Cover Page
Cover Page | 3 Months Ended |
Mar. 31, 2020shares | |
Entity Information [Line Items] | |
Document Type | 10-Q |
Document Quarterly Report | true |
Document Period End Date | Mar. 31, 2020 |
Document Transition Report | false |
Entity Registrant Name | HUNTINGTON BANCSHARES INC/MD |
Entity Incorporation, State or Country Code | MD |
Entity File Number | 1-34073 |
Entity Tax Identification Number | 31-0724920 |
Entity Address, Address Line One | 41 South High Street |
Entity Address, City or Town | Columbus |
Entity Address, State or Province | OH |
Entity Address, Postal Zip Code | 43287 |
City Area Code | 614 |
Local Phone Number | 480-2265 |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Large Accelerated Filer |
Entity Small Business | false |
Entity Emerging Growth Company | false |
Entity Shell Company | false |
Entity Common Stock, Shares Outstanding (in shares) | 1,014,218,094 |
Entity Central Index Key | 0000049196 |
Amendment Flag | false |
Document Fiscal Year Focus | 2020 |
Document Fiscal Period Focus | Q1 |
Current Fiscal Year End Date | --12-31 |
Common Stock-Par Value $0.01 per share | |
Entity Information [Line Items] | |
Title of 12(b) Security | Common Stock—Par Value $0.01 per Share |
Trading Symbol | HBAN |
Security Exchange Name | NASDAQ |
5.875% Series C Non-Cumulative, perpetual preferred stock | |
Entity Information [Line Items] | |
Title of 12(b) Security | Depositary Shares (each representing a 1/40th interest in a share of 5.875% Series C Non-Cumulative, perpetual preferred stock) |
Trading Symbol | HBANN |
Security Exchange Name | NASDAQ |
6.250% Series D Non-Cumulative, perpetual preferred stock | |
Entity Information [Line Items] | |
Title of 12(b) Security | Depositary Shares (each representing a 1/40th interest in a share of 6.250% Series D Non-Cumulative, perpetual preferred stock) |
Trading Symbol | HBANO |
Security Exchange Name | NASDAQ |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 | |
Assets | |||
Cash and due from banks | $ 1,431 | $ 1,045 | |
Interest-bearing deposits at Federal Reserve Bank | 336 | 125 | |
Interest-bearing deposits in banks | 137 | 102 | |
Trading account securities | 36 | 99 | |
Available-for-sale securities | 14,622 | 14,149 | |
Held-to-maturity securities | 10,193 | 9,070 | |
Other securities | 488 | 441 | |
Loans held for sale (includes $836 and $781 respectively, measured at fair value) | [1] | 997 | 877 |
Loans and leases (includes $81 and $81 respectively, measured at fair value) | [1] | 78,035 | 75,404 |
Allowance for loan and lease losses | (1,504) | (783) | |
Net loans and leases | 76,531 | 74,621 | |
Bank owned life insurance | 2,551 | 2,542 | |
Premises and equipment | 743 | 763 | |
Goodwill | 1,990 | 1,990 | |
Servicing rights and other intangible assets | 417 | 475 | |
Other assets | 3,425 | 2,703 | |
Total assets | 113,897 | 109,002 | |
Liabilities | |||
Deposits | 86,830 | 82,347 | |
Short-term borrowings | 2,826 | 2,606 | |
Long-term debt | 9,796 | 9,849 | |
Other liabilities | 2,676 | 2,405 | |
Total liabilities | 102,128 | 97,207 | |
Shareholders’ equity | |||
Preferred stock | 1,203 | 1,203 | |
Common stock | 10 | 10 | |
Capital surplus | 8,728 | 8,806 | |
Less treasury shares, at cost | (56) | (56) | |
Accumulated other comprehensive gain (loss) | 227 | (256) | |
Retained earnings | 1,657 | 2,088 | |
Total shareholders’ equity | 11,769 | 11,795 | |
Total liabilities and shareholders’ equity | $ 113,897 | $ 109,002 | |
Common shares authorized (par value of $0.01) (in shares) | 1,500,000,000 | 1,500,000,000 | |
Common shares outstanding (in shares) | 1,014,218,094 | 1,020,003,482 | |
Treasury shares outstanding (in shares) | 4,534,022 | 4,537,605 | |
Preferred stock, authorized shares (in shares) | 6,617,808 | 6,617,808 | |
Preferred shares outstanding (in shares) | 740,500 | 740,500 | |
[1] | (1) Amounts represent loans for which Huntington has elected the fair value option. See Note 11 “ Fair Values of Assets and Liabilities ”. |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Assets | ||
Loans held for sale, fair value | $ 836 | $ 781 |
Loans Receivable, Fair Value Disclosure | $ 81 | $ 81 |
Shareholders’ equity | ||
Common stock, par value | $ 0.01 | $ 0.01 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income - USD ($) shares in Thousands, $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Interest and fee income: | ||
Loans and leases | $ 809 | $ 901 |
Available-for-sale securities | ||
Taxable | 76 | 76 |
Tax-exempt | 18 | 22 |
Held-to-maturity securities—taxable | 59 | 54 |
Other securities—taxable | 2 | 6 |
Other | 11 | 11 |
Total interest income | 975 | 1,070 |
Interest expense: | ||
Deposits | 105 | 145 |
Short-term borrowings | 12 | 14 |
Long-term debt | 68 | 89 |
Total interest expense | 185 | 248 |
Net interest income | 790 | 822 |
Provision for credit losses | 441 | 67 |
Net interest income after provision for credit losses | 349 | 755 |
Service charges on deposit accounts | 87 | 87 |
Card and payment processing income | 58 | 56 |
Trust and investment management services | 47 | 44 |
Mortgage banking income | 58 | 21 |
Capital markets fees | 33 | 22 |
Insurance income | 23 | 21 |
Bank Owned Life Insurance Income | 16 | 16 |
Gain (Loss) on Sales of Loans, Net | 8 | 13 |
Net (losses) gains on sales of securities | 0 | 0 |
Noninterest Income, Other Operating Income | 31 | 39 |
Total noninterest income | 361 | 319 |
Personnel costs | 395 | 394 |
Outside data processing and other services | 85 | 81 |
Equipment | 41 | 40 |
Net occupancy | 40 | 42 |
Professional services | 11 | 12 |
Amortization of intangibles | 11 | 13 |
Marketing | 9 | 7 |
Deposit and other insurance expense | 9 | 8 |
Other noninterest expense | 51 | 56 |
Total noninterest expense | 652 | 653 |
Income before income taxes | 58 | 421 |
Provision for income taxes | 10 | 63 |
Net income | 48 | 358 |
Dividends on preferred shares | 18 | 19 |
Net income applicable to common shares | $ 30 | $ 339 |
Average common shares—basic (in shares) | 1,017,643 | 1,046,995 |
Average common shares—diluted (in shares) | 1,034,576 | 1,065,638 |
Per common share: | ||
Net income—basic (in usd per share) | $ 0.03 | $ 0.32 |
Net income—diluted (in usd per share) | $ 0.03 | $ 0.32 |
Condensed Consolidated Statem_2
Condensed Consolidated Statement of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 48 | $ 358 |
Unrealized gains (losses) on available-for-sale securities: | ||
Unrealized net gains (losses) on available-for-sale securities arising during the period, net of reclassification for net realized gains and losses | (173) | (146) |
Total unrealized gains (losses) on available-for-sale securities | 173 | 146 |
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax | 308 | 7 |
Change in accumulated unrealized gains (losses) for pension and other post-retirement obligations | 2 | 1 |
Other comprehensive income, net of tax | 483 | 154 |
Comprehensive income | $ 531 | $ 512 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Changes in Shareholders' Equity - USD ($) shares in Thousands, $ in Millions | Total | Preferred Stock | Common Stock | Capital Surplus | Treasury Stock | Accumulated Other Comprehensive Loss | Retained 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) | Series E Preferred Stock | Series E Preferred StockRetained Earnings (Deficit) |
Balance, beginning of period (in shares) at Dec. 31, 2018 | 1,050,584 | (3,817) | |||||||||||||
Balance, beginning of period at Dec. 31, 2018 | $ 11,102 | $ 1,203 | $ 11 | $ 9,181 | $ (45) | $ 609 | $ 1,361 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Net income | 358 | 358 | |||||||||||||
Other comprehensive income (loss), net of tax | 154 | 154 | |||||||||||||
Cash dividends declared: | |||||||||||||||
Common stock, dividend | (149) | (149) | |||||||||||||
Preferred stock, dividend | $ (1) | $ (1) | $ (2) | $ (2) | $ (9) | $ (9) | $ (7) | $ (7) | |||||||
Repurchases of common stock (in shares) | (1,833) | ||||||||||||||
Repurchases of common stock | (25) | $ 0 | (25) | ||||||||||||
Recognition of the fair value of share-based compensation | 17 | 17 | |||||||||||||
Other share-based compensation activity (in shares) | 1,502 | ||||||||||||||
Other share-based compensation activity | (6) | $ 0 | (6) | 0 | |||||||||||
Other (in shares) | 4 | ||||||||||||||
Other | 0 | $ 0 | |||||||||||||
Balance, end of period (in shares) at Mar. 31, 2019 | 1,050,253 | (3,813) | |||||||||||||
Balance, end of period at Mar. 31, 2019 | 11,432 | 1,203 | $ 11 | 9,167 | $ (45) | 455 | 1,551 | ||||||||
Balance, beginning of period (in shares) at Dec. 31, 2019 | 1,024,541 | (4,537) | |||||||||||||
Balance, beginning of period at Dec. 31, 2019 | 11,795 | 1,203 | $ 10 | 8,806 | $ (56) | 256 | 2,088 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Net income | 48 | 48 | |||||||||||||
Other comprehensive income (loss), net of tax | 483 | 483 | |||||||||||||
Cash dividends declared: | |||||||||||||||
Common stock, dividend | (155) | (155) | |||||||||||||
Preferred stock, dividend | $ (1) | $ (1) | $ (1) | $ (1) | $ (9) | $ (9) | $ (7) | $ (7) | |||||||
Repurchases of common stock (in shares) | (7,088) | ||||||||||||||
Repurchases of common stock | (88) | $ 0 | (88) | ||||||||||||
Recognition of the fair value of share-based compensation | 15 | 15 | |||||||||||||
Other share-based compensation activity (in shares) | 1,299 | ||||||||||||||
Other share-based compensation activity | (5) | $ 0 | (5) | ||||||||||||
Other (in shares) | 3 | ||||||||||||||
Other | 0 | $ 0 | |||||||||||||
Balance, end of period (in shares) at Mar. 31, 2020 | 1,018,752 | (4,534) | |||||||||||||
Balance, end of period at Mar. 31, 2020 | 11,769 | $ 1,203 | $ 10 | $ 8,728 | $ (56) | $ 227 | 1,657 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Cumulative-effect of change in accounting principle for financial instruments - credit losses (ASU 2016-13), net of tax | $ (306) | $ (306) |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Changes in Shareholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Cash dividends declared: | ||
Common stock, Cash dividend per share (in usd per share) | $ 0.15 | $ 0.14 |
Series B Preferred Stock | ||
Cash dividends declared: | ||
Preferred stock dividend per share (in usd per share) | 11.33 | 13.72 |
Series C Preferred Stock | ||
Cash dividends declared: | ||
Preferred stock dividend per share (in usd per share) | 14.69 | 14.69 |
Series D Preferred Stock | ||
Cash dividends declared: | ||
Preferred stock dividend per share (in usd per share) | 15.63 | 15.63 |
Series E Preferred Stock | ||
Cash dividends declared: | ||
Preferred stock dividend per share (in usd per share) | $ 1,425 | $ 1,425 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Operating activities | ||
Net income | $ 48 | $ 358 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
Provision for credit losses | 441 | 67 |
Depreciation and amortization | 119 | 131 |
Share-based compensation expense | 15 | 17 |
Deferred income tax (benefit) expense | (37) | 15 |
Net change in: | ||
Trading account securities | 63 | (61) |
Loans held for sale | (20) | 72 |
Other assets | (1,023) | (284) |
Other liabilities | 892 | 176 |
Other, net | 0 | 6 |
Net cash provided by (used in) operating activities | 498 | 497 |
Investing activities | ||
Change in interest bearing deposits in banks | (26) | (111) |
Proceeds from: | ||
Maturities and calls of available-for-sale securities | 669 | 335 |
Maturities and calls of held-to-maturity securities | 398 | 175 |
Sales of available-for-sale securities | 19 | 0 |
Purchases of available-for-sale securities | (2,476) | (354) |
Purchases of held-to-maturity securities | 0 | (356) |
Purchases of other securities | (55) | (2) |
Net proceeds from sales of portfolio loans | 191 | 227 |
Principal payments received under direct finance and sales-type leases | 171 | 172 |
Net loan and lease activity, excluding sales and purchases | (2,926) | (528) |
Purchases of premises and equipment | (11) | (24) |
Purchases of loans and leases | (311) | (144) |
Other, net | 35 | 95 |
Net cash provided by (used in) investing activities | (4,322) | (515) |
Financing activities | ||
Increase (decrease) in deposits | 4,483 | (2,619) |
Increase (decrease) in short-term borrowings | (458) | (776) |
Net proceeds from issuance of long-term debt | 1,286 | 835 |
Maturity/redemption of long-term debt | (1,540) | (113) |
Dividends paid on preferred stock | (18) | (18) |
Dividends paid on common stock | (155) | (148) |
Repurchases of common stock | (88) | (25) |
Payments related to tax-withholding for share based compensation awards | (6) | (8) |
Other, net | 1 | 2 |
Net cash provided by (used for) financing activities | 4,421 | (1,318) |
Increase (decrease) in cash and cash equivalents | 597 | (1,336) |
Cash and cash equivalents at beginning of period | 1,170 | 2,672 |
Cash and cash equivalents at end of period | 1,767 | 1,336 |
Supplemental disclosures: | ||
Interest paid | 197 | 249 |
Income taxes paid | 2 | 1 |
Non-cash activities | ||
Loans transferred to held-for-sale from portfolio | 313 | 204 |
Loans transferred to portfolio from held-for-sale | 4 | 3 |
Transfer of loans to OREO | 4 | 6 |
Transfer of securities from held-to-maturity to available-for-sale | $ (1,520) | $ 0 |
BASIS OF PRESENTATION
BASIS OF PRESENTATION | 3 Months Ended |
Mar. 31, 2020 | |
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. 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 2019 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 flow purposes, cash and cash equivalents are defined as the sum of Cash and due from banks and Interest-bearing deposits at Federal Reserve Bank. 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. No subsequent events were disclosed for the current period. |
ACCOUNTING STANDARDS UPDATE
ACCOUNTING STANDARDS UPDATE | 3 Months Ended |
Mar. 31, 2020 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
ACCOUNTING STANDARDS UPDATE | ACCOUNTING STANDARDS UPDATE Accounting standards adopted in current period Standard Summary of guidance Effects on financial statements ASU 2016-13 - Financial Instruments - Credit Losses. Issued June 2016 - Eliminates the probable recognition threshold for credit losses on financial assets measured at amortized cost, replacing the current incurred loss framework with an expected credit loss model. - Requires those financial assets subject to the new guidance to be presented at the net amount expected to be collected (i.e., net of expected credit losses). - Measurement of expected credit losses should be based on relevant information including historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. - The guidance will require additional quantitative and qualitative disclosures related to the credit risk inherent in Huntington’s portfolio and how management monitors the portfolio’s credit quality. - Management adopted the guidance on January 1, 2020 through a cumulative-effect adjustment to retained earnings and implemented changes to relevant systems, processes, and controls where necessary. - The adoption of ASU 2016-13 on January 1, 2020 resulted in an increase to our total ACL of $393 million. This represented an increase of 44% from the 2019 year end ACL level of $887 million. For more detail on the day 1 adoption impacts, please refer to Note 5 - Allowance for Credit Losses. - The ASU eliminated the current accounting model for purchased-credit-impaired loans, but requires an allowance to be recognized for purchased-credit-deteriorated (PCD) assets (those that have experienced more-than-insignificant deterioration in credit quality since origination). Huntington did not have any loans accounted for as PCD upon adoption. - At adoption, Huntington did not record an allowance with respect to HTM securities as the portfolio consists almost entirely of agency-backed securities that inherently have minimal nonpayment risk. ASU 2019-04 - Codification Improvements to Topic 326, Financial Instruments-Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments Issued: April 2019 - Clarifies various implementation issues related to Recognition and Measurement of Financial Instruments (ASC Topic 825), Current Expected Credit Losses (ASC Topic 326) and Derivatives and Hedging (ASC Topic 815). - Provides additional implementation guidance on CECL issues that include, among others, (a) measurement of credit allowance on accrued interest; (b) treatment of credit allowance upon transfers between classifications or categories for loans and debt securities; (c) inclusion of recoveries in determining credit allowance amounts; (d) using projections of rate change for variable rate instruments; (e) vintage disclosures for lines-of-credit; (f) contractual extensions and renewals; (g) consideration of prepayments in calculating effective interest rate; and (h) consideration of costs to sell if the entity intends to sell the collateral when foreclosure is probable. - Clarifies for Topic 815, among others, that (a) only interest rate risk may be hedged in a partial-term fair value hedge; (b) amortization of fair value basis adjustment may begin before the fair value hedge is discontinued; (c) hedged AFS securities should be disclosed at amortized cost for disclosures related to hedged assets; and (d) contractually specified interest rate should be considered when applying hypothetical derivative method while assessing hedge effectiveness. - Clarifies among others, that (a) using observable price under measurement alternative provided by ASC Topic 321 is a non-recurring fair value measurement and entities should adhere to non-recurring fair value disclosure requirements of Topic 820; and (b) equity securities without readily determinable fair value accounted for under measurement alternative should be remeasured using historical exchange rates. - Management adopted the amendments on January 1, 2020. - The ASU did not have a material impact on Huntington’s Unaudited Condensed Consolidated Financial Statements. Standard Summary of guidance Effects on financial statements ASU 2019-05 - Financial Instruments - Credit Losses (Topic 326): Targeted Transition Relief Issued: May 2019 - Provides entities that have certain instruments within the scope of ASC Subtopic 326-20 with an option to irrevocably elect fair value option, applied on instrument-by-instrument basis. The fair value option does not apply to held-to-maturity debt securities. - Management did not elect this option on any eligible instruments when adopting Topic 326 on January 1, 2020. - The ASU did not impact Huntington’s Unaudited Condensed Consolidated Financial Statements. ASU 2019-08 - Compensation - Codification Improvements - Share-based Consideration Payable to a Customer Issued: November 2019 - The ASU requires that an entity measure and classify share-based payment awards granted to a customer by applying the guidance in Topic 718. - The amount of share-based payment awards should be recorded as a reduction of the transaction price and is required to be measured on the basis of grant-date fair value of the share-based payment awards in accordance with Topic 718. - The classification and subsequent measurement of the award are subject to the guidance in Topic 718 unless the share-based payment award is subsequently modified and the grantee is no longer a customer. - Management adopted the amendments on January 1, 2020. - The ASU did not have a material impact on Huntington’s Unaudited Condensed Consolidated Financial Statements. ASU 2019-11 - Financial Instruments - Credit Losses (Topic 326): Codification Improvements to Topic 326 Issued: November 2019 - The ASU clarifies or addresses stakeholders’ specific issues related to ASU 2016-13 as described below: - Clarifies that the allowance for purchased financial assets with credit deterioration should include expected recoveries. If a method other than a discounted cash flow method is used to calculate allowance, expected recoveries should not result in an acceleration of the noncredit discount. - Provides transition relief by permitting entities an accounting policy election to adjust the effective interest rate on existing TDRs using prepayment assumptions on the date of adoption of Topic 326 rather than the prepayment assumptions in effect immediately before the restructuring. - Extends the disclosure relief for accrued interest receivable balances to additional relevant disclosures involving amortized cost basis. - Clarifies that an entity should assess whether it reasonably expects the borrower will be able to continually replenish collateral securing the financial asset to apply the practical expedient related to collateral maintenance provision. - Management adopted the amendments on January 1, 2020. - The ASU did not have a material impact on Huntington’s Unaudited Condensed Consolidated Financial Statements. Accounting standards yet to be adopted Standard Summary of guidance Effects on financial statements ASU 2019-12 - Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes Issued: December 2019 - The ASU simplifies the accounting for income taxes by removing exceptions to the: (a) Incremental approach for intraperiod tax allocation when there is a loss from continuing operations and income or a gain from other items; (b) Requirement to recognize a deferred tax liability for equity method investments when a foreign subsidiary becomes an equity method investment; (c) Ability not to recognize a deferred tax liability for a foreign subsidiary when a foreign equity method investment becomes a subsidiary; and (d) General methodology for calculating income taxes in an interim period when a year-to-date loss exceeds the anticipated loss for the year. - The ASU also simplifies various other aspects of the accounting for income taxes. - The ASU is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. - Early adoption of the ASU is permitted, including adoption in any interim period for which financial statements have not yet been issued. An entity that elects to early adopt in an interim period should reflect any adjustments as of the beginning of the annual period that includes that interim period. - The ASU is not expected to have a material impact on Huntington’s Unaudited Condensed Consolidated Financial Statements. ASU 2020-04 - Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting Issued: March 2020 - The ASU provides optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met, including the following: - Modifications of contracts within the scope of Topics 310, Receivables, and 470, Debt, should be accounted for by prospectively adjusting the effective interest rate. - Modifications of contracts within the scope of Topic 842, Leases, should be accounted for as a continuation of the existing contracts with no reassessments of the lease classification and the discount rate. - Modifications of contracts do not require an entity to reassess its original conclusion about whether that contract contains an embedded derivative that is clearly and closely related to the economic characteristics and risks of the host contract under Topic 815. - The ASU also provides optional expedients for various hedging relationships and do not require de-designation of hedging relationships if certain criteria are met. - An entity may make a one time election to sell, transfer, or both sell and transfer debt securities classified as held to maturity that reference a rate affected by reference rate reform and that are classified as held to maturity before January 1, 2020. - The ASU is effective for all entities from the beginning of an interim period that includes or is subsequent to March 12, 2020 through December 31, 2022. - We are evaluating the impact of the ASU on Huntington’s Unaudited Condensed Consolidated Financial Statements. |
