: Three Months Ended (dollar amounts in thousands) 2017 2016 Balance, beginning of period $ 11,796 $ 18,368 Reductions from sales (4,558 ) — Additional credit losses 24 — Balance, end of period $ 7,262 $ 18,368 |
HELD-TO-MATURITY SECURITIES
HELD-TO-MATURITY SECURITIES | 3 Months Ended |
Mar. 31, 2017 | |
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. Listed below are the contractual maturities of held-to-maturity securities at March 31, 2017 and December 31, 2016 : March 31, 2017 December 31, 2016 (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 59,710 59,420 41,261 40,791 After 10 years 6,887,466 6,857,540 7,157,083 7,139,943 Total Federal agencies: mortgage-backed securities 6,947,176 6,916,960 7,198,344 7,180,734 Other agencies: 1 year or less — — — — After 1 year through 5 years — — — — After 5 years through 10 years 382,617 383,290 398,341 399,452 After 10 years 197,714 195,990 204,083 201,180 Total other agencies 580,331 579,280 602,424 600,632 Total U.S. Government backed agencies 7,527,507 7,496,240 7,800,768 7,781,366 Municipal securities: 1 year or less — — — — After 1 year through 5 years — — — — After 5 years through 10 years — — — — After 10 years 6,010 5,862 6,171 5,902 Total municipal securities 6,010 5,862 6,171 5,902 Total held-to-maturity securities $ 7,533,517 $ 7,502,102 $ 7,806,939 $ 7,787,268 The following table provides amortized cost, gross unrealized gains and losses, and fair value by investment category at March 31, 2017 and December 31, 2016 : Unrealized (dollar amounts in thousands) Amortized Cost Gross Gains Gross Losses Fair Value March 31, 2017 Federal agencies: Mortgage-backed securities $ 6,947,176 $ 11,534 $ (41,750 ) $ 6,916,960 Other agencies 580,331 1,886 (2,937 ) 579,280 Total U.S. Government backed agencies 7,527,507 13,420 (44,687 ) 7,496,240 Municipal securities 6,010 — (148 ) 5,862 Total held-to-maturity securities $ 7,533,517 $ 13,420 $ (44,835 ) $ 7,502,102 Unrealized (dollar amounts in thousands) Amortized Gross Gains Gross Losses Fair Value December 31, 2016 Federal agencies: Mortgage-backed securities $ 7,198,344 $ 20,883 $ (38,493 ) $ 7,180,734 Other agencies 602,424 1,690 (3,482 ) 600,632 Total U.S. Government backed agencies 7,800,768 22,573 (41,975 ) 7,781,366 Municipal securities 6,171 — (269 ) 5,902 Total held-to-maturity securities $ 7,806,939 $ 22,573 $ (42,244 ) $ 7,787,268 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, 2017 and December 31, 2016 : 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, 2017 Federal agencies: Mortgage-backed securities $ 4,852,958 $ (35,507 ) $ 169,422 $ (6,243 ) $ 5,022,380 $ (41,750 ) Other agencies 412,793 (2,937 ) — — 412,793 (2,937 ) Total U.S. Government backed securities 5,265,751 (38,444 ) 169,422 (6,243 ) 5,435,173 (44,687 ) Municipal securities 5,862 (148 ) — — 5,862 (148 ) Total temporarily impaired securities $ 5,271,613 $ (38,592 ) $ 169,422 $ (6,243 ) $ 5,441,035 $ (44,835 ) 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, 2016 Federal agencies: Mortgage-backed securities $ 2,855,360 $ (31,470 ) $ 186,226 $ (7,023 ) $ 3,041,586 $ (38,493 ) Other agencies 413,207 (3,482 ) — — 413,207 (3,482 ) Total U.S. Government backed securities 3,268,567 (34,952 ) 186,226 (7,023 ) 3,454,793 (41,975 ) Municipal securities 5,902 (269 ) — — 5,902 (269 ) Total temporarily impaired securities $ 3,274,469 $ (35,221 ) $ 186,226 $ (7,023 ) $ 3,460,695 $ (42,244 ) 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, 2017 , 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, 2017 | |
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, 2017 and 2016 : Three months ended (dollar amounts in thousands) 2017 2016 Residential mortgage loans sold with servicing retained $ 845,415 $ 632,466 Pretax gains resulting from above loan sales (1) 22,190 14,113 (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. Subsequent to the initial recognition, MSRs may be measured 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, 2017 and 2016 : Fair Value Method: Three months ended (dollar amounts in thousands) 2017 2016 Fair value, beginning of period $ 13,747 $ 17,585 Change in fair value during the period due to: Time decay (1) (231 ) (273 ) Payoffs (2) (364 ) (504 ) Changes in valuation inputs or assumptions (3) 155 (1,989 ) Fair value, end of period: $ 13,307 $ 14,819 Weighted-average life (years) 5.6 5.2 (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) 2017 2016 Carrying value, beginning of period $ 172,466 $ 143,133 New servicing assets created 9,635 6,109 Impairment (charge) / recovery 1,800 (16,340 ) Amortization and other (6,089 ) (5,627 ) Carrying value, end of period $ 177,812 $ 127,275 Fair value, end of period $ 178,581 $ 127,516 Weighted-average life (years) 7.1 6.5 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, 2017 and December 31, 2016 , to changes in these assumptions follows: March 31, 2017 December 31, 2016 Decline in fair value due to Decline in fair value due to (dollar amounts in thousands) Actual 10% adverse change 20% adverse change Actual 10% adverse change 20% adverse change Constant prepayment rate (annualized) 11.90 % $ (522 ) $ (1,007 ) 10.90 % $ (501 ) $ (970 ) Spread over forward interest rate swap rates 839 bps (411 ) (798 ) 536 bps (454 ) (879 ) For MSRs under the amortization method, a summary of key assumptions and the sensitivity of the MSR value at March 31, 2017 and December 31, 2016 , to changes in these assumptions follows: March 31, 2017 December 31, 2016 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) 8.10 % $ (4,756 ) $ (9,242 ) 7.80 % $ (4,510 ) $ (8,763 ) Spread over forward interest rate swap rates 1,064 bps (5,518 ) (10,692 ) 1,173 bps (5,259 ) (10,195 ) Total servicing, late and other ancillary fees included in mortgage banking income amounted to $14 million and $12 million for the three-month periods ended March 31, 2017 and 2016 , respectively. The unpaid principal balance of residential mortgage loans serviced for third parties was $19.1 billion and $18.9 billion at March 31, 2017 and December 31, 2016 , respectively. Automobile Loans 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, 2017 and 2016 , and the fair value at the end of each period were as follows: Three months ended (dollar amounts in thousands) 2017 2016 Carrying value, beginning of period $ 18,285 $ 8,771 New servicing assets created — — Amortization and other (3,126 ) (1,742 ) Carrying value, end of period $ 15,159 $ 7,029 Fair value, end of period $ 15,278 $ 7,250 Weighted-average life (years) 4.0 3.3 A summary of key assumptions and the sensitivity of the automobile loan servicing rights value to changes in these assumptions at March 31, 2017 and December 31, 2016 follows: March 31, 2017 December 31, 2016 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) 19.95 % $ (877 ) $ (1,695 ) 19.98 % $ (1,047 ) $ (2,026 ) Spread over forward interest rate swap rates 500 bps (22 ) (45 ) 500 bps (26 ) (53 ) Servicing income amounted to $5 million and $3 million for the three-month periods ending March 31, 2017 , and 2016 , respectively. The unpaid principal balance of automobile loans serviced for third parties was $1.5 billion and $1.7 billion at March 31, 2017 and December 31, 2016 , respectively. Small Business Administration (SBA) Portfolio The following table summarizes activity relating to SBA loans sold with servicing retained for the three-month periods ended March 31, 2017 and 2016 : Three months ended (dollar amounts in thousands) 2017 2016 SBA loans sold with servicing retained $ 77,672 $ 45,889 Pretax gains resulting from above loan sales (1) 5,818 3,521 (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, 2017 and 2016 , and the fair value at the end of each period were as follows: Three months ended (dollar amounts in thousands) 2017 2016 Carrying value, beginning of period $ 21,080 $ 19,747 New servicing assets created 1,475 1,511 Amortization and other (1,156 ) (1,733 ) Carrying value, end of period $ 21,399 $ 19,525 Fair value, end of period $ 25,857 $ 23,048 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, 2017 and December 31, 2016 follows: March 31, 2017 December 31, 2016 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) 7.40 % $ (346 ) $ (687 ) 7.40 % $ (324 ) $ (644 ) Discount rate 15.00 (696 ) (1,363 ) 15.00 (1,270 ) (1,870 ) Servicing income amounted to $3 million and $2 million for the three-month periods ending March 31, 2017 , and 2016 , respectively. The unpaid principal balance of SBA loans serviced for third parties was $1.2 billion and $1.1 billion at March 31, 2017 and December 31, 2016 , respectively. |
LONG-TERM DEBT
LONG-TERM DEBT | 3 Months Ended |
Mar. 31, 2017 | |
Debt Disclosure [Abstract] | |
LONG-TERM DEBT | LONG-TERM DEBT In March 2017, the Bank issued $0.7 billion of senior notes at 99.994% of face value. The senior notes mature on March 10, 2020 and have a fixed coupon rate of 2.375% . The senior notes may be redeemed one month prior to the maturity date at 100% of principal plus accrued and unpaid interest. Also, in March 2017, the Bank issued $0.3 billion of senior notes at 100% of face value. The senior notes mature on March 10, 2020 and have a variable coupon rate of three month LIBOR + 51 basis points. |
OTHER COMPREHENSIVE INCOME
OTHER COMPREHENSIVE INCOME | 3 Months Ended |
Mar. 31, 2017 | |
Equity [Abstract] | |
OTHER COMPREHENSIVE INCOME | OTHER COMPREHENSIVE INCOME The components of other comprehensive income for the three-month periods ended March 31, 2017 and 2016 , 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 $ 810 $ (286 ) $ 524 Unrealized holding gains (losses) on available-for-sale debt securities arising during the period 8,996 (2,795 ) 6,201 Less: Reclassification adjustment for net losses (gains) included in net income 5,874 (2,077 ) 3,797 Net change in unrealized holding gains (losses) on available-for-sale debt securities 15,680 (5,158 ) 10,522 Net change in unrealized holding gains (losses) on available-for-sale equity securities — — — Unrealized gains (losses) on derivatives used in cash flow hedging relationships arising during the period (1,831 ) 641 (1,190 ) Less: Reclassification adjustment for net (gains) losses included in net income 560 (196 ) 364 Net change in unrealized gains (losses) on derivatives used in cash flow hedging relationships (1,271 ) 445 (826 ) Net change in pension and other post-retirement obligations 708 (248 ) 460 Total other comprehensive income (loss) $ 15,117 $ (4,961 ) $ 10,156 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 The following table presents activity in accumulated other comprehensive income (loss), net of tax, for the three -month periods ended March 31, 2017 and 2016 : (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, 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 ) December 31, 2016 $ (192,764 ) $ 287 $ (2,634 ) $ (205,905 ) $ (401,016 ) Other comprehensive income before reclassifications 6,725 — (1,190 ) — 5,535 Amounts reclassified from accumulated OCI to earnings 3,797 — 364 460 4,621 Period change 10,522 — (826 ) 460 10,156 March 31, 2017 $ (182,242 ) $ 287 $ (3,460 ) $ (205,445 ) $ (390,860 ) (1) Amounts at March 31, 2017 and December 31, 2016 include $81 million and $82 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, 2017 and 2016 : 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, 2017 March 31, 2016 Gains (losses) on debt securities: Amortization of unrealized gains (losses) $ (3,606 ) $ 464 Interest income - held-to-maturity securities - taxable Realized gain (loss) on sale of securities (2,244 ) — Noninterest income - net gains (losses) on sale of securities OTTI recorded (24 ) — Noninterest income - net gains (losses) on sale of securities (5,874 ) 464 Total before tax 2,077 (164 ) Tax (expense) benefit $ (3,797 ) $ 300 Net of tax Gains (losses) on cash flow hedging relationships: Interest rate contracts $ (560 ) $ 645 Interest income - loans and leases Interest rate contracts — (1 ) Noninterest income - other income (560 ) 644 Total before tax 196 (224 ) Tax (expense) benefit $ (364 ) $ 420 Net of tax Amortization of defined benefit pension and post-retirement items: Actuarial gains (losses) $ (1,200 ) $ (1,785 ) Noninterest expense - personnel costs Prior service credit 492 492 Noninterest expense - personnel costs (708 ) (1,293 ) Total before tax 248 452 Tax (expense) benefit $ (460 ) $ (841 ) Net of tax |
EARNINGS PER SHARE
EARNINGS PER SHARE | 3 Months Ended |
Mar. 31, 2017 | |
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 the three -month periods ended March 31, 2017 and 2016 , was as follows: Three Months Ended (dollar amounts in thousands, except per share amounts) 2017 2016 Basic earnings per common share: Net income $ 208,094 $ 171,314 Preferred stock dividends (18,878 ) (7,998 ) Net income available to common shareholders $ 189,216 $ 163,316 Average common shares issued and outstanding 1,086,374 795,755 Basic earnings per common share $ 0.17 $ 0.21 Diluted earnings per common share: Net income available to common shareholders $ 189,216 $ 163,316 Effect of assumed preferred stock conversion — — Net income applicable to diluted earnings per share $ 189,216 $ 163,316 Average common shares issued and outstanding 1,086,374 795,755 Dilutive potential common shares: Stock options and restricted stock units and awards 19,139 10,385 Shares held in deferred compensation plans 2,953 2,075 Other 151 134 Dilutive potential common shares: 22,243 12,594 Total diluted average common shares issued and outstanding 1,108,617 808,349 Diluted earnings per common share $ 0.17 $ 0.20 For the three-month periods ended March 31, 2017 and 2016 , approximately 0.9 million and 3.5 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, 2017 | |
Compensation and Retirement Disclosure [Abstract] | |
BENEFIT PLANS | . BENEFIT PLANS Huntington sponsors 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 2017 . 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 2016 Form 10-K. As part of the FirstMerit acquisition, Huntington agreed to assume and honor all FirstMerit benefit plans. The FirstMerit Pension Plan was frozen for nonvested employees and closed to new entrants after December 31, 2006. Effective December 31, 2012, the FirstMerit Pension Plan was frozen for vested employees. Additionally, FirstMerit had a post-retirement benefit plan which provided medical and life insurance for retired employees. The following table shows the components of net periodic (benefit) cost for all plans: Pension Benefits Post Retirement Benefits Three Months Ended March 31, Three Months Ended March 31, (dollar amounts in thousands) 2017 2016 2017 2016 Service cost $ 640 $ 1,025 $ 22 $ — Interest cost 7,477 6,748 99 55 Expected return on plan assets (13,803 ) (10,223 ) — — Amortization of prior service cost — — (492 ) (492 ) Amortization of (gain) loss 1,747 1,864 (55 ) (72 ) Settlements 2,500 3,400 — — Net periodic (benefit) cost $ (1,439 ) (1 ) $ 2,814 $ (426 ) (1 ) $ (509 ) (1) Includes expense associated with FirstMerit plans. 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 defined contribution plan. For 2016 , a discretionary profit-sharing contribution equal to 1% of eligible participants’ 2016 base pay was awarded during the 2017 first quarter. Huntington's expense related to the defined contribution plans during the first quarter 2017 and 2016 was $11 million and $8 million , respectively. |
FAIR VALUES OF ASSETS AND LIABI
FAIR VALUES OF ASSETS AND LIABILITIES | 3 Months Ended |
Mar. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
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, 2016 for a description of additional 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 periods ended March 31, 2017 and 2016 . 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, 2017 and December 31, 2016 are summarized below: Fair Value Measurements at Reporting Date Using Netting Adjustments (1) March 31, 2017 (dollar amounts in thousands) Level 1 Level 2 Level 3 Assets Loans held for sale $ — $ 423,324 $ — $ — $ 423,324 Loans held for investment — 54,123 44,219 — 98,342 Trading account securities: Municipal securities — 3,434 — — 3,434 Other securities 94,201 150 — — 94,351 94,201 3,584 — — 97,785 Available-for-sale and other securities: U.S. Treasury securities 6,890 — — — 6,890 Federal agencies: Mortgage-backed — 11,221,867 — — 11,221,867 Federal agencies: Other agencies — 89,843 — — 89,843 Municipal securities — 449,502 2,867,652 — 3,317,154 Asset-backed securities — 707,445 59,492 — 766,937 Corporate debt — 198,681 — — 198,681 Other securities 15,632 3,973 — — 19,605 22,522 12,671,311 2,927,144 — 15,620,977 MSRs — — 13,307 — 13,307 Derivative assets — 342,584 9,439 (173,603 ) 178,420 Liabilities Derivative liabilities — 322,999 6,745 (246,192 ) 83,552 Short-term borrowings 1,420 — — — 1,420 Fair Value Measurements at Reporting Date Using Netting Adjustments (1) December 31, 2016 (dollar amounts in thousands) Level 1 Level 2 Level 3 Assets Loans held for sale $ — $ 438,224 $ — $ — $ 438,224 Loans held for investment — 34,439 47,880 — 82,319 Trading account securities: Municipal securities — 1,148 — — 1,148 Other securities 132,147 — — — 132,147 132,147 1,148 — — 133,295 Available-for-sale and other securities: U.S. Treasury securities 5,497 — — — 5,497 Federal agencies: Mortgage-backed — 10,673,342 — — 10,673,342 Federal agencies: Other agencies — 73,542 — — 73,542 Municipal securities — 452,013 2,798,044 — 3,250,057 Asset-backed securities — 717,478 76,003 — 793,481 Corporate debt — 198,683 — — 198,683 Other securities 16,588 3,943 — — 20,531 22,085 12,119,001 2,874,047 — 15,015,133 MSRs — — 13,747 — 13,747 Derivative assets — 414,412 5,747 (181,940 ) 238,219 Liabilities Derivative liabilities — 362,777 7,870 (272,361 ) 98,286 Short-term borrowings 474 — — — 474 (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, 2017 and 2016 , 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 Loans held for investment Opening balance $ 13,747 $ (2,123 ) $ 2,798,044 $ 76,003 $ 47,880 Transfers into Level 3 — — — — — Transfers out of Level 3 (1) — (333 ) — — — Total gains/losses for the period: Included in earnings (440 ) 5,150 (1,386 ) 28 (63 ) Included in OCI — — 20,475 3,172 — Purchases/originations — — 132,666 — — Sales — — — (19,133 ) — Repayments — — — — (3,598 ) Issues — — — — — Settlements — — (82,147 ) (578 ) — Closing balance $ 13,307 $ 2,694 $ 2,867,652 $ 59,492 $ 44,219 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 $ (440 ) $ 5,150 $ 20,269 $ 1,212 $ — Level 3 Fair Value Measurements Available-for-sale securities (dollar amounts in thousands) MSRs Derivative instruments Municipal securities Asset- backed securities Loans held for investment 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 were transferred to loans held for sale, which are classified as Level 2. 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, 2017 and 2016 : Level 3 Fair Value Measurements Available-for-sale securities (dollar amounts in thousands) MSRs Derivative instruments Municipal securities Asset- backed securities Loans held for investment Classification of gains and losses in earnings: Mortgage banking income $ (440 ) $ 5,150 $ — $ — $ — Securities gains (losses) — — (1,386 ) 28 — Interest and fee income — — — — — Noninterest income — — — — (63 ) Total $ (440 ) $ 5,150 $ (1,386 ) $ 28 $ (63 ) Level 3 Fair Value Measurements Available-for-sale securities (dollar amounts in thousands) MSRs Derivative instruments Municipal securities Asset- backed securities Loans held for investment 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 $ — $ — $ — 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, 2017 Total Loans Loans that are 90 or more days past due (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 $ 423,324 $ 408,424 $ 14,900 $ — $ — $ — Loans held for investment 98,342 110,234 (11,892 ) 8,572 11,507 (2,935 ) December 31, 2016 Total Loans Loans that are 90 or more days past due (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 $ 438,224 $ 433,760 $ 4,464 $ — $ — $ — Loans held for investment 82,319 91,998 (9,679 ) 8,408 11,082 (2,674 ) 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, 2017 and 2016 : Net gains (losses) from Three months ended (dollar amounts in thousands) 2017 2016 Assets Loans held for sale $ 9,076 $ 4,649 Loans held for investment (63 ) — Gains (losses) included Three months ended (dollar amounts in thousands) 2017 2016 Assets Loans held for investment $ — $ 90 Assets and Liabilities measured at fair value on a nonrecurring basis Certain assets and liabilities may be required to be measured at fair value on a nonrecurring basis in periods subsequent to their initial recognition. These assets and liabilities are not measured at fair value on an ongoing basis; however, they are subject to fair value adjustments in certain circumstances, such as when there is evidence of impairment. For the three months ended March 31, 2017 , 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 $ 176,747 $ — $ — $ 176,747 $ 1,800 Impaired loans 52,367 — — 52,367 5,267 Other real estate owned 49,887 — — 49,887 2,363 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. 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, 2017 and December 31, 2016 : Quantitative Information about Level 3 Fair Value Measurements at March 31, 2017 (dollar amounts in thousands) Fair Value Valuation Technique Significant Unobservable Input Range (Weighted Average) Measured at fair value on a recurring basis: MSRs $ 13,307 Discounted cash flow Constant prepayment rate 8.00% - 30.0% (12.0%) Spread over forward interest rate 3.0% - 10.0% (8.4%) Derivative assets 9,439 Consensus Pricing Net market price -4.7% - 26.7% (2.0%) Derivative liabilities 6,745 Estimated Pull through % 9.0% - 99.0% (78.0%) Municipal securities 2,867,652 Discounted cash flow Discount rate 0.0% - 10.3% (3.7%) Cumulative default 0.0% - 38.4% (3.1%) Loss given default 5.0% - 90.0% (24.0%) Asset-backed securities 59,492 Discounted cash flow Discount rate 5.1% - 12.1% (6.4%) Cumulative prepayment rate 0.0% - 73% (6.5%) Cumulative default 0.9% - 100% (10.9%) Loss given default 85% - 100% (96.1%) Cure given deferral 0.0% - 75.0% (32.7%) Loans held for investment 44,219 Discounted cash flow Discount rate 5.4% - 16.8% (5.6%) Measured at fair value on a nonrecurring basis: MSRs 176,747 Discounted cash flow Constant prepayment rate 6.30% - 21.2% (8.1%) Spread over forward interest rate 3.0% - 20.0% (10.6%) Impaired loans 52,367 Appraisal value NA NA Other real estate owned 49,887 Appraisal value NA NA Quantitative Information about Level 3 Fair Value Measurements at December 31, 2016 (dollar amounts in thousands) Fair Value Valuation Technique Significant Unobservable Input Range (Weighted Average) Measured at fair value on a recurring basis: MSRs $ 13,747 Discounted cash flow Constant prepayment rate 5.63% - 34.4% (10.9%) Spread over forward interest rate 3.0% - 9.2% (5.4%) Derivative assets 5,747 Consensus Pricing Net market price -7.1% - 25.4% (1.1%) Derivative liabilities 7,870 Estimated Pull through % 8.1% - 99.8% (76.9%) Municipal securities 2,798,044 Discounted cash flow Discount rate 0.0% - 10.0% (3.6%) Cumulative default 0.3% - 37.8% (4.0%) Loss given default 5.0% - 80.0% (24.1%) Asset-backed securities 76,003 Discounted cash flow Discount rate 5.0% - 12.0% (6.3%) Cumulative prepayment rate 0.0% - 73% (6.5%) Cumulative default 1.1% - 100% (11.2%) Loss given default 85% - 100% (96.3%) Cure given deferral 0.0% - 75.0% (36.2%) Loans held for investment 47,880 Discounted cash flow Constant prepayment rate 5.4% - 16.2% (5.6%) Measured at fair value on a nonrecurring basis: MSRs 171,309 Discounted cash flow Constant prepayment rate 5.57% - 30.4% (7.8%) Spread over forward interest rate 4.2% - 20.0% (11.7%) Impaired loans 53,818 Appraisal value NA NA Other real estate owned 50,930 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, 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, 2017 and December 31, 2016 : March 31, 2017 December 31, 2016 (dollar amounts in thousands) Carrying Amount Fair Value Carrying Amount Fair Value Financial Assets Cash and short-term assets $ 1,371,868 $ 1,371,868 $ 1,443,037 $ 1,443,037 Trading account securities 97,785 97,785 133,295 133,295 Loans held for sale 518,238 522,121 512,951 515,640 Available-for-sale and other securities 16,173,605 16,173,605 15,562,837 15,562,837 Held-to-maturity securities 7,533,517 7,502,102 7,806,939 7,787,268 Net loans and direct financing leases 66,425,689 66,275,735 66,323,583 66,294,639 Derivatives 178,420 178,420 238,219 238,219 Financial Liabilities Deposits 77,422,510 78,238,093 75,607,717 76,161,091 Short-term borrowings 1,263,430 1,263,430 3,692,654 3,692,654 Long-term debt 9,279,140 9,419,853 8,309,159 8,387,444 Derivatives 83,552 83,552 98,286 98,286 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, 2017 and December 31, 2016 : Estimated Fair Value Measurements at Reporting Date Using March 31, 2017 (dollar amounts in thousands) Level 1 Level 2 Level 3 Financial Assets Held-to-maturity securities $ — $ 7,502,102 $ — $ 7,502,102 Net loans and direct financing leases — — 66,275,735 66,275,735 Financial Liabilities Deposits — 74,456,322 3,781,771 78,238,093 Short-term borrowings 1,420 — 1,262,010 1,263,430 Long-term debt — 9,013,768 406,085 9,419,853 Estimated Fair Value Measurements at Reporting Date Using December 31, 2016 (dollar amounts in thousands) Level 1 Level 2 Level 3 Financial Assets Held-to-maturity securities $ — $ 7,787,268 $ — $ 7,787,268 Net loans and direct financing leases — — 66,294,639 66,294,639 Financial Liabilities Deposits — 72,319,328 3,841,763 76,161,091 Short-term borrowings 474 — 3,692,180 3,692,654 Long-term debt — 7,980,176 407,268 8,387,444 The short-term nature of certain assets and liabilities result in their carrying value approximating fair value. These include trading account securities, customers’ acceptance liabilities, short-term borrowings, bank acceptances outstanding, FHLB advances, and cash and short-term assets, which include cash and due from banks, interest-bearing deposits in banks, and federal funds sold and securities purchased under resale agreements. Loan commitments and letters-of-credit generally have short-term, variable-rate features and contain clauses that limit Huntington’s exposure to changes in customer credit quality. Accordingly, their carrying values, which are immaterial at the respective balance sheet dates, are reasonable estimates of fair value. Certain assets, the most significant being operating lease assets, bank owned life insurance, and premises and equipment, do not meet the definition of a financial instrument and are excluded from this disclosure. Similarly, mortgage and nonmortgage servicing rights, deposit base, and other customer relationship intangibles are not considered financial instruments and are not included above. Accordingly, this fair value information is not intended to, and does not, represent Huntington’s underlying value. Many of the assets and liabilities subject to the disclosure requirements are not actively traded, requiring fair values to be estimated by Management. These estimations necessarily involve the use of judgment about a wide variety of factors, including but not limited to, relevancy of market prices of comparable instruments, expected future cash flows, and appropriate discount rates. The following methods and assumptions were used by Huntington to estimate the fair value of the remaining classes of financial instruments: Held-to-maturity securities Fair values are determined by using models that are based on security-specific details, as well as relevant industry and economic factors. The most significant of these inputs are quoted market prices, and interest rate spreads on relevant benchmark securities. Loans and Direct Financing Leases Variable-rate loans that reprice frequently are based on carrying amounts, as adjusted for estimated credit losses. The fair values for other loans and leases are estimated using discounted cash flow analyses and employ interest rates currently being offered for loans and leases with similar terms. The rates take into account the position of the yield curve, as well as an adjustment for prepayment risk, operating costs, and profit. This value is also reduced by an estimate of expected losses and the credit risk associated in the loan and lease portfolio. The valuation of the loan portfolio reflected discounts that Huntington believed are consistent with transactions occurring in the marketplace. Deposits Demand deposits, savings accounts, and money market deposits are, by definition, equal to the amount payable on demand. The fair values of fixed-rate time deposits are estimated by discounting cash flows using interest rates currently being offered on certificates with similar maturities. Debt Long-term debt is based upon quoted market prices, which are inclusive of Huntington’s credit risk. In the absence of quoted market prices, discounted cash flows using market rates for similar debt with the same maturities are used in the determination of fair value. |
DERIVATIVE FINANCIAL INSTRUMENT
DERIVATIVE FINANCIAL INSTRUMENTS | 3 Months Ended |
Mar. 31, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
DERIVATIVE FINANCIAL INSTRUMENTS | DERIVATIVE FINANCIAL INSTRUMENTS Derivative financial instruments are recorded in the Consolidated Balance Sheets as either an asset or a liability (in accrued income and other assets or accrued expenses and other liabilities, respectively) and measured at fair value. 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, 2017 , identified by the underlying interest rate-sensitive instruments: (dollar amounts in thousands) Fair Value Hedges Cash Flow Hedges Total Instruments associated with: Loans $ — $ 2,550,000 $ 2,550,000 Deposits — — — Subordinated notes 950,000 — 950,000 Long-term debt 7,225,000 — 7,225,000 Total notional value at March 31, 2017 $ 8,175,000 $ 2,550,000 $ 10,725,000 The following table presents additional information about the interest rate swaps used in Huntington’s asset and liability management activities at March 31, 2017 : Weighted-Average Rate (dollar amounts in thousands) Notional Value Average Maturity (years) Fair Value Receive Pay Asset conversion swaps Receive fixed—generic $ 2,550,000 0.5 $ (4,371 ) 1.08 % 1.19 % Liability conversion swaps Receive fixed—generic 8,175,000 2.8 (64,090 ) 1.51 1.02 Total swap portfolio at March 31, 2017 $ 10,725,000 2.3 $ (68,461 ) 1.41 % 1.06 % These derivative financial instruments were entered into for the purpose of managing the interest rate risk of assets and liabilities. Consequently, net amounts receivable or payable on contracts hedging either interest earning assets or interest bearing liabilities were accrued as an adjustment to either interest income or interest expense. The net amounts resulted in an increase to net interest income of $10 million and $21 million for the three-month periods ended March 31, 2017 , and 2016 , respectively. In connection with the sale of Huntington’s Class B Visa ® shares, Huntington entered into a swap agreement with the purchaser of the shares. The swap agreement adjusts for dilution in the conversion ratio of Class B shares resulting from the Visa ® litigation. At March 31, 2017 , the fair value of the swap liability of $6 million is an estimate of the exposure liability based upon Huntington’s assessment of the potential Visa ® litigation losses. The following table presents the fair values at March 31, 2017 and December 31, 2016 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, 2017 December 31, 2016 Interest rate contracts designated as hedging instruments $ 42,421 $ 46,440 Interest rate contracts not designated as hedging instruments 197,221 213,587 Foreign exchange contracts not designated as hedging instruments 18,431 23,265 Commodities contracts not designated as hedging instruments 73,996 108,026 Equity contracts not designated as hedging instruments 10,081 9,775 Total contracts $ 342,150 $ 401,093 Liability derivatives included in accrued expenses and other liabilities: (dollar amounts in thousands) March 31, 2017 December 31, 2016 Interest rate contracts designated as hedging instruments $ 110,882 $ 99,996 Interest rate contracts not designated as hedging instruments 127,260 143,976 Foreign exchange contracts not designated as hedging instruments 17,285 19,576 Commodities contracts not designated as hedging instruments 70,705 104,328 Equity contracts not designated as hedging instruments — — Total contracts $ 326,132 $ 367,876 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: Three months ended (dollar amounts in thousands) 2017 2016 Interest rate contracts Change in fair value of interest rate swaps hedging deposits (1) $ — $ (82 ) Change in fair value of hedged deposits (1) — 72 Change in fair value of interest rate swaps hedging subordinated notes (2) (4,708 ) 6,804 Change in fair value of hedged subordinated notes (2) 5,403 (6,804 ) Change in fair value of interest rate swaps hedging other long-term debt (2) (10,282 ) 61,032 Change in fair value of hedged other long-term debt (2) 8,535 (59,786 ) (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) 2017 2016 2017 2016 Interest rate contracts Loans $ (1,190 ) $ 9,249 Interest and fee income - loans and leases $ 560 $ (645 ) Investment Securities — — Noninterest income - other income — 1 $ (1,190 ) $ 9,249 $ 560 $ (644 ) Reclassified gains and losses on swaps related to loans and investment securities and swaps related to subordinated debt are recorded within interest income and interest expense, respectively. During the next twelve months, Huntington expects to reclassify to earnings approximately $(3) million after-tax of unrealized gains (losses) 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 Changes in Shareholders’ Equity. These changes in fair value will be included in earnings of future periods when earnings are also affected by the changes in the hedged cash flows. To the extent these derivatives are not effective, changes in their fair values are immediately included in noninterest income. The following table presents the gains and (losses) recognized in noninterest income for the ineffective portion of interest rate contracts for derivatives designated as cash flow hedges for the three -month periods ended March 31, 2017 and 2016 : Three months ended (dollar amounts in thousands) 2017 2016 Derivatives in cash flow hedging relationships Interest rate contracts Loans $ (103 ) $ 421 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 commitments 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, 2017 December 31, 2016 Derivative assets: Interest rate lock agreements $ 9,439 $ 5,747 Forward trades and options 434 13,319 Total derivative assets 9,873 19,066 Derivative liabilities: Interest rate lock agreements (565 ) (1,598 ) Forward trades and options (3,047 ) (1,173 ) Total derivative liabilities (3,612 ) (2,771 ) Net derivative asset (liability) $ 6,261 $ 16,295 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, 2017 and December 31, 2016 , was $0.2 billion and $0.3 billion , respectively. The total notional amount at March 31, 2017 , corresponds to trading assets with a fair value of $1 million and trading liabilities with a fair value of $2 million . Net trading gains and (losses) related to MSR hedging for the three-month periods ended March 31, 2017 and 2016 , were $(1) million and $12 million , respectively. 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, 2017 and December 31, 2016 , were $81 million and $80 million , respectively. The total notional values of derivative financial instruments used by Huntington on behalf of customers, including offsetting derivatives, were $21.0 billion and $20.6 billion at March 31, 2017 and December 31, 2016 , respectively. Huntington’s credit risks from interest rate swaps used for trading purposes were $171 million and $196 million at the same dates, respectively. Share Swap Economic Hedge Huntington acquires and holds shares of Huntington common stock in a Rabbi Trust for the Executive Deferred Compensation Plan. Huntington common stock held in the Rabbi Trust is recorded at cost and the corresponding deferred compensation liability is recorded at fair value using Huntington's share price as a significant input. During the second quarter of 2016, Huntington entered into an economic hedge with a $20 million notional amount to hedge deferred compensation expense related to the Executive Deferred Compensation Plan. The economic hedge is recorded at fair value within other assets or liabilities. Changes in the fair value are recorded directly through other noninterest expense in the Unaudited Condensed Consolidated Statements of Income. At March 31, 2017 , the fair value of the share swap was $10 million . Risk Participation Agreements Huntington periodically enters into risk participation agreements 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 $596 million and $582 million at March 31, 2017 and December 31, 2016 , 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 would have to pay if all counterparties defaulted on their swap contracts is the fair value of these risk participations, which was a positive value (receivable) of $4 million and $3 million at March 31, 2017 and December 31, 2016 , respectively. These contracts mature between 2017 and 2043 and are deemed investment grade. Financial assets and liabilities that are offset in the Unaudited Condensed Consolidated Balance Sheets Huntington records derivatives at fair value as further described in Note 11 . 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, 2017 and December 31, 2016 , aggregate credit risk associated with these derivatives, net of collateral that has been pledged by the counterparty, was $27 million and $26 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, 2017 , Huntington pledged $140 million of investment securities and cash collateral to counterparties, while other counterparties pledged $78 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, 2017 and December 31, 2016 : 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, 2017 Derivatives $ 352,023 $ (173,603 ) $ 178,420 $ (20,393 ) $ (11,120 ) $ 146,907 December 31, 2016 Derivatives 420,159 (181,940 ) 238,219 (34,328 ) (5,428 ) 198,463 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, 2017 Derivatives $ 329,744 $ (246,192 ) $ 83,552 $ — $ (21,427 ) $ 62,125 December 31, 2016 Derivatives 370,647 (272,361 ) 98,286 (7,550 ) (23,943 ) 66,793 |
VIEs
VIEs | 3 Months Ended |
Mar. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
VIEs | VIEs Consolidated VIEs Consolidated VIEs at March 31, 2017 , 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. 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, 2017 and December 31, 2016 : March 31, 2017 Huntington Technology Other Consolidated VIEs Total (dollar amounts in thousands) Series 2014A Assets: Cash $ 1,565 $ — $ 1,565 Net loans and leases 55,358 — 55,358 Accrued income and other assets — 275 275 Total assets $ 56,923 $ 275 $ 57,198 Liabilities: Other long-term debt $ 45,906 $ — $ 45,906 Accrued interest and other liabilities — 275 275 Total liabilities 45,906 275 46,181 Equity: Beneficial Interest owned by third party 11,017 — 11,017 Total liabilities and equity $ 56,923 $ 275 $ 57,198 December 31, 2016 Huntington Technology Other Consolidated VIEs Total (dollar amounts in thousands) Series 2014A Assets: Cash $ 1,564 $ — $ 1,564 Net loans and leases 69,825 — 69,825 Accrued income and other assets — 281 281 Total assets $ 71,389 $ 281 $ 71,670 Liabilities: Other long-term debt $ 57,494 $ — $ 57,494 Accrued interest and other liabilities — 281 281 Total liabilities 57,494 281 57,775 Equity: Beneficial Interest owned by third party 13,895 — 13,895 Total liabilities and equity $ 71,389 $ 281 $ 71,670 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, 2017 , and December 31, 2016 : March 31, 2017 (dollar amounts in thousands) Total Assets Total Liabilities Maximum Exposure to Loss 2016-1 Automobile Trust $ 12,435 $ — $ 12,435 2015-1 Automobile Trust 2,698 — 2,698 Trust Preferred Securities 13,919 252,560 — Low Income Housing Tax Credit Partnerships 559,819 279,270 559,819 Other Investments 95,033 41,232 95,033 Total $ 683,904 $ 573,062 $ 669,985 December 31, 2016 (dollar amounts in thousands) Total Assets Total Liabilities Maximum Exposure to Loss 2016-1 Automobile Trust $ 14,770 $ — $ 14,770 2015-1 Automobile Trust 2,227 — 2,227 Trust Preferred Securities 13,919 252,552 — Low Income Housing Tax Credit Partnerships 576,880 292,721 576,880 Other Investments 79,195 42,316 79,195 Total $ 686,991 $ 587,589 $ 673,072 The following table provides a summary of automobile transfers to trusts in separate securitization transactions. (dollar amounts in millions) Year Amount Transferred 2016-1 Automobile Trust 2016 $ 1,500 2015-1 Automobile Trust 2015 750 The securitizations and the resulting sale of all underlying securities qualified for sale accounting. Huntington has concluded that it is not the primary beneficiary of these trusts because it has neither the obligation to absorb losses of the entities that could potentially be significant to the VIEs nor the right to receive benefits from the entities that could potentially be significant to the VIEs. Huntington is not required and does not currently intend to provide any additional financial support to the trusts. Investors and creditors only have recourse to the assets held by the trusts. The interest Huntington holds in the VIEs relates to servicing rights which are included within servicing rights of Huntington’s Unaudited Consolidated Balance Sheets. The maximum exposure to loss is equal to the carrying value of the servicing asset. See Note 6 for more information. 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, 2017 follows: (dollar amounts in thousands) Rate Principal amount of subordinated note/ debenture issued to trust (1) Investment in unconsolidated subsidiary Huntington Capital I 1.74 % (2) $ 69,730 $ 6,186 Huntington Capital II 1.76 (3) 32,093 3,093 Sky Financial Capital Trust III 2.55 (4) 72,165 2,165 Sky Financial Capital Trust IV 2.40 (4) 74,320 2,320 Camco Financial Trust 3.59 (5) 4,252 155 Total $ 252,560 $ 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, 2017 , based on three-month LIBOR + 0.70% . (3) Variable effective rate at March 31, 2017 , based on three-month LIBOR + 0.625% . (4) Variable effective rate at March 31, 2017 , based on three-month LIBOR + 1.40% . (5) Variable effective rate at March 31, 2017 , 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 all qualified 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, 2017 and December 31, 2016 : (dollar amounts in thousands) March 31, December 31, Affordable housing tax credit investments $ 870,421 $ 877,237 Less: amortization (310,602 ) (300,357 ) Net affordable housing tax credit investments $ 559,819 $ 576,880 Unfunded commitments $ 279,270 $ 292,721 The following table presents other information relating to Huntington’s affordable housing tax credit investments for the three-month periods ended March 31, 2017 and 2016 : Three months ended (dollar amounts in thousands) 2017 2016 Tax credits and other tax benefits recognized $ 23,283 $ 18,285 Proportional amortization method Tax credit amortization expense included in provision for income taxes 16,961 12,407 Equity method Tax credit investment (gains) losses included in non-interest income 109 132 Huntington recognized immaterial impairment losses on tax credit investments during the three-month periods ended March 31, 2017 and 2016 . The impairment losses recognized related to the fair value of the tax credit investments that were less than carrying value. OTHER INVESTMENTS Other investments determined to be VIE’s include investments in New Market Tax Credit Investments, Historic Tax Credit Investments, Small Business Investment Companies, Rural Business Investment Companies, certain equity method investments and other miscellaneous investments. |
COMMITMENTS AND CONTINGENT LIAB
COMMITMENTS AND CONTINGENT LIABILITIES | 3 Months Ended |
Mar. 31, 2017 | |
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, 2017 and December 31, 2016 , were as follows: (dollar amounts in thousands) March 31, December 31, Contract amount represents credit risk: Commitments to extend credit Commercial $ 15,030,796 $ 15,190,056 Consumer 12,523,637 12,235,943 Commercial real estate 1,531,769 1,697,671 Standby letters-of-credit 560,718 637,182 Commercial letters-of-credit 5,160 4,610 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 $8 million at March 31, 2017 and December 31, 2016 , respectively. 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. 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, 2017 and December 31, 2016 , Huntington had commitments to sell residential real estate loans of $855 million and $819 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 up to $70 million at March 31, 2017 . 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. $0 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. Meoli v. The Huntington National Bank (Cyberco Litigation). The Bank has been named a defendant in a lawsuit arising from the Banks’s commercial lending, depository, and equipment leasing relationships with Cyberco Holdings, Inc. (Cyberco), based in Grand Rapids, Michigan. In November 2004, 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. Bankruptcy proceedings for both Cyberco and Teleservices later ensued. On September 28, 2015, adopting the bankruptcy court's recommendation, the U.S. District Court for the Western District of Michigan entered a judgment against Huntington in the amount of $72 million plus costs and pre- and post-judgment interest. Huntington increased its legal reserve by approximately $38 million to fully accrue for the amount of the judgment in the third quarter of 2015 while appealing the decision to the U.S. Sixth Circuit Court of Appeals. On February 8, 2017, the appellate court reversed the district court decision in part and remanded the case to the district court for further proceedings. Consistent with its reading of the appellate court opinion, Huntington decreased its legal reserve by approximately $42 million in the fourth quarter of 2016. Powell v. Huntington National Bank. Huntington is a defendant in a class action filed on October 15, 2013 alleging Huntington charged late fees on mortgage loans in a method that violated West Virginia law and the loan documents. Plaintiffs seek statutory civil penalties, compensatory damages and attorney’s fees. Huntington filed a motion for summary judgment on the plaintiffs’ claims, which was granted by the U.S. District Court on December 28, 2016. Plaintiffs have filed a notice of appeal to the U.S. Fourth Circuit Court of Appeals. FirstMerit Overdraft Litigation. Commencing in December 2010, two separate lawsuits were filed in the Summit County Court of Common Pleas and the Lake County Court of Common Pleas against FirstMerit. The complaints were brought as class actions on behalf of Ohio residents who maintained a checking account at FirstMerit and who incurred one or more overdraft fees as a result of the alleged re-sequencing of debit transactions. The parties have reached a global settlement for approximately $9 million cash to a common fund plus an additional $7 million in debt forgiveness. Attorneys' fees will be paid from the fund, with any remaining funds going to charity. FirstMerit’s insurer has agreed to reimburse Huntington 49% of the approximately $9 million, which totals approximately $4.4 million . The court preliminarily approved the settlement on December 5, 2016 and the cash portion of the settlement was funded on December 12, 2016. The final approval hearing is scheduled for June 2, 2017. |
SEGMENT REPORTING
SEGMENT REPORTING | 3 Months Ended |
Mar. 31, 2017 | |
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: Consumer and Business Banking , Commercial Banking , Commercial Real Estate and Vehicle Finance (CREVF) , 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. The management accounting policies and processes utilized in compiling segment financial information are highly subjective and, unlike financial accounting, are not based on authoritative guidance similar to GAAP. As a result, reported segment results are not necessarily comparable with similar information reported by other financial institutions. Furthermore, changes in management structure or allocation methodologies and procedures result in changes in reported segment 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). We recently announced a reorganization among our executive leadership team, which will become effective during the 2017 second quarter. As a result, management is currently evaluating the business segment structure which may impact how we monitor future results and assess performance. Consumer and Business Banking - The Consumer 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, credit cards, and small business loans. Other financial services available to consumer and small business customers include mortgages, 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 254,000 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. Commercial Real Estate and Vehicle Finance - 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 automobiles, light-duty trucks, recreational vehicles and marine craft at franchised 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 - The core business of The Huntington Private Client Group is The Huntington Private Bank, which consists of Private Banking, Wealth & Investment Management, and Retirement plan services. The Huntington Private Bank provides high net-worth customers with deposit, lending (including specialized lending options), and banking services. The Huntington Private Bank also delivers wealth management and legacy planning through investment and portfolio management, fiduciary administration, and trust services. This group also provides retirement plan services to corporate businesses. The Huntington Private Client Group also provides corporate trust services and institutional and mutual fund custody services. 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 Consumer and Business Banking and Regional Banking and The Huntington Private Client Group segments, as well as through commissioned loan originators. Home Lending earns interest on portfolio loans held-for-sale, 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, 2017 , December 31, 2016 , and March 31, 2016 , reported results by business segment: Three Months Ended March 31, Income Statements Consumer & Business Banking Commercial Banking CREVF RBHPCG Home Lending Treasury / Other Huntington Consolidated (dollar amounts in thousands) 2017 Net interest income $ 393,496 $ 174,563 $ 139,333 $ 46,649 $ 15,215 $ (39,281 ) $ 729,975 Provision for credit losses 31,294 22,137 9,549 2,771 1,887 — 67,638 Noninterest income 146,790 69,487 11,209 36,170 23,981 24,826 312,463 Noninterest expense 374,083 114,970 50,359 52,162 34,655 81,193 707,422 Income taxes 47,218 37,430 31,722 9,760 929 (67,775 ) 59,284 Net income $ 87,691 $ 69,513 $ 58,912 $ 18,126 $ 1,725 $ (27,873 ) $ 208,094 2016 Net interest income $ 264,529 $ 105,350 $ 95,597 $ 34,923 $ 12,985 $ (10,318 ) $ 503,066 Provision (reduction in allowance) for credit losses 12,177 35,054 (16,649 ) (725 ) (2,274 ) (1 ) 27,582 Noninterest income 120,257 58,916 7,311 24,717 11,503 19,163 241,867 Noninterest expense 280,121 92,995 40,206 40,503 24,593 12,662 491,080 Income taxes 32,371 12,676 27,773 6,952 759 (25,574 ) 54,957 Net income $ 60,117 $ 23,541 $ 51,578 $ 12,910 $ 1,410 $ 21,758 $ 171,314 Assets at Deposits at (dollar amounts in thousands) March 31, December 31, March 31, December 31, Consumer & Business Banking $ 21,747,257 $ 21,831,681 $ 45,802,879 $ 44,724,252 Commercial Banking 24,233,720 24,236,490 19,041,629 18,053,208 CREVF 23,953,670 23,576,832 1,890,433 1,893,072 RBHPCG 5,280,791 5,213,530 5,981,930 6,214,250 Home Lending 3,524,718 3,502,069 349,765 631,494 Treasury / Other 21,305,350 21,353,495 4,355,874 4,091,441 Total $ 100,045,506 $ 99,714,097 $ 77,422,510 $ 75,607,717 |
ACCOUNTING STANDARDS UPDATE (Po
ACCOUNTING STANDARDS UPDATE (Policies) | 3 Months Ended |
Mar. 31, 2017 | |
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 for revenue recognition. The amendments are effective for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. Management intends to adopt the new guidance on January 1, 2018 using the modified retrospective approach and is well into its outlined implementation plan. In this regard, management has completed a preliminary analysis that includes (a) identification of all revenue streams included in the financial statements; (b) determination of scope exclusions to identify ‘in-scope’ revenue streams; (c) determination of size, timing, and amount of revenue recognition for in-scope items; (d) determination of sample size of contracts for further analysis; and (e) completion of limited analysis on selected contracts to evaluate the potential impact of the new guidance. The key revenue streams identified include service charges, credit card and payment processing fees, trust services fees, insurance income, brokerage services, and mortgage banking income. The new guidance is not expected to have a significant impact on Huntington’s Unaudited Consolidated Financial Statements. ASU 2016-01 - Recognition and Measurement of Financial Assets and Financial Liabilities. The amendments in this Update make targeted improvements to GAAP including, but not limited to, requiring an entity to measure its equity investments with changes in the fair value recognized in the income statement; requiring an entity to present separately in OCI the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments (i.e., FVO liability); requiring public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes; assessing deferred tax assets related to a net unrealized loss on AFS securities in combination with the entity’s other deferred tax assets; and eliminating some of the disclosures required by the existing GAAP while requiring entities to present and disclose some additional information. The new guidance is effective for the fiscal period beginning after December 15, 2017, including interim periods within those fiscal years. An entity should apply the amendments as a cumulative-effect adjustment to the balance sheet as of the beginning of the fiscal year of adoption. The amendment is not expected to have a material impact on Huntington's Unaudited Consolidated Financial Statements. ASU 2016-02 - Leases. This Update sets forth a new lease accounting model for lessors and lessees. For lessees, virtually all leases will be required to be recognized on the balance sheet by recording a right-of-use asset and lease liability. 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 Consolidated Financial Statements. Huntington expects to recognize a right-of-use asset and a lease liability for its operating lease commitments. 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, a change in the derivative counterparty does not, in and of itself, require de-designation of that hedging relationship provided that all other hedge accounting criteria continue to be met. The Update was adopted in the current reporting period and did not have a significant impact on Huntington's Unaudited 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. The Update was adopted in the current reporting period and did not have a significant impact on Huntington's Unaudited 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. The Update was adopted in the current reporting period and did not have a significant impact on Huntington's Unaudited Consolidated Financial Statements. ASU 2016-13 - Financial Instruments - Credit Losses. The amendments in this Update eliminate the probable recognition threshold for credit losses on financial assets measured at amortized cost. The Update requires those financial assets to be presented at the net amount expected to be collected (i.e., net of expected credit losses). The measurement of expected credit losses should be based on relevant information about past events, including historical experience, current conditions, and reasonable and supportable forecasts that affect the collectibility of the reported amount. The Update is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted for fiscal years beginning after December 15, 2018. The amendments should be applied through a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective. Management currently intends to adopt the guidance on January 1, 2020 and is assessing the impact of this Update on Huntington's Unaudited Consolidated Financial Statements. Management has formed a working group comprised of teams from different disciplines including credit and finance. The working group is currently evaluating the requirements of the new standard and the impact it will have on our processes. The early stages of this evaluation include a review of existing credit models to identify areas where existing credit models used to comply with other regulatory requirements may be leveraged and areas where new impairment models may be required. ASU 2016-15 - Classification of Certain Cash Receipts and Cash Payments. The amendments in this Update add or clarify guidance on the classification of certain cash receipts and payments in the statement of cash flows. Current guidance lacks consistent principles for evaluating the classification of cash payments and receipts in the statement of cash flows. This has led to diversity in practice and, in certain circumstances, financial statement restatements. Therefore, the FASB issued the ASU with the intent of reducing diversity in practice with respect to several types of cash flows. The amendments in this Update are effective using a retrospective transition approach for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted, including adoption in an interim period. If an entity early adopts the amendments in an interim period, any adjustments should be reflected as of the beginning of the fiscal year that includes that interim period. This Update is not expected to have a significant impact on Huntington's Unaudited Consolidated Financial Statements. ASU 2016-17 - Consolidation - Interests Held Through Related Parties that are Under Common Control. The Update amends the guidance included in ASU 2015-02, Consolidation: Amendments to Consolidation Analysis adopted by Huntington in 2016. The Update makes a narrow amendment and requires that a single decision maker should consider indirect economic interests in the entity held through related parties that are under common control on a proportionate basis when determining whether it is the primary beneficiary of that VIE. Prior to this amendment, indirect interests held through related parties that are under common control were to be considered equivalent of single decision maker’s direct interests in their entirety. The Update was adopted in the current reporting period and did not have a significant impact on Huntington's Unaudited Consolidated Financial Statements. ASU 2017-04 - Simplifying the Test for Goodwill Impairment. The Update simplifies the goodwill impairment test. Under the new guidance, Step 2 of the goodwill impairment process that requires an entity to determine the implied fair value of its goodwill by assigning fair value to all its assets and liabilities, is eliminated. Instead, the entity should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit's fair value. An entity still has the option to perform the qualitative assessment for a reporting unit to determine if the quantitative impairment test is necessary. The new guidance is effective for annual and interim goodwill tests performed in fiscal years beginning after December 15, 2019. Early adoption is permitted. The amendment is not expected to have a material impact on Huntington's Unaudited Consolidated Financial Statements. ASU 2017-07 - Improving the Presentation of Net Periodic Pension Cost and Periodic Postretirement Benefit Cost. The amendments in this Update require that an employer report the service cost component of the pension cost and postretirement benefit cost in the same line items as other compensation costs arising from services rendered by the pertinent employees during the period. The other components of the net benefit cost should be presented in the income statement separately from the service cost component. The amendments in this Update are effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Early adoption is permitted as of the beginning of an annual period for which financial statements have not been issued or made available for issuance. This Update is not expected to have a significant impact on Huntington's Unaudited Consolidated Financial Statements. ASU 2017-08 - Premium Amortization on Purchased Callable Debt Securities. The Update amends the guidance related to amortization for certain callable debt securities held at a premium. The new guidance requires the premium to be amortized to the earliest call date. The guidance does not require an accounting change for securities purchased at discount. The Update was adopted in the current reporting period and did not have a significant impact on Huntington's Unaudited Consolidated Financial Statements. |