INVESTMENT SECURITIES AND OTHER
INVESTMENT SECURITIES AND OTHER SECURITIES | 3 Months Ended |
Mar. 31, 2020 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities Disclosure [Text Block] | INVESTMENT SECURITIES AND OTHER SECURITIES Debt securities purchased in which Huntington has the positive intent and ability to hold to their maturity are classified as held-to-maturity securities. All other debt and equity securities are classified as either available-for-sale or other securities. The following tables provide amortized cost, fair value, and gross unrealized gains and losses by investment category at March 31, 2020 and December 31, 2019 : Unrealized (dollar amounts in millions) Amortized Cost Gross Gains Gross Losses Fair Value March 31, 2020 Available-for-sale securities: U.S. Treasury $ 8 $ — $ — $ 8 Federal agencies: Residential CMO 5,512 212 (1 ) 5,723 Residential MBS 4,167 137 — 4,304 Commercial MBS 839 10 — 849 Other agencies 145 2 — 147 Total U.S. Treasury, federal agency and other agency securities 10,671 361 (1 ) 11,031 Municipal securities 3,050 14 (72 ) 2,992 Private-label CMO 2 — — 2 Asset-backed securities 574 — (27 ) 547 Corporate debt 48 — (1 ) 47 Other securities/Sovereign debt 3 — — 3 Total available-for-sale securities $ 14,348 $ 375 $ (101 ) $ 14,622 Held-to-maturity securities: Federal agencies: Residential CMO $ 2,316 $ 108 $ — $ 2,424 Residential MBS 3,704 121 — 3,825 Commercial MBS 3,890 95 (1 ) 3,984 Other agencies 279 7 — 286 Total federal agency and other agency securities 10,189 331 (1 ) 10,519 Municipal securities 4 — — 4 Total held-to-maturity securities $ 10,193 $ 331 $ (1 ) $ 10,523 Other securities, at cost: Non-marketable equity securities: Federal Home Loan Bank stock $ 140 $ — $ — $ 140 Federal Reserve Bank stock 298 — — 298 Other securities, at fair value Mutual funds 46 — — 46 Marketable equity securities 3 1 — 4 Total other securities $ 487 $ 1 $ — $ 488 Unrealized (dollar amounts in millions) Amortized Gross Gross Fair Value December 31, 2019 Available-for-sale securities: U.S. Treasury $ 10 $ — $ — $ 10 Federal agencies: Residential CMO 5,055 48 (18 ) 5,085 Residential MBS 4,180 45 (3 ) 4,222 Commercial MBS 979 1 (4 ) 976 Other agencies 165 1 (1 ) 165 Total U.S. Treasury, federal agency and other agency securities 10,389 95 (26 ) 10,458 Municipal securities 3,044 34 (23 ) 3,055 Private-label CMO 2 — — 2 Asset-backed securities 575 6 (2 ) 579 Corporate debt 49 2 — 51 Other securities/Sovereign debt 4 — — 4 Total available-for-sale securities $ 14,063 $ 137 $ (51 ) $ 14,149 Held-to-maturity securities: Federal agencies: Residential CMO $ 2,351 $ 33 $ (3 ) $ 2,381 Residential MBS 2,463 50 — 2,513 Commercial MBS 3,959 34 — 3,993 Other agencies 293 2 — 295 Total federal agency and other agency securities 9,066 119 (3 ) 9,182 Municipal securities 4 — — 4 Total held-to-maturity securities $ 9,070 $ 119 $ (3 ) $ 9,186 Other securities, at cost: Non-marketable equity securities: Federal Home Loan Bank stock $ 90 $ — $ — $ 90 Federal Reserve Bank stock 297 — — 297 Other securities, at fair value Mutual funds 53 — — 53 Marketable equity securities 1 — — 1 Total other securities $ 441 $ — $ — $ 441 The following table provides the amortized cost and fair value of securities by contractual maturity at March 31, 2020 and December 31, 2019 . Expected maturities may differ from contractual maturities as issuers may have the right to call or prepay obligations with or without incurring penalties. March 31, 2020 December 31, 2019 (dollar amounts in millions) Amortized Cost Fair Value Amortized Cost Fair Value Available-for-sale securities: Under 1 year $ 257 $ 255 $ 231 $ 229 After 1 year through 5 years 1,338 1,308 1,196 1,189 After 5 years through 10 years 1,402 1,375 1,594 1,606 After 10 years 11,351 11,684 11,042 11,125 Total available-for-sale securities $ 14,348 $ 14,622 $ 14,063 $ 14,149 Held-to-maturity securities: Under 1 year $ — $ — $ — $ — After 1 year through 5 years 157 164 17 17 After 5 years through 10 years 149 154 300 305 After 10 years 9,887 10,205 8,753 8,864 Total held-to-maturity securities $ 10,193 $ 10,523 $ 9,070 $ 9,186 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, 2020 and December 31, 2019 : Less than 12 Months Over 12 Months Total (dollar amounts in millions) Fair Gross Unrealized Fair Gross Unrealized Fair Gross Unrealized March 31, 2020 Available-for-sale securities: Federal agencies: Residential CMO $ 94 $ (1 ) $ — $ — $ 94 $ (1 ) Residential MBS — — 7 — 7 — Commercial MBS — — 4 — 4 — Other agencies 50 — — — 50 — Total federal agency and other agency securities 144 (1 ) 11 — 155 (1 ) Municipal securities 1,102 (27 ) 1,178 (45 ) 2,280 (72 ) Asset-backed securities 439 (24 ) 34 (3 ) 473 (27 ) Corporate debt 36 (1 ) — — 36 (1 ) Total temporarily impaired securities $ 1,721 $ (53 ) $ 1,223 $ (48 ) $ 2,944 $ (101 ) Held-to-maturity securities: Federal agencies: Residential CMO $ — $ — $ — $ — $ — $ — Residential MBS 78 — — — 78 — Commercial MBS 72 (1 ) 4 — 76 (1 ) Other agencies — — — — — — Total federal agency and other agency securities 150 (1 ) 4 — 154 (1 ) Municipal securities — — — — — — Total temporarily impaired securities $ 150 $ (1 ) $ 4 $ — $ 154 $ (1 ) Less than 12 Months Over 12 Months Total (dollar amounts in millions) Fair Gross Unrealized Fair Gross Unrealized Fair Gross Unrealized December 31, 2019 Available-for-sale securities: Federal agencies: Residential CMO $ 1,206 $ (10 ) $ 519 $ (8 ) $ 1,725 $ (18 ) Residential MBS 1,169 (3 ) 9 — 1,178 (3 ) Commercial MBS 472 (2 ) 272 (2 ) 744 (4 ) Other agencies 86 (1 ) — — 86 (1 ) Total federal agency and other agency securities 2,933 (16 ) 800 (10 ) 3,733 (26 ) Municipal securities 273 (4 ) 1,204 (19 ) 1,477 (23 ) Asset-backed securities 116 (1 ) 37 (1 ) 153 (2 ) Corporate debt 1 — — — 1 — Total temporarily impaired securities $ 3,323 $ (21 ) $ 2,041 $ (30 ) $ 5,364 $ (51 ) Held-to-maturity securities: Federal agencies: Residential CMO $ 218 $ (1 ) $ 112 $ (2 ) $ 330 $ (3 ) Residential MBS 317 — — — 317 — Commercial MBS 81 — — — 81 — Other agencies 58 — — — 58 — Total federal agency and other agency securities 674 (1 ) 112 (2 ) 786 (3 ) Municipal securities 4 — — — 4 — Total temporarily impaired securities $ 678 $ (1 ) $ 112 $ (2 ) $ 790 $ (3 ) During the 2020 first quarter, Huntington transferred $1.5 billion of securities from the AFS portfolio to the HTM portfolio. At the time of the transfer, AOCI included $22 million of unrealized gains attributed to these securities. This gain will be amortized into interest income over the remaining life of the securities. At March 31, 2020 and December 31, 2019 , 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 $14.1 billion and $3.8 billion , respectively. There were no securities of a single issuer, which were not governmental or government-sponsored, that exceeded 10% of shareholders’ equity at either March 31, 2020 or December 31, 2019 . At March 31, 2020, all HTM debt securities are considered AAA rated. In addition, there were no HTM debt securities considered past due at March 31, 2020 . Securities Impairment Based on an evaluation of available information about past events, current conditions, and reasonable and supportable forecasts that are relevant to collectability, Huntington has concluded that it expects to receive all contractual cash flows from each security held in its AFS and HTM debt securities portfolio. As such, no allowance is recorded with respect to securities as of March 31, 2020. |
LOANS AND LEASES LOANS AND LEAS
LOANS AND LEASES LOANS AND LEASES (Notes) | 3 Months Ended |
Mar. 31, 2020 | |
Financing Receivable, Allowance for Credit Loss [Abstract] | |
Financing Receivables [Text Block] | LOANS / LEASES Loans and leases 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. The total balance of unamortized premiums, discounts, fees, and costs, recognized as part of loans and leases, was a net premium of $543 million and $525 million at March 31, 2020 and December 31, 2019 , respectively. Loan and Lease Portfolio Composition The following table provides a detailed listing of Huntington’s loan and lease portfolio at March 31, 2020 and December 31, 2019 . (dollar amounts in millions) March 31, 2020 December 31, 2019 Loans and leases: Commercial and industrial $ 32,959 $ 30,664 Commercial real estate 6,973 6,674 Automobile 12,907 12,797 Home equity 9,010 9,093 Residential mortgage 11,398 11,376 RV and marine 3,643 3,563 Other consumer 1,145 1,237 Loans and leases $ 78,035 $ 75,404 Allowance for loan and lease losses (1,504 ) (783 ) Net loans and leases $ 76,531 $ 74,621 Equipment Leases Huntington leases equipment to customers, and substantially all such arrangements are classified as either sales-type or direct financing leases, which are included in C&I loans. These leases are reported at the aggregate of lease payments receivable and estimated residual values, net of unearned and deferred income, and any initial direct costs incurred to originate these leases. Huntington assesses net investments in leases (including residual values) for impairment and recognizes any impairment losses in accordance with the impairment guidance for financial instruments. As such, net investments in leases may be reduced by an allowance for credit losses, with changes recognized as provision expense. The following table presents net investments in lease financing receivables by category at March 31, 2020 and December 31, 2019 . (dollar amounts in millions) March 31, December 31, Commercial and industrial: Lease payments receivable $ 1,815 $ 1,841 Estimated residual value of leased assets 722 728 Gross investment in commercial and industrial lease financing receivables 2,537 2,569 Deferred origination costs 20 19 Deferred fees (237 ) (249 ) Total net investment in commercial and industrial lease financing receivables $ 2,320 $ 2,339 The carrying value of residual values guaranteed was $97 million and $95 million as of March 31, 2020 and December 31, 2019 , respectively. The future lease rental payments due from customers on sales-type and direct financing leases at March 31, 2020 , totaled $1.8 billion and were due as follows: $0.7 billion in 2021 , $0.5 billion in 2022 , $0.3 billion in 2023 , $0.1 billion in 2024 , $0.1 billion in 2025 , and $0.1 billion thereafter. Interest income recognized for these types of leases was $27 million and $26 million for the three-month periods ended March 31, 2020 and 2019 , respectively. Nonaccrual and Past Due Loans Loans are considered past due when the contractual amounts due with respect to principal and interest are not received within 30 days of the contractual due date. See Note 1 “Significant Accounting Policies” to the Consolidated Financial Statements of the Annual Report on Form 10-K for the year ended December 31, 2019 for a description of the accounting policies related to the NALs. The following table presents NALs by loan class at March 31, 2020 and December 31, 2019 . March 31, 2020 December 31, 2019 (dollar amounts in millions) Nonaccrual loans with no ACL Total nonaccrual loans Nonaccrual loans with no ACL Total nonaccrual loans Commercial and industrial $ 72 $ 396 $ 109 $ 323 Commercial real estate 1 30 2 10 Automobile — 6 — 4 Home equity — 58 — 59 Residential mortgage — 66 — 71 RV and marine — 2 — 1 Other consumer — — — — Total nonaccrual loans $ 73 $ 558 $ 111 $ 468 The following table presents an aging analysis of loans and leases, including past due loans and leases, by loan class at March 31, 2020 and December 31, 2019 : March 31, 2020 Past Due (1) Loans Accounted for Under FVO Total Loans 90 or (dollar amounts in millions) 30-59 60-89 90 or Total Current Commercial and industrial $ 96 $ 31 $ 71 $ 198 $ 32,761 $ — $ 32,959 $ 10 (2) Commercial real estate 12 2 6 20 6,953 — 6,973 — Automobile 90 18 12 120 12,787 — 12,907 8 Home equity 46 18 48 112 8,897 1 9,010 12 Residential mortgage 76 42 168 286 11,032 80 11,398 131 (3) RV and marine 15 3 3 21 3,622 — 3,643 2 Other consumer 11 5 4 20 1,125 — 1,145 4 Total loans and leases $ 346 $ 119 $ 312 $ 777 $ 77,177 $ 81 $ 78,035 $ 167 December 31, 2019 Past Due (1) Loans Accounted for Under FVO Total Loans 90 or (dollar amounts in millions) 30-59 60-89 90 or Total Current Commercial and industrial $ 65 $ 31 $ 69 $ 165 $ 30,499 $ — $ 30,664 $ 11 (2) Commercial real estate 3 1 7 11 6,663 — 6,674 — Automobile 95 19 11 125 12,672 — 12,797 8 Home equity 50 19 51 120 8,972 1 9,093 14 Residential mortgage 103 49 170 322 10,974 80 11,376 129 (3) RV and marine 13 4 2 19 3,544 — 3,563 2 Other consumer 13 6 7 26 1,211 — 1,237 7 Total loans and leases $ 342 $ 129 $ 317 $ 788 $ 74,535 $ 81 $ 75,404 $ 171 (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 mortgage loans insured by U.S. government agencies. Credit Quality Indicators See Note 4 “Loans / Leases and Allowance for Credit Losses” to the Consolidated Financial Statements of the Annual Report on Form 10-K for the year ended December 31, 2019 for a description of the credit quality indicators Huntington utilizes for monitoring credit quality and for determining an appropriate ACL level. To facilitate the monitoring of credit quality for commercial 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 represents a risk given certain specific circumstances. If the potential weaknesses are not monitored or mitigated, the loan may weaken or the collateral may be inadequate to protect Huntington’s position in the future. For these reasons, Huntington considers the loans to be potential problem loans. • Substandard - Inadequately protected loans resulting from 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. Loans are generally assigned a category of “ Pass ” rating upon initial approval and subsequently updated as appropriate based on the borrower’s financial performance. 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 portfolio, loans are assigned pool level PD factors based on the FICO range within which the borrower’s credit bureau score falls. A credit bureau score is a credit score developed by FICO 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 vintage and credit quality indicator at March 31, 2020: As of March 31, 2020 Term Loans Amortized Cost Basis by Origination Year Revolver Total at Amortized Cost Basis Revolver Total Converted to Term Loans (dollar amounts in millions) 2020 2019 2018 2017 2016 Prior Total (3) Commercial and industrial Credit Quality Indicator (1): Pass $ 2,808 $ 6,501 $ 3,795 $ 2,210 $ 1,336 $ 1,497 $ 12,554 $ 3 $ 30,704 OLEM 11 72 169 44 38 35 258 — 627 Substandard 23 142 268 149 118 211 711 — 1,622 Doubtful — — 5 — — 1 — — 6 Total Commercial and industrial $ 2,842 $ 6,715 $ 4,237 $ 2,403 $ 1,492 $ 1,744 $ 13,523 $ 3 $ 32,959 Commercial real estate Credit Quality Indicator (1): Pass $ 394 $ 1,798 $ 1,480 $ 724 $ 689 $ 786 $ 909 $ — $ 6,780 OLEM — 12 33 5 8 13 — — 71 Substandard 3 4 10 36 36 23 9 — 121 Doubtful — — — — — 1 — — 1 Total Commercial real estate $ 397 $ 1,814 $ 1,523 $ 765 $ 733 $ 823 $ 918 $ — $ 6,973 Automobile Credit Quality Indicator (2): 750+ $ 842 $ 2,495 $ 1,552 $ 1,150 $ 534 $ 242 $ — $ — $ 6,815 650-749 439 1,981 1,168 657 306 142 — — 4,693 <650 48 464 383 268 146 90 — — 1,399 Total Automobile $ 1,329 $ 4,940 $ 3,103 $ 2,075 $ 986 $ 474 $ — $ — $ 12,907 Home equity Credit Quality Indicator (2): 750+ $ 4 $ 37 $ 43 $ 43 $ 117 $ 593 $ 4,617 $ 191 $ 5,645 650-749 3 17 11 16 37 217 2,301 193 2,795 <650 — — 2 1 9 94 345 118 569 Total Home equity $ 7 $ 54 $ 56 $ 60 $ 163 $ 904 $ 7,263 $ 502 $ 9,009 Residential mortgage Credit Quality Indicator (2): 750+ $ 494 $ 1,726 $ 1,444 $ 1,534 $ 1,059 $ 1,807 $ 1 $ — $ 8,065 650-749 154 748 527 387 233 631 — — 2,680 <650 5 35 61 75 58 339 — — 573 Total Residential mortgage $ 653 $ 2,509 $ 2,032 $ 1,996 $ 1,350 $ 2,777 $ 1 $ — $ 11,318 RV and marine Credit Quality Indicator (2): 750+ $ 211 $ 600 $ 720 $ 407 $ 184 $ 325 $ — $ — $ 2,447 650-749 46 304 269 187 86 176 — — 1,068 <650 — 14 27 29 17 41 — — 128 Total RV and marine $ 257 $ 918 $ 1,016 $ 623 $ 287 $ 542 $ — $ — $ 3,643 Other consumer Credit Quality Indicator (2): 750+ $ 35 $ 74 $ 36 $ 12 $ 6 $ 11 $ 325 $ 2 $ 501 650-749 16 85 30 11 4 6 352 30 534 <650 — 14 5 2 1 2 37 49 110 Total Other consumer $ 51 $ 173 $ 71 $ 25 $ 11 $ 19 $ 714 $ 81 $ 1,145 (1) Consistent with the credit quality disclosures, indicators for the Commercial portfolio are based on internally defined categories of credit grades which are generally refreshed at least semi-annually. (2) Consistent with the credit quality disclosures, indicators for the Consumer portfolio are based on updated customer credit scores refreshed at least quarterly. (3) The total amount of accrued interest recorded for these loans at March 31, 2020, presented in Other assets within the Condensed Consolidated Balance Sheets, was $83 million and $117 million of commercial and consumer, respectively. The following table presents each loan and lease class by credit quality indicator at December 31, 2019 . December 31, 2019 (dollar amounts in millions) Credit Risk Profile by UCS Classification Commercial Pass OLEM Substandard Doubtful Total Commercial and industrial $ 28,477 $ 634 $ 1,551 $ 2 $ 30,664 Commercial real estate 6,487 98 88 1 6,674 Credit Risk Profile by FICO Score (1), (2) Consumer 750+ 650-749 <650 Total Automobile $ 6,759 $ 4,661 $ 1,377 $ 12,797 Home equity 5,763 2,772 557 9,092 Residential mortgage 7,976 2,742 578 11,296 RV and marine 2,391 1,053 119 3,563 Other consumer 546 571 120 1,237 (1) Excludes loans accounted for under the fair value option. (2) Reflects updated customer credit scores. Collateral-dependent Loans Certain commercial and consumer loans for which repayment is expected to be provided substantially through the operation or sale of the loan collateral are considered to be collateral-dependent. Commercial collateral-dependent loans are generally secured by business assets and/or commercial real estate. Consumer collateral-dependent loans are primarily secured by residential real estate. 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 would not otherwise be considered. However, not all loan modifications are TDRs. See Note 4 “Loans / Leases and Allowance for Credit Losses” to the Consolidated Financial Statements of the Annual Report on Form 10-K for the year ended December 31, 2019 for an additional discussion of TDRs. The following table presents, by class and modification type, the number of contracts, post-modification outstanding balance, and the financial effects of the modification for the three-month periods ended March 31, 2020 and 2019 . New Troubled Debt Restructurings (1) Three Months Ended March 31, 2020 Number of Post-modification Outstanding Recorded Investment (2) (dollar amounts in millions) Interest rate reduction Amortization or maturity date change Chapter 7 bankruptcy Other Total Commercial and industrial 140 $ — $ 62 $ — $ — $ 62 Commercial real estate 7 — 2 — — 2 Automobile 798 — 6 2 — 8 Home equity 63 — 1 2 — 3 Residential mortgage 101 — 9 2 — 11 RV and marine 28 — 1 — — 1 Other consumer 249 1 — — — 1 Total new TDRs 1,386 $ 1 $ 81 $ 6 $ — $ 88 Three Months Ended March 31, 2019 Number of Post-modification Outstanding Recorded Investment (2) (dollar amounts in millions) Interest rate reduction Amortization or maturity date change Chapter 7 bankruptcy Other Total Commercial and industrial 115 $ — $ 35 $ — $ — $ 35 Commercial real estate 8 — 9 — — 9 Automobile 744 — 5 2 — 7 Home equity 104 — 3 2 — 5 Residential mortgage 76 — 8 — — 8 RV and marine 36 — — 1 — 1 Other consumer 244 1 — — — 1 Total new TDRs 1,327 $ 1 $ 60 $ 5 $ — $ 66 (1) TDRs may include multiple concessions and the disclosure classifications are based on the primary concession provided to the borrower. (2) Post-modification balances approximate pre-modification balances. The financial effects of modification represent the impact on the provision (recovery) for loan and lease losses. Amounts for the three-month periods ended March 31, 2020 and 2019 , were $ 9 million and $(3) million , respectively. Pledged Loans and Leases The Bank has access to the Federal Reserve’s discount window and advances from the FHLB. As of March 31, 2020 and December 31, 2019 , these borrowings and advances are secured by $45.1 billion and $39.6 billion , respectively, of loans and securities. |
ALLOWANCE FOR CREDIT LOSSES
ALLOWANCE FOR CREDIT LOSSES | 3 Months Ended |
Mar. 31, 2020 | |
Credit Loss [Abstract] | |