LOANS _ LEASES AND ALLOWANCE 25
LOANS / LEASES AND ALLOWANCE FOR CREDIT LOSSES (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Receivables [Abstract] | |
Loan and Lease Portfolio | The following table provides a detailed listing of Huntington’s loan and lease portfolio at March 31, 2017 and December 31, 2016 : (dollar amounts in thousands) March 31, December 31, Loans and leases: Commercial and industrial $ 28,175,924 $ 28,058,712 Commercial real estate 7,093,118 7,300,901 Automobile 11,155,094 10,968,782 Home equity 9,974,294 10,105,774 Residential mortgage 7,829,137 7,724,961 RV and marine finance 1,934,983 1,846,447 Other consumer 935,719 956,419 Loans and leases 67,098,269 66,961,996 Allowance for loan and lease losses (672,580 ) (638,413 ) Net loans and leases $ 66,425,689 $ 66,323,583 |
Loans Acquired with deteriorated credit quality during period | s |
Loans acquired with deteriorated credit quality | The following table presents a rollforward of the accretable yield for purchased credit impaired loans for the three-month period ended March 31, 2017 : and 2016 : Three months ended (dollar amounts in thousands) 2017 FirstMerit Balance, beginning of period $ 36,669 Accretion (4,702 ) Reclassification (to) from nonaccretable difference 5,405 Balance, end of period $ 37,372 The following table reflects the ending and unpaid balances of the purchase credit impaired loans at March 31, 2017 and December 31, 2016 : March 31, 2017 December 31, 2016 (dollar amounts in thousands) Ending Unpaid Ending Unpaid FirstMerit Commercial and industrial $ 67,514 $ 97,946 $ 68,338 $ 100,031 Commercial real estate 22,597 38,045 34,042 56,320 Total $ 90,111 $ 135,991 $ 102,380 $ 156,351 |
Schedule of financing receivable, subject to loss share arrangements | March 31, 2017 December 31, 2016 (dollar amounts in thousands) Ending Unpaid Ending Unpaid FirstMerit Commercial and industrial $ 67,514 $ 97,946 $ 68,338 $ 100,031 Commercial real estate 22,597 38,045 34,042 56,320 Total $ 90,111 $ 135,991 $ 102,380 $ 156,351 |
Loan Purchases and Sales | |
NALs and Past Due Loans | The following table presents NALs by loan class at March 31, 2017 and December 31, 2016 : (dollar amounts in thousands) March 31, December 31, Commercial and industrial $ 232,171 $ 234,184 Commercial real estate 13,889 20,508 Automobile 4,881 5,766 Home equity 69,575 71,798 Residential mortgage 80,686 90,502 RV and marine finance 106 245 Other consumer 2 — Total nonaccrual loans $ 401,310 $ 423,003 |
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, 2017 and December 31, 2016 : (1) March 31, 2017 Past Due Loans Accounted for Under the Fair Value Option Total Loans 90 or (dollar amounts in thousands) 30-59 60-89 90 or Total Current Purchased Credit Impaired Commercial and industrial $ 77,998 $ 11,428 $ 77,392 $ 166,818 $ 27,941,592 $ 67,514 $ — $ 28,175,924 $ 15,054 (2) Commercial real estate 38,046 460 26,281 64,787 7,005,734 22,597 — 7,093,118 14,499 Automobile 70,564 15,517 8,331 94,412 11,058,889 — 1,793 11,155,094 8,123 Home equity 43,532 18,464 58,631 120,627 9,850,680 — 2,987 9,974,294 15,453 Residential mortgage 91,831 38,144 112,207 242,182 7,495,211 — 91,744 7,829,137 69,244 (3) RV and marine finance 10,101 3,064 2,202 15,367 1,918,199 — 1,417 1,934,983 2,200 Other consumer 9,234 3,766 3,369 16,369 918,949 — 401 935,719 3,370 Total loans and leases $ 341,306 $ 90,843 $ 288,413 $ 720,562 $ 66,189,254 $ 90,111 $ 98,342 $ 67,098,269 $ 127,943 December 31, 2016 Past Due Loans Accounted for Under the Fair Value Option Total Loans 90 or (dollar amounts in thousands) 30-59 60-89 90 or Total Current Purchased Commercial and industrial 42,052 20,136 74,174 136,362 27,854,012 68,338 — 28,058,712 18,148 (2) Commercial real estate 21,187 3,202 29,659 54,048 7,212,811 34,042 — 7,300,901 17,215 Automobile loans 76,283 17,188 10,442 103,913 10,862,715 — 2,154 10,968,782 10,182 Home equity 38,899 23,903 53,002 115,804 9,986,697 — 3,273 10,105,774 11,508 Residential mortgage 122,469 37,460 116,682 276,611 7,373,414 — 74,936 7,724,961 66,952 (3) RV and marine finance 10,009 2,230 1,566 13,805 1,831,123 — 1,519 1,846,447 1,462 Other consumer 9,442 4,324 3,894 17,660 938,322 — 437 956,419 3,895 Total loans and leases $ 320,341 $ 108,443 $ 289,419 $ 718,203 $ 66,059,094 $ 102,380 $ 82,319 $ 66,961,996 $ 129,362 (1) NALs are included in this aging analysis based on the loan’s past due status. (2) Amounts include Huntington Technology Finance administrative lease delinquencies. |
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, 2017 and 2016 : (dollar amounts in thousands) Commercial Consumer Total Three-month period ended March 31, 2017: ALLL balance, beginning of period $ 451,091 $ 187,322 $ 638,413 Loan charge-offs (23,669 ) (47,046 ) (70,715 ) Recoveries of loans previously charged-off 17,815 13,462 31,277 Provision (reduction in allowance) for loan and lease losses 35,145 38,534 73,679 Allowance for loans sold or transferred to loans held for sale (74 ) — (74 ) ALLL balance, end of period $ 480,308 $ 192,272 $ 672,580 AULC balance, beginning of period $ 86,543 $ 11,336 $ 97,879 Provision for (reduction in allowance) unfunded loan commitments and letters of credit 2,356 (8,397 ) (6,041 ) AULC balance, end of period $ 88,899 $ 2,939 $ 91,838 ACL balance, end of period $ 569,207 $ 195,211 $ 764,418 (dollar amounts in thousands) Commercial Consumer Total Three-month period ended March 31, 2016: ALLL balance, beginning of period $ 398,753 $ 199,090 $ 597,843 Loan charge-offs (28,949 ) (30,743 ) (59,692 ) Recoveries of loans previously charged-off 39,911 11,229 51,140 Provision for (reduction in allowance) loan and lease losses 12,726 11,612 24,338 Allowance for loans sold or transferred to loans held for sale — 90 90 ALLL balance, end of period $ 422,441 $ 191,278 $ 613,719 AULC balance, beginning of period $ 63,448 $ 8,633 $ 72,081 Provision for (reduction in allowance) unfunded loan commitments and letters of credit 2,424 820 3,244 AULC balance, end of period $ 65,872 $ 9,453 $ 75,325 ACL balance, end of period $ 488,313 $ 200,731 $ 689,044 |
Loan and lease balances by credit quality indicator | The following table presents each loan and lease class by credit quality indicator at March 31, 2017 and December 31, 2016 : March 31, 2017 Credit Risk Profile by UCS Classification (dollar amounts in thousands) Pass OLEM Substandard Doubtful Total Commercial Commercial and industrial $ 26,216,400 $ 808,467 $ 1,131,835 $ 19,222 $ 28,175,924 Commercial real estate 6,867,440 120,212 103,983 1,483 7,093,118 Credit Risk Profile by FICO Score (1), (2) 750+ 650-749 <650 Other (3) Total Consumer Automobile $ 5,445,124 $ 4,254,397 $ 1,172,859 $ 280,921 $ 11,153,301 Home equity 6,131,710 2,924,593 631,268 283,736 9,971,307 Residential mortgage 4,643,664 2,406,782 611,675 75,272 7,737,393 RV and marine finance 1,179,561 699,701 16,202 38,102 1,933,566 Other consumer 333,683 440,599 142,515 18,521 935,318 December 31, 2016 Credit Risk Profile by UCS Classification (dollar amounts in thousands) Pass OLEM Substandard Doubtful Total Commercial Commercial and industrial $ 26,211,885 $ 810,287 $ 1,028,819 $ 7,721 $ 28,058,712 Commercial real estate 7,042,304 96,975 159,098 2,524 7,300,901 Credit Risk Profile by FICO Score (1), (2) 750+ 650-749 <650 Other (3) Total Consumer Automobile $ 5,369,085 $ 4,043,611 $ 1,298,460 $ 255,472 $ 10,966,628 Home equity 6,280,328 2,891,330 637,560 293,283 10,102,501 Residential mortgage 4,662,777 2,285,121 615,067 87,060 7,650,025 RV and marine finance 1,064,143 644,039 72,995 63,751 1,844,928 Other consumer 346,867 455,959 133,243 19,913 955,982 (1) Excludes loans accounted for under the fair value option. (2) Reflects most recent customer credit scores. (3) 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, 2017 and December 31, 2016 : (dollar amounts in thousands) Commercial Consumer Total ALLL at March 31, 2017: Portion of ALLL balance: Attributable to loans individually evaluated for impairment $ 24,519 $ 11,888 $ 36,407 Attributable to loans collectively evaluated for impairment 455,789 180,384 636,173 Total ALLL balance $ 480,308 $ 192,272 $ 672,580 Loan and Lease Ending Balances at March 31, 2017: (1) Portion of loan and lease ending balance: Purchased credit-impaired loans $ 90,111 $ — $ 90,111 Individually evaluated for impairment 425,793 457,790 883,583 Collectively evaluated for impairment 34,753,138 31,273,095 66,026,233 Total loans and leases evaluated for impairment $ 35,269,042 $ 31,730,885 $ 66,999,927 (dollar amounts in thousands) Commercial Consumer Total ALLL at December 31, 2016 Portion of ALLL balance: Attributable to loans individually evaluated for impairment $ 10,525 $ 11,021 $ 21,546 Attributable to loans collectively evaluated for impairment 440,566 176,301 616,867 Total ALLL balance: $ 451,091 $ 187,322 $ 638,413 Loan and Lease Ending Balances at December 31, 2016 (1) Portion of loan and lease ending balances: Purchased credit-impaired loans $ 102,380 $ — $ 102,380 Individually evaluated for impairment 415,624 457,890 873,514 Collectively evaluated for impairment 34,841,609 31,062,174 65,903,783 Total loans and leases evaluated for impairment $ 35,359,613 $ 31,520,064 $ 66,879,677 (1) Excludes loans accounted for under the fair value option. |
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 impaired loans and leases and purchased credit-impaired loans: (1), (2) March 31, 2017 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 $ 250,789 $ 290,673 $ — $ 275,409 $ 4,500 Commercial real estate 86,621 117,745 — 85,829 2,000 Automobile — — — — — Home equity — — — — — Residential mortgage — — — — — RV and marine finance — — — — — Other consumer — — — — — With an allowance recorded: Commercial and industrial (3) 278,368 306,613 33,678 334,179 1,906 Commercial real estate (4) 41,416 49,444 2,810 69,094 467 Automobile 32,731 32,942 2,004 31,846 534 Home equity (6) 326,755 360,622 16,232 323,079 3,949 Residential mortgage (6) (7) 349,527 383,685 14,217 338,640 3,110 RV and marine finance 687 710 26 343 11 Other consumer 4,245 4,245 248 4,071 57 Total Commercial and industrial 529,157 597,286 33,678 609,588 6,406 Commercial real estate 128,037 167,189 2,810 154,923 2,467 Automobile 32,731 32,942 2,004 31,846 534 Home equity 326,755 360,622 16,232 323,079 3,949 Residential mortgage 349,527 383,685 14,217 338,640 3,110 RV and marine finance 687 710 26 343 11 Other consumer 4,245 4,245 248 4,071 57 December 31, 2016 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 $ 299,606 $ 358,712 $ — $ 261,144 $ 1,233 Commercial real estate 88,817 126,152 — 71,807 1,616 Automobile — — — — — Home equity — — — — — Residential mortgage — — — 1,473 2 RV and marine finance — — — — — Other consumer — — — 45 102 With an allowance recorded: Commercial and industrial (3) 406,243 448,121 22,259 264,084 3,086 Commercial real estate (4) 97,238 107,512 3,434 79,857 758 Automobile 30,961 31,298 1,850 32,284 578 Home equity (6) 319,404 352,722 15,032 250,016 2,968 Residential mortgage (6) (7) 327,753 363,099 12,849 362,280 3,036 RV and marine finance — — — — — Other consumer 3,897 3,897 260 4,799 66 Total Commercial and industrial 705,849 806,833 22,259 525,228 4,319 Commercial real estate 186,055 233,664 3,434 151,664 2,374 Automobile 30,961 31,298 1,850 32,284 578 Home equity 319,404 352,722 15,032 250,016 2,968 Residential mortgage 327,753 363,099 12,849 363,753 3,038 RV and marine finance — — — — — Other consumer 3,897 3,897 260 4,844 168 (1) These tables do not include loans fully charged-off. (2) All automobile, RV and marine finance and other consumer impaired loans included in these tables are considered impaired due to their status as a TDR. (3) At March 31, 2017 and December 31, 2016 , commercial and industrial loans with an allowance recorded of $117 million and $293 million , respectively, were considered impaired due to their status as a TDR. (4) At March 31, 2017 and December 31, 2016 , commercial real estate loans with an allowance recorded of $24 million and $81 million , respectively, 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) Includes home equity and residential mortgages considered to be collateral dependent as well as home equity and mortgage loans considered impaired due to their status as a TDR. (7) At March 31, 2017 and December 31, 2016 , residential mortgage loans with an allowance recorded of $30 million and $29 million , respectively, were guaranteed by the U.S. government. |
Detailed troubled debt restructuring information by class | The following table presents by class and by the reason for the modification, the number of contracts, post-modification outstanding balance, and the financial effects of the modification for the three-month periods ended March 31, 2017 an 2016 : New Troubled Debt Restructurings During The Three-Month Period Ended (1) March 31, 2017 March 31, 2016 (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) Commercial and industrial: Interest rate reduction 1 $ 19 $ 6 1 $ 17 $ (1 ) Amortization or maturity date change 236 112,425 (1,002 ) 184 122,658 572 Other 3 160 (27 ) 8 858 (4 ) Total Commercial and industrial 240 112,604 (1,023 ) 193 123,533 567 Commercial real estate: Interest rate reduction — — — — — — Amortization or maturity date change 24 31,263 (388 ) 24 33,795 (559 ) Other — — — 2 263 16 Total commercial real estate: 24 31,263 (388 ) 26 34,058 (543 ) Automobile: Interest rate reduction 14 178 5 4 42 2 Amortization or maturity date change 477 4,301 111 421 3,901 220 Chapter 7 bankruptcy 240 1,822 29 317 2,562 115 Other — — — — — — Total Automobile 731 6,301 145 742 6,505 337 Home equity: Interest rate reduction 8 562 7 20 1,384 67 Amortization or maturity date change 106 5,496 (674 ) 229 11,890 (1,282 ) Chapter 7 bankruptcy 87 3,619 1,038 99 3,597 733 Other 58 3,729 (326 ) — — — Total Home equity 259 13,406 45 348 16,871 (482 ) Residential mortgage: Interest rate reduction 2 110 (9 ) 5 657 (32 ) Amortization or maturity date change 99 11,071 (258 ) 92 10,759 (577 ) Chapter 7 bankruptcy 24 2,691 (136 ) 17 1,505 70 Other 16 1,920 14 — — — Total Residential mortgage 141 15,792 (389 ) 114 12,921 (539 ) RV and marine finance: Interest rate reduction — — — — — — Amortization or maturity date change 14 476 12 — — — Chapter 7 bankruptcy 15 210 4 — — — Other — — — — — — Total RV and marine finance 29 686 16 — — — Other consumer: Interest rate reduction 1 78 2 — — — Amortization or maturity date change 2 267 7 4 555 24 Chapter 7 bankruptcy 1 4 — 7 66 7 Other — — — — — — Total Other consumer 4 349 9 11 621 31 Total new troubled debt restructurings 1,428 $ 180,401 $ (1,585 ) 1,434 $ 194,509 $ (629 ) (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 26
AVAILABLE-FOR-SALE AND OTHER SECURITIES (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Investments, Debt and Equity Securities [Abstract] | |
Contractual maturities of investment securities | Listed below are the contractual maturities of available-for-sale and other securities at March 31, 2017 and December 31, 2016 : March 31, 2017 December 31, 2016 (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 $ 6,379 $ 6,383 $ 4,978 $ 4,988 After 1 year through 5 years 502 507 502 509 After 5 years through 10 years — — — — After 10 years — — — — Total U.S. Treasury 6,881 6,890 5,480 5,497 Federal agencies: mortgage-backed securities: 1 year or less — — — — After 1 year through 5 years 41,925 41,995 46,591 46,762 After 5 years through 10 years 273,555 274,738 173,941 176,404 After 10 years 11,099,533 10,905,134 10,630,929 10,450,176 Total Federal agencies: mortgage-backed securities 11,415,013 11,221,867 10,851,461 10,673,342 Other agencies: 1 year or less 4,354 4,417 4,302 4,367 After 1 year through 5 years 9,503 9,690 5,092 5,247 After 5 years through 10 years 75,673 75,736 63,618 63,928 After 10 years — — — — Total other agencies 89,530 89,843 73,012 73,542 Total U.S. Treasury, Federal agency, and other agency securities 11,511,424 11,318,600 10,929,953 10,752,381 Municipal securities: 1 year or less 180,536 178,416 169,636 166,887 After 1 year through 5 years 951,261 953,776 933,893 933,903 After 5 years through 10 years 1,481,804 1,493,797 1,463,459 1,464,583 After 10 years 689,993 691,165 693,440 684,684 Total municipal securities 3,303,594 3,317,154 3,260,428 3,250,057 Asset-backed securities: 1 year or less — — — — After 1 year through 5 years 88,216 88,681 80,700 80,560 After 5 years through 10 years 168,634 170,102 223,352 224,565 After 10 years 537,534 508,154 520,072 488,356 Total asset-backed securities 794,384 766,937 824,124 793,481 Corporate debt: 1 year or less 59,021 59,429 43,223 43,603 After 1 year through 5 years 64,529 66,027 78,430 80,196 After 5 years through 10 years 34,681 35,362 32,523 32,865 After 10 years 36,098 37,863 40,361 42,019 Total corporate debt 194,329 198,681 194,537 198,683 Other: 1 year or less 1,652 1,652 1,650 1,650 After 1 year through 5 years 2,300 2,275 2,302 2,283 After 5 years through 10 years — — — — After 10 years 46 46 10 10 Nonmarketable equity securities 552,628 552,628 547,704 547,704 Mutual funds 14,331 14,331 15,286 15,286 Marketable equity securities 861 1,301 861 1,302 Total other 571,818 572,233 567,813 568,235 Total available-for-sale and other securities $ 16,375,549 $ 16,173,605 $ 15,776,855 $ 15,562,837 |
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, 2017 and December 31, 2016 : Unrealized (dollar amounts in thousands) Amortized Cost Gross Gains Gross Losses Fair Value March 31, 2017 U.S. Treasury $ 6,881 $ 9 $ — $ 6,890 Federal agencies: Mortgage-backed securities 11,415,013 10,882 (204,028 ) 11,221,867 Other agencies 89,530 356 (43 ) 89,843 Total U.S. Treasury, Federal agency securities 11,511,424 11,247 (204,071 ) 11,318,600 Municipal securities 3,303,594 39,687 (26,127 ) 3,317,154 Asset-backed securities 794,384 2,225 (29,672 ) 766,937 Corporate debt 194,329 4,357 (5 ) 198,681 Other securities 571,818 441 (26 ) 572,233 Total available-for-sale and other securities $ 16,375,549 $ 57,957 $ (259,901 ) $ 16,173,605 Unrealized (dollar amounts in thousands) Amortized Cost Gross Gains Gross Losses Fair Value December 31, 2016 U.S. Treasury $ 5,480 $ 17 $ — $ 5,497 Federal agencies: Mortgage-backed securities 10,851,461 12,548 (190,667 ) 10,673,342 Other agencies 73,012 536 (6 ) 73,542 Total U.S. Treasury, Federal agency securities 10,929,953 13,101 (190,673 ) 10,752,381 Municipal securities 3,260,428 28,431 (38,802 ) 3,250,057 Asset-backed securities 824,124 1,492 (32,135 ) 793,481 Corporate debt 194,537 4,161 (15 ) 198,683 Other securities 567,813 441 (19 ) 568,235 Total available-for-sale and other securities $ 15,776,855 $ 47,626 $ (261,644 ) $ 15,562,837 |
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, 2017 and December 31, 2016 : 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, 2017 Federal agencies: Mortgage-backed securities $ 9,846,004 $ (202,610 ) $ 40,432 $ (1,418 ) $ 9,886,436 $ (204,028 ) Other agencies 25,475 (43 ) — — 25,475 (43 ) Total Federal agency securities 9,871,479 (202,653 ) 40,432 (1,418 ) 9,911,911 (204,071 ) Municipal securities 859,848 (19,825 ) 257,829 (6,302 ) 1,117,677 (26,127 ) Asset-backed securities 260,870 (2,268 ) 201,436 (27,404 ) 462,306 (29,672 ) Corporate debt 694 (5 ) 200 — 894 (5 ) Other securities 785 (15 ) 1,489 (11 ) 2,274 (26 ) Total temporarily impaired securities $ 10,993,676 $ (224,766 ) $ 501,386 $ (35,135 ) $ 11,495,062 $ (259,901 ) 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, 2016 Federal agencies: Mortgage-backed securities $ 8,908,470 $ (189,318 ) $ 41,706 $ (1,349 ) $ 8,950,176 $ (190,667 ) Other agencies 924 (6 ) — — 924 (6 ) Total Federal agency securities 8,909,394 (189,324 ) 41,706 (1,349 ) 8,951,100 (190,673 ) Municipal securities 1,412,152 (29,175 ) 272,292 (9,627 ) 1,684,444 (38,802 ) Asset-backed securities 361,185 (3,043 ) 178,924 (29,092 ) 540,109 (32,135 ) Corporate debt 3,567 (15 ) 200 — 3,767 (15 ) Other securities 790 (11 ) 1,492 (8 ) 2,282 (19 ) Total temporarily impaired securities $ 10,687,088 $ (221,568 ) $ 494,614 $ (40,076 ) $ 11,181,702 $ (261,644 ) |
Realized securities gains and losses | The following table is a summary of realized securities gains and losses for the three-month periods ended March 31, 2017 and 2016 : Three months ended (dollar amounts in thousands) 2017 2016 Gross gains on sales of securities $ 545 $ — Gross (losses) on sales of securities (553 ) — Net gain on sales of securities $ (8 ) $ — |
Trust Preferred Securities Data | The following table summarizes the relevant characteristics of the Company's CDO securities portfolio, which are included in asset-backed securities, at March 31, 2017 . Each security is part of a pool of issuers and supports a more senior tranche of securities except for the MM Comm III securities which are the most senior class. Collateralized Debt Obligation Securities (dollar amounts in thousands) Deal Name Par Value Amortized Cost Fair Value Unrealized Loss (2) Lowest Credit Rating (3) # of Issuers Currently Performing/ Remaining (4) Actual Deferrals and Defaults as a % of Original Collateral Expected Defaults as a % of Remaining Performing Collateral Excess Subordination (5) ICONS $ 18,594 $ 18,594 $ 15,416 $ (3,178 ) BB 19/21 7 13 55 MM Comm III 4,573 4,369 3,625 (744 ) BB+ 5/8 5 6 39 Pre TSL IX (1) 5,000 3,955 3,285 (670 ) C 27/37 16 8 10 Pre TSL XI (1) 25,000 19,413 15,923 (3,490 ) C 43/53 14 8 14 Reg Diversified (1) 25,500 4,195 1,832 (2,363 ) D 20/36 33 8 — Tropic III 31,000 31,000 19,411 (11,589 ) BB 27/36 16 7 42 Total at March 31, 2017 $ 109,667 $ 81,526 $ 59,492 $ (22,034 ) Total at December 31, 2016 $ 137,197 $ 101,210 $ 76,003 $ (25,207 ) (1) Security was determined to have OTTI. As such, the amortized cost 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. |
Schedule of other than temporary impairment | For the three-month periods ended March 31, 2017 and 2016 , the following table summarizes by security type the total OTTI losses recognized in the Unaudited Condensed Consolidated Statements of Income for securities evaluated for impairment as described above. Three months ended (dollar amounts in thousands) 2017 2016 Available-for-sale and other securities: Collateralized Debt Obligations $ — $ — Municipal Securities 24 — Total available-for-sale and other securities $ 24 $ — The following table rolls forward the OTTI recognized in earnings on debt securities held by Huntington for the three-month periods ended March 31, 2017 and 2016 as follows: Three Months Ended (dollar amounts in thousands) 2017 2016 Balance, beginning of period $ 11,796 $ 18,368 Reductions from sales (4,558 ) — Additional credit losses 24 — Balance, end of period $ 7,262 $ 18,368 |
HELD-TO-MATURITY SECURITIES (Ta
HELD-TO-MATURITY SECURITIES (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Held-to-maturity Securities [Abstract] | |
Contractual maturities of held-to-maturity securities | Listed below are the contractual maturities of held-to-maturity securities at March 31, 2017 and December 31, 2016 : March 31, 2017 December 31, 2016 (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 59,710 59,420 41,261 40,791 After 10 years 6,887,466 6,857,540 7,157,083 7,139,943 Total Federal agencies: mortgage-backed securities 6,947,176 6,916,960 7,198,344 7,180,734 Other agencies: 1 year or less — — — — After 1 year through 5 years — — — — After 5 years through 10 years 382,617 383,290 398,341 399,452 After 10 years 197,714 195,990 204,083 201,180 Total other agencies 580,331 579,280 602,424 600,632 Total U.S. Government backed agencies 7,527,507 7,496,240 7,800,768 7,781,366 Municipal securities: 1 year or less — — — — After 1 year through 5 years — — — — After 5 years through 10 years — — — — After 10 years 6,010 5,862 6,171 5,902 Total municipal securities 6,010 5,862 6,171 5,902 Total held-to-maturity securities $ 7,533,517 $ 7,502,102 $ 7,806,939 $ 7,787,268 |
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, 2017 and December 31, 2016 : Unrealized (dollar amounts in thousands) Amortized Cost Gross Gains Gross Losses Fair Value March 31, 2017 Federal agencies: Mortgage-backed securities $ 6,947,176 $ 11,534 $ (41,750 ) $ 6,916,960 Other agencies 580,331 1,886 (2,937 ) 579,280 Total U.S. Government backed agencies 7,527,507 13,420 (44,687 ) 7,496,240 Municipal securities 6,010 — (148 ) 5,862 Total held-to-maturity securities $ 7,533,517 $ 13,420 $ (44,835 ) $ 7,502,102 Unrealized (dollar amounts in thousands) Amortized Gross Gains Gross Losses Fair Value December 31, 2016 Federal agencies: Mortgage-backed securities $ 7,198,344 $ 20,883 $ (38,493 ) $ 7,180,734 Other agencies 602,424 1,690 (3,482 ) 600,632 Total U.S. Government backed agencies 7,800,768 22,573 (41,975 ) 7,781,366 Municipal securities 6,171 — (269 ) 5,902 Total held-to-maturity securities $ 7,806,939 $ 22,573 $ (42,244 ) $ 7,787,268 |
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, 2017 and December 31, 2016 : 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, 2017 Federal agencies: Mortgage-backed securities $ 4,852,958 $ (35,507 ) $ 169,422 $ (6,243 ) $ 5,022,380 $ (41,750 ) Other agencies 412,793 (2,937 ) — — 412,793 (2,937 ) Total U.S. Government backed securities 5,265,751 (38,444 ) 169,422 (6,243 ) 5,435,173 (44,687 ) Municipal securities 5,862 (148 ) — — 5,862 (148 ) Total temporarily impaired securities $ 5,271,613 $ (38,592 ) $ 169,422 $ (6,243 ) $ 5,441,035 $ (44,835 ) 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, 2016 Federal agencies: Mortgage-backed securities $ 2,855,360 $ (31,470 ) $ 186,226 $ (7,023 ) $ 3,041,586 $ (38,493 ) Other agencies 413,207 (3,482 ) — — 413,207 (3,482 ) Total U.S. Government backed securities 3,268,567 (34,952 ) 186,226 (7,023 ) 3,454,793 (41,975 ) Municipal securities 5,902 (269 ) — — 5,902 (269 ) Total temporarily impaired securities $ 3,274,469 $ (35,221 ) $ 186,226 $ (7,023 ) $ 3,460,695 $ (42,244 ) |
LOAN SALES AND SECURITIZATIONS
LOAN SALES AND SECURITIZATIONS (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
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, 2017 and 2016 : Three months ended (dollar amounts in thousands) 2017 2016 SBA loans sold with servicing retained $ 77,672 $ 45,889 Pretax gains resulting from above loan sales (1) 5,818 3,521 (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, 2017 and 2016 : Three months ended (dollar amounts in thousands) 2017 2016 Residential mortgage loans sold with servicing retained $ 845,415 $ 632,466 Pretax gains resulting from above loan sales (1) 22,190 14,113 (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, 2017 and 2016 : Fair Value Method: Three months ended (dollar amounts in thousands) 2017 2016 Fair value, beginning of period $ 13,747 $ 17,585 Change in fair value during the period due to: Time decay (1) (231 ) (273 ) Payoffs (2) (364 ) (504 ) Changes in valuation inputs or assumptions (3) 155 (1,989 ) Fair value, end of period: $ 13,307 $ 14,819 Weighted-average life (years) 5.6 5.2 (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) 2017 2016 Carrying value, beginning of period $ 172,466 $ 143,133 New servicing assets created 9,635 6,109 Impairment (charge) / recovery 1,800 (16,340 ) Amortization and other (6,089 ) (5,627 ) Carrying value, end of period $ 177,812 $ 127,275 Fair value, end of period $ 178,581 $ 127,516 Weighted-average life (years) 7.1 6.5 Changes in the carrying value of automobile loan servicing rights for the three-month periods ended March 31, 2017 and 2016 , and the fair value at the end of each period were as follows: Three months ended (dollar amounts in thousands) 2017 2016 Carrying value, beginning of period $ 18,285 $ 8,771 New servicing assets created — — Amortization and other (3,126 ) (1,742 ) Carrying value, end of period $ 15,159 $ 7,029 Fair value, end of period $ 15,278 $ 7,250 Weighted-average life (years) 4.0 3.3 The following tables summarize the changes in the carrying value of the servicing asset for the three-month periods ended March 31, 2017 and 2016 , and the fair value at the end of each period were as follows: Three months ended (dollar amounts in thousands) 2017 2016 Carrying value, beginning of period $ 21,080 $ 19,747 New servicing assets created 1,475 1,511 Amortization and other (1,156 ) (1,733 ) Carrying value, end of period $ 21,399 $ 19,525 Fair value, end of period $ 25,857 $ 23,048 Weighted-average life (years) 3.3 3.3 |
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 automobile loan servicing rights value to changes in these assumptions at March 31, 2017 and December 31, 2016 follows: March 31, 2017 December 31, 2016 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) 19.95 % $ (877 ) $ (1,695 ) 19.98 % $ (1,047 ) $ (2,026 ) Spread over forward interest rate swap rates 500 bps (22 ) (45 ) 500 bps (26 ) (53 ) For MSRs under the fair value method, a summary of key assumptions and the sensitivity of the MSR value at March 31, 2017 and December 31, 2016 , to changes in these assumptions follows: March 31, 2017 December 31, 2016 Decline in fair value due to Decline in fair value due to (dollar amounts in thousands) Actual 10% adverse change 20% adverse change Actual 10% adverse change 20% adverse change Constant prepayment rate (annualized) 11.90 % $ (522 ) $ (1,007 ) 10.90 % $ (501 ) $ (970 ) Spread over forward interest rate swap rates 839 bps (411 ) (798 ) 536 bps (454 ) (879 ) For MSRs under the amortization method, a summary of key assumptions and the sensitivity of the MSR value at March 31, 2017 and December 31, 2016 , to changes in these assumptions follows: March 31, 2017 December 31, 2016 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) 8.10 % $ (4,756 ) $ (9,242 ) 7.80 % $ (4,510 ) $ (8,763 ) Spread over forward interest rate swap rates 1,064 bps (5,518 ) (10,692 ) 1,173 bps (5,259 ) (10,195 ) A summary of key assumptions and the sensitivity of the SBA loan servicing rights value to changes in these assumptions at March 31, 2017 and December 31, 2016 follows: March 31, 2017 December 31, 2016 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) 7.40 % $ (346 ) $ (687 ) 7.40 % $ (324 ) $ (644 ) Discount rate 15.00 (696 ) (1,363 ) 15.00 (1,270 ) (1,870 ) |
OTHER COMPREHENSIVE INCOME (Tab
OTHER COMPREHENSIVE INCOME (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Equity [Abstract] | |
Components of other comprehensive income | The components of other comprehensive income for the three-month periods ended March 31, 2017 and 2016 , 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 $ 810 $ (286 ) $ 524 Unrealized holding gains (losses) on available-for-sale debt securities arising during the period 8,996 (2,795 ) 6,201 Less: Reclassification adjustment for net losses (gains) included in net income 5,874 (2,077 ) 3,797 Net change in unrealized holding gains (losses) on available-for-sale debt securities 15,680 (5,158 ) 10,522 Net change in unrealized holding gains (losses) on available-for-sale equity securities — — — Unrealized gains (losses) on derivatives used in cash flow hedging relationships arising during the period (1,831 ) 641 (1,190 ) Less: Reclassification adjustment for net (gains) losses included in net income 560 (196 ) 364 Net change in unrealized gains (losses) on derivatives used in cash flow hedging relationships (1,271 ) 445 (826 ) Net change in pension and other post-retirement obligations 708 (248 ) 460 Total other comprehensive income (loss) $ 15,117 $ (4,961 ) $ 10,156 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 |
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, 2017 and 2016 : (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, 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 ) December 31, 2016 $ (192,764 ) $ 287 $ (2,634 ) $ (205,905 ) $ (401,016 ) Other comprehensive income before reclassifications 6,725 — (1,190 ) — 5,535 Amounts reclassified from accumulated OCI to earnings 3,797 — 364 460 4,621 Period change 10,522 — (826 ) 460 10,156 March 31, 2017 $ (182,242 ) $ 287 $ (3,460 ) $ (205,445 ) $ (390,860 ) |
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, 2017 and 2016 : 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, 2017 March 31, 2016 Gains (losses) on debt securities: Amortization of unrealized gains (losses) $ (3,606 ) $ 464 Interest income - held-to-maturity securities - taxable Realized gain (loss) on sale of securities (2,244 ) — Noninterest income - net gains (losses) on sale of securities OTTI recorded (24 ) — Noninterest income - net gains (losses) on sale of securities (5,874 ) 464 Total before tax 2,077 (164 ) Tax (expense) benefit $ (3,797 ) $ 300 Net of tax Gains (losses) on cash flow hedging relationships: Interest rate contracts $ (560 ) $ 645 Interest income - loans and leases Interest rate contracts — (1 ) Noninterest income - other income (560 ) 644 Total before tax 196 (224 ) Tax (expense) benefit $ (364 ) $ 420 Net of tax Amortization of defined benefit pension and post-retirement items: Actuarial gains (losses) $ (1,200 ) $ (1,785 ) Noninterest expense - personnel costs Prior service credit 492 492 Noninterest expense - personnel costs (708 ) (1,293 ) Total before tax 248 452 Tax (expense) benefit $ (460 ) $ (841 ) Net of tax |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Earnings Per Share [Abstract] | |
Basic and diluted earnings loss per share | The calculation of basic and diluted earnings per share for the three -month periods ended March 31, 2017 and 2016 , was as follows: Three Months Ended (dollar amounts in thousands, except per share amounts) 2017 2016 Basic earnings per common share: Net income $ 208,094 $ 171,314 Preferred stock dividends (18,878 ) (7,998 ) Net income available to common shareholders $ 189,216 $ 163,316 Average common shares issued and outstanding 1,086,374 795,755 Basic earnings per common share $ 0.17 $ 0.21 Diluted earnings per common share: Net income available to common shareholders $ 189,216 $ 163,316 Effect of assumed preferred stock conversion — — Net income applicable to diluted earnings per share $ 189,216 $ 163,316 Average common shares issued and outstanding 1,086,374 795,755 Dilutive potential common shares: Stock options and restricted stock units and awards 19,139 10,385 Shares held in deferred compensation plans 2,953 2,075 Other 151 134 Dilutive potential common shares: 22,243 12,594 Total diluted average common shares issued and outstanding 1,108,617 808,349 Diluted earnings per common share $ 0.17 $ 0.20 |
BENEFIT PLANS (Tables)
BENEFIT PLANS (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Compensation and Retirement Disclosure [Abstract] | |
Schedule of Net Benefit Costs | The following table shows the components of net periodic (benefit) cost for all plans: Pension Benefits Post Retirement Benefits Three Months Ended March 31, Three Months Ended March 31, (dollar amounts in thousands) 2017 2016 2017 2016 Service cost $ 640 $ 1,025 $ 22 $ — Interest cost 7,477 6,748 99 55 Expected return on plan assets (13,803 ) (10,223 ) — — Amortization of prior service cost — — (492 ) (492 ) Amortization of (gain) loss 1,747 1,864 (55 ) (72 ) Settlements 2,500 3,400 — — Net periodic (benefit) cost $ (1,439 ) (1 ) $ 2,814 $ (426 ) (1 ) $ (509 ) |
Schedule of Costs of Retirement Plans | defined contribution plans during the first quarter 2017 and 2016 was $11 million and $8 million , respectively. |
FAIR VALUES OF ASSETS AND LIA32
FAIR VALUES OF ASSETS AND LIABILITIES (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
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, 2017 and December 31, 2016 are summarized below: Fair Value Measurements at Reporting Date Using Netting Adjustments (1) March 31, 2017 (dollar amounts in thousands) Level 1 Level 2 Level 3 Assets Loans held for sale $ — $ 423,324 $ — $ — $ 423,324 Loans held for investment — 54,123 44,219 — 98,342 Trading account securities: Municipal securities — 3,434 — — 3,434 Other securities 94,201 150 — — 94,351 94,201 3,584 — — 97,785 Available-for-sale and other securities: U.S. Treasury securities 6,890 — — — 6,890 Federal agencies: Mortgage-backed — 11,221,867 — — 11,221,867 Federal agencies: Other agencies — 89,843 — — 89,843 Municipal securities — 449,502 2,867,652 — 3,317,154 Asset-backed securities — 707,445 59,492 — 766,937 Corporate debt — 198,681 — — 198,681 Other securities 15,632 3,973 — — 19,605 22,522 12,671,311 2,927,144 — 15,620,977 MSRs — — 13,307 — 13,307 Derivative assets — 342,584 9,439 (173,603 ) 178,420 Liabilities Derivative liabilities — 322,999 6,745 (246,192 ) 83,552 Short-term borrowings 1,420 — — — 1,420 Fair Value Measurements at Reporting Date Using Netting Adjustments (1) December 31, 2016 (dollar amounts in thousands) Level 1 Level 2 Level 3 Assets Loans held for sale $ — $ 438,224 $ — $ — $ 438,224 Loans held for investment — 34,439 47,880 — 82,319 Trading account securities: Municipal securities — 1,148 — — 1,148 Other securities 132,147 — — — 132,147 132,147 1,148 — — 133,295 Available-for-sale and other securities: U.S. Treasury securities 5,497 — — — 5,497 Federal agencies: Mortgage-backed — 10,673,342 — — 10,673,342 Federal agencies: Other agencies — 73,542 — — 73,542 Municipal securities — 452,013 2,798,044 — 3,250,057 Asset-backed securities — 717,478 76,003 — 793,481 Corporate debt — 198,683 — — 198,683 Other securities 16,588 3,943 — — 20,531 22,085 12,119,001 2,874,047 — 15,015,133 MSRs — — 13,747 — 13,747 Derivative assets — 414,412 5,747 (181,940 ) 238,219 Liabilities Derivative liabilities — 362,777 7,870 (272,361 ) 98,286 Short-term borrowings 474 — — — 474 (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 Loans held for investment Opening balance $ 13,747 $ (2,123 ) $ 2,798,044 $ 76,003 $ 47,880 Transfers into Level 3 — — — — — Transfers out of Level 3 (1) — (333 ) — — — Total gains/losses for the period: Included in earnings (440 ) 5,150 (1,386 ) 28 (63 ) Included in OCI — — 20,475 3,172 — Purchases/originations — — 132,666 — — Sales — — — (19,133 ) — Repayments — — — — (3,598 ) Issues — — — — — Settlements — — (82,147 ) (578 ) — Closing balance $ 13,307 $ 2,694 $ 2,867,652 $ 59,492 $ 44,219 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 $ (440 ) $ 5,150 $ 20,269 $ 1,212 $ — Level 3 Fair Value Measurements Available-for-sale securities (dollar amounts in thousands) MSRs Derivative instruments Municipal securities Asset- backed securities Loans held for investment 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 $ — $ — $ — |
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, 2017 and 2016 : Level 3 Fair Value Measurements Available-for-sale securities (dollar amounts in thousands) MSRs Derivative instruments Municipal securities Asset- backed securities Loans held for investment Classification of gains and losses in earnings: Mortgage banking income $ (440 ) $ 5,150 $ — $ — $ — Securities gains (losses) — — (1,386 ) 28 — Interest and fee income — — — — — Noninterest income — — — — (63 ) Total $ (440 ) $ 5,150 $ (1,386 ) $ 28 $ (63 ) Level 3 Fair Value Measurements Available-for-sale securities (dollar amounts in thousands) MSRs Derivative instruments Municipal securities Asset- backed securities Loans held for investment 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 $ — $ — $ — |
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, 2017 Total Loans Loans that are 90 or more days past due (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 $ 423,324 $ 408,424 $ 14,900 $ — $ — $ — Loans held for investment 98,342 110,234 (11,892 ) 8,572 11,507 (2,935 ) December 31, 2016 Total Loans Loans that are 90 or more days past due (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 $ 438,224 $ 433,760 $ 4,464 $ — $ — $ — Loans held for investment 82,319 91,998 (9,679 ) 8,408 11,082 (2,674 ) 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, 2017 and 2016 : Net gains (losses) from Three months ended (dollar amounts in thousands) 2017 2016 Assets Loans held for sale $ 9,076 $ 4,649 Loans held for investment (63 ) — Gains (losses) included Three months ended (dollar amounts in thousands) 2017 2016 Assets Loans held for investment $ — $ 90 |
Assets measured at fair value on a nonrecurring basis | ssets 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 $ 176,747 $ — $ — $ 176,747 $ 1,800 Impaired loans 52,367 — — 52,367 5,267 Other real estate owned 49,887 — — 49,887 2,363 |
Quantitative information about significant unobservable level 3 fair value measurement inputs | Quantitative Information about Level 3 Fair Value Measurements at March 31, 2017 (dollar amounts in thousands) Fair Value Valuation Technique Significant Unobservable Input Range (Weighted Average) Measured at fair value on a recurring basis: MSRs $ 13,307 Discounted cash flow Constant prepayment rate 8.00% - 30.0% (12.0%) Spread over forward interest rate 3.0% - 10.0% (8.4%) Derivative assets 9,439 Consensus Pricing Net market price -4.7% - 26.7% (2.0%) Derivative liabilities 6,745 Estimated Pull through % 9.0% - 99.0% (78.0%) Municipal securities 2,867,652 Discounted cash flow Discount rate 0.0% - 10.3% (3.7%) Cumulative default 0.0% - 38.4% (3.1%) Loss given default 5.0% - 90.0% (24.0%) Asset-backed securities 59,492 Discounted cash flow Discount rate 5.1% - 12.1% (6.4%) Cumulative prepayment rate 0.0% - 73% (6.5%) Cumulative default 0.9% - 100% (10.9%) Loss given default 85% - 100% (96.1%) Cure given deferral 0.0% - 75.0% (32.7%) Loans held for investment 44,219 Discounted cash flow Discount rate 5.4% - 16.8% (5.6%) Measured at fair value on a nonrecurring basis: MSRs 176,747 Discounted cash flow Constant prepayment rate 6.30% - 21.2% (8.1%) Spread over forward interest rate 3.0% - 20.0% (10.6%) Impaired loans 52,367 Appraisal value NA NA Other real estate owned 49,887 Appraisal value NA NA Quantitative Information about Level 3 Fair Value Measurements at December 31, 2016 (dollar amounts in thousands) Fair Value Valuation Technique Significant Unobservable Input Range (Weighted Average) Measured at fair value on a recurring basis: MSRs $ 13,747 Discounted cash flow Constant prepayment rate 5.63% - 34.4% (10.9%) Spread over forward interest rate 3.0% - 9.2% (5.4%) Derivative assets 5,747 Consensus Pricing Net market price -7.1% - 25.4% (1.1%) Derivative liabilities 7,870 Estimated Pull through % 8.1% - 99.8% (76.9%) Municipal securities 2,798,044 Discounted cash flow Discount rate 0.0% - 10.0% (3.6%) Cumulative default 0.3% - 37.8% (4.0%) Loss given default 5.0% - 80.0% (24.1%) Asset-backed securities 76,003 Discounted cash flow Discount rate 5.0% - 12.0% (6.3%) Cumulative prepayment rate 0.0% - 73% (6.5%) Cumulative default 1.1% - 100% (11.2%) Loss given default 85% - 100% (96.3%) Cure given deferral 0.0% - 75.0% (36.2%) Loans held for investment 47,880 Discounted cash flow Constant prepayment rate 5.4% - 16.2% (5.6%) Measured at fair value on a nonrecurring basis: MSRs 171,309 Discounted cash flow Constant prepayment rate 5.57% - 30.4% (7.8%) Spread over forward interest rate 4.2% - 20.0% (11.7%) Impaired loans 53,818 Appraisal value NA NA Other real estate owned 50,930 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, 2017 and December 31, 2016 : March 31, 2017 December 31, 2016 (dollar amounts in thousands) Carrying Amount Fair Value Carrying Amount Fair Value Financial Assets Cash and short-term assets $ 1,371,868 $ 1,371,868 $ 1,443,037 $ 1,443,037 Trading account securities 97,785 97,785 133,295 133,295 Loans held for sale 518,238 522,121 512,951 515,640 Available-for-sale and other securities 16,173,605 16,173,605 15,562,837 15,562,837 Held-to-maturity securities 7,533,517 7,502,102 7,806,939 7,787,268 Net loans and direct financing leases 66,425,689 66,275,735 66,323,583 66,294,639 Derivatives 178,420 178,420 238,219 238,219 Financial Liabilities Deposits 77,422,510 78,238,093 75,607,717 76,161,091 Short-term borrowings 1,263,430 1,263,430 3,692,654 3,692,654 Long-term debt 9,279,140 9,419,853 8,309,159 8,387,444 Derivatives 83,552 83,552 98,286 98,286 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, 2017 and December 31, 2016 : Estimated Fair Value Measurements at Reporting Date Using March 31, 2017 (dollar amounts in thousands) Level 1 Level 2 Level 3 Financial Assets Held-to-maturity securities $ — $ 7,502,102 $ — $ 7,502,102 Net loans and direct financing leases — — 66,275,735 66,275,735 Financial Liabilities Deposits — 74,456,322 3,781,771 78,238,093 Short-term borrowings 1,420 — 1,262,010 1,263,430 Long-term debt — 9,013,768 406,085 9,419,853 Estimated Fair Value Measurements at Reporting Date Using December 31, 2016 (dollar amounts in thousands) Level 1 Level 2 Level 3 Financial Assets Held-to-maturity securities $ — $ 7,787,268 $ — $ 7,787,268 Net loans and direct financing leases — — 66,294,639 66,294,639 Financial Liabilities Deposits — 72,319,328 3,841,763 76,161,091 Short-term borrowings 474 — 3,692,180 3,692,654 Long-term debt — 7,980,176 407,268 8,387,444 |
DERIVATIVE FINANCIAL INSTRUME33
DERIVATIVE FINANCIAL INSTRUMENTS (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
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, 2017 , identified by the underlying interest rate-sensitive instruments: (dollar amounts in thousands) Fair Value Hedges Cash Flow Hedges Total Instruments associated with: Loans $ — $ 2,550,000 $ 2,550,000 Deposits — — — Subordinated notes 950,000 — 950,000 Long-term debt 7,225,000 — 7,225,000 Total notional value at March 31, 2017 $ 8,175,000 $ 2,550,000 $ 10,725,000 |
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, 2017 : Weighted-Average Rate (dollar amounts in thousands) Notional Value Average Maturity (years) Fair Value Receive Pay Asset conversion swaps Receive fixed—generic $ 2,550,000 0.5 $ (4,371 ) 1.08 % 1.19 % Liability conversion swaps Receive fixed—generic 8,175,000 2.8 (64,090 ) 1.51 1.02 Total swap portfolio at March 31, 2017 $ 10,725,000 2.3 $ (68,461 ) 1.41 % 1.06 % |
Asset and liability derivatives included in accrued income and other assets | The following table presents the fair values at March 31, 2017 and December 31, 2016 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, 2017 December 31, 2016 Interest rate contracts designated as hedging instruments $ 42,421 $ 46,440 Interest rate contracts not designated as hedging instruments 197,221 213,587 Foreign exchange contracts not designated as hedging instruments 18,431 23,265 Commodities contracts not designated as hedging instruments 73,996 108,026 Equity contracts not designated as hedging instruments 10,081 9,775 Total contracts $ 342,150 $ 401,093 Liability derivatives included in accrued expenses and other liabilities: (dollar amounts in thousands) March 31, 2017 December 31, 2016 Interest rate contracts designated as hedging instruments $ 110,882 $ 99,996 Interest rate contracts not designated as hedging instruments 127,260 143,976 Foreign exchange contracts not designated as hedging instruments 17,285 19,576 Commodities contracts not designated as hedging instruments 70,705 104,328 Equity contracts not designated as hedging instruments — — Total contracts $ 326,132 $ 367,876 |
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: Three months ended (dollar amounts in thousands) 2017 2016 Interest rate contracts Change in fair value of interest rate swaps hedging deposits (1) $ — $ (82 ) Change in fair value of hedged deposits (1) — 72 Change in fair value of interest rate swaps hedging subordinated notes (2) (4,708 ) 6,804 Change in fair value of hedged subordinated notes (2) 5,403 (6,804 ) Change in fair value of interest rate swaps hedging other long-term debt (2) (10,282 ) 61,032 Change in fair value of hedged other long-term debt (2) 8,535 (59,786 ) (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) 2017 2016 2017 2016 Interest rate contracts Loans $ (1,190 ) $ 9,249 Interest and fee income - loans and leases $ 560 $ (645 ) Investment Securities — — Noninterest income - other income — 1 $ (1,190 ) $ 9,249 $ 560 $ (644 ) |
Gains and (losses) recognized in noninterest income on the ineffective portion on interest rate contracts for derivatives designated as fair value and cash flow hedges | The following table presents the gains and (losses) recognized in noninterest income for the ineffective portion of interest rate contracts for derivatives designated as cash flow hedges for the three -month periods ended March 31, 2017 and 2016 : Three months ended (dollar amounts in thousands) 2017 2016 Derivatives in cash flow hedging relationships Interest rate contracts Loans $ (103 ) $ 421 |
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, 2017 December 31, 2016 Derivative assets: Interest rate lock agreements $ 9,439 $ 5,747 Forward trades and options 434 13,319 Total derivative assets 9,873 19,066 Derivative liabilities: Interest rate lock agreements (565 ) (1,598 ) Forward trades and options (3,047 ) (1,173 ) Total derivative liabilities (3,612 ) (2,771 ) Net derivative asset (liability) $ 6,261 $ 16,295 |
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, 2017 Derivatives $ 329,744 $ (246,192 ) $ 83,552 $ — $ (21,427 ) $ 62,125 December 31, 2016 Derivatives 370,647 (272,361 ) 98,286 (7,550 ) (23,943 ) 66,793 |
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, 2017 and December 31, 2016 : 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, 2017 Derivatives $ 352,023 $ (173,603 ) $ 178,420 $ (20,393 ) $ (11,120 ) $ 146,907 December 31, 2016 Derivatives 420,159 (181,940 ) 238,219 (34,328 ) (5,428 ) 198,463 |
VIEs (Tables)
VIEs (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Carrying amount and classification of the trusts assets and liabilities | The following tables provide a summary of the assets and liabilities included in Huntington’s Unaudited 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, 2017 , and December 31, 2016 : March 31, 2017 (dollar amounts in thousands) Total Assets Total Liabilities Maximum Exposure to Loss 2016-1 Automobile Trust $ 12,435 $ — $ 12,435 2015-1 Automobile Trust 2,698 — 2,698 Trust Preferred Securities 13,919 252,560 — Low Income Housing Tax Credit Partnerships 559,819 279,270 559,819 Other Investments 95,033 41,232 95,033 Total $ 683,904 $ 573,062 $ 669,985 December 31, 2016 (dollar amounts in thousands) Total Assets Total Liabilities Maximum Exposure to Loss 2016-1 Automobile Trust $ 14,770 $ — $ 14,770 2015-1 Automobile Trust 2,227 — 2,227 Trust Preferred Securities 13,919 252,552 — Low Income Housing Tax Credit Partnerships 576,880 292,721 576,880 Other Investments 79,195 42,316 79,195 Total $ 686,991 $ 587,589 $ 673,072 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, 2017 and December 31, 2016 : March 31, 2017 Huntington Technology Other Consolidated VIEs Total (dollar amounts in thousands) Series 2014A Assets: Cash $ 1,565 $ — $ 1,565 Net loans and leases 55,358 — 55,358 Accrued income and other assets — 275 275 Total assets $ 56,923 $ 275 $ 57,198 Liabilities: Other long-term debt $ 45,906 $ — $ 45,906 Accrued interest and other liabilities — 275 275 Total liabilities 45,906 275 46,181 Equity: Beneficial Interest owned by third party 11,017 — 11,017 Total liabilities and equity $ 56,923 $ 275 $ 57,198 December 31, 2016 Huntington Technology Other Consolidated VIEs Total (dollar amounts in thousands) Series 2014A Assets: Cash $ 1,564 $ — $ 1,564 Net loans and leases 69,825 — 69,825 Accrued income and other assets — 281 281 Total assets $ 71,389 $ 281 $ 71,670 Liabilities: Other long-term debt $ 57,494 $ — $ 57,494 Accrued interest and other liabilities — 281 281 Total liabilities 57,494 281 57,775 Equity: Beneficial Interest owned by third party 13,895 — 13,895 Total liabilities and equity $ 71,389 $ 281 $ 71,670 |
Summary of Outstanding Trust Preferred Securities | A list of trust preferred securities outstanding at March 31, 2017 follows: (dollar amounts in thousands) Rate Principal amount of subordinated note/ debenture issued to trust (1) Investment in unconsolidated subsidiary Huntington Capital I 1.74 % (2) $ 69,730 $ 6,186 Huntington Capital II 1.76 (3) 32,093 3,093 Sky Financial Capital Trust III 2.55 (4) 72,165 2,165 Sky Financial Capital Trust IV 2.40 (4) 74,320 2,320 Camco Financial Trust 3.59 (5) 4,252 155 Total $ 252,560 $ 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, 2017 , based on three-month LIBOR + 0.70% . (3) Variable effective rate at March 31, 2017 , based on three-month LIBOR + 0.625% . (4) Variable effective rate at March 31, 2017 , based on three-month LIBOR + 1.40% . (5) Variable effective rate at March 31, 2017 , 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, 2017 and December 31, 2016 : (dollar amounts in thousands) March 31, December 31, Affordable housing tax credit investments $ 870,421 $ 877,237 Less: amortization (310,602 ) (300,357 ) Net affordable housing tax credit investments $ 559,819 $ 576,880 Unfunded commitments $ 279,270 $ 292,721 The following table presents other information relating to Huntington’s affordable housing tax credit investments for the three-month periods ended March 31, 2017 and 2016 : Three months ended (dollar amounts in thousands) 2017 2016 Tax credits and other tax benefits recognized $ 23,283 $ 18,285 Proportional amortization method Tax credit amortization expense included in provision for income taxes 16,961 12,407 Equity method Tax credit investment (gains) losses included in non-interest income 109 132 |
COMMITMENTS AND CONTINGENT LI35
COMMITMENTS AND CONTINGENT LIABILITIES (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
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, 2017 and December 31, 2016 , were as follows: (dollar amounts in thousands) March 31, December 31, Contract amount represents credit risk: Commitments to extend credit Commercial $ 15,030,796 $ 15,190,056 Consumer 12,523,637 12,235,943 Commercial real estate 1,531,769 1,697,671 Standby letters-of-credit 560,718 637,182 Commercial letters-of-credit 5,160 4,610 |
SEGMENT REPORTING (Tables)
SEGMENT REPORTING (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | Listed below is certain operating basis financial information reconciled to Huntington’s March 31, 2017 , December 31, 2016 , and March 31, 2016 , reported results by business segment: Three Months Ended March 31, Income Statements Consumer & Business Banking Commercial Banking CREVF RBHPCG Home Lending Treasury / Other Huntington Consolidated (dollar amounts in thousands) 2017 Net interest income $ 393,496 $ 174,563 $ 139,333 $ 46,649 $ 15,215 $ (39,281 ) $ 729,975 Provision for credit losses 31,294 22,137 9,549 2,771 1,887 — 67,638 Noninterest income 146,790 69,487 11,209 36,170 23,981 24,826 312,463 Noninterest expense 374,083 114,970 50,359 52,162 34,655 81,193 707,422 Income taxes 47,218 37,430 31,722 9,760 929 (67,775 ) 59,284 Net income $ 87,691 $ 69,513 $ 58,912 $ 18,126 $ 1,725 $ (27,873 ) $ 208,094 2016 Net interest income $ 264,529 $ 105,350 $ 95,597 $ 34,923 $ 12,985 $ (10,318 ) $ 503,066 Provision (reduction in allowance) for credit losses 12,177 35,054 (16,649 ) (725 ) (2,274 ) (1 ) 27,582 Noninterest income 120,257 58,916 7,311 24,717 11,503 19,163 241,867 Noninterest expense 280,121 92,995 40,206 40,503 24,593 12,662 491,080 Income taxes 32,371 12,676 27,773 6,952 759 (25,574 ) 54,957 Net income $ 60,117 $ 23,541 $ 51,578 $ 12,910 $ 1,410 $ 21,758 $ 171,314 Assets at Deposits at (dollar amounts in thousands) March 31, December 31, March 31, December 31, Consumer & Business Banking $ 21,747,257 $ 21,831,681 $ 45,802,879 $ 44,724,252 Commercial Banking 24,233,720 24,236,490 19,041,629 18,053,208 CREVF 23,953,670 23,576,832 1,890,433 1,893,072 RBHPCG 5,280,791 5,213,530 5,981,930 6,214,250 Home Lending 3,524,718 3,502,069 349,765 631,494 Treasury / Other 21,305,350 21,353,495 4,355,874 4,091,441 Total $ 100,045,506 $ 99,714,097 $ 77,422,510 $ 75,607,717 |
Segment Disclosure of Assets and Deposits | Assets at Deposits at (dollar amounts in thousands) March 31, December 31, March 31, December 31, Consumer & Business Banking $ 21,747,257 $ 21,831,681 $ 45,802,879 $ 44,724,252 Commercial Banking 24,233,720 24,236,490 19,041,629 18,053,208 CREVF 23,953,670 23,576,832 1,890,433 1,893,072 RBHPCG 5,280,791 5,213,530 5,981,930 6,214,250 Home Lending 3,524,718 3,502,069 349,765 631,494 Treasury / Other 21,305,350 21,353,495 4,355,874 4,091,441 Total $ 100,045,506 $ 99,714,097 $ 77,422,510 $ 75,607,717 |
LOANS _ LEASES AND ALLOWANCE 37
LOANS / LEASES AND ALLOWANCE FOR CREDIT LOSSES - Narrative (Details) | 3 Months Ended | |||
Mar. 31, 2017USD ($)reservecomponent | Dec. 31, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans and leases receivable net premium | $ 179,000,000 | $ 120,000,000 | ||
Loans held for investment | 98,342,000 | 82,319,000 | ||
Allowance for loan and lease losses | $ 672,580,000 | 638,413,000 | $ 613,719,000 | $ 597,843,000 |
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 | $ 29,300,000,000 | |||
Macquarie Equipment Finance | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Collateral for secured borrowings | 55,000,000 | |||
Commercial | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Allowance for loan and lease losses | $ 480,308,000 | 451,091,000 | 422,441,000 | 398,753,000 |
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 | |||
Consumer | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Allowance for loan and lease losses | $ 192,272,000 | $ 187,322,000 | $ 191,278,000 | $ 199,090,000 |
Threshold period past due for nonperforming status | 120 days | |||