Allowance for Credit Losses | ALLOWANCE FOR CREDIT LOSSES On January 1, 2020, Huntington adopted ASU 2016-13 Financial Instruments - Credit Losses (ASC Topic 326): Measurement of Credit Losses on Financial Instruments, which replaces the incurred loss methodology with an expected loss methodology that is referred to as the current expected credit loss (“CECL”) methodology. The measurement of expected credit losses under CECL is applicable to financial assets measured at amortized cost, including loan receivables and held-to-maturity debt securities. It also applies to off-balance sheet exposures not accounted for as insurance and net investments in leases accounted for under ASC Topic 842. Additionally, ASC Topic 326 made changes to the accounting for AFS debt securities, including a requirement to present credit losses as an allowance rather than as a write-down on AFS debt securities that management does not intend to sell, or believes is not more likely than not of being required to sell. Huntington adopted ASC Topic 326 using the modified retrospective method for all financial assets in scope of the standard. Results for reporting periods beginning after January 1, 2020 are presented under ASC Topic 326, while prior period amounts continue to be reported in accordance with previously applicable GAAP. Upon adoption, Huntington recorded an increase to the ACL of $393 million and a corresponding decrease to retained earnings of approximately $306 million, net of tax of $87 million. The overall increase to the ACL at adoption is comprised of a $180 million increase in the commercial ALLL, a $211 million increase in the consumer ALLL, and a $2 million increase to the AULC. The allowance for credit losses is deducted from the amortized cost basis of a financial asset or a group of financial assets so that the balance sheet reflects the net amount Huntington expects to collect. Amortized cost is the principal balance outstanding, net of purchase premiums and discounts, fair value hedge accounting adjustments, and deferred fees and costs. Subsequent changes (favorable and unfavorable) in expected credit losses are recognized immediately in net income as a credit loss expense or a reversal of credit loss expense. Management estimates the allowance by projecting probability-of-default, loss-given-default and exposure-at-default depending on economic parameters for each month of the remaining contractual term. Those economic parameters are developed using available information relating to past events, current conditions, and reasonable and supportable forecasts. Huntington’s reasonable and supportable forecast period reverts to a historical norm based on inputs within approximately two to three years. The reversion period is dependent on the state of the economy at the beginning of the forecast. Historical credit experience provides the basis for the estimation of expected credit losses, with adjustments made for differences in current loan-specific risk characteristics such as differences in underwriting standards, portfolio mix, delinquency levels and terms, as well as for changes in the micro- and macro-economic environments. The contractual terms of financial assets are adjusted for expected prepayments and any extensions outside of Huntington’s control. Loans that are determined to have unique risk characteristics are evaluated on an individual basis by management. If a loan is determined to be collateral dependent, or meets the criteria to apply the collateral dependent practical expedient, expected credit losses are determined based on the fair value of the collateral at the reporting date, less costs to sell as appropriate. Loans with unique risk characteristics that are not subject to collateral dependent accounting, are assessed using a discounted cash flows methodology. The allowance for credit losses is measured on a collective (pool) basis when similar risk characteristics exist. Management believes the products within each of the entity’s portfolio classes exhibit similar risk characteristics. Huntington has identified its portfolio classes as disclosed above. Allowance for Credit Losses - HTM Securities Nearly all of Huntington’s HTM debt securities are issued by U.S. government entities and agencies. These securities are either explicitly or implicitly guaranteed by the U.S. government, are highly rated by major rating agencies, and have a long history of no credit losses. As such, there is currently zero loss expectation for this portfolio. Allowance for Credit Losses - AFS Securities For individual debt securities classified as AFS, Huntington assesses whether a decline in fair value below the amortized cost basis has resulted from a credit loss or other factors. Any impairment relating to credit losses would be recognized through an allowance for credit losses. At March 31, 2020 it was determined that no allowance was required. Any impairment due to factors other than a credit loss - such as changes in market interest rates - is recognized in other comprehensive income, net of applicable taxes. Impairment is determined on an individual security basis. Therefore, an AFS debt security cannot be combined with other securities to determine whether the collective securities are impaired. Allowance for Loan and Lease Losses and Allowance for Credit Losses - Roll-forward The following table presents ALLL and AULC activity by portfolio segment for the three-month periods ended March 31, 2020 and 2019 . (dollar amounts in millions) Commercial Consumer Total Three-month period ended March 31, 2020: ALLL balance, beginning of period $ 552 $ 231 $ 783 Cumulative-effect of change in accounting principle for financial instruments - credit losses (1) 180 211 391 Loan charge-offs (88 ) (48 ) (136 ) Recoveries of loans previously charged-off 5 14 19 Provision for loan and lease losses 347 100 447 ALLL balance, end of period $ 996 $ 508 $ 1,504 AULC balance, beginning of period $ 102 $ 2 $ 104 Cumulative-effect of change in accounting principle for financial instruments - credit losses (1) (38 ) 40 2 Provision (reduction in allowance) for unfunded loan commitments and letters of credit (5 ) (1 ) (6 ) Unfunded commitment losses (1 ) — (1 ) AULC balance, end of period $ 58 $ 41 $ 99 ACL balance, end of period $ 1,054 $ 549 $ 1,603 (1) Relates to day one impact of the CECL adjustment as a result of the implementation of ASU 2016-13. (dollar amounts in millions) Commercial Consumer Total Three-month period ended March 31, 2019: ALLL balance, beginning of period $ 542 $ 230 $ 772 Loan charge-offs (45 ) (52 ) (97 ) Recoveries of loans previously charged-off 12 14 26 Provision for loan and lease losses 36 27 63 ALLL balance, end of period $ 545 $ 219 $ 764 AULC balance, beginning of period $ 94 $ 2 $ 96 Provision (reduction in allowance) for unfunded loan commitments and letters of credit 4 — 4 AULC balance, end of period $ 98 $ 2 $ 100 ACL balance, end of period $ 643 $ 221 $ 864 At March 31, 2020, the ACL was $1,603 million , an increase of $323 million from the January 1, 2020 balance of $1,280 million . The increase was primarily driven by the deteriorating economic outlook resulting from the COVID-19 pandemic. The majority of the increase was related to the commercial portfolio. Huntington has elected to exclude accrued interest receivable from the measurement of its ACL. For all classes within all loan portfolios, when a loan is placed on nonaccrual status, any outstanding accrued interest is reversed against interest income. |
MORTGAGE LOAN SALES AND SERVICI
MORTGAGE LOAN SALES AND SERVICING RIGHTS | 3 Months Ended |
Mar. 31, 2020 | |
Transfers and Servicing [Abstract] | |
LOAN SALES AND SECURITIZATIONS | Residential Mortgage Portfolio The following table summarizes activity relating to residential mortgage loans sold with servicing retained for the three-month periods ended March 31, 2020 and 2019 : Three Months Ended (dollar amounts in millions) 2020 2019 Residential mortgage loans sold with servicing retained $ 1,428 $ 833 Pretax gains resulting from above loan sales (1) 39 12 (1) Recorded in mortgage banking income On January 1, 2020, Huntington made an irrevocable election to subsequently measure all classes of residential MSRs at fair value in order to eliminate any potential measurement mismatch between our economic hedges and the MSRs. The impact of the irrevocable election was not material. The following table summarizes the changes in MSRs recorded using the fair value method for the three-month periods ended March 31, 2020 and 2019 (1): Three Months Ended (dollar amounts in millions) 2020 2019 (1) Fair value, beginning of period $ 7 $ 10 Fair value election for servicing assets previously measured using the amortized method 205 — New servicing assets created 14 — Change in fair value during the period due to: Time decay (2) (2 ) — Payoffs (3) (6 ) — Changes in valuation inputs or assumptions (4) (53 ) — Fair value, end of period $ 165 $ 10 Weighted-average life (years) 6.4 6.6 (1) Prior to January 1, 2020, substantially all of Huntington’s MSR assets were recorded at amortized cost. (2) Represents decrease in value due to passage of time, including the impact from both regularly scheduled loan principal payments and partial loan paydowns. (3) Represents decrease in value associated with loans that paid off during the period. (4) Represents change in value resulting primarily from market-driven changes in interest rates and prepayment speeds. MSRs do not trade in an active, open market with readily observable prices. Therefore, the fair value of MSRs is estimated using a discounted future cash flow model. Changes in the assumptions used may have a significant impact on the valuation of MSRs. MSR values are highly sensitive to movement 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. For MSRs under the fair value method, a summary of key assumptions and the sensitivity of the MSR value to changes in these assumptions at March 31, 2020 , and December 31, 2019 follows: March 31, 2020 December 31, 2019 (1) Decline in fair value due to Decline in fair value due to (dollar amounts in millions) Actual 10% 20% Actual 10% 20% Constant prepayment rate (annualized) 17.83 % $ (9 ) $ (17 ) 8.21 % $ — $ — Spread over forward interest rate swap rates 846 bps (4 ) (8 ) 824 bps — — (1) Prior to January 1, 2020, substantially all of Huntington’s MSR assets were recorded at amortized cost. Total servicing, late fees and other ancillary fees included in mortgage banking income was $17 million and $15 million for the three-month periods ended March 31, 2020 and 2019 , respectively. The unpaid principal balance of residential mortgage loans serviced for third parties was $22.8 billion and $22.4 billion at March 31, 2020 and December 31, 2019 , respectively. |
LONG-TERM DEBT
LONG-TERM DEBT | 3 Months Ended |
Mar. 31, 2020 | |
Debt Disclosure [Abstract] | |
LONG-TERM DEBT | LONG-TERM DEBT In January 2020, the Bank issued $500 million of senior notes at 99.916% of face value. The senior notes mature on February 3, 2023 and have a fixed coupon rate of 1.800% . The senior notes may be redeemed one month prior to the maturity date at 100% of principal plus accrued and unpaid interest. In January 2020, Huntington issued $750 million of senior notes at 99.597% of face value. The senior notes mature on February 4, 2030 and have a fixed coupon rate of 2.55% . The senior notes may be redeemed three months prior to the maturity date at 100% of principal plus accrued and unpaid interest. |
OTHER COMPREHENSIVE INCOME
OTHER COMPREHENSIVE INCOME | 3 Months Ended |
Mar. 31, 2020 | |
Equity [Abstract] | |
OTHER COMPREHENSIVE INCOME | OTHER COMPREHENSIVE INCOME The components of Huntington’s OCI for the three-month periods ended March 31, 2020 and 2019 , were as follows: Three Months Ended Tax (expense) (dollar amounts in millions) Pretax Benefit After-tax Unrealized holding gains (losses) on available-for-sale securities arising during the period $ 217 $ (48 ) $ 169 Less: Reclassification adjustment for realized net losses (gains) included in net income 5 (1 ) 4 Net change in unrealized holding gains (losses) on available-for-sale securities 222 (49 ) 173 Net change in fair value on cash flow hedges 396 (88 ) 308 Net change in pension and other post-retirement obligations 2 — 2 Total other comprehensive income (loss) $ 620 $ (137 ) $ 483 Three Months Ended Tax (expense) (dollar amounts in millions) Pretax Benefit After-tax Unrealized holding gains (losses) on available-for-sale securities arising during the period $ 184 $ (41 ) $ 143 Less: Reclassification adjustment for realized net losses (gains) included in net income 4 (1 ) 3 Net change in unrealized holding gains (losses) on available-for-sale securities 188 (42 ) 146 Net change in fair value on cash flow hedges 8 (1 ) 7 Net change in pension and other post-retirement obligations 1 — 1 Total other comprehensive income (loss) $ 197 $ (43 ) $ 154 Activity in accumulated OCI for the three -month periods ended March 31, 2020 and 2019 , were as follows: (dollar amounts in millions) Unrealized gains (losses) on debt securities (1) Change in fair value related to cash flow hedges Unrealized gains (losses) for pension and other post- retirement obligations Total Three Months Ended March 31, 2020 Balance, beginning of period $ (28 ) $ 23 $ (251 ) $ (256 ) Other comprehensive income before reclassifications 169 308 — 477 Amounts reclassified from accumulated OCI to earnings 4 — 2 6 Period change 173 308 2 483 Balance, end of period $ 145 $ 331 $ (249 ) $ 227 Three Months Ended March 31, 2019 Balance, beginning of period $ (363 ) $ — $ (246 ) $ (609 ) Other comprehensive income before reclassifications 143 7 — 150 Amounts reclassified from accumulated OCI to earnings 3 — 1 4 Period change 146 7 1 154 Balance, end of period $ (217 ) $ 7 $ (245 ) $ (455 ) (1) AOCI amounts at March 31, 2020 , December 31, 2019 and March 31, 2019 include $87 million , $121 million and $134 million , respectively, net of unrealized losses on securities transferred from the available-for-sale securities portfolio to the held-to-maturity securities portfolio. The net unrealized losses will be recognized in earnings over the remaining life of the security using the effective interest method. |
EARNINGS PER SHARE
EARNINGS PER SHARE | 3 Months Ended |
Mar. 31, 2020 | |
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, and distributions from deferred compensation plans. Potentially dilutive common shares are excluded from the computation of diluted earnings per share in periods in which the effect would be antidilutive. The calculation of basic and diluted earnings per share for the three -month periods ended March 31, 2020 and 2019 was as follows: Three Months Ended (dollar amounts in millions, except per share data, share count in thousands) 2020 2019 Basic earnings per common share: Net income $ 48 $ 358 Preferred stock dividends (18 ) (19 ) Net income available to common shareholders $ 30 $ 339 Average common shares issued and outstanding 1,017,643 1,046,995 Basic earnings per common share $ 0.03 $ 0.32 Diluted earnings per common share: Dilutive potential common shares: Stock options and restricted stock units and awards 12,363 14,807 Shares held in deferred compensation plans 4,570 3,836 Dilutive potential common shares 16,933 18,643 Total diluted average common shares issued and outstanding 1,034,576 1,065,638 Diluted earnings per common share $ 0.03 $ 0.32 Anti-dilutive awards (1) 8,045 3,963 (1) Reflects the total number of shares related to outstanding options that have been excluded from the computation of diluted earnings per share because the impact would have been anti-dilutive. |
NONINTEREST INCOME
NONINTEREST INCOME | 3 Months Ended |
Mar. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | |
NONINTEREST INCOME | NONINTEREST INCOME Huntington earns a variety of revenue including interest and fees from customers as well as revenues from non-customers. Certain sources of revenue are recognized within interest or fee income and are outside of the scope of ASC Topic 606, Revenue from Contracts with Customers (“ASC 606”). Other sources of revenue fall within the scope of ASC 606 and are generally recognized within noninterest income. These revenues are included within various sections of the Unaudited Condensed Consolidated Financial Statements. The following table shows Huntington’s total noninterest income segregated between contracts with customers within the scope of ASC 606 and those within the scope of other GAAP Topics. (dollar amounts in millions) Three Months Ended March 31, Noninterest income 2020 2019 Noninterest income from contracts with customers $ 227 $ 222 Noninterest income within the scope of other GAAP topics 134 97 Total noninterest income $ 361 $ 319 The following table illustrates the disaggregation by operating segment and major revenue stream and reconciles disaggregated revenue to segment revenue presented in Note 15 “ Segment Reporting ”. Three Months Ended March 31, 2020 (dollar amounts in millions) Consumer & Business Banking Commercial Banking Vehicle Finance RBHPCG Treasury / Other Huntington Consolidated Major Revenue Streams Service charges on deposit accounts $ 68 $ 17 $ 1 $ 1 $ — $ 87 Card and payment processing income 52 4 — — — 56 Trust and investment management services 10 1 — 36 — 47 Insurance income 8 2 — 12 1 23 Other noninterest income 8 3 1 1 1 14 Net revenue from contracts with customers $ 146 $ 27 $ 2 $ 50 $ 2 $ 227 Noninterest income within the scope of other GAAP topics 66 59 1 — 8 134 Total noninterest income $ 212 $ 86 $ 3 $ 50 $ 10 $ 361 Three Months Ended March 31, 2019 (dollar amounts in millions) Consumer & Business Banking Commercial Banking Vehicle Finance RBHPCG Treasury / Other Huntington Consolidated Major Revenue Streams Service charges on deposit accounts $ 69 $ 16 $ 1 $ 1 $ — $ 87 Card and payment processing income 50 3 — — — 53 Trust and investment management services 8 — — 35 1 44 Insurance income 8 2 — 11 — 21 Other noninterest income 8 5 1 3 — 17 Net revenue from contracts with customers $ 143 $ 26 $ 2 $ 50 $ 1 $ 222 Noninterest income within the scope of other GAAP topics 31 50 — 1 15 97 Total noninterest income $ 174 $ 76 $ 2 $ 51 $ 16 $ 319 Huntington generally provides services for customers in which it acts as principal. Payment terms and conditions vary amongst services and customers, and thus impact the timing and amount of revenue recognition. Some fees may be paid before any service is rendered and accordingly, such fees are deferred until the obligations pertaining to those fees are satisfied. Most Huntington contracts with customers are cancelable by either party without penalty or they are short-term in nature, with a contract duration of less than one year. Accordingly, most revenue deferred for the reporting period ended March 31, 2020 is expected to be earned within one year. |
FAIR VALUES OF ASSETS AND LIABI
FAIR VALUES OF ASSETS AND LIABILITIES | 3 Months Ended |
Mar. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUES OF ASSETS AND LIABILITIES | FAIR VALUES OF ASSETS AND LIABILITIES See Note 18 “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, 2019 for a description of the valuation methodologies used for instruments measured at fair value. 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, 2020 and 2019 . 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, 2020 and December 31, 2019 are summarized below: Fair Value Measurements at Reporting Date Using Netting Adjustments (1) March 31, 2020 (dollar amounts in millions) Level 1 Level 2 Level 3 Assets Trading account securities: Municipal securities $ — $ 28 $ — $ — $ 28 Other securities 8 — — — 8 8 28 — — 36 Available-for-sale securities: U.S. Treasury securities 8 — — — 8 Residential CMOs — 5,723 — — 5,723 Residential MBS — 4,304 — — 4,304 Commercial MBS — 849 — — 849 Other agencies — 147 — — 147 Municipal securities — 55 2,937 — 2,992 Private-label CMO — — 2 — 2 Asset-backed securities — 478 69 — 547 Corporate debt — 47 — — 47 Other securities/sovereign debt — 3 — — 3 8 11,606 3,008 — 14,622 Other securities 50 — — — 50 Loans held for sale — 836 — — 836 Loans held for investment — 55 26 — 81 MSRs — — 165 — 165 Derivative assets — 2,342 42 (1,302 ) 1,082 Liabilities Derivative liabilities — 1,369 3 (1,066 ) 306 Fair Value Measurements at Reporting Date Using Netting Adjustments (1) December 31, 2019 (dollar amounts in millions) Level 1 Level 2 Level 3 Assets Trading account securities: Federal agencies: Other agencies $ — $ 4 $ — $ — $ 4 Municipal securities — 63 — — 63 Other securities 30 2 — — 32 30 69 — — 99 Available-for-sale securities: U.S. Treasury securities 10 — — — 10 Residential CMOs — 5,085 — — 5,085 Residential MBS — 4,222 — — 4,222 Commercial MBS — 976 — — 976 Other agencies — 165 — — 165 Municipal securities — 56 2,999 — 3,055 Private-label CMO — — 2 — 2 Asset-backed securities — 531 48 — 579 Corporate debt — 51 — — 51 Other securities/sovereign debt — 4 — — 4 10 11,090 3,049 — 14,149 Other securities 54 — — — 54 Loans held for sale — 781 — — 781 Loans held for investment — 55 26 — 81 MSRs — — 7 — 7 Derivative assets — 848 8 (404 ) 452 Liabilities Derivative liabilities — 519 2 (417 ) 104 (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, 2020 and 2019 , 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 millions) MSRs Derivative instruments Municipal securities Private- label CMO Asset-backed securities Loans held for investment Opening balance $ 7 $ 6 $ 2,999 $ 2 $ 48 $ 26 Fair value election for servicing assets previously measured using the amortized method 205 — — — — — Transfers out of Level 3 (1) — (20 ) — — — — Total gains/losses for the period: Included in earnings (47 ) 53 (1 ) — — — Included in OCI — — (68 ) — — — Purchases/originations — — 73 — 27 — Sales — — — — — — Repayments — — — — — — Settlements — — (66 ) — (6 ) — Closing balance $ 165 $ 39 $ 2,937 $ 2 $ 69 $ 26 Change in unrealized gains or losses for the period included in earnings for assets held at end of the reporting date $ (47 ) $ 34 $ — $ — $ — $ — Change in unrealized gains or losses for the period included in other comprehensive income for assets held at the end of the reporting period $ — $ — $ (68 ) $ — $ — $ — Level 3 Fair Value Measurements Available-for-sale securities (dollar amounts in millions) MSRs Derivative instruments Municipal securities Loans held for investment Opening balance $ 10 $ 2 $ 3,165 $ 30 Transfers out of Level 3 (1) — (9 ) — — Total gains/losses for the period: Included in earnings — 12 1 — Included in OCI — — 43 — Purchases/originations — — 81 — Sales — — — — Repayments — — — (1 ) Settlements — — (53 ) — Closing balance $ 10 $ 5 $ 3,237 $ 29 Change in unrealized gains or losses for the period included in earnings for assets held at end of the reporting date $ — $ 2 $ — $ — Change in unrealized gains or losses for the period included in other comprehensive income for assets held at the end of the reporting period $ — $ — $ 43 $ — (1) Transfers out of Level 3 represent the settlement value of the derivative instruments (i.e. interest rate lock agreements) that is transferred to loans held for sale, which is classified as Level 2. 