Threshold period past due for write-off | 120 days | |||
Consumer | Residential Mortgage | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Threshold period past due for write-off | 150 days | |||
Secured by first-lien | Consumer | Home Equity | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Threshold period past due for write-off | 150 days | |||
Secured by junior-lien | Consumer | Home Equity | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Threshold period past due for write-off | 120 days |
LOANS _ LEASES AND ALLOWANCE 38
LOANS / LEASES AND ALLOWANCE FOR CREDIT LOSSES - Loan and Lease Portfolio Composition (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | |
Loan and Lease Portfolio | |||||
Commercial and industrial | $ 28,175,924 | $ 28,058,712 | |||
Commercial real estate | 7,093,118 | 7,300,901 | |||
Automobile | 11,155,094 | 10,968,782 | |||
Home equity | 9,974,294 | 10,105,774 | |||
Residential mortgage | 7,829,137 | 7,724,961 | |||
Recreation Finance | 1,934,983 | 1,846,447 | |||
Other consumer | 935,719 | 956,419 | |||
Loans and leases | [1] | 67,098,269 | 66,961,996 | ||
Allowance for loan and lease losses | (672,580) | (638,413) | $ (613,719) | $ (597,843) | |
Net loans and leases | $ 66,425,689 | $ 66,323,583 | |||
[1] | Amounts represent loans for which Huntington has elected the fair value option. |
LOANS _ LEASES AND ALLOWANCE 39
LOANS / LEASES AND ALLOWANCE FOR CREDIT LOSSES LOANS / LEASES AND ALLOWANCE FOR CREDIT LOSSES - Certain Loans Acquired Balances at Acquisition (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
FirstMerit Corporation | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Line Items] | ||
Accretable yield | $ (37,372) | $ (36,669) |
LOANS _ LEASES AND ALLOWANCE 40
LOANS / LEASES AND ALLOWANCE FOR CREDIT LOSSES LOANS / LEASES AND ALLOWANCE FOR CREDIT LOSSES - Certain Loans Acquired Accretable Yield Roll (Details) - FirstMerit Corporation $ in Thousands | 3 Months Ended |
Mar. 31, 2017USD ($) | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | |
Balance, beginning of period | $ 36,669 |
Accretion | (4,702) |
Reclassification (to) from nonaccretable difference | 5,405 |
Balance, end of period | $ 37,372 |
LOANS _ LEASES AND ALLOWANCE 41
LOANS / LEASES AND ALLOWANCE FOR CREDIT LOSSES LOANS / LEASES AND ALLOWANCE FOR CREDIT LOSSES - Certain Loans Acquired Ending and Unpaid Balances (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Purchased Credit Impaired, Ending Balance | $ 90,111 | $ 102,380 |
Commercial | Commercial and Industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Purchased Credit Impaired, Ending Balance | 67,514 | 68,338 |
Commercial | Commercial Real Estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Purchased Credit Impaired, Ending Balance | 22,597 | 34,042 |
FirstMerit Corporation | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Purchased Credit Impaired, Ending Balance | 90,111 | 102,380 |
Purchased Credit Impaired, Unpaid Balance | 135,991 | 156,351 |
FirstMerit Corporation | Commercial | Commercial and Industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Purchased Credit Impaired, Ending Balance | 67,514 | 68,338 |
Purchased Credit Impaired, Unpaid Balance | 97,946 | 100,031 |
FirstMerit Corporation | Commercial | Commercial Real Estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Purchased Credit Impaired, Ending Balance | 22,597 | 34,042 |
Purchased Credit Impaired, Unpaid Balance | $ 38,045 | $ 56,320 |
LOANS _ LEASES AND ALLOWANCE 42
LOANS / LEASES AND ALLOWANCE FOR CREDIT LOSSES - Nonaccrual Loans by Loan Class (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total nonaccrual loans | $ 401,310 | $ 423,003 |
Commercial | Commercial and Industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total nonaccrual loans | 232,171 | 234,184 |
Commercial | Commercial Real Estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total nonaccrual loans | 13,889 | 20,508 |
Consumer | Automobile | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total nonaccrual loans | 4,881 | 5,766 |
Consumer | Home Equity | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total nonaccrual loans | 69,575 | 71,798 |
Consumer | Residential Mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total nonaccrual loans | 80,686 | 90,502 |
Consumer | RV and Marine FInance | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total nonaccrual loans | 106 | 245 |
Consumer | Other Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total nonaccrual loans | $ 2 | $ 0 |
LOANS _ LEASES AND ALLOWANCE 43
LOANS / LEASES AND ALLOWANCE FOR CREDIT LOSSES - NALs Past Due (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | $ 720,562 | $ 718,203 | |
Current | 66,189,254 | 66,059,094 | |
Purchased Credit Impaired | 90,111 | 102,380 | |
Consumer loans | 98,342 | 82,319 | |
Loans and leases | [1] | 67,098,269 | 66,961,996 |
90 or more days past due and accruing | 127,943 | 129,362 | |
30-59 Days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 341,306 | 320,341 | |
60-89 Days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 90,843 | 108,443 | |
90 or more days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 288,413 | 289,419 | |
Commercial | Commercial and Industrial | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 166,818 | 136,362 | |
Current | 27,941,592 | 27,854,012 | |
Purchased Credit Impaired | 67,514 | 68,338 | |
Consumer loans | 0 | 0 | |
Loans and leases | 28,175,924 | 28,058,712 | |
90 or more days past due and accruing | 15,054 | 18,148 | |
Commercial | Commercial and Industrial | 30-59 Days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 77,998 | 42,052 | |
Commercial | Commercial and Industrial | 60-89 Days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 11,428 | 20,136 | |
Commercial | Commercial and Industrial | 90 or more days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 77,392 | 74,174 | |
Commercial | Commercial Real Estate | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 64,787 | 54,048 | |
Current | 7,005,734 | 7,212,811 | |
Purchased Credit Impaired | 22,597 | 34,042 | |
Consumer loans | 0 | 0 | |
Loans and leases | 7,093,118 | 7,300,901 | |
90 or more days past due and accruing | 14,499 | 17,215 | |
Commercial | Commercial Real Estate | 30-59 Days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 38,046 | 21,187 | |
Commercial | Commercial Real Estate | 60-89 Days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 460 | 3,202 | |
Commercial | Commercial Real Estate | 90 or more days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 26,281 | 29,659 | |
Consumer | Automobile | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 94,412 | 103,913 | |
Current | 11,058,889 | 10,862,715 | |
Purchased Credit Impaired | 0 | 0 | |
Consumer loans | 1,793 | 2,154 | |
Loans and leases | 11,155,094 | 10,968,782 | |
90 or more days past due and accruing | 8,123 | 10,182 | |
Consumer | Automobile | 30-59 Days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 70,564 | 76,283 | |
Consumer | Automobile | 60-89 Days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 15,517 | 17,188 | |
Consumer | Automobile | 90 or more days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 8,331 | 10,442 | |
Consumer | Home Equity | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 120,627 | 115,804 | |
Current | 9,850,680 | 9,986,697 | |
Purchased Credit Impaired | 0 | 0 | |
Consumer loans | 2,987 | 3,273 | |
Loans and leases | 9,974,294 | 10,105,774 | |
90 or more days past due and accruing | 15,453 | 11,508 | |
Consumer | Home Equity | 30-59 Days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 43,532 | 38,899 | |
Consumer | Home Equity | 60-89 Days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 18,464 | 23,903 | |
Consumer | Home Equity | 90 or more days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 58,631 | 53,002 | |
Consumer | Residential Mortgage | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 242,182 | 276,611 | |
Current | 7,495,211 | 7,373,414 | |
Purchased Credit Impaired | 0 | 0 | |
Consumer loans | 91,744 | 74,936 | |
Loans and leases | 7,829,137 | 7,724,961 | |
90 or more days past due and accruing | 69,244 | 66,952 | |
Consumer | Residential Mortgage | 30-59 Days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 91,831 | 122,469 | |
Consumer | Residential Mortgage | 60-89 Days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 38,144 | 37,460 | |
Consumer | Residential Mortgage | 90 or more days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 112,207 | 116,682 | |
Consumer | RV and Marine FInance | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 15,367 | 13,805 | |
Current | 1,918,199 | 1,831,123 | |
Purchased Credit Impaired | 0 | 0 | |
Consumer loans | 1,417 | 1,519 | |
Loans and leases | 1,934,983 | 1,846,447 | |
90 or more days past due and accruing | 2,200 | 1,462 | |
Consumer | RV and Marine FInance | 30-59 Days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 10,101 | 10,009 | |
Consumer | RV and Marine FInance | 60-89 Days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 3,064 | 2,230 | |
Consumer | RV and Marine FInance | 90 or more days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 2,202 | 1,566 | |
Consumer | Other Consumer | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 16,369 | 17,660 | |
Current | 918,949 | 938,322 | |
Purchased Credit Impaired | 0 | 0 | |
Consumer loans | 401 | 437 | |
Loans and leases | 935,719 | 956,419 | |
90 or more days past due and accruing | 3,370 | 3,895 | |
Consumer | Other Consumer | 30-59 Days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 9,234 | 9,442 | |
Consumer | Other Consumer | 60-89 Days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 3,766 | 4,324 | |
Consumer | Other Consumer | 90 or more days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | $ 3,369 | $ 3,894 | |
[1] | Amounts represent loans for which Huntington has elected the fair value option. |
LOANS _ LEASES AND ALLOWANCE 44
LOANS / LEASES AND ALLOWANCE FOR CREDIT LOSSES - Allowance for Credit Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Allowance For Credit Losses Roll Forward [Abstract] | ||
ALLL balance, beginning of period | $ 638,413 | $ 597,843 |
Loan charge-offs | (70,715) | (59,692) |
Recoveries of loans previously charged-off | 31,277 | 51,140 |
Provision for loan and lease losses | 73,679 | 24,338 |
Allowance for loans sold or transferred to loans held for sale | (74) | 90 |
ALLL balance, end of period | 672,580 | 613,719 |
AULC Balance, beginning of period | 97,879 | 72,081 |
Provision for (reduction in allowance) unfunded loan commitments and letters of credit | (6,041) | 3,244 |
AULC Balance, end of period | 91,838 | 75,325 |
ACL balance, end of period | 764,418 | 689,044 |
Commercial | ||
Allowance For Credit Losses Roll Forward [Abstract] | ||
ALLL balance, beginning of period | 451,091 | 398,753 |
Loan charge-offs | (23,669) | (28,949) |
Recoveries of loans previously charged-off | 17,815 | 39,911 |
Provision for loan and lease losses | 35,145 | 12,726 |
Allowance for loans sold or transferred to loans held for sale | (74) | 0 |
ALLL balance, end of period | 480,308 | 422,441 |
AULC Balance, beginning of period | 86,543 | 63,448 |
Provision for (reduction in allowance) unfunded loan commitments and letters of credit | 2,356 | 2,424 |
AULC Balance, end of period | 88,899 | 65,872 |
ACL balance, end of period | 569,207 | 488,313 |
Consumer | ||
Allowance For Credit Losses Roll Forward [Abstract] | ||
ALLL balance, beginning of period | 187,322 | 199,090 |
Loan charge-offs | (47,046) | (30,743) |
Recoveries of loans previously charged-off | 13,462 | 11,229 |
Provision for loan and lease losses | 38,534 | 11,612 |
Allowance for loans sold or transferred to loans held for sale | 0 | 90 |
ALLL balance, end of period | 192,272 | 191,278 |
AULC Balance, beginning of period | 11,336 | 8,633 |
Provision for (reduction in allowance) unfunded loan commitments and letters of credit | (8,397) | 820 |
AULC Balance, end of period | 2,939 | 9,453 |
ACL balance, end of period | $ 195,211 | $ 200,731 |
LOANS _ LEASES AND ALLOWANCE 45
LOANS / LEASES AND ALLOWANCE FOR CREDIT LOSSES - Credit Quality Indicators (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Commercial and industrial | $ 28,175,924 | $ 28,058,712 |
Commercial real estate | 7,093,118 | 7,300,901 |
Automobile | 11,155,094 | 10,968,782 |
Home equity | 9,974,294 | 10,105,774 |
Residential mortgage | 7,829,137 | 7,724,961 |
Other consumer | 935,719 | 956,419 |
Commercial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Commercial and industrial | 28,175,924 | 28,058,712 |
Commercial real estate | 7,093,118 | 7,300,901 |
Commercial | Pass | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Commercial and industrial | 26,216,400 | 26,211,885 |
Commercial real estate | 6,867,440 | 7,042,304 |
Commercial | Substandard | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Commercial and industrial | 1,131,835 | 1,028,819 |
Commercial real estate | 103,983 | 159,098 |
Commercial | OLEM | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Commercial and industrial | 808,467 | 810,287 |
Commercial real estate | 120,212 | 96,975 |
Commercial | Doubtful | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Commercial and industrial | 19,222 | 7,721 |
Commercial real estate | 1,483 | 2,524 |
Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Automobile | 11,153,301 | 10,966,628 |
Home equity | 9,971,307 | 10,102,501 |
Residential mortgage | 7,737,393 | 7,650,025 |
RV and marine finance | 1,933,566 | 1,844,928 |
Other consumer | 935,318 | 955,982 |
Consumer | Greater than 750 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Automobile | 5,445,124 | 5,369,085 |
Home equity | 6,131,710 | 6,280,328 |
Residential mortgage | 4,643,664 | 4,662,777 |
RV and marine finance | 1,179,561 | 1,064,143 |
Other consumer | 333,683 | 346,867 |
Consumer | 650-749 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Automobile | 4,254,397 | 4,043,611 |
Home equity | 2,924,593 | 2,891,330 |
Residential mortgage | 2,406,782 | 2,285,121 |
RV and marine finance | 699,701 | 644,039 |
Other consumer | 440,599 | 455,959 |
Consumer | Less Than 650 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Automobile | 1,172,859 | 1,298,460 |
Home equity | 631,268 | 637,560 |
Residential mortgage | 611,675 | 615,067 |
RV and marine finance | 16,202 | 72,995 |
Other consumer | 142,515 | 133,243 |
Consumer | Other FICO score | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Automobile | 280,921 | 255,472 |
Home equity | 283,736 | 293,283 |
Residential mortgage | 75,272 | 87,060 |
RV and marine finance | 38,102 | 63,751 |
Other consumer | $ 18,521 | $ 19,913 |
LOANS _ LEASES AND ALLOWANCE 46
LOANS / LEASES AND ALLOWANCE FOR CREDIT LOSSES - ALLL Attributable to Loans by Portfolio Segment (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2016 | Dec. 31, 2015 |
Portion of ALLL balance: | ||||
Attributable to loans collectively evaluated for impairment | $ 636,173 | $ 616,867 | ||
Attributable to loans individually evaluated for impairment | 36,407 | 21,546 | ||
Total ALLL balance | 672,580 | 638,413 | $ 613,719 | $ 597,843 |
Portion of loan and lease ending balance: | ||||
Collectively evaluated for impairment | 66,026,233 | 65,903,783 | ||
Individually evaluated for impairment | 883,583 | 873,514 | ||
Financing Receivable Evaluated For Impairment | 66,999,927 | 66,879,677 | ||
Commercial | ||||
Portion of ALLL balance: | ||||
Attributable to loans collectively evaluated for impairment | 455,789 | 440,566 | ||
Attributable to loans individually evaluated for impairment | 24,519 | 10,525 | ||
Total ALLL balance | 480,308 | 451,091 | 422,441 | 398,753 |
Portion of loan and lease ending balance: | ||||
Collectively evaluated for impairment | 34,753,138 | 34,841,609 | ||
Individually evaluated for impairment | 425,793 | 415,624 | ||
Financing Receivable Evaluated For Impairment | 35,269,042 | 35,359,613 | ||
Consumer | ||||
Portion of ALLL balance: | ||||
Attributable to loans collectively evaluated for impairment | 180,384 | 176,301 | ||
Attributable to loans individually evaluated for impairment | 11,888 | 11,021 | ||
Total ALLL balance | 192,272 | 187,322 | $ 191,278 | $ 199,090 |
Portion of loan and lease ending balance: | ||||
Collectively evaluated for impairment | 31,273,095 | 31,062,174 | ||
Individually evaluated for impairment | 457,790 | 457,890 | ||
Financing Receivable Evaluated For Impairment | 31,730,885 | 31,520,064 | ||
Purchased credit-impaired | ||||
Portion of loan and lease ending balance: | ||||
Collectively evaluated for impairment | 90,111 | 102,380 | ||
Purchased credit-impaired | Commercial | ||||
Portion of loan and lease ending balance: | ||||
Collectively evaluated for impairment | 90,111 | 102,380 | ||
Purchased credit-impaired | Consumer | ||||
Portion of loan and lease ending balance: | ||||
Collectively evaluated for impairment | $ 0 | $ 0 |
LOANS _ LEASES AND ALLOWANCE 47
LOANS / LEASES AND ALLOWANCE FOR CREDIT LOSSES - Impaired Loans (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | |
Automobile | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
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 | |
Home Equity | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
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 | |
Residential Mortgage | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unpaid principal balance of impaired loans with no allowance recorded | 0 | 0 | |
Average balance of impaired loans with no allowance recorded | 0 | 1,473 | |
Interest income recognized on impaired loans with no allowance recorded | 0 | 2 | |
RV and Marine FInance | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
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 | ||
Commercial | Commercial and Industrial | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Ending balance of impaired loans with no allowance recorded | 250,789 | 299,606 | |
Unpaid principal balance of impaired loans with no allowance recorded | 290,673 | 358,712 | |
Average balance of impaired loans with no allowance recorded | 275,409 | 261,144 | |
Interest income recognized on impaired loans with no allowance recorded | 4,500 | 1,233 | |
Ending balance of impaired loans with allowance recorded | 278,368 | 406,243 | |
Unpaid principal balance of impaired loans with allowance recorded | 306,613 | 448,121 | |
Related Allowance | 33,678 | 22,259 | |
Impaired Financing Receivable, Average Recorded Investment | 609,588 | 525,228 | |
Impaired Financing Receivable, Interest Income, Accrual Method | 6,406 | 4,319 | |
Average balance of impaired loans with allowance recorded | 334,179 | 264,084 | |
Interest income recognized on impaired loans with allowance recorded | 1,906 | 3,086 | |
Loans considered impaired due to status as a TDR | 117,000 | 293,000 | |
Impaired Financing Receivable, Recorded Investment | 529,157 | 705,849 | |
Impaired Financing Receivable, Unpaid Principal Balance | 597,286 | 806,833 | |
Commercial | Commercial Real Estate | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Ending balance of impaired loans with no allowance recorded | 86,621 | 88,817 | |
Unpaid principal balance of impaired loans with no allowance recorded | 117,745 | 126,152 | |
Average balance of impaired loans with no allowance recorded | 85,829 | 71,807 | |
Interest income recognized on impaired loans with no allowance recorded | 2,000 | 1,616 | |
Ending balance of impaired loans with allowance recorded | 41,416 | 97,238 | |
Unpaid principal balance of impaired loans with allowance recorded | 49,444 | 107,512 | |
Related Allowance | 2,810 | 3,434 | |
Impaired Financing Receivable, Average Recorded Investment | 154,923 | 151,664 | |
Impaired Financing Receivable, Interest Income, Accrual Method | 2,467 | 2,374 | |
Average balance of impaired loans with allowance recorded | 69,094 | 79,857 | |
Interest income recognized on impaired loans with allowance recorded | 467 | 758 | |
Loans considered impaired due to status as a TDR | 24,000 | 81,000 | |
Impaired Financing Receivable, Recorded Investment | 128,037 | 186,055 | |
Impaired Financing Receivable, Unpaid Principal Balance | 167,189 | 233,664 | |
Consumer | Automobile | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Ending balance of impaired loans with no allowance recorded | 0 | 0 | |
Ending balance of impaired loans with allowance recorded | 32,731 | 30,961 | |
Unpaid principal balance of impaired loans with allowance recorded | 32,942 | 31,298 | |
Related Allowance | 2,004 | 1,850 | |
Impaired Financing Receivable, Average Recorded Investment | 31,846 | 32,284 | |
Impaired Financing Receivable, Interest Income, Accrual Method | 534 | 578 | |
Average balance of impaired loans with allowance recorded | 31,846 | 32,284 | |
Interest income recognized on impaired loans with allowance recorded | 534 | 578 | |
Impaired Financing Receivable, Recorded Investment | 32,731 | 30,961 | |
Impaired Financing Receivable, Unpaid Principal Balance | 32,942 | 31,298 | |
Consumer | Home Equity | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Ending balance of impaired loans with no allowance recorded | 0 | 0 | |
Ending balance of impaired loans with allowance recorded | 326,755 | 319,404 | |
Unpaid principal balance of impaired loans with allowance recorded | 360,622 | 352,722 | |
Related Allowance | 16,232 | 15,032 | |
Impaired Financing Receivable, Average Recorded Investment | 323,079 | 250,016 | |
Impaired Financing Receivable, Interest Income, Accrual Method | 3,949 | 2,968 | |
Average balance of impaired loans with allowance recorded | 323,079 | 250,016 | |
Interest income recognized on impaired loans with allowance recorded | 3,949 | 2,968 | |
Impaired Financing Receivable, Recorded Investment | 326,755 | 319,404 | |
Impaired Financing Receivable, Unpaid Principal Balance | 360,622 | 352,722 | |
Consumer | Residential Mortgage | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Ending balance of impaired loans with no allowance recorded | 0 | 0 | |
Ending balance of impaired loans with allowance recorded | 349,527 | 327,753 | |
Unpaid principal balance of impaired loans with allowance recorded | 383,685 | 363,099 | |
Related Allowance | 14,217 | 12,849 | |
Impaired Financing Receivable, Average Recorded Investment | 338,640 | 363,753 | |
Impaired Financing Receivable, Interest Income, Accrual Method | 3,110 | 3,038 | |
Average balance of impaired loans with allowance recorded | 338,640 | 362,280 | |
Interest income recognized on impaired loans with allowance recorded | 3,110 | 3,036 | |
Amount of TDRs guaranteed by the U.S. government | 30,000 | 29,000 | |
Impaired Financing Receivable, Recorded Investment | 349,527 | 327,753 | |
Impaired Financing Receivable, Unpaid Principal Balance | 383,685 | 363,099 | |
Consumer | RV and Marine FInance | |||
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 | ||
Average balance of impaired loans with no allowance recorded | 0 | ||
Interest income recognized on impaired loans with no allowance recorded | 0 | ||
Ending balance of impaired loans with allowance recorded | 687 | 0 | |
Unpaid principal balance of impaired loans with allowance recorded | 710 | 0 | |
Related Allowance | 26 | 0 | |
Impaired Financing Receivable, Average Recorded Investment | 343 | 0 | |
Impaired Financing Receivable, Interest Income, Accrual Method | 11 | 0 | |
Average balance of impaired loans with allowance recorded | 343 | 0 | |
Interest income recognized on impaired loans with allowance recorded | 11 | 0 | |
Impaired Financing Receivable, Recorded Investment | 687 | 0 | |
Impaired Financing Receivable, Unpaid Principal Balance | 710 | 0 | |
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 | 45 | |
Interest income recognized on impaired loans with no allowance recorded | 0 | 102 | |
Ending balance of impaired loans with allowance recorded | 4,245 | 3,897 | |
Unpaid principal balance of impaired loans with allowance recorded | 4,245 | 3,897 | |
Related Allowance | 248 | 260 | |
Impaired Financing Receivable, Average Recorded Investment | 4,071 | 4,844 | |
Impaired Financing Receivable, Interest Income, Accrual Method | 57 | 168 | |
Average balance of impaired loans with allowance recorded | 4,071 | 4,799 | |
Interest income recognized on impaired loans with allowance recorded | 57 | $ 66 | |
Impaired Financing Receivable, Recorded Investment | 4,245 | 3,897 | |
Impaired Financing Receivable, Unpaid Principal Balance | $ 4,245 | $ 3,897 |
LOANS _ LEASES AND ALLOWANCE 48
LOANS / LEASES AND ALLOWANCE FOR CREDIT LOSSES - TDRs (Details) | 3 Months Ended | |
Mar. 31, 2017USD ($)contract | Mar. 31, 2016USD ($)contract | |
Financing Receivable, Modifications [Line Items] | ||
New Troubled Debt Restructuring, Number of Contracts | contract | 1,428 | 1,434 |
New Troubled Debt Restructuring, Post-modification Outstanding Ending Balance | $ 180,401,000 | $ 194,509,000 |
New Troubled Debt Restructuring, Financial effects of modification | $ 1,585,000 | $ 629,000 |
Commercial | Interest rate reduction | ||
Financing Receivable, Modifications [Line Items] | ||
New Troubled Debt Restructuring, Number of Contracts | 1 | 1 |
New Troubled Debt Restructuring, Post-modification Outstanding Ending Balance | $ 19,000 | $ 17,000 |
New Troubled Debt Restructuring, Financial effects of modification | (6,000) | $ 1,000 |
Commercial | Amortization or maturity date change | ||
Financing Receivable, Modifications [Line Items] | ||
New Troubled Debt Restructuring, Number of Contracts | contract | 184 | |
New Troubled Debt Restructuring, Post-modification Outstanding Ending Balance | 112,425,000 | $ 122,658,000 |
New Troubled Debt Restructuring, Financial effects of modification | $ 1,002,000 | $ (572,000) |
Commercial | Other | ||
Financing Receivable, Modifications [Line Items] | ||
New Troubled Debt Restructuring, Number of Contracts | contract | 3 | 8 |
New Troubled Debt Restructuring, Post-modification Outstanding Ending Balance | $ 160,000 | $ 858,000 |
New Troubled Debt Restructuring, Financial effects of modification | $ 27,000 | $ 4,000 |
Commercial | Commercial and Industrial | ||
Financing Receivable, Modifications [Line Items] | ||
New Troubled Debt Restructuring, Number of Contracts | contract | 240 | 193 |
New Troubled Debt Restructuring, Post-modification Outstanding Ending Balance | $ 112,604,000 | $ 123,533,000 |
New Troubled Debt Restructuring, Financial effects of modification | $ 1,023,000 | $ (567,000) |
Commercial | Commercial and Industrial | Amortization or maturity date change | ||
Financing Receivable, Modifications [Line Items] | ||
New Troubled Debt Restructuring, Number of Contracts | contract | 236 | |
Commercial | Commercial Real Estate | ||
Financing Receivable, Modifications [Line Items] | ||
New Troubled Debt Restructuring, Number of Contracts | contract | 24 | 26 |
New Troubled Debt Restructuring, Post-modification Outstanding Ending Balance | $ 31,263,000 | $ 34,058,000 |
New Troubled Debt Restructuring, Financial effects of modification | $ 388,000 | $ 543,000 |
Commercial | 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 | Commercial Real Estate | Amortization or maturity date change | ||
Financing Receivable, Modifications [Line Items] | ||
New Troubled Debt Restructuring, Number of Contracts | contract | 24 | 24 |
New Troubled Debt Restructuring, Post-modification Outstanding Ending Balance | $ 31,263,000 | $ 33,795,000 |
New Troubled Debt Restructuring, Financial effects of modification | $ 388,000 | $ 559,000 |
Commercial | Commercial Real Estate | Other | ||
Financing Receivable, Modifications [Line Items] | ||
New Troubled Debt Restructuring, Number of Contracts | contract | 0 | 2 |
New Troubled Debt Restructuring, Post-modification Outstanding Ending Balance | $ 0 | $ 263,000 |
New Troubled Debt Restructuring, Financial effects of modification | $ 0 | $ (16,000) |
Consumer | Automobile | ||
Financing Receivable, Modifications [Line Items] | ||
New Troubled Debt Restructuring, Number of Contracts | contract | 731 | 742 |
New Troubled Debt Restructuring, Post-modification Outstanding Ending Balance | $ 6,301,000 | $ 6,505,000 |
New Troubled Debt Restructuring, Financial effects of modification | $ (145,000) | $ (337,000) |
Consumer | Automobile | Interest rate reduction | ||
Financing Receivable, Modifications [Line Items] | ||
New Troubled Debt Restructuring, Number of Contracts | contract | 14 | 4 |
New Troubled Debt Restructuring, Post-modification Outstanding Ending Balance | $ 178,000 | $ 42,000 |
New Troubled Debt Restructuring, Financial effects of modification | $ (5,000) | $ (2,000) |
Consumer | Automobile | Amortization or maturity date change | ||
Financing Receivable, Modifications [Line Items] | ||
New Troubled Debt Restructuring, Number of Contracts | contract | 477 | 421 |
New Troubled Debt Restructuring, Post-modification Outstanding Ending Balance | $ 4,301,000 | $ 3,901,000 |
New Troubled Debt Restructuring, Financial effects of modification | $ (111,000) | $ (220,000) |
Consumer | Automobile | Chapter 7 bankruptcy | ||
Financing Receivable, Modifications [Line Items] | ||
New Troubled Debt Restructuring, Number of Contracts | contract | 240 | 317 |
New Troubled Debt Restructuring, Post-modification Outstanding Ending Balance | $ 1,822,000 | $ 2,562,000 |
New Troubled Debt Restructuring, Financial effects of modification | $ (29,000) | $ (115,000) |
Consumer | 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 |
Consumer | Home Equity | ||
Financing Receivable, Modifications [Line Items] | ||
New Troubled Debt Restructuring, Number of Contracts | contract | 259 | 348 |
New Troubled Debt Restructuring, Post-modification Outstanding Ending Balance | $ 13,406,000 | $ 16,871,000 |
New Troubled Debt Restructuring, Financial effects of modification | $ (45,000) | $ 482,000 |
Consumer | Home Equity | Interest rate reduction | ||
Financing Receivable, Modifications [Line Items] | ||
New Troubled Debt Restructuring, Number of Contracts | contract | 8 | 20 |
New Troubled Debt Restructuring, Post-modification Outstanding Ending Balance | $ 562,000 | $ 1,384,000 |
New Troubled Debt Restructuring, Financial effects of modification | $ (7,000) | $ (67,000) |
Consumer | Home Equity | Amortization or maturity date change | ||
Financing Receivable, Modifications [Line Items] | ||
New Troubled Debt Restructuring, Number of Contracts | contract | 106 | 229 |
New Troubled Debt Restructuring, Post-modification Outstanding Ending Balance | $ 5,496,000 | $ 11,890,000 |
New Troubled Debt Restructuring, Financial effects of modification | $ 674,000 | $ 1,282,000 |
Consumer | Home Equity | Chapter 7 bankruptcy | ||
Financing Receivable, Modifications [Line Items] | ||
New Troubled Debt Restructuring, Number of Contracts | contract | 87 | 99 |
New Troubled Debt Restructuring, Post-modification Outstanding Ending Balance | $ 3,619,000 | $ 3,597,000 |
New Troubled Debt Restructuring, Financial effects of modification | $ (1,038,000) | $ (733,000) |
Consumer | Home Equity | Other | ||
Financing Receivable, Modifications [Line Items] | ||
New Troubled Debt Restructuring, Number of Contracts | contract | 58 | 0 |
New Troubled Debt Restructuring, Post-modification Outstanding Ending Balance | $ 3,729,000 | $ 0 |
New Troubled Debt Restructuring, Financial effects of modification | $ (326,000) | $ 0 |
Consumer | Residential Mortgage | ||
Financing Receivable, Modifications [Line Items] | ||
New Troubled Debt Restructuring, Number of Contracts | contract | 141 | 114 |
New Troubled Debt Restructuring, Post-modification Outstanding Ending Balance | $ 15,792,000 | $ 12,921,000 |
New Troubled Debt Restructuring, Financial effects of modification | $ 389,000 | $ 539,000 |
Consumer | Residential Mortgage | Interest rate reduction | ||
Financing Receivable, Modifications [Line Items] | ||
New Troubled Debt Restructuring, Number of Contracts | contract | 2 | 5 |
New Troubled Debt Restructuring, Post-modification Outstanding Ending Balance | $ 110,000 | $ 657,000 |
New Troubled Debt Restructuring, Financial effects of modification | $ 9,000 | $ 32,000 |
Consumer | Residential Mortgage | Amortization or maturity date change | ||
Financing Receivable, Modifications [Line Items] | ||
New Troubled Debt Restructuring, Number of Contracts | contract | 99 | 92 |
New Troubled Debt Restructuring, Post-modification Outstanding Ending Balance | $ 11,071,000 | $ 10,759,000 |
New Troubled Debt Restructuring, Financial effects of modification | $ 258,000 | $ 577,000 |
Consumer | Residential Mortgage | Chapter 7 bankruptcy | ||
Financing Receivable, Modifications [Line Items] | ||
New Troubled Debt Restructuring, Number of Contracts | contract | 24 | 17 |
New Troubled Debt Restructuring, Post-modification Outstanding Ending Balance | $ 2,691,000 | $ 1,505,000 |
New Troubled Debt Restructuring, Financial effects of modification | $ 136,000 | $ (70,000) |
Consumer | Residential Mortgage | Other | ||
Financing Receivable, Modifications [Line Items] | ||
New Troubled Debt Restructuring, Number of Contracts | contract | 16 | 0 |
New Troubled Debt Restructuring, Post-modification Outstanding Ending Balance | $ 1,920,000 | $ 0 |
New Troubled Debt Restructuring, Financial effects of modification | $ 14,000 | $ 0 |
Consumer | RV and Marine FInance | ||
Financing Receivable, Modifications [Line Items] | ||
New Troubled Debt Restructuring, Number of Contracts | contract | 29 | 0 |
New Troubled Debt Restructuring, Post-modification Outstanding Ending Balance | $ 686,000 | $ 0 |
New Troubled Debt Restructuring, Financial effects of modification | $ (16,000) | $ 0 |
Consumer | RV and Marine FInance | 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 |
Consumer | RV and Marine FInance | Amortization or maturity date change | ||
Financing Receivable, Modifications [Line Items] | ||
New Troubled Debt Restructuring, Number of Contracts | contract | 14 | 0 |
New Troubled Debt Restructuring, Post-modification Outstanding Ending Balance | $ 476,000 | $ 0 |
New Troubled Debt Restructuring, Financial effects of modification | $ (12,000) | $ 0 |
Consumer | RV and Marine FInance | Chapter 7 bankruptcy | ||
Financing Receivable, Modifications [Line Items] | ||
New Troubled Debt Restructuring, Number of Contracts | contract | 15 | 0 |
New Troubled Debt Restructuring, Post-modification Outstanding Ending Balance | $ 210,000 | $ 0 |
New Troubled Debt Restructuring, Financial effects of modification | $ (4,000) | $ 0 |
Consumer | RV and Marine FInance | 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 |
Consumer | Other Consumer | ||
Financing Receivable, Modifications [Line Items] | ||
New Troubled Debt Restructuring, Number of Contracts | contract | 4 | 11 |
New Troubled Debt Restructuring, Post-modification Outstanding Ending Balance | $ 349,000 | $ 621,000 |
New Troubled Debt Restructuring, Financial effects of modification | $ (9,000) | $ (31,000) |
Consumer | Other Consumer | Interest rate reduction | ||
Financing Receivable, Modifications [Line Items] | ||
New Troubled Debt Restructuring, Number of Contracts | contract | 1 | 0 |
New Troubled Debt Restructuring, Post-modification Outstanding Ending Balance | $ 78,000 | $ 0 |
New Troubled Debt Restructuring, Financial effects of modification | $ (2,000) | $ 0 |
Consumer | Other Consumer | Amortization or maturity date change | ||
Financing Receivable, Modifications [Line Items] | ||
New Troubled Debt Restructuring, Number of Contracts | contract | 2 | 4 |
New Troubled Debt Restructuring, Post-modification Outstanding Ending Balance | $ 267,000 | $ 555,000 |
New Troubled Debt Restructuring, Financial effects of modification | $ (7,000) | $ (24,000) |
Consumer | Other Consumer | Chapter 7 bankruptcy | ||
Financing Receivable, Modifications [Line Items] | ||
New Troubled Debt Restructuring, Number of Contracts | contract | 1 | 7 |
New Troubled Debt Restructuring, Post-modification Outstanding Ending Balance | $ 4,000 | $ 66,000 |
New Troubled Debt Restructuring, Financial effects of modification | $ 0 | $ (7,000) |
Consumer | 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 49
AVAILABLE-FOR-SALE AND OTHER SECURITIES - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | |
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 | $ 5,200 | ||
Nonmarketable equity securities | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Stock issued by Federal Reserve Banks included in other securities | 303 | $ 299 | |
Federal Home Loan Bank of Cincinnati | Nonmarketable equity securities | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Stock issued by the Federal Home Loan Bank included in other securities | 249 | $ 249 | |
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 | $ 3 | $ 2 |
AVAILABLE-FOR-SALE AND OTHER 50
AVAILABLE-FOR-SALE AND OTHER SECURITIES - Contractual Maturities (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Available-for-sale Securities, Debt Maturities, Single Maturity Date, Amortized Cost Basis [Abstract] | ||
Amortized Cost | $ 16,375,549 | $ 15,776,855 |
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract] | ||
Available-for-sale and other securities | 16,173,605 | 15,562,837 |
U.S. Treasury | ||
Available-for-sale Securities, Debt Maturities, Single Maturity Date, Amortized Cost Basis [Abstract] | ||
Amortized Cost, Under 1 year | 6,379 | 4,978 |
Amortized Cost, 1-5 years | 502 | 502 |
Amortized Cost, 6-10 years | 0 | 0 |
Amortized Cost, Over 10 years | 0 | 0 |
Amortized Cost | 6,881 | 5,480 |
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract] | ||
Fair Value, Under 1 year | 6,383 | 4,988 |
Fair Value, 1-5 years | 507 | 509 |
Fair Value, 6-10 years | 0 | 0 |
Fair Value, Over 10 years | 0 | 0 |
Available-for-sale and other securities | 6,890 | 5,497 |
Federal agencies: Mortgage-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 | 41,925 | 46,591 |
Amortized Cost, 6-10 years | 273,555 | 173,941 |
Amortized Cost, Over 10 years | 11,099,533 | 10,630,929 |
Amortized Cost | 11,415,013 | 10,851,461 |
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract] | ||
Fair Value, Under 1 year | 0 | 0 |
Fair Value, 1-5 years | 41,995 | 46,762 |
Fair Value, 6-10 years | 274,738 | 176,404 |
Fair Value, Over 10 years | 10,905,134 | 10,450,176 |
Available-for-sale and other securities | 11,221,867 | 10,673,342 |
Federal agencies, Other agencies | ||
Available-for-sale Securities, Debt Maturities, Single Maturity Date, Amortized Cost Basis [Abstract] | ||
Amortized Cost, Under 1 year | 4,354 | 4,302 |
Amortized Cost, 1-5 years | 9,503 | 5,092 |
Amortized Cost, 6-10 years | 75,673 | 63,618 |
Amortized Cost, Over 10 years | 0 | 0 |
Amortized Cost | 89,530 | 73,012 |
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract] | ||
Fair Value, Under 1 year | 4,417 | 4,367 |
Fair Value, 1-5 years | 9,690 | 5,247 |
Fair Value, 6-10 years | 75,736 | 63,928 |
Fair Value, Over 10 years | 0 | 0 |
Available-for-sale and other securities | 89,843 | 73,542 |
Total U.S. Treasury, Federal agency securities | ||
Available-for-sale Securities, Debt Maturities, Single Maturity Date, Amortized Cost Basis [Abstract] | ||
Amortized Cost | 11,511,424 | 10,929,953 |
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract] | ||
Available-for-sale and other securities | 11,318,600 | 10,752,381 |
Municipal securities | ||
Available-for-sale Securities, Debt Maturities, Single Maturity Date, Amortized Cost Basis [Abstract] | ||
Amortized Cost, Under 1 year | 180,536 | 169,636 |
Amortized Cost, 1-5 years | 951,261 | 933,893 |
Amortized Cost, 6-10 years | 1,481,804 | 1,463,459 |
Amortized Cost, Over 10 years | 689,993 | 693,440 |
Amortized Cost | 3,303,594 | 3,260,428 |
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract] | ||
Fair Value, Under 1 year | 178,416 | 166,887 |
Fair Value, 1-5 years | 953,776 | 933,903 |
Fair Value, 6-10 years | 1,493,797 | 1,464,583 |
Fair Value, Over 10 years | 691,165 | 684,684 |
Available-for-sale and other securities | 3,317,154 | 3,250,057 |
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 | 88,216 | 80,700 |
Amortized Cost, 6-10 years | 168,634 | 223,352 |
Amortized Cost, Over 10 years | 537,534 | 520,072 |
Amortized Cost | 794,384 | 824,124 |
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract] | ||
Fair Value, Under 1 year | 0 | 0 |
Fair Value, 1-5 years | 88,681 | 80,560 |
Fair Value, 6-10 years | 170,102 | 224,565 |
Fair Value, Over 10 years | 508,154 | 488,356 |
Available-for-sale and other securities | 766,937 | 793,481 |
Corporate debt | ||
Available-for-sale Securities, Debt Maturities, Single Maturity Date, Amortized Cost Basis [Abstract] | ||
Amortized Cost, Under 1 year | 59,021 | 43,223 |
Amortized Cost, 1-5 years | 64,529 | 78,430 |
Amortized Cost, 6-10 years | 34,681 | 32,523 |
Amortized Cost, Over 10 years | 36,098 | 40,361 |
Amortized Cost | 194,329 | 194,537 |
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract] | ||
Fair Value, Under 1 year | 59,429 | 43,603 |
Fair Value, 1-5 years | 66,027 | 80,196 |
Fair Value, 6-10 years | 35,362 | 32,865 |
Fair Value, Over 10 years | 37,863 | 42,019 |
Available-for-sale and other securities | 198,681 | 198,683 |
Other securities | ||
Available-for-sale Securities, Debt Maturities, Single Maturity Date, Amortized Cost Basis [Abstract] | ||
Amortized Cost, Under 1 year | 1,652 | 1,650 |
Amortized Cost, 1-5 years | 2,300 | 2,302 |
Amortized Cost, 6-10 years | 0 | 0 |
Amortized Cost, Over 10 years | 46 | 10 |
Amortized Cost | 571,818 | 567,813 |
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract] | ||
Fair Value, Under 1 year | 1,652 | 1,650 |
Fair Value, 1-5 years | 2,275 | 2,283 |
Fair Value, 6-10 years | 0 | 0 |
Fair Value, Over 10 years | 46 | 10 |
Available-for-sale and other securities | 572,233 | 568,235 |
Nonmarketable equity securities | ||
Available-for-sale Securities, Debt Maturities, Single Maturity Date, Amortized Cost Basis [Abstract] | ||
Amortized Cost | 552,628 | 547,704 |
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract] | ||
Available-for-sale and other securities | 552,628 | 547,704 |
Mutual funds | ||
Available-for-sale Securities, Debt Maturities, Single Maturity Date, Amortized Cost Basis [Abstract] | ||
Amortized Cost | 14,331 | 15,286 |
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract] | ||
Available-for-sale and other securities | 14,331 | 15,286 |
Marketable equity securities | ||
Available-for-sale Securities, Debt Maturities, Single Maturity Date, Amortized Cost Basis [Abstract] | ||
Amortized Cost | 861 | 861 |
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract] | ||
Available-for-sale and other securities | $ 1,301 | $ 1,302 |
AVAILABLE-FOR-SALE AND OTHER 51
AVAILABLE-FOR-SALE AND OTHER SECURITIES - Schedule of Amortized Cost, Fair Value, and Gross Unrealized Gains and Losses (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $ 16,375,549 | $ 15,776,855 |
Unrealized Gross Gains | 57,957 | 47,626 |
Unrealized Gross Losses | (259,901) | (261,644) |
Fair Value | 16,173,605 | 15,562,837 |
U.S. Treasury | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 6,881 | 5,480 |
Unrealized Gross Gains | 9 | 17 |
Unrealized Gross Losses | 0 | 0 |
Fair Value | 6,890 | 5,497 |
Federal agencies: Mortgage-backed securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 11,415,013 | 10,851,461 |
Unrealized Gross Gains | 10,882 | 12,548 |
Unrealized Gross Losses | (204,028) | (190,667) |
Fair Value | 11,221,867 | 10,673,342 |
Federal agencies, Other agencies | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 89,530 | 73,012 |
Unrealized Gross Gains | 356 | 536 |
Unrealized Gross Losses | (43) | (6) |
Fair Value | 89,843 | 73,542 |
Total U.S. Treasury, Federal agency securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 11,511,424 | 10,929,953 |
Unrealized Gross Gains | 11,247 | 13,101 |
Unrealized Gross Losses | (204,071) | (190,673) |
Fair Value | 11,318,600 | 10,752,381 |
Municipal securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 3,303,594 | 3,260,428 |
Unrealized Gross Gains | 39,687 | 28,431 |
Unrealized Gross Losses | (26,127) | (38,802) |
Fair Value | 3,317,154 | 3,250,057 |
Asset-backed securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 794,384 | 824,124 |
Unrealized Gross Gains | 2,225 | 1,492 |
Unrealized Gross Losses | (29,672) | (32,135) |
Fair Value | 766,937 | 793,481 |
Corporate debt | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 194,329 | 194,537 |
Unrealized Gross Gains | 4,357 | 4,161 |
Unrealized Gross Losses | (5) | (15) |
Fair Value | 198,681 | 198,683 |
Other securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 571,818 | 567,813 |
Unrealized Gross Gains | 441 | 441 |
Unrealized Gross Losses | (26) | (19) |
Fair Value | $ 572,233 | $ 568,235 |
AVAILABLE-FOR-SALE AND OTHER 52
AVAILABLE-FOR-SALE AND OTHER SECURITIES AVAILABLE-FOR-SALE AND OTHER SECURITIES - Continuous Unrealized Loss Position (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Fair Value | ||
Less than 12 Months | $ 10,993,676 | $ 10,687,088 |
Over 12 Months | 501,386 | 494,614 |
Total | 11,495,062 | 11,181,702 |
Unrealized Losses | ||
Less than 12 Months | (224,766) | (221,568) |
Over 12 Months | (35,135) | (40,076) |
Total | (259,901) | (261,644) |
Federal agencies: Mortgage-backed securities | ||
Fair Value | ||
Less than 12 Months | 9,846,004 | 8,908,470 |
Over 12 Months | 40,432 | 41,706 |
Total | 9,886,436 | 8,950,176 |
Unrealized Losses | ||
Less than 12 Months | (202,610) | (189,318) |
Over 12 Months | (1,418) | (1,349) |
Total | (204,028) | (190,667) |
Federal agencies, Other agencies | ||
Fair Value | ||
Less than 12 Months | 25,475 | 924 |
Over 12 Months | 0 | 0 |
Total | 25,475 | 924 |
Unrealized Losses | ||
Less than 12 Months | (43) | (6) |
Over 12 Months | 0 | 0 |
Total | (43) | (6) |
Total U.S. Treasury, Federal agency securities | ||
Fair Value | ||
Less than 12 Months | 9,871,479 | 8,909,394 |
Over 12 Months | 40,432 | 41,706 |
Total | 9,911,911 | 8,951,100 |
Unrealized Losses | ||
Less than 12 Months | (202,653) | (189,324) |
Over 12 Months | (1,418) | (1,349) |
Total | (204,071) | (190,673) |
Municipal securities | ||
Fair Value | ||
Less than 12 Months | 859,848 | 1,412,152 |
Over 12 Months | 257,829 | 272,292 |
Total | 1,117,677 | 1,684,444 |
Unrealized Losses | ||
Less than 12 Months | (19,825) | (29,175) |
Over 12 Months | (6,302) | (9,627) |
Total | (26,127) | (38,802) |
Asset-backed securities | ||
Fair Value | ||
Less than 12 Months | 260,870 | 361,185 |
Over 12 Months | 201,436 | 178,924 |
Total | 462,306 | 540,109 |
Unrealized Losses | ||
Less than 12 Months | (2,268) | (3,043) |
Over 12 Months | (27,404) | (29,092) |
Total | (29,672) | (32,135) |
Corporate debt | ||
Fair Value | ||
Less than 12 Months | 694 | 3,567 |
Over 12 Months | 200 | 200 |
Total | 894 | 3,767 |
Unrealized Losses | ||
Less than 12 Months | (5) | (15) |
Over 12 Months | 0 | 0 |
Total | (5) | (15) |
Other securities | ||
Fair Value | ||
Less than 12 Months | 785 | 790 |
Over 12 Months | 1,489 | 1,492 |
Total | 2,274 | 2,282 |
Unrealized Losses | ||
Less than 12 Months | (15) | (11) |
Over 12 Months | (11) | (8) |
Total | $ (26) | $ (19) |
AVAILABLE-FOR-SALE AND OTHER 53
AVAILABLE-FOR-SALE AND OTHER SECURITIES AVAILABLE-FOR-SALE AND OTHER SECURITIES - Gross Realized Gains (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Investments, Debt and Equity Securities [Abstract] | ||
Gross gains on sales of securities | $ 545 | $ 0 |
Gross (losses) on sales of securities | 553 | 0 |
Net gain on sales of securities | $ (8) | $ 0 |
AVAILABLE-FOR-SALE AND OTHER 54
AVAILABLE-FOR-SALE AND OTHER SECURITIES - Collateralized Debt Obligation (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Schedule of Available-for-sale Securities [Line Items] | ||
Unrealized Gross Losses | $ (259,901) | $ (261,644) |
Pooled Trust Preferred | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Par Value | 109,667 | 137,197 |
Amortized Cost | 81,526 | 101,210 |
Fair Value | 59,492 | 76,003 |
Unrealized Gross Losses | (22,034) | $ (25,207) |
Pooled Trust Preferred | ICONS | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Par Value | 18,594 | |
Amortized Cost | 18,594 | |
Fair Value | 15,416 | |
Unrealized Gross Losses | $ (3,178) | |
Actual Deferrals and Defaults as Percent of Original Collateral | 7.00% | |
Expected Defaults as Percent of Remaining Performing Collateral | 13.00% | |
Excess Subordination | 55.00% | |
Pooled Trust Preferred | MM Comm III | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Par Value | $ 4,573 | |
Amortized Cost | 4,369 | |
Fair Value | 3,625 | |
Unrealized Gross Losses | $ (744) | |
Actual Deferrals and Defaults as Percent of Original Collateral | 5.00% | |
Expected Defaults as Percent of Remaining Performing Collateral | 6.00% | |
Excess Subordination | 39.00% | |
Pooled Trust Preferred | Pre TSL IX | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Par Value | $ 5,000 | |
Amortized Cost | 3,955 | |
Fair Value | 3,285 | |
Unrealized Gross Losses | $ (670) | |
Actual Deferrals and Defaults as Percent of Original Collateral | 16.00% | |
Expected Defaults as Percent of Remaining Performing Collateral | 8.00% | |
Excess Subordination | 10.00% | |
Pooled Trust Preferred | Pre TSL XI | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Par Value | $ 25,000 | |
Amortized Cost | 19,413 | |
Fair Value | 15,923 | |
Unrealized Gross Losses | $ (3,490) | |
Actual Deferrals and Defaults as Percent of Original Collateral | 14.00% | |
Expected Defaults as Percent of Remaining Performing Collateral | 8.00% | |
Excess Subordination | 14.00% | |
Pooled Trust Preferred | Reg Diversified | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Par Value | $ 25,500 | |
Amortized Cost | 4,195 | |
Fair Value | 1,832 | |
Unrealized Gross Losses | $ (2,363) | |
Actual Deferrals and Defaults as Percent of Original Collateral | 33.00% | |
Expected Defaults as Percent of Remaining Performing Collateral | 8.00% | |
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 | 19,411 | |
Unrealized Gross Losses | $ (11,589) | |
Actual Deferrals and Defaults as Percent of Original Collateral | 16.00% | |
Expected Defaults as Percent of Remaining Performing Collateral | 7.00% | |
Excess Subordination | 42.00% |
AVAILABLE-FOR-SALE AND OTHER 55
AVAILABLE-FOR-SALE AND OTHER SECURITIES AVAILABLE-FOR-SALE AND OTHER SECURITIES - Security Impairment (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ||
Impairment losses recognized in earnings on available-for-sale securities | $ 24 | $ 0 |
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Roll Forward] | ||
Balance, beginning of year | 11,796 | 18,368 |
Reductions from sales | (4,558) | 0 |
Additional credit losses | 24 | 0 |
Balance, end of year | 7,262 | 18,368 |
Trust Preferred Securities | ||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ||
Impairment losses recognized in earnings on available-for-sale securities | 0 | 0 |
Fixed Income Securities | ||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ||
Impairment losses recognized in earnings on available-for-sale securities | $ 24 | $ 0 |
HELD-TO-MATURITY SECURITIES - N
HELD-TO-MATURITY SECURITIES - Narrative (Details) | 3 Months Ended |
Mar. 31, 2017USD ($) | |
Held-to-maturity Securities [Abstract] | |
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, 2017 | Dec. 31, 2016 |
Held-to-maturity Securities, Debt Maturities, Net Carrying Amount [Abstract] | ||
Amortized Cost | $ 7,533,517 | $ 7,806,939 |
Held-to-maturity Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract] | ||
Fair Value | 7,502,102 | 7,787,268 |
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 | 59,710 | 41,261 |
Held-to-maturity Securities, Over 10 years | 6,887,466 | 7,157,083 |
Amortized Cost | 6,947,176 | 7,198,344 |
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 | 59,420 | 40,791 |
Fair Value, Over 10 years | 6,857,540 | 7,139,943 |
Fair Value | 6,916,960 | 7,180,734 |
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 | 382,617 | 398,341 |
Held-to-maturity Securities, Over 10 years | 197,714 | 204,083 |
Amortized Cost | 580,331 | 602,424 |
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 | 383,290 | 399,452 |
Fair Value, Over 10 years | 195,990 | 201,180 |
Fair Value | 579,280 | 600,632 |
Total U.S. Treasury, Federal agency securities | ||
Held-to-maturity Securities, Debt Maturities, Net Carrying Amount [Abstract] | ||
Amortized Cost | 7,527,507 | 7,800,768 |
Held-to-maturity Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract] | ||
Fair Value | 7,496,240 | 7,781,366 |
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 | 6,010 | 6,171 |
Amortized Cost | 6,010 | 6,171 |
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 | 5,862 | 5,902 |
Fair Value | $ 5,862 | $ 5,902 |
HELD-TO-MATURITY SECURITIES - A
HELD-TO-MATURITY SECURITIES - Amortized Cost, Gross Unrealized Gains and Losses, & Fair Value (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | $ 7,533,517 | $ 7,806,939 |
Unrealized Gross Gains | 13,420 | 22,573 |
Unrealized Gross Losses | (44,835) | (42,244) |
Fair Value | 7,502,102 | 7,787,268 |
Federal agencies: Mortgage-backed securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 6,947,176 | 7,198,344 |
Unrealized Gross Gains | 11,534 | 20,883 |
Unrealized Gross Losses | (41,750) | (38,493) |
Fair Value | 6,916,960 | 7,180,734 |
Federal agencies, Other agencies | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 580,331 | 602,424 |
Unrealized Gross Gains | 1,886 | 1,690 |
Unrealized Gross Losses | (2,937) | (3,482) |
Fair Value | 579,280 | 600,632 |
Total U.S. Treasury, Federal agency securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 7,527,507 | 7,800,768 |
Unrealized Gross Gains | 13,420 | 22,573 |
Unrealized Gross Losses | (44,687) | (41,975) |
Fair Value | 7,496,240 | 7,781,366 |
Municipal securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 6,010 | 6,171 |
Unrealized Gross Gains | 0 | 0 |
Unrealized Gross Losses | (148) | (269) |
Fair Value | $ 5,862 | $ 5,902 |
HELD-TO-MATURITY SECURITIES -59
HELD-TO-MATURITY SECURITIES - Continuous Unrealized Loss Position (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Fair Value | ||
Less than 12 Months | $ 5,271,613 | $ 3,274,469 |
Over 12 Months | 169,422 | 186,226 |
Total | 5,441,035 | 3,460,695 |
Unrealized Losses | ||
Less than 12 Months | (38,592) | (35,221) |
Over 12 Months | (6,243) | (7,023) |
Total | (44,835) | (42,244) |
Federal agencies: Mortgage-backed securities | ||
Fair Value | ||
Less than 12 Months | 4,852,958 | 2,855,360 |
Over 12 Months | 169,422 | 186,226 |
Total | 5,022,380 | 3,041,586 |
Unrealized Losses | ||
Less than 12 Months | (35,507) | (31,470) |
Over 12 Months | (6,243) | (7,023) |
Total | (41,750) | (38,493) |
Federal agencies, Other agencies | ||
Fair Value | ||
Less than 12 Months | 412,793 | 413,207 |
Over 12 Months | 0 | 0 |
Total | 412,793 | 413,207 |
Unrealized Losses | ||
Less than 12 Months | (2,937) | (3,482) |
Over 12 Months | 0 | 0 |
Total | (2,937) | (3,482) |
Total U.S. Treasury, Federal agency securities | ||
Fair Value | ||
Less than 12 Months | 5,265,751 | 3,268,567 |
Over 12 Months | 169,422 | 186,226 |
Total | 5,435,173 | 3,454,793 |
Unrealized Losses | ||
Less than 12 Months | (38,444) | (34,952) |
Over 12 Months | (6,243) | (7,023) |
Total | (44,687) | (41,975) |
Municipal securities | ||
Fair Value | ||
Less than 12 Months | 5,862 | 5,902 |
Over 12 Months | 0 | 0 |
Total | 5,862 | 5,902 |
Unrealized Losses | ||
Less than 12 Months | (148) | (269) |
Over 12 Months | 0 | 0 |
Total | $ (148) | $ (269) |
LOAN SALES AND SECURITIZATION60
LOAN SALES AND SECURITIZATIONS - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | |
Residential Mortgage | |||
Servicing Assets at Fair Value [Line Items] | |||
Servicing income | $ 14 | $ 12 | |
Unpaid principal balance of third party serviced loans | 19,100 | $ 18,900 | |
Automobile | |||
Servicing Assets at Fair Value [Line Items] | |||
Servicing income | 5 | 3 | |
Unpaid principal balance of third party serviced loans | 1,500 | 1,700 | |
Small Business Association (SBA) Loan | |||
Servicing Assets at Fair Value [Line Items] | |||
Servicing income | 3 | $ 2 | |
Unpaid principal balance of third party serviced loans | $ 1,200 | $ 1,100 |
LOAN SALES AND SECURITIZATION61
LOAN SALES AND SECURITIZATIONS - Residential Mortgage Portfolio (Details) - Residential Mortgage - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Servicing Asset at Amortized Cost [Line Items] | ||
Loans sold with servicing retained | $ 845,415 | $ 632,466 |
Pretax gains resulting from above loan sales | $ 22,190 | $ 14,113 |
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, 2017 | Mar. 31, 2016 | |
Servicing Asset at Fair Value, Amount [Roll Forward] | ||
Fair value, beginning of period | $ 13,747 | $ 17,585 |
Time decay | (231) | (273) |
Payoffs | (364) | (504) |
Changes in valuation inputs or assumptions | 155 | (1,989) |
Fair value, end of period: | $ 13,307 | $ 14,819 |
Fair value method | ||
Servicing Asset at Fair Value, Amount [Roll Forward] | ||
Weighted-average life (years) | 5 years 7 months | 5 years 2 months |
LOAN SALES AND SECURITIZATION63
LOAN SALES AND SECURITIZATIONS - Residential Mortgage Portfolio, MSRs Amortization Method (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | |
Servicing Asset at Amortized Cost, Balance [Roll Forward] | |||
Fair value, end of period | $ 227,678 | $ 225,578 | |
Residential Mortgage | |||
Servicing Asset at Amortized Cost, Balance [Roll Forward] | |||
Carrying value, beginning of period | 172,466 | $ 143,133 | |
New servicing assets created | 9,635 | 6,109 | |
Impairment (charge) / recovery | 1,800 | (16,340) | |
Amortization and other | (6,089) | (5,627) | |
Carrying value, end of period | 177,812 | 127,275 | |
Fair value, end of period | $ 178,581 | $ 127,516 | |
Residential Mortgage | Amortization method | |||
Servicing Asset at Amortized Cost, Balance [Roll Forward] | |||
Weighted-average life (years) | 7 years 1 month | 6 years 6 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 | ||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | |
Servicing Assets at Fair Value [Line Items] | |||
Constant prepayment rate (annualized), actual | 11.90% | 10.90% | |
Constant prepayment rate (annualized), 10% adverse change | $ (522) | $ (501) | |
Constant prepayment rate (annualized), 20% adverse change | $ (1,007) | (970) | |
Spread over forward interest rate swap rates, actual | 8.39% | 5.36% | |
Spread over forward interest rate swap rates, 10% adverse change | $ (411) | (454) | |
Spread over forward interest rate swap rates, 20% adverse change | $ (798) | $ (879) |
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 | ||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | |
Servicing Asset at Amortized Cost [Line Items] | |||
Constant prepayment rate (annualized), actual | 8.10% | 7.80% | |
Constant prepayment rate (annualized), 10% adverse change | $ (4,756) | $ (4,510) | |
Constant prepayment rate (annualized), 20% adverse change | $ (9,242) | (8,763) | |
Spread over forward interest rate swap rates, actual | 10.64% | 11.73% | |
Spread over forward interest rate swap rates, 10% adverse change | $ (5,518) | (5,259) | |
Spread over forward interest rate swap rates, 20% adverse change | $ (10,692) | $ (10,195) |
LOAN SALES AND SECURITIZATION66
LOAN SALES AND SECURITIZATIONS - Automobile Loans, MSRs Amortization Method (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | |