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, 2020 and 2019 : Level 3 Fair Value Measurements Available-for-sale securities (dollar amounts in millions) MSRs Derivative instruments Municipal securities Classification of gains and losses in earnings: Mortgage banking income $ (47 ) $ 53 $ — Interest and fee income — — (1 ) Total $ (47 ) $ 53 $ (1 ) Level 3 Fair Value Measurements Available-for-sale securities (dollar amounts in millions) MSRs Derivative instruments Municipal securities Classification of gains and losses in earnings: Mortgage banking income $ — $ 12 $ — Interest and fee income — — 1 Total $ — $ 12 $ 1 Assets and liabilities under the fair value option The following tables present the fair value and aggregate principal balance of certain assets and liabilities under the fair value option: March 31, 2020 (dollar amounts in millions) Total Loans Loans that are 90 or more days past due Assets Fair value carrying amount Aggregate unpaid principal Difference Fair value carrying amount Aggregate unpaid principal Difference Loans held for sale $ 836 $ 791 $ 45 $ 1 $ 1 $ — Loans held for investment 81 86 (5 ) 5 5 — December 31, 2019 (dollar amounts in millions) Total Loans Loans that are 90 or more days past due Assets Fair value carrying amount Aggregate unpaid principal Difference Fair value carrying amount Aggregate unpaid principal Difference Loans held for sale $ 781 $ 755 $ 26 $ 2 $ 2 $ — Loans held for investment 81 87 (6 ) 3 4 (1 ) The following tables present the net gains (losses) from fair value changes for the three-month periods ended March 31, 2020 and 2019 . Net gains (losses) from fair value changes (dollar amounts in millions) Three Months Ended March 31, Assets 2020 2019 Loans held for sale (1) $ 19 $ (2 ) (1) The net gains (losses) from fair value changes are included in Mortgage banking income on the Unaudited Condensed Consolidated Statements of Income. 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. The amounts presented represent the fair value on the various measurement dates throughout the period. The gains (losses) represent the amounts recorded during the period regardless of whether the asset is still held at period end. The amounts measured at fair value on a nonrecurring basis at March 31, 2020 were as follows: Fair Value Measurements Using (dollar amounts in millions) 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 Collateral-dependent loans 63 — — 63 (17 ) Loans held for sale 11 — — 11 (2 ) Huntington records nonrecurring adjustments of collateral-dependent loans held for investment. 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. Periodically, in cases where the carrying value exceeds the fair value of the collateral less cost to sell, an impairment charge is recognized in the form of a charge-off. Loans held for sale are measured at lower of cost or fair value less costs to sell. The fair value of loans held for sale is based on binding or non-binding bids for the respective loans or similar loans. 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, 2020 and December 31, 2019 : Quantitative Information about Level 3 Fair Value Measurements at March 31, 2020 (1) (dollar amounts in millions) Fair Value Valuation Technique Significant Unobservable Input Range Weighted Average Measured at fair value on a recurring basis: MSRs $ 165 Discounted cash flow Constant prepayment rate 12 % - 37 % 18 % Spread over forward interest rate swap rates 5 % - 11 % 8 % Derivative assets 42 Consensus Pricing Net market price (5 )% - 13 % 4 % Estimated Pull through % 3 % - 100 % 85 % Municipal securities 2,937 Discounted cash flow Discount rate 3 % - 3 % 3 % Asset-backed securities 69 Cumulative default 0 % - 39 % 4 % Loss given default 5 % - 80 % 24 % Measured at fair value on a nonrecurring basis: Collateral-dependent loans 63 Appraisal value NA NA (1) Certain disclosures related to quantitative level 3 fair value measurements do not include those deemed to be immaterial. Quantitative Information about Level 3 Fair Value Measurements at December 31, 2019 (1) (dollar amounts in millions) Fair Value Valuation Technique Significant Unobservable Input Range Weighted Average Measured at fair value on a recurring basis: MSRs $ 7 Discounted cash flow Constant prepayment rate — % - 26 % 8 % Spread over forward interest rate swap rates 5 % - 11 % 8 % Derivative assets 8 Consensus Pricing Net market price (2 )% - 11 % 2 % Estimated Pull through % 2 % - 100 % 91 % Municipal securities 2,999 Discounted cash flow Discount rate 2 % - 3 % 2 % Asset-backed securities 48 Cumulative default — % - 39 % 4 % Loss given default 5 % - 80 % 24 % Measured at fair value on a nonrecurring basis: MSRs 206 Discounted cash flow Constant prepayment rate 10 % - 31 % 12 % Spread over forward interest rate swap rates 5 % - 11 % 9 % Impaired loans 26 Appraisal value NA NA (1) Certain disclosures related to quantitative level 3 fair value measurements do not include those deemed to be immaterial. 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. 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 at March 31, 2020 and December 31, 2019 : March 31, 2020 (dollar amounts in millions) Amortized Cost Lower of Cost or Market Fair Value or Fair Value Option Total Carrying Amount Estimated Fair Value Financial Assets Cash and short-term assets $ 1,904 $ — $ — $ 1,904 $ 1,904 Trading account securities — — 36 36 36 Available-for-sale securities — — 14,622 14,622 14,622 Held-to-maturity securities 10,193 — — 10,193 10,523 Other securities 438 — 50 488 488 Loans held for sale — 161 836 997 1,000 Net loans and leases (1) 76,450 — 81 76,531 77,059 Derivative assets — — 1,082 1,082 1,082 Financial Liabilities Deposits 86,830 — — 86,830 86,843 Short-term borrowings 2,826 — — 2,826 2,826 Long-term debt 9,796 — — 9,796 9,654 Derivative liabilities — — 306 306 306 December 31, 2019 (dollar amounts in millions) Amortized Cost Lower of Cost or Market Fair Value or Fair Value Option Total Carrying Amount Estimated Fair Value Financial Assets Cash and short-term assets $ 1,272 $ — $ — $ 1,272 $ 1,272 Trading account securities — — 99 99 99 Available-for-sale securities — — 14,149 14,149 14,149 Held-to-maturity securities 9,070 — — 9,070 9,186 Other securities 387 — 54 441 441 Loans held for sale — 96 781 877 879 Net loans and leases (1) 74,540 — 81 74,621 75,177 Derivative assets — — 452 452 452 Financial Liabilities Deposits 82,347 — — 82,347 82,344 Short-term borrowings 2,606 — — 2,606 2,606 Long-term debt 9,849 — — 9,849 10,075 Derivative liabilities — — 104 104 104 (1) Includes collateral-dependent loans. The following table presents the level in the fair value hierarchy for the estimated fair values at March 31, 2020 and December 31, 2019 : Estimated Fair Value Measurements at Reporting Date Using Netting Adjustments (1) March 31, 2020 (dollar amounts in millions) Level 1 Level 2 Level 3 Financial Assets Trading account securities $ 8 $ 28 $ — $ 36 Available-for-sale securities 8 11,606 3,008 14,622 Held-to-maturity securities — 10,523 — 10,523 Other securities (2) 50 — — 50 Loans held for sale — 836 164 1,000 Net loans and direct financing leases — 55 77,004 77,059 Derivative assets — 2,342 42 (1,302 ) 1,082 Financial Liabilities Deposits — 82,071 4,772 86,843 Short-term borrowings — — 2,826 2,826 Long-term debt — 9,004 650 9,654 Derivative liabilities — 1,369 3 (1,066 ) 306 Estimated Fair Value Measurements at Reporting Date Using Netting Adjustments (1) December 31, 2019 (dollar amounts in millions) Level 1 Level 2 Level 3 Financial Assets Trading account securities $ 30 $ 69 $ — $ 99 Available-for-sale securities 10 11,090 3,049 14,149 Held-to-maturity securities — 9,186 — 9,186 Other securities (2) 54 — — 54 Loans held for sale — 781 98 879 Net loans and direct financing leases — 55 75,122 75,177 Derivative assets — 848 8 (404 ) 452 Financial Liabilities Deposits — 76,790 5,554 82,344 Short-term borrowings — — 2,606 2,606 Long-term debt — 9,439 636 10,075 Derivative liabilities — 519 2 (417 ) 104 (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. (2) Excludes securities without readily determinable fair values. 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, interest-bearing deposits at Federal Reserve Bank, 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 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. |
DERIVATIVE FINANCIAL INSTRUMENT
DERIVATIVE FINANCIAL INSTRUMENTS | 3 Months Ended |
Mar. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
DERIVATIVE FINANCIAL INSTRUMENTS | DERIVATIVE FINANCIAL INSTRUMENTS Derivative financial instruments are recorded in the Unaudited Condensed Consolidated Balance Sheets as either an asset or a liability (in other assets or 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 on the hedging instruments in the income statement line item where the gains and losses on the hedged item are recognized. Gains and losses on derivatives that are not designated in an effective hedge relationship under GAAP immediately impact earnings within the period they occur. The following table presents the fair values and notional values of all derivative instruments included in the Unaudited Condensed Consolidated Balance Sheets at March 31, 2020 and December 31, 2019 . Amounts in the table below are presented gross without the impact of any net collateral arrangements. March 31, 2020 December 31, 2019 (dollar amounts in millions) Notional Value Asset Liability Notional Value Asset Liability Derivatives designated as Hedging Instruments Interest rate contracts $ 27,415 $ 971 $ 72 $ 25,927 $ 256 $ 36 Derivatives not designated as Hedging Instruments Interest rate contracts 31,136 1,063 928 27,614 420 314 Foreign exchange contracts 2,110 44 42 2,173 19 18 Commodities contracts 2,606 306 303 3,020 155 152 Equity contracts 408 — 27 427 6 1 Total Contracts $ 63,675 $ 2,384 $ 1,372 $ 59,161 $ 856 $ 521 The following table presents the amount of gain or loss recognized in income for derivatives not designated as hedging instruments under ASC Subtopic 815-10 in the Unaudited Condensed Consolidated Income Statement for the three-month periods ended March 31, 2020 and 2019 , respectively. Location of Gain or (Loss) Recognized in Income on Derivative Amount of Gain or (Loss) Recognized in Income on Derivative Three Months Ended March 31, (dollar amounts in millions) 2020 2019 Interest rate contracts: Customer Capital markets fees $ 18 $ 10 Mortgage Banking Mortgage banking income 96 12 Foreign exchange contracts Capital markets fees 6 8 Commodities contracts Capital markets fees 2 (6 ) Equity contracts Other noninterest expense (2 ) (1 ) Total $ 120 $ 23 Derivatives used in asset and liability management activities Huntington engages in balance sheet hedging activity, principally for asset and liability management purposes. Balance sheet hedging activity is generally arranged to receive hedge accounting treatment that can be classified as either fair value or cash flow hedges. Fair value hedges are executed to hedge changes in fair value of outstanding fixed-rate debt caused by fluctuations in market interest rates. Cash flow hedges are executed to modify interest rate characteristics of designated commercial loans in order to reduce the impact of changes in future cash flows due to market interest rate changes. The following table presents the gross notional values of derivatives used in Huntington’s asset and liability management activities at March 31, 2020 and December 31, 2019 , identified by the underlying interest rate-sensitive instruments. March 31, 2020 (dollar amounts in millions) Fair Value Hedges Cash Flow Hedges Total Instruments associated with: Loans $ — $ 19,375 $ 19,375 Long-term debt 8,040 — 8,040 Total notional value at March 31, 2020 $ 8,040 $ 19,375 $ 27,415 December 31, 2019 (dollar amounts in millions) Fair Value Hedges Cash Flow Hedges Total Instruments associated with: Loans — 18,375 18,375 Investment securities $ — $ 12 $ 12 Long-term debt 7,540 — 7,540 Total notional value at December 31, 2019 $ 7,540 $ 18,387 $ 25,927 These derivative financial instruments were entered into for the purpose of managing the interest rate risk of assets and liabilities. 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 (decrease) to net interest income of $16 million and $(14) million for the three-month periods ended March 31, 2020 , and 2019 , respectively. Fair Value Hedges The changes in fair value of the fair value hedges are recorded through earnings and offset against changes in the fair value of the hedged item. The following table presents the change in fair value for derivatives designated as fair value hedges as well as the offsetting change in fair value on the hedged item for the three-month periods ended March 31, 2020 and 2019 . Three Months Ended March 31, 2020 (dollar amounts in millions) 2020 2019 Interest rate contracts Change in fair value of interest rate swaps hedging long-term debt (1) $ 200 $ 41 Change in fair value of hedged long term debt (1) (190 ) (41 ) (1) Recognized in Interest expense—long-term debt in the Unaudited Condensed Consolidated Statements of Income . As of March 31, 2020 , and December 31, 2019 , the following amounts were recorded on the balance sheet related to cumulative basis adjustments for fair value hedges. Carrying Amount of the Hedged Liabilities Cumulative Amount of Fair Value Hedging Adjustment To Hedged Liabilities (dollar amounts in millions) March 31, 2020 December 31, 2019 March 31, 2020 December 31, 2019 Long-term debt $ 7,775 $ 7,578 $ 304 $ 114 The cumulative amount of fair value hedging adjustments remaining for any hedged assets and liabilities for which hedge accounting has been discontinued was $(84) million and $(93) million at March 31, 2020 and December 31, 2019 , respectively. Cash Flow Hedges At March 31, 2020, Huntington has $19.4 billion of interest rate floors and swaps. These are designated as cash flow hedges for variable rate commercial loans indexed to LIBOR. The initial premium paid for the interest rate floor contracts represents the time value of the contracts and is not included in the measurement of hedge effectiveness. Any change in fair value related to time value is recognized in OCI. The initial premium paid is amortized on a straight line basis as a reduction to interest income over the contractual life of these contracts. Gains and losses on interest rate floors and swaps recognized in other comprehensive income were $308 million and $7 million for the three-months periods ended March 31, 2020 and 2019 , respectively. Derivatives used in mortgage banking activities Mortgage loan origination hedging activity Huntington’s mortgage origination hedging activity is related to economically hedging Huntington’s 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. Forward commitments to sell economically hedge the possible loss on interest rate lock commitments due to interest rate change. The net asset (liability) position of these derivatives at March 31, 2020 and December 31, 2019 are $(6) million and $6 million , respectively. At March 31, 2020 and December 31, 2019 , Huntington had commitments to sell residential real estate loans of $2.2 billion and $1.4 billion , respectively. These contracts mature in less than one year . 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 notional value of the derivative financial instruments, corresponding trading assets and liabilities, and net trading gains (losses) related to MSR hedging activity is summarized in the following table: (dollar amounts in millions) March 31, 2020 December 31, 2019 Notional value $ 490 $ 778 Trading assets 64 19 Three Months Ended March 31, (dollar amounts in millions) 2020 2019 Trading gains $ 57 $ 7 MSR hedging trading assets and liabilities are included in other assets and other liabilities, respectively, in the Unaudited Condensed Balance Sheets. Trading gains (losses) are included in mortgage banking income in the Unaudited Condensed Consolidated Statement of Income. Derivatives used in customer related 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 consist of commodity, interest rate, and foreign exchange contracts. Huntington enters 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 or price 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. Commodity derivatives help the customer hedge risk and reduce exposure to fluctuations in the price of various commodities. Hedging of energy-related products and base metals comprise the majority of these transactions. The net fair values of these derivative financial instruments, for which the gross amounts are included in other assets or other liabilities at both March 31, 2020 and December 31, 2019 , were $64 million and $87 million , respectively. The total notional values of derivative financial instruments used by Huntington on behalf of customers, including offsetting derivatives, were $32 billion and $30 billion at March 31, 2020 and December 31, 2019 , respectively. Huntington’s credit risk from customer derivatives was $997 million and $407 million at the same dates, respectively. 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 “ Fair Values of Assets and Liabilities ”. Derivative balances are presented on a net basis taking into consideration the effects of legally enforceable master netting agreements. Additionally, 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 collateral and master netting agreements with these counterparties, and routinely exchanges cash and high quality securities collateral. 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 enters into master netting agreements with customer counterparties; however, collateral is generally not exchanged with customer counterparties. In addition to the customer derivative credit exposure, aggregate credit risk associated with broker-dealer and bank derivative transactions, net of collateral that has been pledged by the counterparty, was $85 million and $22 million at March 31, 2020 and December 31, 2019 , respectively. The credit risk associated with derivatives is calculated after considering master netting agreements. At March 31, 2020 , Huntington pledged $189 million of investment securities and cash collateral to counterparties, while other counterparties pledged $499 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, 2020 and December 31, 2019 . Offsetting of Financial Assets and Derivative Assets Gross amounts Net amounts of Gross amounts not offset in the (dollar amounts in millions) Gross amounts of recognized assets Financial instruments Cash collateral received Net amount March 31, 2020 Derivatives $ 2,384 $ (1,302 ) $ 1,082 $ (115 ) $ (62 ) $ 905 December 31, 2019 Derivatives 856 (404 ) 452 (65 ) (29 ) 358 Offsetting of Financial Liabilities and Derivative Liabilities Gross amounts offset in the unaudited condensed consolidated balance sheets Net amounts of liabilities presented in the unaudited condensed consolidated balance sheets Gross amounts not offset in the unaudited condensed consolidated balance sheets (dollar amounts in millions) Gross amounts of recognized liabilities Financial instruments Cash collateral delivered Net amount March 31, 2020 Derivatives $ 1,372 $ (1,066 ) $ 306 $ — $ (108 ) $ 198 December 31, 2019 Derivatives 521 (417 ) 104 — (75 ) 29 |
VIEs
VIEs | 3 Months Ended |
Mar. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
VIEs | VIEs 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, 2020 , and December 31, 2019 : March 31, 2020 (dollar amounts in millions) Total Assets Total Liabilities Maximum Exposure to Loss Trust Preferred Securities $ 14 $ 252 $ — Affordable Housing Tax Credit Partnerships 803 386 803 Other Investments 184 61 184 Total $ 1,001 $ 699 $ 987 December 31, 2019 (dollar amounts in millions) Total Assets Total Liabilities Maximum Exposure to Loss Trust Preferred Securities $ 14 $ 252 $ — Affordable Housing Tax Credit Partnerships 727 332 727 Other Investments 179 63 179 Total $ 920 $ 647 $ 906 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 Sheet as long-term debt. 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, 2020 follows: (dollar amounts in millions) Rate Principal amount of subordinated note/ debenture issued to trust (1) Investment in unconsolidated subsidiary Huntington Capital I 2.15 % (2) $ 70 $ 6 Huntington Capital II 2.08 (3) 32 3 Sky Financial Capital Trust III 2.85 (4) 72 2 Sky Financial Capital Trust IV 2.85 (4) 74 2 Camco Financial Trust 2.78 (5) 4 1 Total $ 252 $ 14 (1) Represents the principal amount of debentures issued to each trust, including unamortized original issue discount. (2) Variable effective rate at March 31, 2020 , based on three-month LIBOR + 0.70% . (3) Variable effective rate at March 31, 2020 , based on three-month LIBOR + 0.625% . (4) Variable effective rate at March 31, 2020 , based on three-month LIBOR + 1.40% . (5) Variable effective rate at March 31, 2020 , 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. Affordable Housing Tax Credit Partnerships Huntington makes certain equity investments in various limited partnerships that sponsor affordable housing projects utilizing the LIHTC pursuant to Section 42 of the Internal Revenue Code. The purpose of these investments is to achieve a satisfactory return on capital, to facilitate the sale of additional affordable housing product offerings, and to assist in achieving goals associated with the Community Reinvestment Act. The primary activities of the limited partnerships include the identification, development, and operation of multi-family housing that is leased to qualifying residential tenants. Generally, these types of investments are funded through a combination of debt and equity. Huntington uses the proportional amortization method to account for a majority of its investments in these entities. These investments are included in other assets. Investments that do not meet the requirements of the proportional amortization method are accounted for using the equity method. Investment 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, 2020 and December 31, 2019 . (dollar amounts in millions) March 31, December 31, Affordable housing tax credit investments $ 1,343 $ 1,242 Less: amortization (540 ) (515 ) Net affordable housing tax credit investments $ 803 $ 727 Unfunded commitments $ 386 $ 332 The following table presents other information relating to Huntington’s affordable housing tax credit investments for the three-month periods ended March 31, 2020 and 2019 . Three Months Ended (dollar amounts in millions) 2020 2019 Tax credits and other tax benefits recognized $ 29 $ 27 Proportional amortization expense included in provision for income taxes 25 22 There were no sales of affordable housing tax credit investments during the three-month periods ended March 31, 2020 and 2019 . There was no impairment recognized for the three-month periods ended March 31, 2020 and 2019 . Other VIE’s Other VIE’s include investments in Small Business Investment Companies, Historic Tax Credit Investments, certain equity method investments, renewable energy financings, automobile securitizations, and other miscellaneous investments. |
COMMITMENTS AND CONTINGENT LIAB
COMMITMENTS AND CONTINGENT LIABILITIES | 3 Months Ended |
Mar. 31, 2020 | |
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, 2020 and December 31, 2019 , were as follows: (dollar amounts in millions) March 31, December 31, Contract amount representing credit risk Commitments to extend credit: Commercial $ 16,174 $ 18,326 Consumer 14,526 14,831 Commercial real estate 1,164 1,364 Standby letters of credit 570 587 Commercial letters of credit 5 8 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 $8 million and $8 million at March 31, 2020 and December 31, 2019 , 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 secure these instruments. Litigation and Regulatory Matters The following supplements the disclosure in Note 21 - Commitments and Contingencies to the Consolidated Financial Statements of the Corporation’s 2019 Annual Report on Form 10-K. In the ordinary course of business, Huntington is routinely a defendant in or party to pending and threatened legal and regulatory actions and proceedings. In view of the inherent difficulty of predicting the outcome of such matters, particularly where the claimants seek very large or indeterminate damages or where the matters present novel legal theories or involve a large number of parties, Huntington generally cannot predict what the eventual outcome of the pending matters will be, what the timing of the ultimate resolution of these matters will be, or what the eventual loss, fines or penalties related to each matter may be. Huntington establishes an accrued liability when those matters present loss contingencies that are both probable and estimable. In such cases, there may be an exposure to loss in excess of any amounts accrued. Huntington thereafter continues to monitor the matter for further developments that could affect the amount of the accrued liability that has been previously established. For certain matters, Huntington is able to estimate a range of possible loss. In cases in which Huntington possesses information to estimate a range of possible loss, that estimate is aggregated and disclosed below. There may be other matters for which a loss is probable or reasonably possible but such an estimate of the range of possible loss may not be possible. For those matters where an estimate of the range of possible loss is possible, management currently estimates the aggregate range of possible loss is $0 to $20 million at March 31, 2020 in excess of the accrued liability (if any) related to those matters. This estimated range of possible loss is based upon currently available information and is subject to significant judgment, a variety of assumptions, and known and unknown uncertainties. The matters underlying the estimated range will change from time to time, and actual results may vary significantly from the current estimate. The estimated range of possible loss does not represent Huntington’s maximum loss exposure. Based on current knowledge, management does not believe that loss contingencies arising from pending matters will have a material adverse effect on the consolidated financial position of Huntington. Further, management believes that amounts accrued are adequate to address Huntington’s contingent liabilities. However, in light of the inherent uncertainties involved in these matters, some of which are beyond Huntington’s control, and the large or indeterminate damages sought in some of these matters, an adverse outcome in one or more of these matters could be material to Huntington’s results of operations for any particular reporting period. |
SEGMENT REPORTING
SEGMENT REPORTING | 3 Months Ended |
Mar. 31, 2020 | |
Segment Reporting [Abstract] | |
SEGMENT REPORTING | SEGMENT REPORTING Huntington’s business segments are based on our internally-aligned segment leadership structure, which is how management monitors results and assesses performance. The Company has four major business segments: Consumer and Business Banking , Commercial Banking , Vehicle Finance , Regional Banking and The Huntington Private Client Group (RBHPCG) . The Treasury / Other function includes technology and operations, other unallocated assets, liabilities, revenue, and expense. For a description of our business segments (see Note 24 Segment Reporting) in our 2019 Form 10-K. Business segment results are determined based upon Huntington’s management reporting system, which assigns balance sheet and income statement items to each of the business segments. The process is designed around the 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. Huntington uses an active and centralized FTP methodology to attribute appropriate net interest 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). During 2019, the Company updated and refined its FTP methodology primarily related to the allocation of deposit funding costs. Prior period amounts presented below have been restated to reflect the new methodology. Listed in the table below is certain operating basis financial information reconciled to Huntington’s March 31, 2020 , December 31, 2019 , and March 31, 2019 , reported results by business segment. Three Months Ended March 31, Income Statements Consumer & Business Banking Commercial Banking Vehicle Finance RBHPCG Treasury / Other Huntington Consolidated (dollar amounts in millions) 2020 Net interest income $ 364 $ 232 $ 106 $ 43 $ 45 $ 790 Provision (benefit) for credit losses 82 298 60 1 — 441 Noninterest income 212 86 3 50 10 361 Noninterest expense 418 129 35 62 8 652 Provision (benefit) for income taxes 16 (23 ) 3 6 8 10 Net income (loss) $ 60 $ (86 ) $ 11 $ 24 $ 39 $ 48 2019 Net interest income $ 471 $ 273 $ 95 $ 53 $ (70 ) $ 822 Provision (benefit) for credit losses 17 43 9 (2 ) — 67 Noninterest income 174 76 2 51 16 319 Noninterest expense 398 141 37 64 13 653 Provision (benefit) for income taxes 48 35 11 9 (40 ) 63 Net income (loss) $ 182 $ 130 $ 40 $ 33 $ (27 ) $ 358 Assets at Deposits at (dollar amounts in millions) March 31, December 31, March 31, December 31, Consumer & Business Banking $ 24,917 $ 25,073 $ 51,898 $ 51,675 Commercial Banking 37,318 34,337 23,530 20,762 Vehicle Finance 20,431 20,155 525 376 RBHPCG 6,747 6,665 6,265 6,370 Treasury / Other 24,484 22,772 4,612 3,164 Total $ 113,897 $ 109,002 $ 86,830 $ 82,347 |
ACCOUNTING STANDARDS UPDATE (Po
ACCOUNTING STANDARDS UPDATE (Policies) | 3 Months Ended |
Mar. 31, 2020 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Credit Loss, Financial Instrument [Policy Text Block] | The allowance for credit losses is deducted from the amortized cost basis of a financial asset or a group of financial assets so that the balance sheet reflects the net amount Huntington expects to collect. Amortized cost is the principal balance outstanding, net of purchase premiums and discounts, fair value hedge accounting adjustments, and deferred fees and costs. Subsequent changes (favorable and unfavorable) in expected credit losses are recognized immediately in net income as a credit loss expense or a reversal of credit loss expense. Management estimates the allowance by projecting probability-of-default, loss-given-default and exposure-at-default depending on economic parameters for each month of the remaining contractual term. Those economic parameters are developed using available information relating to past events, current conditions, and reasonable and supportable forecasts. Huntington’s reasonable and supportable forecast period reverts to a historical norm based on inputs within approximately two to three years. The reversion period is dependent on the state of the economy at the beginning of the forecast. Historical credit experience provides the basis for the estimation of expected credit losses, with adjustments made for differences in current loan-specific risk characteristics such as differences in underwriting standards, portfolio mix, delinquency levels and terms, as well as for changes in the micro- and macro-economic environments. The contractual terms of financial assets are adjusted for expected prepayments and any extensions outside of Huntington’s control. Loans that are determined to have unique risk characteristics are evaluated on an individual basis by management. If a loan is determined to be collateral dependent, or meets the criteria to apply the collateral dependent practical expedient, expected credit losses are determined based on the fair value of the collateral at the reporting date, less costs to sell as appropriate. Loans with unique risk characteristics that are not subject to collateral dependent accounting, are assessed using a discounted cash flows methodology. The allowance for credit losses is measured on a collective (pool) basis when similar risk characteristics exist. Management believes the products within each of the entity’s portfolio classes exhibit similar risk characteristics. Huntington has identified its portfolio classes as disclosed above. |
ACCOUNTING STANDARDS UPDATE | ACCOUNTING STANDARDS UPDATE Accounting standards adopted in current period Standard Summary of guidance Effects on financial statements ASU 2016-13 - Financial Instruments - Credit Losses. Issued June 2016 - Eliminates the probable recognition threshold for credit losses on financial assets measured at amortized cost, replacing the current incurred loss framework with an expected credit loss model. - Requires those financial assets subject to the new guidance to be presented at the net amount expected to be collected (i.e., net of expected credit losses). - Measurement of expected credit losses should be based on relevant information including historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. - The guidance will require additional quantitative and qualitative disclosures related to the credit risk inherent in Huntington’s portfolio and how management monitors the portfolio’s credit quality. - Management adopted the guidance on January 1, 2020 through a cumulative-effect adjustment to retained earnings and implemented changes to relevant systems, processes, and controls where necessary. - The adoption of ASU 2016-13 on January 1, 2020 resulted in an increase to our total ACL of $393 million. This represented an increase of 44% from the 2019 year end ACL level of $887 million. For more detail on the day 1 adoption impacts, please refer to Note 5 - Allowance for Credit Losses. - The ASU eliminated the current accounting model for purchased-credit-impaired loans, but requires an allowance to be recognized for purchased-credit-deteriorated (PCD) assets (those that have experienced more-than-insignificant deterioration in credit quality since origination). Huntington did not have any loans accounted for as PCD upon adoption. - At adoption, Huntington did not record an allowance with respect to HTM securities as the portfolio consists almost entirely of agency-backed securities that inherently have minimal nonpayment risk. ASU 2019-04 - Codification Improvements to Topic 326, Financial Instruments-Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments Issued: April 2019 - Clarifies various implementation issues related to Recognition and Measurement of Financial Instruments (ASC Topic 825), Current Expected Credit Losses (ASC Topic 326) and Derivatives and Hedging (ASC Topic 815). - Provides additional implementation guidance on CECL issues that include, among others, (a) measurement of credit allowance on accrued interest; (b) treatment of credit allowance upon transfers between classifications or categories for loans and debt securities; (c) inclusion of recoveries in determining credit allowance amounts; (d) using projections of rate change for variable rate instruments; (e) vintage disclosures for lines-of-credit; (f) contractual extensions and renewals; (g) consideration of prepayments in calculating effective interest rate; and (h) consideration of costs to sell if the entity intends to sell the collateral when foreclosure is probable. - Clarifies for Topic 815, among others, that (a) only interest rate risk may be hedged in a partial-term fair value hedge; (b) amortization of fair value basis adjustment may begin before the fair value hedge is discontinued; (c) hedged AFS securities should be disclosed at amortized cost for disclosures related to hedged assets; and (d) contractually specified interest rate should be considered when applying hypothetical derivative method while assessing hedge effectiveness. - Clarifies among others, that (a) using observable price under measurement alternative provided by ASC Topic 321 is a non-recurring fair value measurement and entities should adhere to non-recurring fair value disclosure requirements of Topic 820; and (b) equity securities without readily determinable fair value accounted for under measurement alternative should be remeasured using historical exchange rates. - Management adopted the amendments on January 1, 2020. - The ASU did not have a material impact on Huntington’s Unaudited Condensed Consolidated Financial Statements. Standard Summary of guidance Effects on financial statements ASU 2019-05 - Financial Instruments - Credit Losses (Topic 326): Targeted Transition Relief Issued: May 2019 - Provides entities that have certain instruments within the scope of ASC Subtopic 326-20 with an option to irrevocably elect fair value option, applied on instrument-by-instrument basis. The fair value option does not apply to held-to-maturity debt securities. - Management did not elect this option on any eligible instruments when adopting Topic 326 on January 1, 2020. - The ASU did not impact Huntington’s Unaudited Condensed Consolidated Financial Statements. ASU 2019-08 - Compensation - Codification Improvements - Share-based Consideration Payable to a Customer Issued: November 2019 - The ASU requires that an entity measure and classify share-based payment awards granted to a customer by applying the guidance in Topic 718. - The amount of share-based payment awards should be recorded as a reduction of the transaction price and is required to be measured on the basis of grant-date fair value of the share-based payment awards in accordance with Topic 718. - The classification and subsequent measurement of the award are subject to the guidance in Topic 718 unless the share-based payment award is subsequently modified and the grantee is no longer a customer. - Management adopted the amendments on January 1, 2020. - The ASU did not have a material impact on Huntington’s Unaudited Condensed Consolidated Financial Statements. ASU 2019-11 - Financial Instruments - Credit Losses (Topic 326): Codification Improvements to Topic 326 Issued: November 2019 - The ASU clarifies or addresses stakeholders’ specific issues related to ASU 2016-13 as described below: - Clarifies that the allowance for purchased financial assets with credit deterioration should include expected recoveries. If a method other than a discounted cash flow method is used to calculate allowance, expected recoveries should not result in an acceleration of the noncredit discount. - Provides transition relief by permitting entities an accounting policy election to adjust the effective interest rate on existing TDRs using prepayment assumptions on the date of adoption of Topic 326 rather than the prepayment assumptions in effect immediately before the restructuring. - Extends the disclosure relief for accrued interest receivable balances to additional relevant disclosures involving amortized cost basis. - Clarifies that an entity should assess whether it reasonably expects the borrower will be able to continually replenish collateral securing the financial asset to apply the practical expedient related to collateral maintenance provision. - Management adopted the amendments on January 1, 2020. - The ASU did not have a material impact on Huntington’s Unaudited Condensed Consolidated Financial Statements. Accounting standards yet to be adopted Standard Summary of guidance Effects on financial statements ASU 2019-12 - Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes Issued: December 2019 - The ASU simplifies the accounting for income taxes by removing exceptions to the: (a) Incremental approach for intraperiod tax allocation when there is a loss from continuing operations and income or a gain from other items; (b) Requirement to recognize a deferred tax liability for equity method investments when a foreign subsidiary becomes an equity method investment; (c) Ability not to recognize a deferred tax liability for a foreign subsidiary when a foreign equity method investment becomes a subsidiary; and (d) General methodology for calculating income taxes in an interim period when a year-to-date loss exceeds the anticipated loss for the year. - The ASU also simplifies various other aspects of the accounting for income taxes. - The ASU is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. - Early adoption of the ASU is permitted, including adoption in any interim period for which financial statements have not yet been issued. An entity that elects to early adopt in an interim period should reflect any adjustments as of the beginning of the annual period that includes that interim period. - The ASU is not expected to have a material impact on Huntington’s Unaudited Condensed Consolidated Financial Statements. ASU 2020-04 - Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting Issued: March 2020 - The ASU provides optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met, including the following: - Modifications of contracts within the scope of Topics 310, Receivables, and 470, Debt, should be accounted for by prospectively adjusting the effective interest rate. - Modifications of contracts within the scope of Topic 842, Leases, should be accounted for as a continuation of the existing contracts with no reassessments of the lease classification and the discount rate. - Modifications of contracts do not require an entity to reassess its original conclusion about whether that contract contains an embedded derivative that is clearly and closely related to the economic characteristics and risks of the host contract under Topic 815. - The ASU also provides optional expedients for various hedging relationships and do not require de-designation of hedging relationships if certain criteria are met. - An entity may make a one time election to sell, transfer, or both sell and transfer debt securities classified as held to maturity that reference a rate affected by reference rate reform and that are classified as held to maturity before January 1, 2020. - The ASU is effective for all entities from the beginning of an interim period that includes or is subsequent to March 12, 2020 through December 31, 2022. - We are evaluating the impact of the ASU on Huntington’s Unaudited Condensed Consolidated Financial Statements. |
INVESTMENT SECURITIES AND OTH_2
INVESTMENT SECURITIES AND OTHER SECURITIES (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Investments, Debt and Equity Securities [Abstract] | |
Unrealized Gain (Loss) on Investments [Table Text Block] | The following tables provide amortized cost, fair value, and gross unrealized gains and losses by investment category at March 31, 2020 and December 31, 2019 : Unrealized (dollar amounts in millions) Amortized Cost Gross Gains Gross Losses Fair Value March 31, 2020 Available-for-sale securities: U.S. Treasury $ 8 $ — $ — $ 8 Federal agencies: Residential CMO 5,512 212 (1 ) 5,723 Residential MBS 4,167 137 — 4,304 Commercial MBS 839 10 — 849 Other agencies 145 2 — 147 Total U.S. Treasury, federal agency and other agency securities 10,671 361 (1 ) 11,031 Municipal securities 3,050 14 (72 ) 2,992 Private-label CMO 2 — — 2 Asset-backed securities 574 — (27 ) 547 Corporate debt 48 — (1 ) 47 Other securities/Sovereign debt 3 — — 3 Total available-for-sale securities $ 14,348 $ 375 $ (101 ) $ 14,622 Held-to-maturity securities: Federal agencies: Residential CMO $ 2,316 $ 108 $ — $ 2,424 Residential MBS 3,704 121 — 3,825 Commercial MBS 3,890 95 (1 ) 3,984 Other agencies 279 7 — 286 Total federal agency and other agency securities 10,189 331 (1 ) 10,519 Municipal securities 4 — — 4 Total held-to-maturity securities $ 10,193 $ 331 $ (1 ) $ 10,523 Other securities, at cost: Non-marketable equity securities: Federal Home Loan Bank stock $ 140 $ — $ — $ 140 Federal Reserve Bank stock 298 — — 298 Other securities, at fair value Mutual funds 46 — — 46 Marketable equity securities 3 1 — 4 Total other securities $ 487 $ 1 $ — $ 488 Unrealized (dollar amounts in millions) Amortized Gross Gross Fair Value December 31, 2019 Available-for-sale securities: U.S. Treasury $ 10 $ — $ — $ 10 Federal agencies: Residential CMO 5,055 48 (18 ) 5,085 Residential MBS 4,180 45 (3 ) 4,222 Commercial MBS 979 1 (4 ) 976 Other agencies 165 1 (1 ) 165 Total U.S. Treasury, federal agency and other agency securities 10,389 95 (26 ) 10,458 Municipal securities 3,044 34 (23 ) 3,055 Private-label CMO 2 — — 2 Asset-backed securities 575 6 (2 ) 579 Corporate debt 49 2 — 51 Other securities/Sovereign debt 4 — — 4 Total available-for-sale securities $ 14,063 $ 137 $ (51 ) $ 14,149 Held-to-maturity securities: Federal agencies: Residential CMO $ 2,351 $ 33 $ (3 ) $ 2,381 Residential MBS 2,463 50 — 2,513 Commercial MBS 3,959 34 — 3,993 Other agencies 293 2 — 295 Total federal agency and other agency securities 9,066 119 (3 ) 9,182 Municipal securities 4 — — 4 Total held-to-maturity securities $ 9,070 $ 119 $ (3 ) $ 9,186 Other securities, at cost: Non-marketable equity securities: Federal Home Loan Bank stock $ 90 $ — $ — $ 90 Federal Reserve Bank stock 297 — — 297 Other securities, at fair value Mutual funds 53 — — 53 Marketable equity securities 1 — — 1 Total other securities $ 441 $ — $ — $ 441 |