Servicing Asset at Amortized Cost, Balance [Roll Forward] | |||
Fair value, end of period | $ 227,678 | $ 225,578 | |
Automobile | |||
Servicing Asset at Amortized Cost, Balance [Roll Forward] | |||
Carrying value, beginning of period | 18,285 | $ 8,771 | |
New servicing assets created | 0 | 0 | |
Amortization and other | (3,126) | (1,742) | |
Fair value, end of period | 15,278 | 7,250 | |
Carrying value, end of period | $ 15,159 | $ 7,029 | |
Automobile | Amortization method | |||
Servicing Asset at Amortized Cost, Balance [Roll Forward] | |||
Weighted-average life (years) | 4 years | 3 years 4 months |
LOAN SALES AND SECURITIZATION67
LOAN SALES AND SECURITIZATIONS - Automobile Loans, MSRs Amortizations Method Key Assumptions (Details) - Amortization method - Automobile - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | |
Servicing Asset at Amortized Cost [Line Items] | |||
Constant prepayment rate (annualized), actual | 19.95% | 19.98% | |
Constant prepayment rate (annualized), 10% adverse change | $ (877) | $ (1,047) | |
Constant prepayment rate (annualized), 20% adverse change | $ (1,695) | (2,026) | |
Spread over forward interest rate swap rates, actual | 5.00% | 5.00% | |
Spread over forward interest rate swap rates, 10% adverse change | $ (22) | (26) | |
Spread over forward interest rate swap rates, 20% adverse change | $ (45) | $ (53) |
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, 2017 | Mar. 31, 2016 | |
Transfer of Financial Assets Accounted for as Sales [Line Items] | ||
Loans with servicing retained sold | $ 77,672 | $ 45,889 |
Pretax gains resulting from above loan sales | $ 5,818 | $ 3,521 |
LOAN SALES AND SECURITIZATION69
LOAN SALES AND SECURITIZATIONS - Small Business Association Portfolio, MSRs Amortization Method (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | |
Servicing Asset at Amortized Cost, Balance [Roll Forward] | |||
Fair value, end of period | $ 227,678 | $ 225,578 | |
Small Business Association (SBA) Loan | |||
Servicing Asset at Amortized Cost, Balance [Roll Forward] | |||
Carrying value, beginning of period | 21,080 | $ 19,747 | |
New servicing assets created | 1,475 | 1,511 | |
Amortization and other | (1,156) | (1,733) | |
Carrying value, end of period | 21,399 | 19,525 | |
Fair value, end of period | $ 25,857 | $ 23,048 | |
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 | ||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | |
Servicing Asset at Amortized Cost [Line Items] | |||
Constant prepayment rate (annualized), actual | 7.40% | 7.40% | |
Constant prepayment rate (annualized), 10% adverse change | $ (346) | $ (324) | |
Constant prepayment rate (annualized), 20% adverse change | $ (687) | (644) | |
Spread over forward interest rate swap rates, actual | 15.00% | 15.00% | |
Spread over forward interest rate swap rates, 10% adverse change | $ (696) | (1,270) | |
Spread over forward interest rate swap rates, 20% adverse change | $ (1,363) | $ (1,870) |
LONG-TERM DEBT (Details)
LONG-TERM DEBT (Details) - Senior Notes - USD ($) | 3 Months Ended | |
Mar. 31, 2017 | Mar. 07, 2017 | |
Huntington National Bank Senior Note Due March 2020, 2.375 Percent [Member] | ||
Debt Instrument [Line Items] | ||
Debt face amount | $ 700,000,000 | |
Debt percent of value | 99.994% | |
Debt stated interest rate | 2.375% | |
Debt Instrument, Redemption Price, Percentage | 100.00% | |
Huntington National Bank Senior Floating Rate Notes Due March 2020 [Member] | ||
Debt Instrument [Line Items] | ||
Debt face amount | $ 300,000,000 | |
Debt percent of value | 100.00% | |
Debt Instrument, Description of Variable Rate Basis | three month LIBOR | |
Debt Instrument, Basis Spread on Variable Rate | 51.00% |
OTHER COMPREHENSIVE INCOME - Ac
OTHER COMPREHENSIVE INCOME - Activity (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Pretax | ||
Other comprehensive income (loss), pretax | $ 15,117 | $ 91,352 |
Tax (Expense) Benefit | ||
Total other comprehensive income (loss), tax (expense) benefit | (4,961) | (32,480) |
After-tax | ||
Other comprehensive income (loss), net of tax | 10,156 | 58,872 |
Accumulated OTTI | ||
Pretax | ||
Other comprehensive income (loss), pretax | 810 | (3,634) |
Tax (Expense) Benefit | ||
Total other comprehensive income (loss), tax (expense) benefit | (286) | 1,285 |
After-tax | ||
Other comprehensive income (loss), net of tax | 524 | (2,349) |
Unrealized gains and (losses) on debt securities | Debt Securities | ||
Pretax | ||
Other comprehensive income (loss), before reclassifications, before tax | 8,996 | 80,468 |
Reclassification adjustment, before tax | 5,874 | (464) |
Tax (Expense) Benefit | ||
Other comprehensive income (loss) before reclassifications, tax | (2,795) | (28,685) |
Reclassification adjustment, tax | (2,077) | 164 |
After-tax | ||
Other comprehensive income (loss), before reclassifications, net of tax | 6,201 | 51,783 |
Reclassification adjustment, net of tax | 3,797 | (300) |
Unrealized gains and (losses) on debt securities and Accumulated OTTI | Debt Securities | ||
Pretax | ||
Other comprehensive income (loss), pretax | 15,680 | 76,370 |
Tax (Expense) Benefit | ||
Total other comprehensive income (loss), tax (expense) benefit | (5,158) | (27,236) |
After-tax | ||
Other comprehensive income (loss), net of tax | 10,522 | 49,134 |
Unrealized gains and (losses) on debt securities and Accumulated OTTI | Equity Securities | ||
Pretax | ||
Other comprehensive income (loss), pretax | 0 | 104 |
Tax (Expense) Benefit | ||
Total other comprehensive income (loss), tax (expense) benefit | 0 | (36) |
After-tax | ||
Other comprehensive income (loss), net of tax | 0 | 68 |
Unrealized gains and (losses) on cash flow hedging derivatives | ||
Pretax | ||
Other comprehensive income (loss), before reclassifications, before tax | (1,831) | 14,229 |
Reclassification adjustment, before tax | 560 | (644) |
Other comprehensive income (loss), pretax | (1,271) | 13,585 |
Tax (Expense) Benefit | ||
Other comprehensive income (loss) before reclassifications, tax | 641 | (4,980) |
Reclassification adjustment, tax | (196) | 224 |
Total other comprehensive income (loss), tax (expense) benefit | 445 | (4,756) |
After-tax | ||
Other comprehensive income (loss), before reclassifications, net of tax | (1,190) | 9,249 |
Reclassification adjustment, net of tax | 364 | (420) |
Other comprehensive income (loss), net of tax | (826) | 8,829 |
Unrealized gains (losses) for pension and other post- retirement obligations | ||
Pretax | ||
Other comprehensive income (loss), pretax | 708 | 1,293 |
Tax (Expense) Benefit | ||
Total other comprehensive income (loss), tax (expense) benefit | (248) | (452) |
After-tax | ||
Other comprehensive income (loss), net of tax | $ 460 | $ 841 |
OTHER COMPREHENSIVE INCOME OTHE
OTHER COMPREHENSIVE INCOME OTHER COMPREHENSIVE INCOME - AOCI Roll Forward (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Balance, beginning of period | $ 10,308,146 | $ 6,594,606 |
Other comprehensive income before reclassifications | 5,535 | 58,751 |
Amounts reclassified from accumulated OCI to earnings | 4,621 | 121 |
Period change | 58,872 | |
Balance, end of period | 10,437,147 | 7,157,670 |
Unrealized gains and (losses) on debt securities | Debt Securities | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Balance, beginning of period | (192,764) | 8,361 |
Other comprehensive income before reclassifications | 6,725 | 49,434 |
Amounts reclassified from accumulated OCI to earnings | 3,797 | (300) |
Period change | 10,522 | 49,134 |
Balance, end of period | (182,242) | 57,495 |
Unrealized gains and (losses) on debt securities | Equity Securities | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Balance, beginning of period | 287 | 176 |
Other comprehensive income before reclassifications | 0 | 68 |
Amounts reclassified from accumulated OCI to earnings | 0 | 0 |
Period change | 0 | 68 |
Balance, end of period | 287 | 244 |
Unrealized gains and (losses) on cash flow hedging derivatives | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Balance, beginning of period | (2,634) | (3,948) |
Other comprehensive income before reclassifications | (1,190) | 9,249 |
Amounts reclassified from accumulated OCI to earnings | 364 | (420) |
Period change | (826) | 8,829 |
Balance, end of period | (3,460) | 4,881 |
Unrealized gains (losses) for pension and other post- retirement obligations | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Balance, beginning of period | (205,905) | (230,747) |
Other comprehensive income before reclassifications | 0 | 0 |
Amounts reclassified from accumulated OCI to earnings | 460 | 841 |
Period change | 460 | 841 |
Balance, end of period | (205,445) | (229,906) |
Accumulated Other Comprehensive Loss | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Balance, beginning of period | (401,016) | (226,158) |
Period change | 10,156 | |
Balance, end of period | (390,860) | (167,286) |
Reclassification out of Accumulated Other Comprehensive Income | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Net unrealized loss on securities transfer | $ (81,000) | $ (82,000) |
OTHER COMPREHENSIVE INCOME - Re
OTHER COMPREHENSIVE INCOME - Reclassifications (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||
Interest income - held-to-maturity securities - taxable | $ 45,195 | $ 36,789 |
Noninterest income - net gains (losses) on sale of securities | 16 | 0 |
Interest income - loans and leases | 675,934 | 463,422 |
Noninterest income - other income | 40,735 | 30,132 |
Noninterest expense - personnel costs | (382,000) | (285,397) |
Income before income taxes | 267,378 | 226,271 |
Provision for income taxes | (59,284) | (54,957) |
Net income applicable to common shares | 189,216 | 163,316 |
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 | (3,606) | 464 |
Noninterest income - net gains (losses) on sale of securities | (2,244) | 0 |
Accumulated OTTI | Reclassification out of Accumulated Other Comprehensive Income | ||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||
Noninterest income - net gains (losses) on sale of securities | (24) | 0 |
Unrealized gains and (losses) on debt securities and Accumulated OTTI | Reclassification out of Accumulated Other Comprehensive Income | ||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||
Income before income taxes | (5,874) | 464 |
Provision for income taxes | 2,077 | (164) |
Net income applicable to common shares | (3,797) | 300 |
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 | (560) | 645 |
Noninterest income - other income | 0 | (1) |
Income before income taxes | (560) | 644 |
Provision for income taxes | 196 | (224) |
Net income applicable to common shares | (364) | 420 |
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] | ||
Noninterest expense - personnel costs | (1,200) | (1,785) |
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] | ||
Noninterest expense - personnel costs | 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 | (708) | (1,293) |
Provision for income taxes | 248 | 452 |
Net income applicable to common shares | $ (460) | $ (841) |
EARNINGS PER SHARE (Details)
EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Basic earnings per common share: | ||
Net income | $ 208,094 | $ 171,314 |
Preferred stock dividends | (18,878) | (7,998) |
Net income available to common shareholders | 189,216 | 163,316 |
Effect of assumed preferred stock conversion | 0 | 0 |
Net income applicable to diluted earnings per share | $ 189,216 | $ 163,316 |
Average common shares issued and outstanding (in shares) | 1,086,374 | 795,755 |
Basic earnings per common share (in usd per share) | $ 0.17 | $ 0.21 |
Dilutive potential common shares: | ||
Stock options and restricted stock units and awards | 19,139 | 10,385 |
Shares held in deferred compensation plans | 2,953 | 2,075 |
Other | 151 | 134 |
Dilutive potential common shares: | 22,243 | 12,594 |
Total diluted average common shares issued and outstanding (in shares) | 1,108,617 | 808,349 |
Diluted earnings per common share (in usd per share) | $ 0.17 | $ 0.20 |
Employee Stock Option | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Options outstanding to purchase common stock shares having antidilutive effect | 900 | 3,500 |
BENEFIT PLANS - Narrative (Deta
BENEFIT PLANS - Narrative (Details) | 3 Months Ended |
Mar. 31, 2017year | |
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’ 2016 |
Post Retirement Benefits | |
Benefit Plans (Textuals) [Abstract] | |
Employees retirement age for health care and life insurance benefits under unfunded defined benefit post-retirement plan | 55 |
Deferred Compensation Arrangement With Individual Requisite Service Period | 10 years |
BENEFIT PLANS - Net Periodic Be
BENEFIT PLANS - Net Periodic Benefit Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Pension Benefits | ||
Components of net periodic benefit expense [Abstract] | ||
Service cost | $ 640 | $ 1,025 |
Interest cost | 7,477 | 6,748 |
Expected return on plan assets | (13,803) | (10,223) |
Amortization of prior service cost | 0 | 0 |
Amortization of gains (losses) | 1,747 | 1,864 |
Settlements | 2,500 | 3,400 |
Net periodic (benefit) cost | (1,439) | 2,814 |
Post Retirement Benefits | ||
Components of net periodic benefit expense [Abstract] | ||
Service cost | 22 | 0 |
Interest cost | 99 | 55 |
Expected return on plan assets | 0 | 0 |
Amortization of prior service cost | (492) | (492) |
Amortization of gains (losses) | (55) | (72) |
Settlements | 0 | 0 |
Net periodic (benefit) cost | $ (426) | $ (509) |
BENEFIT PLANS - Costs of Retire
BENEFIT PLANS - Costs of Retirement Plans (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Compensation and Retirement Disclosure [Abstract] | ||
Defined Contribution Plan, Cost Recognized | $ 11 | $ 8 |
FAIR VALUES OF ASSETS AND LIA79
FAIR VALUES OF ASSETS AND LIABILITIES - Narrative (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans Held-for-sale, Fair Value Disclosure | $ 423,324 | $ 438,224 |
Mortgages Held-to-maturity, Fair Value Disclosure | 98,342 | 82,319 |
Fair Value Measured On Recurring Basis Mortgages Held For Sale [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgages Held For Sale Unpaid Principal | 408,424 | 433,760 |
Difference | 14,900 | 4,464 |
Loans held for investment | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Difference | (11,892) | (9,679) |
Mortgages Held-to-maturity, Fair Value Disclosure | 98,342 | 82,319 |
Mortgages Held To Maturity Unpaid Principal | 110,234 | 91,998 |
90 or more days | Fair Value Measured On Recurring Basis Mortgages Held For Sale [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgages Held For Sale Unpaid Principal | 0 | 0 |
Difference | 0 | 0 |
Loans held for sale | 0 | 0 |
90 or more days | Loans held for investment | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Difference | (2,935) | (2,674) |
Mortgages Held-to-maturity, Fair Value Disclosure | 8,572 | 8,408 |
Mortgages Held To Maturity Unpaid Principal | $ 11,507 | $ 11,082 |
FAIR VALUES OF ASSETS AND LIA80
FAIR VALUES OF ASSETS AND LIABILITIES - Recurring Basis (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Assets measured at fair value on a recurring basis | ||
Loans held for investment | $ 98,342 | $ 82,319 |
Consumer loans | 98,342 | 82,319 |
Trading account securities | 97,785 | 133,295 |
Available-for-sale and other securities | 16,173,605 | 15,562,837 |
U.S. Treasury | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale and other securities | 6,890 | 5,497 |
Federal agencies: Mortgage-backed securities | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale and other securities | 11,221,867 | 10,673,342 |
Federal agencies, Other agencies | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale and other securities | 89,843 | 73,542 |
Municipal securities | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale and other securities | 3,317,154 | 3,250,057 |
Corporate debt | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale and other securities | 198,681 | 198,683 |
Recurring Basis | ||
Assets measured at fair value on a recurring basis | ||
Loans held for sale | 423,324 | 438,224 |
Trading account securities | 97,785 | 133,295 |
Available-for-sale and other securities | 15,620,977 | 15,015,133 |
MSRs | 13,307 | 13,747 |
Derivative assets netting | (173,603) | (181,940) |
Net amounts of assets presented in the condensed consolidated balance sheets | 178,420 | 238,219 |
Liabilities measured at fair value on a recurring basis | ||
Gross amounts offset in the condensed consolidated balance sheets | (246,192) | (272,361) |
Derivative liabilities | 83,552 | 98,286 |
Short-term borrowings | 1,420 | 474 |
Recurring Basis | U.S. Treasury | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale and other securities | 6,890 | 5,497 |
Recurring Basis | Federal agencies: Mortgage-backed securities | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale and other securities | 11,221,867 | 10,673,342 |
Recurring Basis | Federal agencies, Other agencies | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale and other securities | 89,843 | 73,542 |
Recurring Basis | Municipal securities | ||
Assets measured at fair value on a recurring basis | ||
Trading account securities | 3,434 | 1,148 |
Available-for-sale and other securities | 3,317,154 | 3,250,057 |
Recurring Basis | Asset-backed Securities | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale and other securities | 766,937 | 793,481 |
Recurring Basis | Corporate debt | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale and other securities | 198,681 | 198,683 |
Recurring Basis | Other Debt Obligations [Member] | ||
Assets measured at fair value on a recurring basis | ||
Trading account securities | 94,351 | 132,147 |
Available-for-sale and other securities | 19,605 | 20,531 |
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 | 94,201 | 132,147 |
Available-for-sale and other securities | 22,522 | 22,085 |
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 | 1,420 | 474 |
Recurring Basis | Level 1 | U.S. Treasury | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale and other securities | 6,890 | 5,497 |
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 | 94,201 | 132,147 |
Available-for-sale and other securities | 15,632 | 16,588 |
Recurring Basis | Level 2 | ||
Assets measured at fair value on a recurring basis | ||
Loans held for sale | 423,324 | 438,224 |
Loans held for investment | 54,123 | 34,439 |
Trading account securities | 3,584 | 1,148 |
Available-for-sale and other securities | 12,671,311 | 12,119,001 |
MSRs | 0 | 0 |
Gross amounts of recognized assets | 342,584 | 414,412 |
Liabilities measured at fair value on a recurring basis | ||
Gross amounts of recognized liabilities | 322,999 | 362,777 |
Short-term borrowings | 0 | 0 |
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 | 11,221,867 | 10,673,342 |
Recurring Basis | Level 2 | Federal agencies, Other agencies | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale and other securities | 89,843 | 73,542 |
Recurring Basis | Level 2 | Municipal securities | ||
Assets measured at fair value on a recurring basis | ||
Trading account securities | 3,434 | 1,148 |
Available-for-sale and other securities | 449,502 | 452,013 |
Recurring Basis | Level 2 | Asset-backed Securities | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale and other securities | 707,445 | 717,478 |
Recurring Basis | Level 2 | Corporate debt | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale and other securities | 198,681 | 198,683 |
Recurring Basis | Level 2 | Other Debt Obligations [Member] | ||
Assets measured at fair value on a recurring basis | ||
Trading account securities | 150 | 0 |
Available-for-sale and other securities | 3,973 | 3,943 |
Recurring Basis | Level 3 | ||
Assets measured at fair value on a recurring basis | ||
Loans held for sale | 0 | 0 |
Consumer loans | 44,219 | 47,880 |
Trading account securities | 0 | 0 |
Available-for-sale and other securities | 2,927,144 | 2,874,047 |
MSRs | 13,307 | 13,747 |
Gross amounts of recognized assets | 9,439 | 5,747 |
Liabilities measured at fair value on a recurring basis | ||
Gross amounts of recognized liabilities | 6,745 | 7,870 |
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 | 2,867,652 | 2,798,044 |
Recurring Basis | Level 3 | Asset-backed Securities | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale and other securities | 59,492 | 76,003 |
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 LIA81
FAIR VALUES OF ASSETS AND LIABILITIES - Level 3 Roll Forward (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Net Derivative Instruments Level 3 Roll Forward: | ||
Opening balance | $ (2,123) | $ 6,056 |
Transfers into Level 3 | 0 | 0 |
Transfers out of Level 3 (1) | (333) | (915) |
Total gains/losses for the period: | ||
Included in earnings | 5,150 | 5,206 |
Included in OCI | 0 | 0 |
Purchases/originations | 0 | 0 |
Sales | 0 | 0 |
Repayments | 0 | 0 |
Issues | 0 | 0 |
Settlements | 0 | 0 |
Closing balance | 2,694 | 10,347 |
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 | 5,150 | 5,306 |
MSRs | ||
Assets Level 3 Roll Forward: | ||
Opening balance | 13,747 | 17,585 |
Transfers into Level 3 | 0 | 0 |
Transfers out of Level 3 (1) | 0 | 0 |
Total gains/losses for the period: | ||
Included in earnings | (440) | (2,766) |
Included in OCI | 0 | 0 |
Purchases | 0 | 0 |
Sales | 0 | 0 |
Repayments | 0 | 0 |
Issuances | 0 | 0 |
Settlements | 0 | 0 |
Closing balance | 13,307 | 14,819 |
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 | (440) | (2,766) |
Municipal securities | ||
Assets Level 3 Roll Forward: | ||
Opening balance | 2,798,044 | 2,095,551 |
Transfers into Level 3 | 0 | 0 |
Transfers out of Level 3 (1) | 0 | 0 |
Total gains/losses for the period: | ||
Included in earnings | (1,386) | 0 |
Included in OCI | 20,475 | 11,840 |
Purchases | 132,666 | 237,450 |
Sales | 0 | 0 |
Repayments | 0 | 0 |
Issuances | 0 | 0 |
Settlements | (82,147) | (63,098) |
Closing balance | 2,867,652 | 2,281,743 |
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 | 20,269 | 0 |
Asset-backed Securities | ||
Assets Level 3 Roll Forward: | ||
Opening balance | 76,003 | 100,337 |
Transfers into Level 3 | 0 | 0 |
Transfers out of Level 3 (1) | 0 | 0 |
Total gains/losses for the period: | ||
Included in earnings | 28 | 0 |
Included in OCI | 3,172 | (5,168) |
Purchases | 0 | 0 |
Sales | (19,133) | 0 |
Repayments | 0 | 0 |
Issuances | 0 | 0 |
Settlements | (578) | (840) |
Closing balance | 59,492 | 94,329 |
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 | 1,212 | 0 |
Automobile | ||
Assets Level 3 Roll Forward: | ||
Opening balance | 47,880 | 1,748 |
Transfers into Level 3 | 0 | 0 |
Transfers out of Level 3 (1) | 0 | 0 |
Total gains/losses for the period: | ||
Included in earnings | (63) | 0 |
Included in OCI | 0 | 0 |
Purchases | 0 | 0 |
Sales | 0 | 0 |
Repayments | (3,598) | (532) |
Issuances | 0 | 0 |
Settlements | 0 | 0 |
Closing balance | 44,219 | 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 | $ 0 | $ 0 |
FAIR VALUES OF ASSETS AND LIA82
FAIR VALUES OF ASSETS AND LIABILITIES - Level 3 Classification of Gains/Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Net derivative asset (liability), gain (loss) included in earnings | $ 5,150 | $ 5,206 |
Mortgage banking income | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Net derivative asset (liability), gain (loss) included in earnings | 5,150 | 5,206 |
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 | (440) | (2,766) |
MSRs | Mortgage banking income | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Asset, gain (loss) included in earnings | (440) | (2,766) |
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 | (1,386) | 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 | (1,386) | 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 |
Asset-backed Securities | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Asset, gain (loss) included in earnings | 28 | 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 | 28 | 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 | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Asset, gain (loss) included in earnings | (63) | 0 |
Automobile | Mortgage banking income | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Asset, gain (loss) included in earnings | 0 | 0 |
Automobile | Securities gains (losses) | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Asset, gain (loss) included in earnings | 0 | 0 |
Automobile | Interest and fee income | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Asset, gain (loss) included in earnings | 0 | 0 |
Automobile | Noninterest income | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Asset, gain (loss) included in earnings | $ (63) | $ 0 |
FAIR VALUES OF ASSETS AND LIA83
FAIR VALUES OF ASSETS AND LIABILITIES - Fair Value Option (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Loans held for investment | $ 98,342 | $ 82,319 |
Loans held for sale | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Loans held for sale, aggregate unpaid principal | 408,424 | 433,760 |
Difference | 14,900 | 4,464 |
Loans held for investment | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Loans held for investment | 98,342 | 82,319 |
Loans held for investment, aggregate unpaid principal | 110,234 | 91,998 |
Difference | (11,892) | (9,679) |
90 or more days | Loans held for sale | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Loans held for sale, fair value carrying amount | 0 | 0 |
Loans held for sale, aggregate unpaid principal | 0 | 0 |
Difference | 0 | 0 |
90 or more days | Loans held for investment | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Loans held for investment | 8,572 | 8,408 |
Loans held for investment, aggregate unpaid principal | 11,507 | 11,082 |
Difference | $ (2,935) | $ (2,674) |
FAIR VALUES OF ASSETS AND LIA84
FAIR VALUES OF ASSETS AND LIABILITIES - Fair Value Option-Changs in Fair Value (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Loans held for sale | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Net gains (losses) from fair value changes | $ 9,076 | $ 4,649 |
Consumer loans | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Net gains (losses) from fair value changes | (63) | 0 |
Gains (losses) included in fair value changes associated with instrument specific credit risk | $ 0 | $ 90 |
FAIR VALUES OF ASSETS AND LIA85
FAIR VALUES OF ASSETS AND LIABILITIES - Non-Recurring Basis (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt | $ 9,279,140 | $ 8,309,159 |
Held-to-maturity securities | 7,533,517 | 7,806,939 |
Assets measured at fair value on a nonrecurring basis | ||
Net loans and direct financing leases | 66,425,689 | 66,323,583 |
Fair Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt | 9,419,853 | 8,387,444 |
Held-to-maturity securities | 7,502,102 | 7,787,268 |
Assets measured at fair value on a nonrecurring basis | ||
Net loans and direct financing leases | 66,275,735 | 66,294,639 |
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 | 9,013,768 | 7,980,176 |
Held-to-maturity securities | 7,502,102 | 7,787,268 |
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 | 406,085 | 407,268 |
Held-to-maturity securities | 0 | 0 |
Assets measured at fair value on a nonrecurring basis | ||
Net loans and direct financing leases | 66,275,735 | 66,294,639 |
Nonrecurring Basis | ||
Assets measured at fair value on a nonrecurring basis | ||
Impaired loans | 53,818 | |
Nonrecurring Basis | Fair Value | ||
Assets measured at fair value on a nonrecurring basis | ||
MSRs | (176,747) | |
Impaired loans | 52,367 | |
Other real estate owned | (49,887) | |
Nonrecurring Basis | Total Gains/(Losses) | ||
Assets measured at fair value on a nonrecurring basis | ||
MSRs | 1,800 | |
Impaired loans | 5,267 | |
Other real estate owned | 2,363 | |
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 | ||
Assets measured at fair value on a nonrecurring basis | ||
MSRs | $ (171,309) | |
Nonrecurring Basis | Level 3 | Fair Value | ||
Assets measured at fair value on a nonrecurring basis | ||
MSRs | (176,747) | |
Impaired loans | 52,367 | |
Other real estate owned | $ (49,887) |
FAIR VALUES OF ASSETS AND LIA86
FAIR VALUES OF ASSETS AND LIABILITIES - Significant Unobservable Level 3 Inputs (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | |||
Available-for-sale and other securities | $ 16,173,605 | $ 15,562,837 | |
Consumer loans | 98,342 | 82,319 | |
Fair Value, Measurements, Recurring | |||
Fair Value Disclosures [Abstract] | |||
MSRs | 13,307 | 13,747 | |
Available-for-sale and other securities | 15,620,977 | 15,015,133 | |
Fair Value, Measurements, Recurring | Level 3 | |||
Fair Value Disclosures [Abstract] | |||
MSRs | 13,307 | 13,747 | |
Gross amounts of recognized assets | 9,439 | 5,747 | |
Gross amounts of recognized liabilities | 6,745 | 7,870 | |
Available-for-sale and other securities | 2,927,144 | 2,874,047 | |
Consumer loans | 44,219 | 47,880 | |
Fair Value, Measurements, Nonrecurring | |||
Fair Value Disclosures [Abstract] | |||
Impaired loans Fair Value Disclosure | 53,818 | ||
Accrued income and other assets Fair Value Disclosure | 50,930 | ||
Fair Value, Measurements, Nonrecurring | Level 3 | |||
Fair Value Disclosures [Abstract] | |||
MSRs | 171,309 | ||
Asset-backed Securities | Fair Value, Measurements, Recurring | |||
Fair Value Disclosures [Abstract] | |||
Available-for-sale and other securities | 766,937 | 793,481 | |
Asset-backed Securities | Fair Value, Measurements, Recurring | Level 3 | |||
Fair Value Disclosures [Abstract] | |||
Available-for-sale and other securities | 59,492 | 76,003 | |
Municipal securities | |||
Fair Value Disclosures [Abstract] | |||
Available-for-sale and other securities | 3,317,154 | 3,250,057 | |
Municipal securities | Fair Value, Measurements, Recurring | |||
Fair Value Disclosures [Abstract] | |||
Available-for-sale and other securities | 3,317,154 | 3,250,057 | |
Municipal securities | Fair Value, Measurements, Recurring | Level 3 | |||
Fair Value Disclosures [Abstract] | |||
Available-for-sale and other securities | $ 2,867,652 | $ 2,798,044 | |
Cost Approach Valuation Technique | Maximum | Fair Value, Measurements, Recurring | MSRs | Level 3 | |||
Fair Value Disclosures [Abstract] | |||
Constant prepayment rate | 30.00% | 34.40% | |
Spread over forward interest rate swap rates | 0.1 | 0.092 | |
Cost Approach Valuation Technique | Maximum | Fair Value, Measurements, Recurring | Private label CMO | Level 3 | |||
Fair Value Disclosures [Abstract] | |||
Discount rate | 10.30% | 10.00% | |
Cumulative default | 38.40% | 37.80% | |
Loss given default | 90.00% | 80.00% | |
Cost Approach Valuation Technique | Maximum | Fair Value, Measurements, Recurring | Asset-backed Securities | Level 3 | |||
Fair Value Disclosures [Abstract] | |||
Discount rate | 12.10% | 12.00% | |
Cumulative prepayment rate | 73.00% | 73.00% | |
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 | Fair Value, Measurements, Recurring | Loans held for investment | Level 3 | |||
Fair Value Disclosures [Abstract] | |||
Discount rate | 16.80% | 16.20% | |
Cost Approach Valuation Technique | Maximum | Fair Value, Measurements, Nonrecurring | MSRs | Level 3 | |||
Fair Value Disclosures [Abstract] | |||
Constant prepayment rate | 21.20% | 30.40% | |
Spread over forward interest rate swap rates | 0.2 | 0.2 | |
Cost Approach Valuation Technique | Minimum | Fair Value, Measurements, Recurring | MSRs | Level 3 | |||
Fair Value Disclosures [Abstract] | |||
Constant prepayment rate | 8.00% | 5.63% | |
Spread over forward interest rate swap rates | 0.030 | 0.030 | |
Cost Approach Valuation Technique | Minimum | Fair Value, Measurements, Recurring | Private label CMO | Level 3 | |||
Fair Value Disclosures [Abstract] | |||
Discount rate | 0.00% | 0.00% | |
Cumulative default | 0.00% | 0.30% | |
Loss given default | 5.00% | 5.00% | |
Cost Approach Valuation Technique | Minimum | Fair Value, Measurements, Recurring | Asset-backed Securities | Level 3 | |||
Fair Value Disclosures [Abstract] | |||
Discount rate | 5.10% | 5.00% | |
Cumulative prepayment rate | 0.00% | 0.00% | |
Cumulative default | 0.90% | 1.10% | |
Loss given default | 85.00% | 85.00% | |
Cure given deferral | 0.00% | 0.00% | |
Cost Approach Valuation Technique | Minimum | Fair Value, Measurements, Recurring | Loans held for investment | Level 3 | |||
Fair Value Disclosures [Abstract] | |||
Discount rate | 5.40% | 5.40% | |
Cost Approach Valuation Technique | Minimum | Fair Value, Measurements, Nonrecurring | MSRs | Level 3 | |||
Fair Value Disclosures [Abstract] | |||
Constant prepayment rate | 6.30% | 5.57% | |
Spread over forward interest rate swap rates | 0.03 | 0.042 | |
Cost Approach Valuation Technique | Weighted Average | Fair Value, Measurements, Recurring | MSRs | Level 3 | |||
Fair Value Disclosures [Abstract] | |||
Constant prepayment rate | 12.00% | 10.90% | |
Spread over forward interest rate swap rates | 0.084 | 0.054 | |
Cost Approach Valuation Technique | Weighted Average | Fair Value, Measurements, Recurring | Private label CMO | Level 3 | |||
Fair Value Disclosures [Abstract] | |||
Discount rate | 3.70% | 3.60% | |
Cumulative default | 3.10% | 4.00% | |
Loss given default | 24.00% | 24.10% | |
Cost Approach Valuation Technique | Weighted Average | Fair Value, Measurements, Recurring | Asset-backed Securities | Level 3 | |||
Fair Value Disclosures [Abstract] | |||
Discount rate | 6.40% | 6.30% | |
Cumulative prepayment rate | 6.50% | 6.50% | |
Cumulative default | 10.90% | 11.20% | |
Loss given default | 96.10% | 96.30% | |
Cure given deferral | 32.70% | 36.20% | |
Cost Approach Valuation Technique | Weighted Average | Fair Value, Measurements, Recurring | Loans held for investment | Level 3 | |||
Fair Value Disclosures [Abstract] | |||
Discount rate | 5.60% | 5.60% | |
Cost Approach Valuation Technique | Weighted Average | Fair Value, Measurements, Nonrecurring | MSRs | Level 3 | |||
Fair Value Disclosures [Abstract] | |||
Constant prepayment rate | 8.10% | 7.80% | |
Spread over forward interest rate swap rates | 0.106 | 0.117 | |
Market Approach Valuation Technique | Maximum | Fair Value, Measurements, Recurring | Derivative Instruments | Level 3 | |||
Fair Value Disclosures [Abstract] | |||
Net market price | 26.70% | 25.40% | |
Estimated Pull through % | 99.00% | 99.80% | |
Market Approach Valuation Technique | Minimum | Fair Value, Measurements, Recurring | Derivative Instruments | Level 3 | |||
Fair Value Disclosures [Abstract] | |||
Net market price | (4.70%) | (7.10%) | |
Estimated Pull through % | 9.00% | 8.10% | |
Market Approach Valuation Technique | Weighted Average | Fair Value, Measurements, Recurring | Derivative Instruments | Level 3 | |||
Fair Value Disclosures [Abstract] | |||
Net market price | 2.00% | 1.10% | |
Estimated Pull through % | 78.00% | 7.70% |
FAIR VALUES OF ASSETS AND LIA87
FAIR VALUES OF ASSETS AND LIABILITIES - Balance Sheet Location (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 | |
Financial Assets: | |||
Trading account securities | $ 97,785 | $ 133,295 | |
Loans held for sale | [1] | 518,238 | 512,951 |
Available-for-sale and other securities | 16,173,605 | 15,562,837 | |
Held-to-maturity securities, Total | 7,533,517 | 7,806,939 | |
Net loans and direct financing leases | 66,425,689 | 66,323,583 | |
Financial Liabilities: | |||
Deposits | 77,422,510 | 75,607,717 | |
Short-term borrowings | 1,263,430 | 3,692,654 | |
Long-term borrowings | 9,279,140 | 8,309,159 | |
Fair Value | |||
Financial Assets: | |||
Cash and short-term assets | 1,371,868 | 1,443,037 | |
Trading account securities | 97,785 | 133,295 | |
Loans held for sale | 522,121 | 515,640 | |
Available-for-sale and other securities | 16,173,605 | 15,562,837 | |
Held-to-maturity securities, Total | 7,502,102 | 7,787,268 | |
Net loans and direct financing leases | 66,275,735 | 66,294,639 | |
Derivatives | 178,420 | 238,219 | |
Financial Liabilities: | |||
Deposits | 78,238,093 | 76,161,091 | |
Short-term borrowings | 1,263,430 | 3,692,654 | |
Long-term borrowings | 9,419,853 | 8,387,444 | |
Derivatives | 83,552 | 98,286 | |
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 | 1,420 | 474 | |
Long-term borrowings | 0 | 0 | |
Fair Value | Level 2 | |||
Financial Assets: | |||
Held-to-maturity securities, Total | 7,502,102 | 7,787,268 | |
Net loans and direct financing leases | 0 | 0 | |
Financial Liabilities: | |||
Deposits | 74,456,322 | 72,319,328 | |
Short-term borrowings | 0 | 0 | |
Long-term borrowings | 9,013,768 | 7,980,176 | |
Fair Value | Level 3 | |||
Financial Assets: | |||
Held-to-maturity securities, Total | 0 | 0 | |
Net loans and direct financing leases | 66,275,735 | 66,294,639 | |
Financial Liabilities: | |||
Deposits | 3,781,771 | 3,841,763 | |
Short-term borrowings | 1,262,010 | 3,692,180 | |
Long-term borrowings | 406,085 | 407,268 | |
Reported Value Measurement | |||
Financial Assets: | |||
Cash and short-term assets | 1,371,868 | 1,443,037 | |
Trading account securities | 97,785 | 133,295 | |
Loans held for sale | 518,238 | 512,951 | |
Available-for-sale and other securities | 16,173,605 | 15,562,837 | |
Held-to-maturity securities, Total | 7,533,517 | 7,806,939 | |
Net loans and direct financing leases | 66,425,689 | 66,323,583 | |
Derivatives | 178,420 | 238,219 | |
Financial Liabilities: | |||
Deposits | 77,422,510 | 75,607,717 | |
Short-term borrowings | 1,263,430 | 3,692,654 | |
Long-term borrowings | 9,279,140 | 8,309,159 | |
Derivatives | $ 83,552 | $ 98,286 | |
[1] | Amounts represent loans for which Huntington has elected the fair value option. |
DERIVATIVE FINANCIAL INSTRUME88
DERIVATIVE FINANCIAL INSTRUMENTS - Narrative (Details) | 3 Months Ended | ||
Mar. 31, 2017USD ($)group | Mar. 31, 2016USD ($) | Dec. 31, 2016USD ($) | |
Derivative [Line Items] | |||
Increase (decrease) to net interest income due to derivative adjustment | $ 10,000,000 | $ 21,000,000 | |
Gain (loss) to be reclassified during next 12 months, net | (3,000,000) | ||
Purchase of interest rate caps and derivative financial instruments, notional value | 10,725,000,000 | ||
Total notional amount corresponds to trading assets, fair value | 1,000,000 | ||
Notional amount corresponds to trading liabilities, fair value (less than) | 2,000,000 | ||
Credit risks from interest rate swaps used for trading purposes | $ 171,000,000 | $ 196,000,000 | |
Number of primary groups | group | 2 | ||
Aggregate credit risk, net of collateral | $ 27,000,000 | 26,000,000 | |
Investment securities and cash collateral pledged by Huntington | 140,000,000 | ||
Investment securities and cash collateral pledged to Huntington | 78,000,000 | ||
Swap | |||
Derivative [Line Items] | |||
Derivative Liability | 6,000,000 | ||
Derivative used in trading activity | |||
Derivative [Line Items] | |||
Net derivative asset (liability) | 81,000,000 | 80,000,000 | |
Derivative financial instruments used by Huntington on behalf of customers including offsetting derivatives, notional value | 21,000,000,000 | 21,000,000,000 | |
Derivative used in Mortgage Banking Activities | |||
Derivative [Line Items] | |||
Purchase of interest rate caps and derivative financial instruments, notional value | 200,000,000 | 300,000,000 | |
Gains (losses) related to derivative instruments Included in total MSR | (1,000,000) | $ 12,000,000 | |
Net derivative asset (liability) | 6,261,000 | 16,295,000 | |
Share Swap Economic Hedge | |||
Derivative [Line Items] | |||
Purchase of interest rate caps and derivative financial instruments, notional value | 20,000,000 | ||
Derivative, Fair Value, Net | 10,000,000 | ||
Other Credit Derivatives | |||
Derivative [Line Items] | |||
Derivative Asset, Notional Amount | 596,000,000 | $ 582,000,000 | |
Deposits | |||
Derivative [Line Items] | |||
Purchase of interest rate caps and derivative financial instruments, notional value | 0 | ||
Fair Value Hedging | |||
Derivative [Line Items] | |||
Purchase of interest rate caps and derivative financial instruments, notional value | 8,175,000,000 | ||
Fair Value Hedging | Deposits | |||
Derivative [Line Items] | |||
Purchase of interest rate caps and derivative financial instruments, notional value | 0 | ||
Cash Flow Hedging | |||
Derivative [Line Items] | |||
Purchase of interest rate caps and derivative financial instruments, notional value | 2,550,000,000 | ||
Cash Flow Hedging | Deposits | |||
Derivative [Line Items] | |||
Purchase of interest rate caps and derivative financial instruments, notional value | $ 0 |
DERIVATIVE FINANCIAL INSTRUME89
DERIVATIVE FINANCIAL INSTRUMENTS - Asset and Liability Management (Details) | Mar. 31, 2017USD ($) |
Notional Disclosures [Abstract] | |
Derivative, Notional Amount | $ 10,725,000,000 |
Fair Value Hedging | |
Notional Disclosures [Abstract] | |
Derivative, Notional Amount | 8,175,000,000 |
Cash Flow Hedging | |
Notional Disclosures [Abstract] | |
Derivative, Notional Amount | 2,550,000,000 |
Loan | |
Notional Disclosures [Abstract] | |
Derivative, Notional Amount | 2,550,000,000 |
Loan | Fair Value Hedging | |
Notional Disclosures [Abstract] | |
Derivative, Notional Amount | 0 |
Loan | Cash Flow Hedging | |
Notional Disclosures [Abstract] | |
Derivative, Notional Amount | 2,550,000,000 |
Subordinated notes | |
Notional Disclosures [Abstract] | |
Derivative, Notional Amount | 950,000,000 |
Subordinated notes | Fair Value Hedging | |
Notional Disclosures [Abstract] | |
Derivative, Notional Amount | 950,000,000 |
Subordinated notes | Cash Flow Hedging | |
Notional Disclosures [Abstract] | |
Derivative, Notional Amount | 0 |
Other long-term debt | |
Notional Disclosures [Abstract] | |
Derivative, Notional Amount | 7,225,000,000 |
Other long-term debt | Fair Value Hedging | |
Notional Disclosures [Abstract] | |
Derivative, Notional Amount | 7,225,000,000 |
Other long-term debt | Cash Flow Hedging | |
Notional Disclosures [Abstract] | |
Derivative, Notional Amount | $ 0 |
DERIVATIVE FINANCIAL INSTRUME90
DERIVATIVE FINANCIAL INSTRUMENTS - Asset and Liability Managemen Add Info (Details Add Info) $ in Thousands | 3 Months Ended |
Mar. 31, 2017USD ($) | |
Additional information about the interest rate swaps used in companies Asset and Liability Management | |
Notional Value | $ 10,725,000 |
Average Maturity (years) | 2 years 4 months |
Fair Value | $ (68,461) |
Weighted-Average Rate Receive | 1.41% |
Weighted-Average Rate Pay | 1.06% |
Asset conversion swaps - Receive Fixed - Generic | |
Additional information about the interest rate swaps used in companies Asset and Liability Management | |
Notional Value | $ 2,550,000 |
Average Maturity (years) | 6 months |
Fair Value | $ (4,371) |
Weighted-Average Rate Receive | 1.08% |
Weighted-Average Rate Pay | 1.19% |
Liability conversion swaps - Receive Fixed - Generic | |
Additional information about the interest rate swaps used in companies Asset and Liability Management | |
Notional Value | $ 8,175,000 |
Average Maturity (years) | 2 years 10 months |
Fair Value | $ (64,090) |
Weighted-Average Rate Receive | 1.51% |
Weighted-Average Rate Pay | 1.02% |
DERIVATIVE FINANCIAL INSTRUME91
DERIVATIVE FINANCIAL INSTRUMENTS - Hedging Instruments (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 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 | $ 42,421 | $ 46,440 | |
Interest rate contracts not designated as hedging instruments | 197,221 | 213,587 | |
Foreign exchange contracts not designated as hedging instruments | 18,431 | 23,265 | |
Commodities contracts not designated as hedging instruments | 73,996 | 108,026 | |
Derivative Instruments Not Designated as Hedging Instruments, Asset, at Fair Value | 10,081 | 9,775 | |
Total contracts | 342,150 | 401,093 | |
Accrued expenses and other liabilities | |||
Liability derivatives included in accrued expenses and other liabilities | |||
Interest rate contracts designated as hedging instruments | 110,882 | 99,996 | |
Interest rate contracts not designated as hedging instruments | 127,260 | 143,976 | |
Foreign exchange contracts not designated as hedging instruments | 17,285 | 19,576 | |
Commodities contracts not designated as hedging instruments | 70,705 | 104,328 | |
Derivative Instruments Not Designated as Hedging Instruments, Liability, at Fair Value | 0 | $ 0 | |
Total contracts | $ 326,132 | $ 367,876 |
DERIVATIVE FINANCIAL INSTRUME92
DERIVATIVE FINANCIAL INSTRUMENTS - Gain (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
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) | $ (1,190) | $ 9,249 |
Amount of gain or (loss) reclassified from accumulated OCI into earnings (effective portion) | (560) | 644 |
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 | 0 | (82) |
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 | 0 | 72 |
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 | (4,708) | 6,804 |
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 | 5,403 | (6,804) |
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 | (10,282) | 61,032 |
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 | 8,535 | (59,786) |
Loan | 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) | (1,190) | 9,249 |
Amount of gain or (loss) reclassified from accumulated OCI into earnings (effective portion) | (560) | 645 |
Securities Investment | 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) | $ 0 | $ (1) |
DERIVATIVE FINANCIAL INSTRUME93
DERIVATIVE FINANCIAL INSTRUMENTS - Fair Value Hedges (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
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 | $ (103) | $ 421 |
DERIVATIVE FINANCIAL INSTRUME94
DERIVATIVE FINANCIAL INSTRUMENTS - Mortgage Banking Activities (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Derivative used in Mortgage Banking Activities | ||
Derivative assets: | ||
Total derivative assets | $ 9,873 | $ 19,066 |
Derivative liabilities: | ||
Total derivative liabilities | (3,612) | (2,771) |
Net derivative asset (liability) | 6,261 | 16,295 |
Interest rate lock agreements | ||
Derivative assets: | ||
Total derivative assets | 9,439 | 5,747 |
Derivative liabilities: | ||
Total derivative liabilities | (565) | (1,598) |
Forward trades and options | ||
Derivative assets: | ||
Total derivative assets | 434 | 13,319 |
Derivative liabilities: | ||
Total derivative liabilities | $ (3,047) | $ (1,173) |
DERIVATIVE FINANCIAL INSTRUME95
DERIVATIVE FINANCIAL INSTRUMENTS DERIVATIVE FINANCIAL INSTRUMENTS - Credit Derivatives (Details) - USD ($) $ in Millions | Mar. 31, 2017 | Dec. 31, 2016 |
Credit Derivatives [Line Items] | ||
Credit Risk Derivative Assets, at Fair Value | $ 4 | $ 3 |
Other Credit Derivatives | ||
Credit Derivatives [Line Items] | ||
Derivative Asset, Notional Amount | $ 596 | $ 582 |
DERIVATIVE FINANCIAL INSTRUME96
DERIVATIVE FINANCIAL INSTRUMENTS - Offsetting Assets (Details) - Derivative Contract - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Offsetting Derivative Assets [Abstract] | ||
Gross amounts of recognized assets | $ 352,023 | $ 420,159 |
Gross amounts offset in the condensed consolidated balance sheets | 173,603 | 181,940 |
Net amounts of assets presented in the condensed consolidated balance sheets | 178,420 | 238,219 |
Gross amounts not offset in the condensed consolidated balance sheets, Financial instruments | (20,393) | (34,328) |
Gross amounts not offset in the condensed consolidated balance sheets, cash collateral received | (11,120) | (5,428) |
Net amount | $ 146,907 | $ 198,463 |
DERIVATIVE FINANCIAL INSTRUME97
DERIVATIVE FINANCIAL INSTRUMENTS - Offsetting Liabilities (Details) - Derivative Contract - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Offsetting Derivative Liabilities [Abstract] | ||
Gross amounts of recognized liabilities | $ 329,744 | $ 370,647 |
Gross amounts offset in the condensed consolidated balance sheets | (246,192) | (272,361) |
Derivative liabilities | 83,552 | 98,286 |
Gross amounts not offset in the condensed consolidated balance sheets, Financial instruments | 0 | (7,550) |
Gross amounts not offset in the condensed consolidated balance sheets, Cash collateral received | (21,427) | (23,943) |
Net amount | $ 62,125 | $ 66,793 |
VIEs - Narrative (Details)
VIEs - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2016 | Jun. 30, 2015 | |
Trust 2016 Unconsolidated [Member] | ||
Variable Interest Entity [Line Items] | ||
Total of automobile loans transferred in securitization transactions | $ 1,500 | |
2015-1 Automobile Trust | ||
Variable Interest Entity [Line Items] | ||
Total of automobile loans transferred in securitization transactions | $ 750 |
VIEs - Consolidated (Details)
VIEs - Consolidated (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Assets | ||
Cash | $ 1,308,813 | $ 1,384,770 |
Net loans and leases | 66,425,689 | 66,323,583 |
Accrued income and other assets | 2,018,047 | 2,062,976 |
Total assets | 100,045,506 | 99,714,097 |
Liabilities | ||
Long-term borrowings | 9,279,140 | 8,309,159 |
Accrued interest and other liabilities | 1,643,279 | 1,796,421 |
Total liabilities | 89,608,359 | 89,405,951 |
Equity | ||
Total liabilities and shareholders’ equity | 100,045,506 | 99,714,097 |
Trust 2016 Unconsolidated [Member] | ||
Variable Interest Entity [Line Items] | ||
Total Assets | 12,435 | 14,770 |
Total Liabilities | 0 | 0 |
Maximum Exposure to Loss | 12,435 | 14,770 |
Huntington Technology Funding Trust Series 2014A | ||
Assets | ||
Cash | 1,565 | 1,564 |
Net loans and leases | 55,358 | 69,825 |
Accrued income and other assets | 0 | 0 |
Total assets | 56,923 | 71,389 |
Liabilities | ||
Long-term borrowings | 45,906 | 57,494 |
Accrued interest and other liabilities | 0 | 0 |
Total liabilities | 45,906 | 57,494 |
Equity | ||
Beneficial interest owned by third party | 11,017 | 13,895 |
Total liabilities and shareholders’ equity | 56,923 | 71,389 |
Franklin 2009 Trust | ||
Assets | ||
Cash | 0 | 0 |
Net loans and leases | 0 | 0 |
Accrued income and other assets | 275 | 281 |
Total assets | 275 | 281 |
Liabilities | ||
Long-term borrowings | 0 | 0 |
Accrued interest and other liabilities | 275 | 281 |
Total liabilities | 275 | 281 |
Equity | ||
Beneficial interest owned by third party | 0 | 0 |
Total liabilities and shareholders’ equity | 275 | 281 |
Consolidated Trusts | ||
Assets | ||
Cash | 1,565 | 1,564 |
Net loans and leases | 55,358 | 69,825 |
Accrued income and other assets | 275 | 281 |
Total assets | 57,198 | 71,670 |
Liabilities | ||
Long-term borrowings | 45,906 | 57,494 |
Accrued interest and other liabilities | 275 | 281 |
Total liabilities | 46,181 | 57,775 |
Equity | ||
Beneficial interest owned by third party | 11,017 | 13,895 |
Total liabilities and shareholders’ equity | $ 57,198 | $ 71,670 |
VIEs - Unconsolidated VIEs (Det
VIEs - Unconsolidated VIEs (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Trust 2016 Unconsolidated [Member] | ||
Variable Interest Entity [Line Items] | ||
Total Assets | $ 12,435 | $ 14,770 |
Total Liabilities | 0 | 0 |
Maximum Exposure to Loss | 12,435 | 14,770 |
2015-1 Automobile Trust | ||
Variable Interest Entity [Line Items] | ||
Total Assets | 2,698 | 2,227 |
Total Liabilities | 0 | 0 |
Maximum Exposure to Loss | 2,698 | 2,227 |
Trust Preferred Securities | ||
Variable Interest Entity [Line Items] | ||
Total Assets | 13,919 | 13,919 |
Total Liabilities | 252,560 | 252,552 |
Maximum Exposure to Loss | 0 | 0 |
Low Income Housing Tax Credit Partnerships | ||
Variable Interest Entity [Line Items] | ||
Total Assets | 559,819 | 576,880 |
Total Liabilities | 279,270 | 292,721 |
Maximum Exposure to Loss | 559,819 | 576,880 |
Other Investments | ||
Variable Interest Entity [Line Items] | ||
Total Assets | 95,033 | 79,195 |
Total Liabilities | 41,232 | 42,316 |
Maximum Exposure to Loss | 95,033 | 79,195 |
Total | ||
Variable Interest Entity [Line Items] | ||
Total Assets | 683,904 | 686,991 |
Total Liabilities | 573,062 | 587,589 |
Maximum Exposure to Loss | $ 669,985 | $ 673,072 |
VIEs - Trust preferred Securiti
VIEs - Trust preferred Securities (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2017USD ($) | |
Summary of Outstanding Trust Preferred Securities | |
Principal amount of subordinated note/ debenture issued to trust | $ 252,560 |
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 | 1.74% |
Principal amount of subordinated note/ debenture issued to trust | $ 69,730 |
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 | 1.76% |
Principal amount of subordinated note/ debenture issued to trust | $ 32,093 |
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 | 2.55% |
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 | 2.40% |
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 | 3.59% |
Principal amount of subordinated note/ debenture issued to trust | $ 4,252 |
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, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | |
Low Income Housing Tax Credit Partnerships | |||
Variable Interest Entity [Line Items] | |||
Affordable housing tax credit investments | $ 870,421 | $ 877,237 | |
Less: amortization | (310,602) | (300,357) | |
Net affordable housing tax credit investments | 559,819 | 576,880 | |
Unfunded commitments | 279,270 | $ 292,721 | |
Tax credits and other tax benefits recognized | 23,283 | $ 18,285 | |
Proportional Amortization Method | |||
Variable Interest Entity [Line Items] | |||
Tax credit amortization expense included in provision for income taxes | 16,961 | 12,407 | |
Equity Method | |||
Variable Interest Entity [Line Items] | |||
Tax credit investment (gains) losses included in non-interest income | $ 109 | $ 132 |
COMMITMENTS AND CONTINGENT L103
COMMITMENTS AND CONTINGENT LIABILITIES - Commitments to Extend Credit (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Commercial | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Contract amount represents credit risk | $ 15,030,796 | $ 15,190,056 |
Consumer | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Contract amount represents credit risk | 12,523,637 | 12,235,943 |
Commercial Real Estate | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Contract amount represents credit risk | 1,531,769 | 1,697,671 |
Standby Letters of Credit | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Contract amount represents credit risk | 560,718 | 637,182 |
Commercial letters-of-credit | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Contract amount represents credit risk | $ 5,160 | $ 4,610 |
COMMITMENTS AND CONTINGENT L104
COMMITMENTS AND CONTINGENT LIABILITIES - Narrative (Details) | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Sep. 30, 2015USD ($) | Dec. 31, 2010lawsuit | Sep. 28, 2015USD ($) | |
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 | ||||
Cyberco Litigation | |||||
Loss Contingencies [Line Items] | |||||
Bankruptcy Court recommended judgment amount in Cyberco case, principal | $ 72,000,000 | ||||
Loss contingency period increase (decrease) | $ (42,000,000) | $ 38,000,000 | |||
FirstMerit Merger Litigation | |||||
Loss Contingencies [Line Items] | |||||
Number of lawsuits | lawsuit | 2 | ||||
Standby Letters of Credit | |||||
Loss Contingencies [Line Items] | |||||
Carrying amount of deferred revenue associated with guarantees | $ 7,000,000 | 8,000,000 | |||
Outstanding standby letters of credit | 560,718,000 | 637,182,000 | |||
Commercial letters-of-credit | |||||
Loss Contingencies [Line Items] | |||||
Outstanding standby letters of credit | 5,160,000 | 4,610,000 | |||
Commitments to Sell Loans | |||||
Loss Contingencies [Line Items] | |||||
Commitments to sell residential real estate loans | 900,000,000 | 819,000,000 | |||
Maximum | |||||
Loss Contingencies [Line Items] | |||||
Aggregate range of reasonably possible losses current legal proceedings | 70,000,000 | ||||
Minimum | |||||
Loss Contingencies [Line Items] | |||||
Aggregate range of reasonably possible losses current legal proceedings | $ 0 | ||||
Cash [Member] | FirstMerit Overdraft Litigation [Member] | |||||
Loss Contingencies [Line Items] | |||||
Litigation Settlement, Amount | 9,000,000 | ||||
Debt forgiveness [Member] | FirstMerit Overdraft Litigation [Member] | |||||
Loss Contingencies [Line Items] | |||||
Litigation Settlement, Amount | 7,000,000 | ||||
Insurance Settlement [Member] | FirstMerit Overdraft Litigation [Member] | |||||
Loss Contingencies [Line Items] | |||||
Litigation Settlement, Amount | $ 4,400,000 |
SEGMENT REPORTING (Details)
SEGMENT REPORTING (Details) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2017USD ($)reporting_unitbusinesssegments | Mar. 31, 2016USD ($) | Dec. 31, 2016USD ($) | |
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 | 254,000 | ||
Net interest income | $ 729,975 | $ 503,066 | |
Provision (reduction in allowance) for credit losses | (67,638) | (27,582) | |
Noninterest income | 312,463 | 241,867 | |
Noninterest expense | 707,422 | 491,080 | |
Income taxes | 59,284 | 54,957 | |
Net income | 208,094 | 171,314 | |
Assets | 100,045,506 | $ 99,714,097 | |
Deposits | 77,422,510 | 75,607,717 | |
Operating Segments | Consumer & Business Banking | |||
Segment Reporting Information [Line Items] | |||
Net interest income | 393,496 | 264,529 | |
Provision (reduction in allowance) for credit losses | (31,294) | (12,177) | |
Noninterest income | 146,790 | 120,257 | |
Noninterest expense | 374,083 | 280,121 | |
Income taxes | 47,218 | 32,371 | |
Net income | 87,691 | 60,117 | |
Assets | 21,747,257 | 21,831,681 | |
Deposits | $ 45,802,879 | 44,724,252 | |
Operating Segments | Commercial Banking | |||
Segment Reporting Information [Line Items] | |||
Number of reporting units | reporting_unit | 7 | ||
Net interest income | $ 174,563 | 105,350 | |
Provision (reduction in allowance) for credit losses | (22,137) | (35,054) | |
Noninterest income | 69,487 | 58,916 | |
Noninterest expense | 114,970 | 92,995 | |
Income taxes | 37,430 | 12,676 | |
Net income | 69,513 | 23,541 | |
Assets | 24,233,720 | 24,236,490 | |
Deposits | 19,041,629 | 18,053,208 | |
Operating Segments | CREVF | |||
Segment Reporting Information [Line Items] | |||
Net interest income | 139,333 | 95,597 | |
Provision (reduction in allowance) for credit losses | (9,549) | 16,649 | |
Noninterest income | 11,209 | 7,311 | |
Noninterest expense | 50,359 | 40,206 | |
Income taxes | 31,722 | 27,773 | |
Net income | 58,912 | 51,578 | |
Assets | 23,953,670 | 23,576,832 | |
Deposits | 1,890,433 | 1,893,072 | |
Operating Segments | RBPCG | |||
Segment Reporting Information [Line Items] | |||
Net interest income | 46,649 | 34,923 | |
Provision (reduction in allowance) for credit losses | (2,771) | 725 | |
Noninterest income | 36,170 | 24,717 | |
Noninterest expense | 52,162 | 40,503 | |
Income taxes | 9,760 | 6,952 | |
Net income | 18,126 | 12,910 | |
Assets | 5,280,791 | 5,213,530 | |
Deposits | 5,981,930 | 6,214,250 | |
Operating Segments | Home Lending | |||
Segment Reporting Information [Line Items] | |||
Net interest income | 15,215 | 12,985 | |
Provision (reduction in allowance) for credit losses | (1,887) | 2,274 | |
Noninterest income | 23,981 | 11,503 | |
Noninterest expense | 34,655 | 24,593 | |
Income taxes | 929 | 759 | |
Net income | 1,725 | 1,410 | |
Assets | 3,524,718 | 3,502,069 | |
Deposits | 349,765 | 631,494 | |
Treasury / Other | |||
Segment Reporting Information [Line Items] | |||
Net interest income | (39,281) | (10,318) | |
Provision (reduction in allowance) for credit losses | 0 | 1 | |
Noninterest income | 24,826 | 19,163 | |
Noninterest expense | 81,193 | 12,662 | |
Income taxes | (67,775) | (25,574) | |
Net income | (27,873) | $ 21,758 | |
Assets | 21,305,350 | 21,353,495 | |
Deposits | $ 4,355,874 | $ 4,091,441 |