Investments Classified by Contractual Maturity Date [Table Text Block] | The following table provides the amortized cost and fair value of securities by contractual maturity at March 31, 2020 and December 31, 2019 . Expected maturities may differ from contractual maturities as issuers may have the right to call or prepay obligations with or without incurring penalties. March 31, 2020 December 31, 2019 (dollar amounts in millions) Amortized Cost Fair Value Amortized Cost Fair Value Available-for-sale securities: Under 1 year $ 257 $ 255 $ 231 $ 229 After 1 year through 5 years 1,338 1,308 1,196 1,189 After 5 years through 10 years 1,402 1,375 1,594 1,606 After 10 years 11,351 11,684 11,042 11,125 Total available-for-sale securities $ 14,348 $ 14,622 $ 14,063 $ 14,149 Held-to-maturity securities: Under 1 year $ — $ — $ — $ — After 1 year through 5 years 157 164 17 17 After 5 years through 10 years 149 154 300 305 After 10 years 9,887 10,205 8,753 8,864 Total held-to-maturity securities $ 10,193 $ 10,523 $ 9,070 $ 9,186 |
Schedule of Unrealized Loss on Investments [Table Text Block] | March 31, 2020 December 31, 2019 (dollar amounts in millions) Amortized Cost Fair Value Amortized Cost Fair Value Available-for-sale securities: Under 1 year $ 257 $ 255 $ 231 $ 229 After 1 year through 5 years 1,338 1,308 1,196 1,189 After 5 years through 10 years 1,402 1,375 1,594 1,606 After 10 years 11,351 11,684 11,042 11,125 Total available-for-sale securities $ 14,348 $ 14,622 $ 14,063 $ 14,149 Held-to-maturity securities: Under 1 year $ — $ — $ — $ — After 1 year through 5 years 157 164 17 17 After 5 years through 10 years 149 154 300 305 After 10 years 9,887 10,205 8,753 8,864 Total held-to-maturity securities $ 10,193 $ 10,523 $ 9,070 $ 9,186 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, 2020 and December 31, 2019 : Less than 12 Months Over 12 Months Total (dollar amounts in millions) Fair Gross Unrealized Fair Gross Unrealized Fair Gross Unrealized March 31, 2020 Available-for-sale securities: Federal agencies: Residential CMO $ 94 $ (1 ) $ — $ — $ 94 $ (1 ) Residential MBS — — 7 — 7 — Commercial MBS — — 4 — 4 — Other agencies 50 — — — 50 — Total federal agency and other agency securities 144 (1 ) 11 — 155 (1 ) Municipal securities 1,102 (27 ) 1,178 (45 ) 2,280 (72 ) Asset-backed securities 439 (24 ) 34 (3 ) 473 (27 ) Corporate debt 36 (1 ) — — 36 (1 ) Total temporarily impaired securities $ 1,721 $ (53 ) $ 1,223 $ (48 ) $ 2,944 $ (101 ) Held-to-maturity securities: Federal agencies: Residential CMO $ — $ — $ — $ — $ — $ — Residential MBS 78 — — — 78 — Commercial MBS 72 (1 ) 4 — 76 (1 ) Other agencies — — — — — — Total federal agency and other agency securities 150 (1 ) 4 — 154 (1 ) Municipal securities — — — — — — Total temporarily impaired securities $ 150 $ (1 ) $ 4 $ — $ 154 $ (1 ) Less than 12 Months Over 12 Months Total (dollar amounts in millions) Fair Gross Unrealized Fair Gross Unrealized Fair Gross Unrealized December 31, 2019 Available-for-sale securities: Federal agencies: Residential CMO $ 1,206 $ (10 ) $ 519 $ (8 ) $ 1,725 $ (18 ) Residential MBS 1,169 (3 ) 9 — 1,178 (3 ) Commercial MBS 472 (2 ) 272 (2 ) 744 (4 ) Other agencies 86 (1 ) — — 86 (1 ) Total federal agency and other agency securities 2,933 (16 ) 800 (10 ) 3,733 (26 ) Municipal securities 273 (4 ) 1,204 (19 ) 1,477 (23 ) Asset-backed securities 116 (1 ) 37 (1 ) 153 (2 ) Corporate debt 1 — — — 1 — Total temporarily impaired securities $ 3,323 $ (21 ) $ 2,041 $ (30 ) $ 5,364 $ (51 ) Held-to-maturity securities: Federal agencies: Residential CMO $ 218 $ (1 ) $ 112 $ (2 ) $ 330 $ (3 ) Residential MBS 317 — — — 317 — Commercial MBS 81 — — — 81 — Other agencies 58 — — — 58 — Total federal agency and other agency securities 674 (1 ) 112 (2 ) 786 (3 ) Municipal securities 4 — — — 4 — Total temporarily impaired securities $ 678 $ (1 ) $ 112 $ (2 ) $ 790 $ (3 ) |
LOANS AND LEASES (Tables)
LOANS AND LEASES (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Receivables [Abstract] | |
Loan and Lease Portfolio | The following table provides a detailed listing of Huntington’s loan and lease portfolio at March 31, 2020 and December 31, 2019 . (dollar amounts in millions) March 31, 2020 December 31, 2019 Loans and leases: Commercial and industrial $ 32,959 $ 30,664 Commercial real estate 6,973 6,674 Automobile 12,907 12,797 Home equity 9,010 9,093 Residential mortgage 11,398 11,376 RV and marine 3,643 3,563 Other consumer 1,145 1,237 Loans and leases $ 78,035 $ 75,404 Allowance for loan and lease losses (1,504 ) (783 ) Net loans and leases $ 76,531 $ 74,621 |
Direct Financing Lease, Lease Income | The following table presents net investments in lease financing receivables by category at March 31, 2020 and December 31, 2019 . (dollar amounts in millions) March 31, December 31, Commercial and industrial: Lease payments receivable $ 1,815 $ 1,841 Estimated residual value of leased assets 722 728 Gross investment in commercial and industrial lease financing receivables 2,537 2,569 Deferred origination costs 20 19 Deferred fees (237 ) (249 ) Total net investment in commercial and industrial lease financing receivables $ 2,320 $ 2,339 The carrying value of residual values guaranteed was $97 million and $95 million as of March 31, 2020 and December 31, 2019 , respectively. The future lease rental payments due from customers on sales-type and direct financing leases at March 31, 2020 , totaled $1.8 billion and were due as follows: $0.7 billion in 2021 , $0.5 billion in 2022 , $0.3 billion in 2023 , $0.1 billion in 2024 , $0.1 billion in 2025 , and $0.1 billion thereafter. Interest income recognized for these types of leases was $27 million and $26 million for the three-month periods ended March 31, 2020 and 2019 , respectively. |
NALs and Past Due Loans | The following table presents NALs by loan class at March 31, 2020 and December 31, 2019 . March 31, 2020 December 31, 2019 (dollar amounts in millions) Nonaccrual loans with no ACL Total nonaccrual loans Nonaccrual loans with no ACL Total nonaccrual loans Commercial and industrial $ 72 $ 396 $ 109 $ 323 Commercial real estate 1 30 2 10 Automobile — 6 — 4 Home equity — 58 — 59 Residential mortgage — 66 — 71 RV and marine — 2 — 1 Other consumer — — — — Total nonaccrual loans $ 73 $ 558 $ 111 $ 468 |
Aging analysis of loans and leases | The following table presents an aging analysis of loans and leases, including past due loans and leases, by loan class at March 31, 2020 and December 31, 2019 : March 31, 2020 Past Due (1) Loans Accounted for Under FVO Total Loans 90 or (dollar amounts in millions) 30-59 60-89 90 or Total Current Commercial and industrial $ 96 $ 31 $ 71 $ 198 $ 32,761 $ — $ 32,959 $ 10 (2) Commercial real estate 12 2 6 20 6,953 — 6,973 — Automobile 90 18 12 120 12,787 — 12,907 8 Home equity 46 18 48 112 8,897 1 9,010 12 Residential mortgage 76 42 168 286 11,032 80 11,398 131 (3) RV and marine 15 3 3 21 3,622 — 3,643 2 Other consumer 11 5 4 20 1,125 — 1,145 4 Total loans and leases $ 346 $ 119 $ 312 $ 777 $ 77,177 $ 81 $ 78,035 $ 167 December 31, 2019 Past Due (1) Loans Accounted for Under FVO Total Loans 90 or (dollar amounts in millions) 30-59 60-89 90 or Total Current Commercial and industrial $ 65 $ 31 $ 69 $ 165 $ 30,499 $ — $ 30,664 $ 11 (2) Commercial real estate 3 1 7 11 6,663 — 6,674 — Automobile 95 19 11 125 12,672 — 12,797 8 Home equity 50 19 51 120 8,972 1 9,093 14 Residential mortgage 103 49 170 322 10,974 80 11,376 129 (3) RV and marine 13 4 2 19 3,544 — 3,563 2 Other consumer 13 6 7 26 1,211 — 1,237 7 Total loans and leases $ 342 $ 129 $ 317 $ 788 $ 74,535 $ 81 $ 75,404 $ 171 (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) |
Loan and lease balances by credit quality indicator | The following table presents each loan and lease class by vintage and credit quality indicator at March 31, 2020: As of March 31, 2020 Term Loans Amortized Cost Basis by Origination Year Revolver Total at Amortized Cost Basis Revolver Total Converted to Term Loans (dollar amounts in millions) 2020 2019 2018 2017 2016 Prior Total (3) Commercial and industrial Credit Quality Indicator (1): Pass $ 2,808 $ 6,501 $ 3,795 $ 2,210 $ 1,336 $ 1,497 $ 12,554 $ 3 $ 30,704 OLEM 11 72 169 44 38 35 258 — 627 Substandard 23 142 268 149 118 211 711 — 1,622 Doubtful — — 5 — — 1 — — 6 Total Commercial and industrial $ 2,842 $ 6,715 $ 4,237 $ 2,403 $ 1,492 $ 1,744 $ 13,523 $ 3 $ 32,959 Commercial real estate Credit Quality Indicator (1): Pass $ 394 $ 1,798 $ 1,480 $ 724 $ 689 $ 786 $ 909 $ — $ 6,780 OLEM — 12 33 5 8 13 — — 71 Substandard 3 4 10 36 36 23 9 — 121 Doubtful — — — — — 1 — — 1 Total Commercial real estate $ 397 $ 1,814 $ 1,523 $ 765 $ 733 $ 823 $ 918 $ — $ 6,973 Automobile Credit Quality Indicator (2): 750+ $ 842 $ 2,495 $ 1,552 $ 1,150 $ 534 $ 242 $ — $ — $ 6,815 650-749 439 1,981 1,168 657 306 142 — — 4,693 <650 48 464 383 268 146 90 — — 1,399 Total Automobile $ 1,329 $ 4,940 $ 3,103 $ 2,075 $ 986 $ 474 $ — $ — $ 12,907 Home equity Credit Quality Indicator (2): 750+ $ 4 $ 37 $ 43 $ 43 $ 117 $ 593 $ 4,617 $ 191 $ 5,645 650-749 3 17 11 16 37 217 2,301 193 2,795 <650 — — 2 1 9 94 345 118 569 Total Home equity $ 7 $ 54 $ 56 $ 60 $ 163 $ 904 $ 7,263 $ 502 $ 9,009 Residential mortgage Credit Quality Indicator (2): 750+ $ 494 $ 1,726 $ 1,444 $ 1,534 $ 1,059 $ 1,807 $ 1 $ — $ 8,065 650-749 154 748 527 387 233 631 — — 2,680 <650 5 35 61 75 58 339 — — 573 Total Residential mortgage $ 653 $ 2,509 $ 2,032 $ 1,996 $ 1,350 $ 2,777 $ 1 $ — $ 11,318 RV and marine Credit Quality Indicator (2): 750+ $ 211 $ 600 $ 720 $ 407 $ 184 $ 325 $ — $ — $ 2,447 650-749 46 304 269 187 86 176 — — 1,068 <650 — 14 27 29 17 41 — — 128 Total RV and marine $ 257 $ 918 $ 1,016 $ 623 $ 287 $ 542 $ — $ — $ 3,643 Other consumer Credit Quality Indicator (2): 750+ $ 35 $ 74 $ 36 $ 12 $ 6 $ 11 $ 325 $ 2 $ 501 650-749 16 85 30 11 4 6 352 30 534 <650 — 14 5 2 1 2 37 49 110 Total Other consumer $ 51 $ 173 $ 71 $ 25 $ 11 $ 19 $ 714 $ 81 $ 1,145 (1) Consistent with the credit quality disclosures, indicators for the Commercial portfolio are based on internally defined categories of credit grades which are generally refreshed at least semi-annually. (2) Consistent with the credit quality disclosures, indicators for the Consumer portfolio are based on updated customer credit scores refreshed at least quarterly. (3) The total amount of accrued interest recorded for these loans at March 31, 2020, presented in Other assets within the Condensed Consolidated Balance Sheets, was $83 million and $117 million of commercial and consumer, respectively. The following table presents each loan and lease class by credit quality indicator at December 31, 2019 . December 31, 2019 (dollar amounts in millions) Credit Risk Profile by UCS Classification Commercial Pass OLEM Substandard Doubtful Total Commercial and industrial $ 28,477 $ 634 $ 1,551 $ 2 $ 30,664 Commercial real estate 6,487 98 88 1 6,674 Credit Risk Profile by FICO Score (1), (2) Consumer 750+ 650-749 <650 Total Automobile $ 6,759 $ 4,661 $ 1,377 $ 12,797 Home equity 5,763 2,772 557 9,092 Residential mortgage 7,976 2,742 578 11,296 RV and marine 2,391 1,053 119 3,563 Other consumer 546 571 120 1,237 (1) Excludes loans accounted for under the fair value option. (2) Reflects updated customer credit scores. |
Detailed troubled debt restructuring information by class | on of TDRs. The following table presents, by class and modification type, the number of contracts, post-modification outstanding balance, and the financial effects of the modification for the three-month periods ended March 31, 2020 and 2019 . New Troubled Debt Restructurings (1) Three Months Ended March 31, 2020 Number of Post-modification Outstanding Recorded Investment (2) (dollar amounts in millions) Interest rate reduction Amortization or maturity date change Chapter 7 bankruptcy Other Total Commercial and industrial 140 $ — $ 62 $ — $ — $ 62 Commercial real estate 7 — 2 — — 2 Automobile 798 — 6 2 — 8 Home equity 63 — 1 2 — 3 Residential mortgage 101 — 9 2 — 11 RV and marine 28 — 1 — — 1 Other consumer 249 1 — — — 1 Total new TDRs 1,386 $ 1 $ 81 $ 6 $ — $ 88 Three Months Ended March 31, 2019 Number of Post-modification Outstanding Recorded Investment (2) (dollar amounts in millions) Interest rate reduction Amortization or maturity date change Chapter 7 bankruptcy Other Total Commercial and industrial 115 $ — $ 35 $ — $ — $ 35 Commercial real estate 8 — 9 — — 9 Automobile 744 — 5 2 — 7 Home equity 104 — 3 2 — 5 Residential mortgage 76 — 8 — — 8 RV and marine 36 — — 1 — 1 Other consumer 244 1 — — — 1 Total new TDRs 1,327 $ 1 $ 60 $ 5 $ — $ 66 (1) TDRs may include multiple concessions and the disclosure classifications are based on the primary concession provided to the borrower. (2) Post-modification balances approximate pre-modification balances. The financial effects of modification represent the impact on the provision (recovery) for loan and lease losses. Amounts for the three-month periods ended March 31, 2020 and 2019 , were $ 9 million and $(3) million , respectively. |
ALLOWANCE FOR CREDIT LOSSES ALL
ALLOWANCE FOR CREDIT LOSSES ALLOWANCE FOR CREDIT LOSSES (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Credit Loss [Abstract] | |
Financing Receivable, Allowance for Credit Loss [Table Text Block] | Allowance for Loan and Lease Losses and Allowance for Credit Losses - Roll-forward The following table presents ALLL and AULC activity by portfolio segment for the three-month periods ended March 31, 2020 and 2019 . (dollar amounts in millions) Commercial Consumer Total Three-month period ended March 31, 2020: ALLL balance, beginning of period $ 552 $ 231 $ 783 Cumulative-effect of change in accounting principle for financial instruments - credit losses (1) 180 211 391 Loan charge-offs (88 ) (48 ) (136 ) Recoveries of loans previously charged-off 5 14 19 Provision for loan and lease losses 347 100 447 ALLL balance, end of period $ 996 $ 508 $ 1,504 AULC balance, beginning of period $ 102 $ 2 $ 104 Cumulative-effect of change in accounting principle for financial instruments - credit losses (1) (38 ) 40 2 Provision (reduction in allowance) for unfunded loan commitments and letters of credit (5 ) (1 ) (6 ) Unfunded commitment losses (1 ) — (1 ) AULC balance, end of period $ 58 $ 41 $ 99 ACL balance, end of period $ 1,054 $ 549 $ 1,603 (1) Relates to day one impact of the CECL adjustment as a result of the implementation of ASU 2016-13. (dollar amounts in millions) Commercial Consumer Total Three-month period ended March 31, 2019: ALLL balance, beginning of period $ 542 $ 230 $ 772 Loan charge-offs (45 ) (52 ) (97 ) Recoveries of loans previously charged-off 12 14 26 Provision for loan and lease losses 36 27 63 ALLL balance, end of period $ 545 $ 219 $ 764 AULC balance, beginning of period $ 94 $ 2 $ 96 Provision (reduction in allowance) for unfunded loan commitments and letters of credit 4 — 4 AULC balance, end of period $ 98 $ 2 $ 100 ACL balance, end of period $ 643 $ 221 $ 864 |
MORTGAGE LOAN SALES AND SERVI_2
MORTGAGE LOAN SALES AND SERVICING RIGHTS (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Transfers and Servicing [Abstract] | |
Summarizes activity relating to loans securitized sold with servicing retained | The following table summarizes activity relating to residential mortgage loans sold with servicing retained for the three-month periods ended March 31, 2020 and 2019 : Three Months Ended (dollar amounts in millions) 2020 2019 Residential mortgage loans sold with servicing retained $ 1,428 $ 833 Pretax gains resulting from above loan sales (1) 39 12 (1) Recorded in mortgage banking income |
Summarizes activity relating to loans sold with servicing retained using the fair value method | The following table summarizes the changes in MSRs recorded using the fair value method for the three-month periods ended March 31, 2020 and 2019 (1): Three Months Ended (dollar amounts in millions) 2020 2019 (1) Fair value, beginning of period $ 7 $ 10 Fair value election for servicing assets previously measured using the amortized method 205 — New servicing assets created 14 — Change in fair value during the period due to: Time decay (2) (2 ) — Payoffs (3) (6 ) — Changes in valuation inputs or assumptions (4) (53 ) — Fair value, end of period $ 165 $ 10 Weighted-average life (years) 6.4 6.6 (1) Prior to January 1, 2020, substantially all of Huntington’s MSR assets were recorded at amortized cost. (2) Represents decrease in value due to passage of time, including the impact from both regularly scheduled loan principal payments and partial loan paydowns. (3) Represents decrease in value associated with loans that paid off during the period. (4) Represents change in value resulting primarily from market-driven changes in interest rates and prepayment speeds. |
Summary of key assumptions and the sensitivity of the servicing rights value to changes in the assumptions | For MSRs under the fair value method, a summary of key assumptions and the sensitivity of the MSR value to changes in these assumptions at March 31, 2020 , and December 31, 2019 follows: March 31, 2020 December 31, 2019 (1) Decline in fair value due to Decline in fair value due to (dollar amounts in millions) Actual 10% 20% Actual 10% 20% Constant prepayment rate (annualized) 17.83 % $ (9 ) $ (17 ) 8.21 % $ — $ — Spread over forward interest rate swap rates 846 bps (4 ) (8 ) 824 bps — — |
OTHER COMPREHENSIVE INCOME (Tab
OTHER COMPREHENSIVE INCOME (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Equity [Abstract] | |
Components of other comprehensive income | The components of Huntington’s OCI for the three-month periods ended March 31, 2020 and 2019 , were as follows: Three Months Ended Tax (expense) (dollar amounts in millions) Pretax Benefit After-tax Unrealized holding gains (losses) on available-for-sale securities arising during the period $ 217 $ (48 ) $ 169 Less: Reclassification adjustment for realized net losses (gains) included in net income 5 (1 ) 4 Net change in unrealized holding gains (losses) on available-for-sale securities 222 (49 ) 173 Net change in fair value on cash flow hedges 396 (88 ) 308 Net change in pension and other post-retirement obligations 2 — 2 Total other comprehensive income (loss) $ 620 $ (137 ) $ 483 Three Months Ended Tax (expense) (dollar amounts in millions) Pretax Benefit After-tax Unrealized holding gains (losses) on available-for-sale securities arising during the period $ 184 $ (41 ) $ 143 Less: Reclassification adjustment for realized net losses (gains) included in net income 4 (1 ) 3 Net change in unrealized holding gains (losses) on available-for-sale securities 188 (42 ) 146 Net change in fair value on cash flow hedges 8 (1 ) 7 Net change in pension and other post-retirement obligations 1 — 1 Total other comprehensive income (loss) $ 197 $ (43 ) $ 154 |
Activity in accumulated other comprehensive income, net of tax | Activity in accumulated OCI for the three -month periods ended March 31, 2020 and 2019 , were as follows: (dollar amounts in millions) Unrealized gains (losses) on debt securities (1) Change in fair value related to cash flow hedges Unrealized gains (losses) for pension and other post- retirement obligations Total Three Months Ended March 31, 2020 Balance, beginning of period $ (28 ) $ 23 $ (251 ) $ (256 ) Other comprehensive income before reclassifications 169 308 — 477 Amounts reclassified from accumulated OCI to earnings 4 — 2 6 Period change 173 308 2 483 Balance, end of period $ 145 $ 331 $ (249 ) $ 227 Three Months Ended March 31, 2019 Balance, beginning of period $ (363 ) $ — $ (246 ) $ (609 ) Other comprehensive income before reclassifications 143 7 — 150 Amounts reclassified from accumulated OCI to earnings 3 — 1 4 Period change 146 7 1 154 Balance, end of period $ (217 ) $ 7 $ (245 ) $ (455 ) (1) AOCI amounts at March 31, 2020 , December 31, 2019 and March 31, 2019 include $87 million , $121 million and $134 million |
Reclassification Out Of Accumulated OCI | 1) AOCI amounts at March 31, 2020 , December 31, 2019 and March 31, 2019 include $87 million , $121 million and $134 million , respectively, net of unrealized losses on securities transferred from the available-for-sale securities portfolio to the held-to-maturity securities portfolio. The net unrealized losses will be recognized in earnings over the remaining life of the security using the effective interest method. |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
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, 2020 and 2019 was as follows: Three Months Ended (dollar amounts in millions, except per share data, share count in thousands) 2020 2019 Basic earnings per common share: Net income $ 48 $ 358 Preferred stock dividends (18 ) (19 ) Net income available to common shareholders $ 30 $ 339 Average common shares issued and outstanding 1,017,643 1,046,995 Basic earnings per common share $ 0.03 $ 0.32 Diluted earnings per common share: Dilutive potential common shares: Stock options and restricted stock units and awards 12,363 14,807 Shares held in deferred compensation plans 4,570 3,836 Dilutive potential common shares 16,933 18,643 Total diluted average common shares issued and outstanding 1,034,576 1,065,638 Diluted earnings per common share $ 0.03 $ 0.32 Anti-dilutive awards (1) 8,045 3,963 |
NONINTEREST INCOME NONINTEREST
NONINTEREST INCOME NONINTEREST INCOME (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Disaggregation of Revenue [Line Items] | |
Schedule of Noninterest Income | The following table illustrates the disaggregation by operating segment and major revenue stream and reconciles disaggregated revenue to segment revenue presented in Note 15 “ Segment Reporting ”. Three Months Ended March 31, 2020 (dollar amounts in millions) Consumer & Business Banking Commercial Banking Vehicle Finance RBHPCG Treasury / Other Huntington Consolidated Major Revenue Streams Service charges on deposit accounts $ 68 $ 17 $ 1 $ 1 $ — $ 87 Card and payment processing income 52 4 — — — 56 Trust and investment management services 10 1 — 36 — 47 Insurance income 8 2 — 12 1 23 Other noninterest income 8 3 1 1 1 14 Net revenue from contracts with customers $ 146 $ 27 $ 2 $ 50 $ 2 $ 227 Noninterest income within the scope of other GAAP topics 66 59 1 — 8 134 Total noninterest income $ 212 $ 86 $ 3 $ 50 $ 10 $ 361 Three Months Ended March 31, 2019 (dollar amounts in millions) Consumer & Business Banking Commercial Banking Vehicle Finance RBHPCG Treasury / Other Huntington Consolidated Major Revenue Streams Service charges on deposit accounts $ 69 $ 16 $ 1 $ 1 $ — $ 87 Card and payment processing income 50 3 — — — 53 Trust and investment management services 8 — — 35 1 44 Insurance income 8 2 — 11 — 21 Other noninterest income 8 5 1 3 — 17 Net revenue from contracts with customers $ 143 $ 26 $ 2 $ 50 $ 1 $ 222 Noninterest income within the scope of other GAAP topics 31 50 — 1 15 97 Total noninterest income $ 174 $ 76 $ 2 $ 51 $ 16 $ 319 (dollar amounts in millions) Three Months Ended March 31, Noninterest income 2020 2019 Noninterest income from contracts with customers $ 227 $ 222 Noninterest income within the scope of other GAAP topics 134 97 Total noninterest income $ 361 $ 319 |
FAIR VALUES OF ASSETS AND LIA_2
FAIR VALUES OF ASSETS AND LIABILITIES (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
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, 2020 and December 31, 2019 are summarized below: Fair Value Measurements at Reporting Date Using Netting Adjustments (1) March 31, 2020 (dollar amounts in millions) Level 1 Level 2 Level 3 Assets Trading account securities: Municipal securities $ — $ 28 $ — $ — $ 28 Other securities 8 — — — 8 8 28 — — 36 Available-for-sale securities: U.S. Treasury securities 8 — — — 8 Residential CMOs — 5,723 — — 5,723 Residential MBS — 4,304 — — 4,304 Commercial MBS — 849 — — 849 Other agencies — 147 — — 147 Municipal securities — 55 2,937 — 2,992 Private-label CMO — — 2 — 2 Asset-backed securities — 478 69 — 547 Corporate debt — 47 — — 47 Other securities/sovereign debt — 3 — — 3 8 11,606 3,008 — 14,622 Other securities 50 — — — 50 Loans held for sale — 836 — — 836 Loans held for investment — 55 26 — 81 MSRs — — 165 — 165 Derivative assets — 2,342 42 (1,302 ) 1,082 Liabilities Derivative liabilities — 1,369 3 (1,066 ) 306 Fair Value Measurements at Reporting Date Using Netting Adjustments (1) December 31, 2019 (dollar amounts in millions) Level 1 Level 2 Level 3 Assets Trading account securities: Federal agencies: Other agencies $ — $ 4 $ — $ — $ 4 Municipal securities — 63 — — 63 Other securities 30 2 — — 32 30 69 — — 99 Available-for-sale securities: U.S. Treasury securities 10 — — — 10 Residential CMOs — 5,085 — — 5,085 Residential MBS — 4,222 — — 4,222 Commercial MBS — 976 — — 976 Other agencies — 165 — — 165 Municipal securities — 56 2,999 — 3,055 Private-label CMO — — 2 — 2 Asset-backed securities — 531 48 — 579 Corporate debt — 51 — — 51 Other securities/sovereign debt — 4 — — 4 10 11,090 3,049 — 14,149 Other securities 54 — — — 54 Loans held for sale — 781 — — 781 Loans held for investment — 55 26 — 81 MSRs — — 7 — 7 Derivative assets — 848 8 (404 ) 452 Liabilities Derivative liabilities — 519 2 (417 ) 104 (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 | The tables below present a rollforward of the balance sheet amounts for the three-month periods ended March 31, 2020 and 2019 , 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 millions) MSRs Derivative instruments Municipal securities Private- label CMO Asset-backed securities Loans held for investment Opening balance $ 7 $ 6 $ 2,999 $ 2 $ 48 $ 26 Fair value election for servicing assets previously measured using the amortized method 205 — — — — — Transfers out of Level 3 (1) — (20 ) — — — — Total gains/losses for the period: Included in earnings (47 ) 53 (1 ) — — — Included in OCI — — (68 ) — — — Purchases/originations — — 73 — 27 — Sales — — — — — — Repayments — — — — — — Settlements — — (66 ) — (6 ) — Closing balance $ 165 $ 39 $ 2,937 $ 2 $ 69 $ 26 Change in unrealized gains or losses for the period included in earnings for assets held at end of the reporting date $ (47 ) $ 34 $ — $ — $ — $ — Change in unrealized gains or losses for the period included in other comprehensive income for assets held at the end of the reporting period $ — $ — $ (68 ) $ — $ — $ — Level 3 Fair Value Measurements Available-for-sale securities (dollar amounts in millions) MSRs Derivative instruments Municipal securities Loans held for investment Opening balance $ 10 $ 2 $ 3,165 $ 30 Transfers out of Level 3 (1) — (9 ) — — Total gains/losses for the period: Included in earnings — 12 1 — Included in OCI — — 43 — Purchases/originations — — 81 — Sales — — — — Repayments — — — (1 ) Settlements — — (53 ) — Closing balance $ 10 $ 5 $ 3,237 $ 29 Change in unrealized gains or losses for the period included in earnings for assets held at end of the reporting date $ — $ 2 $ — $ — Change in unrealized gains or losses for the period included in other comprehensive income for assets held at the end of the reporting period $ — $ — $ 43 $ — (1) Transfers out of Level 3 represent the settlement value of the derivative instruments (i.e. interest rate lock agreements) that is transferred to loans held for sale, which is classified as Level 2. |
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, 2020 and 2019 : Level 3 Fair Value Measurements Available-for-sale securities (dollar amounts in millions) MSRs Derivative instruments Municipal securities Classification of gains and losses in earnings: Mortgage banking income $ (47 ) $ 53 $ — Interest and fee income — — (1 ) Total $ (47 ) $ 53 $ (1 ) Level 3 Fair Value Measurements Available-for-sale securities (dollar amounts in millions) MSRs Derivative instruments Municipal securities Classification of gains and losses in earnings: Mortgage banking income $ — $ 12 $ — Interest and fee income — — 1 Total $ — $ 12 $ 1 |
Assets and liabilities under the fair value option | The following tables present the fair value and aggregate principal balance of certain assets and liabilities under the fair value option: March 31, 2020 (dollar amounts in millions) Total Loans Loans that are 90 or more days past due Assets Fair value carrying amount Aggregate unpaid principal Difference Fair value carrying amount Aggregate unpaid principal Difference Loans held for sale $ 836 $ 791 $ 45 $ 1 $ 1 $ — Loans held for investment 81 86 (5 ) 5 5 — December 31, 2019 (dollar amounts in millions) Total Loans Loans that are 90 or more days past due Assets Fair value carrying amount Aggregate unpaid principal Difference Fair value carrying amount Aggregate unpaid principal Difference Loans held for sale $ 781 $ 755 $ 26 $ 2 $ 2 $ — Loans held for investment 81 87 (6 ) 3 4 (1 ) The following tables present the net gains (losses) from fair value changes for the three-month periods ended March 31, 2020 and 2019 . Net gains (losses) from fair value changes (dollar amounts in millions) Three Months Ended March 31, Assets 2020 2019 Loans held for sale (1) $ 19 $ (2 ) (1) The net gains (losses) from fair value changes are included in Mortgage banking income on the Unaudited Condensed Consolidated Statements of Income. |
Assets measured at fair value on a nonrecurring basis | The amounts measured at fair value on a nonrecurring basis at March 31, 2020 were as follows: Fair Value Measurements Using (dollar amounts in millions) 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 Collateral-dependent loans 63 — — 63 (17 ) Loans held for sale 11 — — 11 (2 ) |
Quantitative information about significant unobservable level 3 fair value measurement inputs | Quantitative Information about Level 3 Fair Value Measurements at March 31, 2020 (1) (dollar amounts in millions) Fair Value Valuation Technique Significant Unobservable Input Range Weighted Average Measured at fair value on a recurring basis: MSRs $ 165 Discounted cash flow Constant prepayment rate 12 % - 37 % 18 % Spread over forward interest rate swap rates 5 % - 11 % 8 % Derivative assets 42 Consensus Pricing Net market price (5 )% - 13 % 4 % Estimated Pull through % 3 % - 100 % 85 % Municipal securities 2,937 Discounted cash flow Discount rate 3 % - 3 % 3 % Asset-backed securities 69 Cumulative default 0 % - 39 % 4 % Loss given default 5 % - 80 % 24 % Measured at fair value on a nonrecurring basis: Collateral-dependent loans 63 Appraisal value NA NA (1) Certain disclosures related to quantitative level 3 fair value measurements do not include those deemed to be immaterial. Quantitative Information about Level 3 Fair Value Measurements at December 31, 2019 (1) (dollar amounts in millions) Fair Value Valuation Technique Significant Unobservable Input Range Weighted Average Measured at fair value on a recurring basis: MSRs $ 7 Discounted cash flow Constant prepayment rate — % - 26 % 8 % Spread over forward interest rate swap rates 5 % - 11 % 8 % Derivative assets 8 Consensus Pricing Net market price (2 )% - 11 % 2 % Estimated Pull through % 2 % - 100 % 91 % Municipal securities 2,999 Discounted cash flow Discount rate 2 % - 3 % 2 % Asset-backed securities 48 Cumulative default — % - 39 % 4 % Loss given default 5 % - 80 % 24 % Measured at fair value on a nonrecurring basis: MSRs 206 Discounted cash flow Constant prepayment rate 10 % - 31 % 12 % Spread over forward interest rate swap rates 5 % - 11 % 9 % Impaired loans 26 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 at March 31, 2020 and December 31, 2019 : March 31, 2020 (dollar amounts in millions) Amortized Cost Lower of Cost or Market Fair Value or Fair Value Option Total Carrying Amount Estimated Fair Value Financial Assets Cash and short-term assets $ 1,904 $ — $ — $ 1,904 $ 1,904 Trading account securities — — 36 36 36 Available-for-sale securities — — 14,622 14,622 14,622 Held-to-maturity securities 10,193 — — 10,193 10,523 Other securities 438 — 50 488 488 Loans held for sale — 161 836 997 1,000 Net loans and leases (1) 76,450 — 81 76,531 77,059 Derivative assets — — 1,082 1,082 1,082 Financial Liabilities Deposits 86,830 — — 86,830 86,843 Short-term borrowings 2,826 — — 2,826 2,826 Long-term debt 9,796 — — 9,796 9,654 Derivative liabilities — — 306 306 306 December 31, 2019 (dollar amounts in millions) Amortized Cost Lower of Cost or Market Fair Value or Fair Value Option Total Carrying Amount Estimated Fair Value Financial Assets Cash and short-term assets $ 1,272 $ — $ — $ 1,272 $ 1,272 Trading account securities — — 99 99 99 Available-for-sale securities — — 14,149 14,149 14,149 Held-to-maturity securities 9,070 — — 9,070 9,186 Other securities 387 — 54 441 441 Loans held for sale — 96 781 877 879 Net loans and leases (1) 74,540 — 81 74,621 75,177 Derivative assets — — 452 452 452 Financial Liabilities Deposits 82,347 — — 82,347 82,344 Short-term borrowings 2,606 — — 2,606 2,606 Long-term debt 9,849 — — 9,849 10,075 Derivative liabilities — — 104 104 104 (1) Includes collateral-dependent loans. The following table presents the level in the fair value hierarchy for the estimated fair values at March 31, 2020 and December 31, 2019 : Estimated Fair Value Measurements at Reporting Date Using Netting Adjustments (1) March 31, 2020 (dollar amounts in millions) Level 1 Level 2 Level 3 Financial Assets Trading account securities $ 8 $ 28 $ — $ 36 Available-for-sale securities 8 11,606 3,008 14,622 Held-to-maturity securities — 10,523 — 10,523 Other securities (2) 50 — — 50 Loans held for sale — 836 164 1,000 Net loans and direct financing leases — 55 77,004 77,059 Derivative assets — 2,342 42 (1,302 ) 1,082 Financial Liabilities Deposits — 82,071 4,772 86,843 Short-term borrowings — — 2,826 2,826 Long-term debt — 9,004 650 9,654 Derivative liabilities — 1,369 3 (1,066 ) 306 Estimated Fair Value Measurements at Reporting Date Using Netting Adjustments (1) December 31, 2019 (dollar amounts in millions) Level 1 Level 2 Level 3 Financial Assets Trading account securities $ 30 $ 69 $ — $ 99 Available-for-sale securities 10 11,090 3,049 14,149 Held-to-maturity securities — 9,186 — 9,186 Other securities (2) 54 — — 54 Loans held for sale — 781 98 879 Net loans and direct financing leases — 55 75,122 75,177 Derivative assets — 848 8 (404 ) 452 Financial Liabilities Deposits — 76,790 5,554 82,344 Short-term borrowings — — 2,606 2,606 Long-term debt — 9,439 636 10,075 Derivative liabilities — 519 2 (417 ) 104 |
DERIVATIVE FINANCIAL INSTRUME_2
DERIVATIVE FINANCIAL INSTRUMENTS (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Asset and liability derivatives included in accrued income and other assets | March 31, 2020 December 31, 2019 (dollar amounts in millions) Notional Value Asset Liability Notional Value Asset Liability Derivatives designated as Hedging Instruments Interest rate contracts $ 27,415 $ 971 $ 72 $ 25,927 $ 256 $ 36 Derivatives not designated as Hedging Instruments Interest rate contracts 31,136 1,063 928 27,614 420 314 Foreign exchange contracts 2,110 44 42 2,173 19 18 Commodities contracts 2,606 306 303 3,020 155 152 Equity contracts 408 — 27 427 6 1 Total Contracts $ 63,675 $ 2,384 $ 1,372 $ 59,161 $ 856 $ 521 |
Gains and (losses) recognized in other comprehensive income (loss) (OCI) for derivatives designated as effective cash flow hedges | The following table presents the amount of gain or loss recognized in income for derivatives not designated as hedging instruments under ASC Subtopic 815-10 in the Unaudited Condensed Consolidated Income Statement for the three-month periods ended March 31, 2020 and 2019 , respectively. Location of Gain or (Loss) Recognized in Income on Derivative Amount of Gain or (Loss) Recognized in Income on Derivative Three Months Ended March 31, (dollar amounts in millions) 2020 2019 Interest rate contracts: Customer Capital markets fees $ 18 $ 10 Mortgage Banking Mortgage banking income 96 12 Foreign exchange contracts Capital markets fees 6 8 Commodities contracts Capital markets fees 2 (6 ) Equity contracts Other noninterest expense (2 ) (1 ) Total $ 120 $ 23 |
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, 2020 and December 31, 2019 , identified by the underlying interest rate-sensitive instruments. March 31, 2020 (dollar amounts in millions) Fair Value Hedges Cash Flow Hedges Total Instruments associated with: Loans $ — $ 19,375 $ 19,375 Long-term debt 8,040 — 8,040 Total notional value at March 31, 2020 $ 8,040 $ 19,375 $ 27,415 December 31, 2019 (dollar amounts in millions) Fair Value Hedges Cash Flow Hedges Total Instruments associated with: Loans — 18,375 18,375 Investment securities $ — $ 12 $ 12 Long-term debt 7,540 — 7,540 Total notional value at December 31, 2019 $ 7,540 $ 18,387 $ 25,927 |
Increase or (decrease) to interest expense for derivatives designated as fair value hedges | The following table presents the change in fair value for derivatives designated as fair value hedges as well as the offsetting change in fair value on the hedged item for the three-month periods ended March 31, 2020 and 2019 . Three Months Ended March 31, 2020 (dollar amounts in millions) 2020 2019 Interest rate contracts Change in fair value of interest rate swaps hedging long-term debt (1) $ 200 $ 41 Change in fair value of hedged long term debt (1) (190 ) (41 ) (1) Recognized in Interest expense—long-term debt in the Unaudited Condensed Consolidated Statements of Income . |
Amounts recorded on the balance sheet related to cumulative basis adjustments | As of March 31, 2020 , and December 31, 2019 , the following amounts were recorded on the balance sheet related to cumulative basis adjustments for fair value hedges. Carrying Amount of the Hedged Liabilities Cumulative Amount of Fair Value Hedging Adjustment To Hedged Liabilities (dollar amounts in millions) March 31, 2020 December 31, 2019 March 31, 2020 December 31, 2019 Long-term debt $ 7,775 $ 7,578 $ 304 $ 114 The cumulative amount of fair value hedging adjustments remaining for any hedged assets and liabilities for which hedge accounting has been discontinued was $(84) million and $(93) million at March 31, 2020 and December 31, 2019 , respectively. |
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, 2020 and December 31, 2019 . Offsetting of Financial Assets and Derivative Assets Gross amounts Net amounts of Gross amounts not offset in the (dollar amounts in millions) Gross amounts of recognized assets Financial instruments Cash collateral received Net amount March 31, 2020 Derivatives $ 2,384 $ (1,302 ) $ 1,082 $ (115 ) $ (62 ) $ 905 December 31, 2019 Derivatives 856 (404 ) 452 (65 ) (29 ) 358 |
Offsetting of financial liabilities and derivative liabilities | Offsetting of Financial Liabilities and Derivative Liabilities Gross amounts offset in the unaudited condensed consolidated balance sheets Net amounts of liabilities presented in the unaudited condensed consolidated balance sheets Gross amounts not offset in the unaudited condensed consolidated balance sheets (dollar amounts in millions) Gross amounts of recognized liabilities Financial instruments Cash collateral delivered Net amount March 31, 2020 Derivatives $ 1,372 $ (1,066 ) $ 306 $ — $ (108 ) $ 198 December 31, 2019 Derivatives 521 (417 ) 104 — (75 ) 29 |
VIEs (Tables)
VIEs (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
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, 2020 , and December 31, 2019 : March 31, 2020 (dollar amounts in millions) Total Assets Total Liabilities Maximum Exposure to Loss Trust Preferred Securities $ 14 $ 252 $ — Affordable Housing Tax Credit Partnerships 803 386 803 Other Investments 184 61 184 Total $ 1,001 $ 699 $ 987 December 31, 2019 (dollar amounts in millions) Total Assets Total Liabilities Maximum Exposure to Loss Trust Preferred Securities $ 14 $ 252 $ — Affordable Housing Tax Credit Partnerships 727 332 727 Other Investments 179 63 179 Total $ 920 $ 647 $ 906 |
Summary of Outstanding Trust Preferred Securities | A list of trust preferred securities outstanding at March 31, 2020 follows: (dollar amounts in millions) Rate Principal amount of subordinated note/ debenture issued to trust (1) Investment in unconsolidated subsidiary Huntington Capital I 2.15 % (2) $ 70 $ 6 Huntington Capital II 2.08 (3) 32 3 Sky Financial Capital Trust III 2.85 (4) 72 2 Sky Financial Capital Trust IV 2.85 (4) 74 2 Camco Financial Trust 2.78 (5) 4 1 Total $ 252 $ 14 (1) Represents the principal amount of debentures issued to each trust, including unamortized original issue discount. (2) Variable effective rate at March 31, 2020 , based on three-month LIBOR + 0.70% . (3) Variable effective rate at March 31, 2020 , based on three-month LIBOR + 0.625% . (4) Variable effective rate at March 31, 2020 , based on three-month LIBOR + 1.40% . (5) Variable effective rate at March 31, 2020 , 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, 2020 and December 31, 2019 . (dollar amounts in millions) March 31, December 31, Affordable housing tax credit investments $ 1,343 $ 1,242 Less: amortization (540 ) (515 ) Net affordable housing tax credit investments $ 803 $ 727 Unfunded commitments $ 386 $ 332 The following table presents other information relating to Huntington’s affordable housing tax credit investments for the three-month periods ended March 31, 2020 and 2019 . Three Months Ended (dollar amounts in millions) 2020 2019 Tax credits and other tax benefits recognized $ 29 $ 27 Proportional amortization expense included in provision for income taxes 25 22 |
COMMITMENTS AND CONTINGENT LI_2
COMMITMENTS AND CONTINGENT LIABILITIES (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
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, 2020 and December 31, 2019 , were as follows: (dollar amounts in millions) March 31, December 31, Contract amount representing credit risk Commitments to extend credit: Commercial $ 16,174 $ 18,326 Consumer 14,526 14,831 Commercial real estate 1,164 1,364 Standby letters of credit 570 587 Commercial letters of credit 5 8 |
SEGMENT REPORTING (Tables)
SEGMENT REPORTING (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | Three Months Ended March 31, Income Statements Consumer & Business Banking Commercial Banking Vehicle Finance RBHPCG Treasury / Other Huntington Consolidated (dollar amounts in millions) 2020 Net interest income $ 364 $ 232 $ 106 $ 43 $ 45 $ 790 Provision (benefit) for credit losses 82 298 60 1 — 441 Noninterest income 212 86 3 50 10 361 Noninterest expense 418 129 35 62 8 652 Provision (benefit) for income taxes 16 (23 ) 3 6 8 10 Net income (loss) $ 60 $ (86 ) $ 11 $ 24 $ 39 $ 48 2019 Net interest income $ 471 $ 273 $ 95 $ 53 $ (70 ) $ 822 Provision (benefit) for credit losses 17 43 9 (2 ) — 67 Noninterest income 174 76 2 51 16 319 Noninterest expense 398 141 37 64 13 653 Provision (benefit) for income taxes 48 35 11 9 (40 ) 63 Net income (loss) $ 182 $ 130 $ 40 $ 33 $ (27 ) $ 358 Assets at Deposits at (dollar amounts in millions) March 31, December 31, March 31, December 31, Consumer & Business Banking $ 24,917 $ 25,073 $ 51,898 $ 51,675 Commercial Banking 37,318 34,337 23,530 20,762 Vehicle Finance 20,431 20,155 525 376 RBHPCG 6,747 6,665 6,265 6,370 Treasury / Other 24,484 22,772 4,612 3,164 Total $ 113,897 $ 109,002 $ 86,830 $ 82,347 |
Segment Disclosure of Assets and Deposits | Assets at Deposits at (dollar amounts in millions) March 31, December 31, March 31, December 31, Consumer & Business Banking $ 24,917 $ 25,073 $ 51,898 $ 51,675 Commercial Banking 37,318 34,337 23,530 20,762 Vehicle Finance 20,431 20,155 525 376 RBHPCG 6,747 6,665 6,265 6,370 Treasury / Other 24,484 22,772 4,612 3,164 Total $ 113,897 $ 109,002 $ 86,830 $ 82,347 |
INVESTMENT SECURITIES AND OTH_3
INVESTMENT SECURITIES AND OTHER SECURITIES - Schedule of Amortized Cost, Fair Value, and Gross Unrealized Gains and Losses (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Schedule of investment securities and other securities [Line Items] | ||
Debt Securities, Available-for-sale, Amortized Cost | $ 14,348 | $ 14,063 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 375 | 137 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 101 | 51 |
Debt Securities, Available-for-sale | 14,622 | 14,149 |
Held-to-maturity securities | 10,193 | 9,070 |
Debt Securities, Held-to-maturity, Accumulated Unrecognized Gain | 331 | 119 |
Debt Securities, Held-to-maturity, Accumulated Unrecognized Loss | (1) | (3) |
Debt Securities, Held-to-maturity, Fair Value | 10,523 | 9,186 |
Equity Securities, FV-NI, Cost | 487 | 441 |
Equity Securities, FV-NI, Accumulated Gross Unrealized Gain, before Tax | 1 | 0 |
Equity Securities, FV-NI, Accumulated Gross Unrealized Loss, before Tax | 0 | 0 |
Equity Securities, FV-NI | 488 | 441 |
US Treasury Securities [Member] | ||
Schedule of investment securities and other securities [Line Items] | ||
Debt Securities, Available-for-sale, Amortized Cost | 8 | 10 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 0 | 0 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 0 | 0 |
Debt Securities, Available-for-sale | 8 | 10 |
Collateralized Mortgage Obligations [Member] | ||
Schedule of investment securities and other securities [Line Items] | ||
Debt Securities, Available-for-sale, Amortized Cost | 5,512 | 5,055 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 212 | 48 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 1 | 18 |
Debt Securities, Available-for-sale | 5,723 | 5,085 |
Held-to-maturity securities | 2,316 | 2,351 |
Debt Securities, Held-to-maturity, Accumulated Unrecognized Gain | 108 | 33 |
Debt Securities, Held-to-maturity, Accumulated Unrecognized Loss | 0 | (3) |
Debt Securities, Held-to-maturity, Fair Value | 2,424 | 2,381 |
Residential Mortgage Backed Securities [Member] | ||
Schedule of investment securities and other securities [Line Items] | ||
Debt Securities, Available-for-sale, Amortized Cost | 4,167 | 4,180 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 137 | 45 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 0 | 3 |
Debt Securities, Available-for-sale | 4,304 | 4,222 |
Held-to-maturity securities | 3,704 | 2,463 |
Debt Securities, Held-to-maturity, Accumulated Unrecognized Gain | 121 | 50 |
Debt Securities, Held-to-maturity, Accumulated Unrecognized Loss | 0 | 0 |
Debt Securities, Held-to-maturity, Fair Value | 3,825 | 2,513 |
Commercial Mortgage Backed Securities [Member] | ||
Schedule of investment securities and other securities [Line Items] | ||
Debt Securities, Available-for-sale, Amortized Cost | 839 | 979 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 10 | 1 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 0 | 4 |
Debt Securities, Available-for-sale | 849 | 976 |
Held-to-maturity securities | 3,890 | 3,959 |
Debt Securities, Held-to-maturity, Accumulated Unrecognized Gain | 95 | 34 |
Debt Securities, Held-to-maturity, Accumulated Unrecognized Loss | (1) | 0 |
Debt Securities, Held-to-maturity, Fair Value | 3,984 | 3,993 |
Other Federal Agencies [Member] | ||
Schedule of investment securities and other securities [Line Items] | ||
Debt Securities, Available-for-sale, Amortized Cost | 145 | 165 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 2 | 1 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 0 | 1 |
Debt Securities, Available-for-sale | 147 | 165 |
Held-to-maturity securities | 279 | 293 |
Debt Securities, Held-to-maturity, Accumulated Unrecognized Gain | 7 | 2 |
Debt Securities, Held-to-maturity, Accumulated Unrecognized Loss | 0 | 0 |
Debt Securities, Held-to-maturity, Fair Value | 286 | 295 |
US Government-sponsored Enterprises Debt Securities [Member] | ||
Schedule of investment securities and other securities [Line Items] | ||
Debt Securities, Available-for-sale, Amortized Cost | 10,671 | 10,389 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 361 | 95 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 1 | 26 |
Debt Securities, Available-for-sale | 11,031 | 10,458 |
Held-to-maturity securities | 10,189 | 9,066 |
Debt Securities, Held-to-maturity, Accumulated Unrecognized Gain | 331 | 119 |
Debt Securities, Held-to-maturity, Accumulated Unrecognized Loss | (1) | (3) |
Debt Securities, Held-to-maturity, Fair Value | 10,519 | 9,182 |
Municipal securities | ||
Schedule of investment securities and other securities [Line Items] | ||
Debt Securities, Available-for-sale, Amortized Cost | 3,050 | 3,044 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 14 | 34 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 72 | 23 |
Debt Securities, Available-for-sale | 2,992 | 3,055 |
Held-to-maturity securities | 4 | 4 |
Debt Securities, Held-to-maturity, Accumulated Unrecognized Gain | 0 | 0 |
Debt Securities, Held-to-maturity, Accumulated Unrecognized Loss | 0 | 0 |
Debt Securities, Held-to-maturity, Fair Value | 4 | 4 |
Mortgage-backed Securities, Issued by Private Enterprises [Member] | ||
Schedule of investment securities and other securities [Line Items] | ||
Debt Securities, Available-for-sale, Amortized Cost | 2 | |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 0 | |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 0 | |
Debt Securities, Available-for-sale | 2 | |
Asset-backed Securities [Member] | ||
Schedule of investment securities and other securities [Line Items] | ||
Debt Securities, Available-for-sale, Amortized Cost | 574 | 575 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 0 | 6 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 27 | 2 |
Debt Securities, Available-for-sale | 547 | 579 |
Corporate Debt Securities [Member] | ||
Schedule of investment securities and other securities [Line Items] | ||
Debt Securities, Available-for-sale, Amortized Cost | 48 | 49 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 0 | 2 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 1 | 0 |
Debt Securities, Available-for-sale | 47 | 51 |
Other Securities [Member] | ||
Schedule of investment securities and other securities [Line Items] | ||
Debt Securities, Available-for-sale, Amortized Cost | 3 | 4 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 0 | 0 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 0 | 0 |
Debt Securities, Available-for-sale | 3 | 4 |
Mutual Fund [Member] | ||
Schedule of investment securities and other securities [Line Items] | ||
Equity Securities, FV-NI, Cost | 46 | 53 |
Equity Securities, FV-NI, Accumulated Gross Unrealized Gain, before Tax | 0 | 0 |
Equity Securities, FV-NI, Accumulated Gross Unrealized Loss, before Tax | 0 | 0 |
Equity Securities, FV-NI | 46 | 53 |
Equity Securities [Member] | ||
Schedule of investment securities and other securities [Line Items] | ||
Equity Securities, FV-NI, Cost | 3 | 1 |
Equity Securities, FV-NI, Accumulated Gross Unrealized Gain, before Tax | 1 | 0 |
Equity Securities, FV-NI, Accumulated Gross Unrealized Loss, before Tax | 0 | 0 |
Equity Securities, FV-NI | 4 | 1 |
Investment in Federal Home Loan Bank Stock [Member] | Nonmarketable Equity Securities [Member] | ||
Schedule of investment securities and other securities [Line Items] | ||
Equity Securities, FV-NI, Cost | 140 | 90 |
Equity Securities, FV-NI, Accumulated Gross Unrealized Gain, before Tax | 0 | 0 |
Equity Securities, FV-NI, Accumulated Gross Unrealized Loss, before Tax | 0 | 0 |
Equity Securities, FV-NI | 140 | 90 |
Investment in Federal Reserve Stock [Member] | Nonmarketable Equity Securities [Member] | ||
Schedule of investment securities and other securities [Line Items] | ||
Equity Securities, FV-NI, Cost | 298 | 297 |
Equity Securities, FV-NI, Accumulated Gross Unrealized Gain, before Tax | 0 | 0 |
Equity Securities, FV-NI, Accumulated Gross Unrealized Loss, before Tax | 0 | 0 |
Equity Securities, FV-NI | $ 298 | $ 297 |
INVESTMENT SECURITIES AND OTH_4
INVESTMENT SECURITIES AND OTHER SECURITIES - Contractual Maturities (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Investments, Debt and Equity Securities [Abstract] | ||
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, within One Year, Amortized Cost | $ 257 | $ 231 |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, within One Year, Fair Value | 255 | 229 |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, after One Through Five Years, Amortized Cost | 1,338 | 1,196 |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, after One Through Five Years, Fair Value | 1,308 | 1,189 |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, after Five Through Ten Years, Amortized Cost | 1,402 | 1,594 |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, after Five Through Ten Years, Fair Value | 1,375 | 1,606 |
Debt Securities, Available-for-sale, Allocated and Single Maturity Date, Maturity, after 10 Years, Amortized Cost | 11,351 | 11,042 |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, after 10 Years, Fair Value | 11,684 | 11,125 |
Debt Securities, Available-for-sale, Amortized Cost | 14,348 | 14,063 |
Debt Securities, Available-for-sale | 14,622 | 14,149 |
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, within One Year, Amortized Cost | 0 | 0 |
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, within One Year, Fair Value | 0 | 0 |
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, after One Through Five Years, Amortized Cost | 157 | 17 |
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, after One Through Five Years, Fair Value | 164 | 17 |
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, after Five Through Ten Years, Amortized Cost | 149 | 300 |
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, after Five Through Ten Years, Fair Value | 154 | 305 |
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, after 10 Years, Amortized Cost | 9,887 | 8,753 |
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, after 10 Years, Fair Value | 10,205 | 8,864 |
Held-to-maturity securities | 10,193 | 9,070 |
Debt Securities, Held-to-maturity, Fair Value | $ 10,523 | $ 9,186 |
INVESTMENT SECURITIES AND OTH_5
INVESTMENT SECURITIES AND OTHER SECURITIES INVESTMENT SECURITIES AND OTHER SECURITIES - Continuous Unrealized Loss Position (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Investment securities and other securities disclosure [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | $ 1,721 | $ 3,323 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 53 | 21 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 1,223 | 2,041 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (48) | (30) |
Debt Securities, Available-for-sale, Unrealized Loss Position | 2,944 | 5,364 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | (101) | (51) |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | 150 | 678 |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 1 | 1 |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 4 | 112 |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | (2) |
Debt Securities, Held-to-maturity, Unrealized Loss Position, Fair Value | 154 | 790 |
Debt Securities, Held-to-maturity, Unrealized Loss Position, Accumulated Loss | 1 | 3 |
Collateralized Mortgage Obligations [Member] | ||
Investment securities and other securities disclosure [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 94 | 1,206 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 1 | 10 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 0 | 519 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | (8) |
Debt Securities, Available-for-sale, Unrealized Loss Position | 94 | 1,725 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | (1) | (18) |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | 0 | 218 |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 0 | 1 |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 0 | 112 |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | (2) |
Debt Securities, Held-to-maturity, Unrealized Loss Position, Fair Value | 0 | 330 |
Debt Securities, Held-to-maturity, Unrealized Loss Position, Accumulated Loss | 0 | 3 |
Residential Mortgage Backed Securities [Member] | ||
Investment securities and other securities disclosure [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 0 | 1,169 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 0 | 3 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 7 | 9 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | 0 |
Debt Securities, Available-for-sale, Unrealized Loss Position | 7 | 1,178 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 0 | (3) |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | 78 | 317 |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 0 | 0 |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 0 | 0 |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | 0 |
Debt Securities, Held-to-maturity, Unrealized Loss Position, Fair Value | 78 | 317 |
Debt Securities, Held-to-maturity, Unrealized Loss Position, Accumulated Loss | 0 | 0 |
Commercial Mortgage Backed Securities [Member] | ||
Investment securities and other securities disclosure [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 0 | 472 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 0 | 2 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 4 | 272 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | (2) |
Debt Securities, Available-for-sale, Unrealized Loss Position | 4 | 744 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 0 | (4) |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | 72 | 81 |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 1 | 0 |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 4 | 0 |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | 0 |
Debt Securities, Held-to-maturity, Unrealized Loss Position, Fair Value | 76 | 81 |
Debt Securities, Held-to-maturity, Unrealized Loss Position, Accumulated Loss | 1 | 0 |
Other Federal Agencies [Member] | ||
Investment securities and other securities disclosure [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 50 | 86 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 0 | 1 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 0 | 0 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | 0 |
Debt Securities, Available-for-sale, Unrealized Loss Position | 50 | 86 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 0 | (1) |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | 0 | 58 |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 0 | 0 |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 0 | 0 |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | 0 |
Debt Securities, Held-to-maturity, Unrealized Loss Position, Fair Value | 0 | 58 |
Debt Securities, Held-to-maturity, Unrealized Loss Position, Accumulated Loss | 0 | 0 |
US Government-sponsored Enterprises Debt Securities [Member] | ||
Investment securities and other securities disclosure [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 144 | 2,933 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 1 | 16 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 11 | 800 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | (10) |
Debt Securities, Available-for-sale, Unrealized Loss Position | 155 | 3,733 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | (1) | (26) |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | 150 | 674 |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 1 | 1 |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 4 | 112 |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | (2) |
Debt Securities, Held-to-maturity, Unrealized Loss Position, Fair Value | 154 | 786 |
Debt Securities, Held-to-maturity, Unrealized Loss Position, Accumulated Loss | 1 | 3 |
Municipal securities | ||
Investment securities and other securities disclosure [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 1,102 | 273 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 27 | 4 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 1,178 | 1,204 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (45) | (19) |
Debt Securities, Available-for-sale, Unrealized Loss Position | 2,280 | 1,477 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | (72) | (23) |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | 0 | 4 |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 0 | 0 |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 0 | 0 |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | 0 |
Debt Securities, Held-to-maturity, Unrealized Loss Position, Fair Value | 0 | 4 |
Debt Securities, Held-to-maturity, Unrealized Loss Position, Accumulated Loss | 0 | 0 |
Asset-backed Securities [Member] | ||
Investment securities and other securities disclosure [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 439 | 116 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 24 | 1 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 34 | 37 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (3) | (1) |
Debt Securities, Available-for-sale, Unrealized Loss Position | 473 | 153 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | (27) | (2) |
Corporate Debt Securities [Member] | ||
Investment securities and other securities disclosure [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 36 | 1 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 1 | 0 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 0 | 0 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | 0 |
Debt Securities, Available-for-sale, Unrealized Loss Position | 36 | 1 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | $ (1) | $ 0 |
INVESTMENT SECURITIES AND OTH_6
INVESTMENT SECURITIES AND OTHER SECURITIES - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |||
Available For Sale Securities Transferred To Held To Maturity Securities | $ 1,520 | $ 0 | |
Unrealized Net Losses Recognized In OCI At Time Of Transfer Of Available For Sale Securities Transferred To Held To Maturity Securities | 22 | ||
Pledged Financial Instruments, Not Separately Reported, Securities for Other Debt Facilities | $ 14,100 | $ 3,800 |
LOANS AND LEASES - Narrative (D
LOANS AND LEASES - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases receivable net premium | $ 543 | $ 525 | |
Residual Value of Leased Asset | 97 | 95 | |
Future lease rental payments | 1,800 | ||
Capital Leases, Future Minimum Payments Receivable, Next Twelve Months | 700 | ||
Capital Leases, Future Minimum Payments, Receivable in Two Years | 500 | ||
Capital Leases, Future Minimum Payments, Receivable in Three Years | 300 | ||
Capital Leases, Future Minimum Payments, Receivable in Four Years | 100 | ||
Capital Leases, Future Minimum Payments, Receivable in Five Years | 100 | ||
Capital Leases, Future Minimum Payments, Receivable Thereafter | 100 | ||
Direct Financing Lease, Interest Income | $ 27 | $ 26 | |
Number of days past due | 30 days | ||
Loans and Leases Receivable, Collateral for Secured Borrowings | $ 45,100 | $ 39,600 | |
Financing Receivable, Modifications, Effect of Modification | $ 9 | $ (3) |
LOANS AND LEASES - Loan and Lea
LOANS AND LEASES - Loan and Lease Portfolio Composition (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans and leases | [1] | $ 78,035 | $ 75,404 | ||
Allowance for loan and lease losses | (1,504) | (783) | $ (764) | $ (772) | |
Net loans and leases | 76,531 | 74,621 | |||
Commercial and Industrial | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans and leases | 32,959 | 30,664 | |||
Commercial Real Estate | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans and leases | 6,973 | 6,674 | |||
Commercial Real Estate [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans and leases | 6,674 | ||||
Automobile | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans and leases | 12,907 | 12,797 | |||
Home equity | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans and leases | 9,010 | 9,093 | |||
Residential Mortgage | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans and leases | 11,398 | 11,376 | |||
RV and marine | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans and leases | 3,643 | 3,563 | |||
Other Consumer | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans and leases | 1,145 | 1,237 | |||
Consumer | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Allowance for loan and lease losses | (508) | (231) | (219) | (230) | |
Consumer | Automobile | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans and leases | 12,797 | ||||
Consumer | Home equity | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans and leases | 9,092 | ||||
Consumer | RV and marine | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans and leases | 3,563 | ||||
Commercial and industrial | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans and leases | 30,664 | ||||
Allowance for loan and lease losses | $ (996) | $ (552) | $ (545) | $ (542) | |
[1] | (1) Amounts represent loans for which Huntington has elected the fair value option. See Note 11 “ Fair Values of Assets and Liabilities ”. |
LOANS AND LEASES LOANS AND LE_2
LOANS AND LEASES LOANS AND LEASES - Direct Financing Leases (Details) - Commercial and industrial - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Capital Leases, Net Investment in Direct Financing Leases, Minimum Payments to be Received | $ 1,815 | $ 1,841 |
Capital Leases, Net Investment in Direct Financing Leases, Unguaranteed Residual Values of Leased Property | 722 | 728 |
Capital Leases Gross Investment In Direct Financing Leases | 2,537 | 2,569 |
Capital Leases, Net Investment in Direct Financing Leases, Initial Direct Costs | 20 | 19 |
Capital Leases, Net Investment in Direct Financing Leases, Deferred Income | 237 | 249 |
Capital Leases, Net Investment in Direct Financing Leases | $ 2,320 | $ 2,339 |
LOANS AND LEASES - Nonaccrual L
LOANS AND LEASES - Nonaccrual Loans by Loan Class (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total nonaccrual loans | $ 558 | $ 468 |
Nonaccrual loans with no ACL | 73 | 111 |
Commercial and industrial | Commercial and Industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total nonaccrual loans | 396 | 323 |
Nonaccrual loans with no ACL | 72 | 109 |
Commercial and industrial | Commercial Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total nonaccrual loans | 30 | 10 |
Nonaccrual loans with no ACL | 1 | 2 |
Consumer | Automobile | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total nonaccrual loans | 6 | 4 |
Nonaccrual loans with no ACL | 0 | 0 |
Consumer | Home equity | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total nonaccrual loans | 58 | 59 |
Nonaccrual loans with no ACL | 0 | 0 |
Consumer | Residential Mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total nonaccrual loans | 66 | 71 |
Nonaccrual loans with no ACL | 0 | 0 |
Consumer | RV and marine | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total nonaccrual loans | 2 | 1 |
Nonaccrual loans with no ACL | 0 | 0 |
Consumer | Other Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total nonaccrual loans | 0 | 0 |
Nonaccrual loans with no ACL | $ 0 | $ 0 |
LOANS AND LEASES - NALs Past Du
LOANS AND LEASES - NALs Past Due (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Nonaccrual loans with no ACL | $ 73 | $ 111 | |
Total nonaccrual loans | 558 | 468 | |
Past Due | 777 | 788 | |
Current | 77,177 | 74,535 | |
Consumer loans | 81 | 81 | |
Loans and leases | [1] | 78,035 | 75,404 |
90 or more days past due and accruing | 167 | 171 | |
30-59 Days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 346 | 342 | |
60-89 Days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 119 | 129 | |
90 or more days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 312 | 317 | |
Commercial and Industrial | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 198 | 165 | |
Current | 32,761 | 30,499 | |
Consumer loans | 0 | 0 | |
Loans and leases | 32,959 | 30,664 | |
90 or more days past due and accruing | 10 | 11 | |
Commercial and Industrial | 30-59 Days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 96 | 65 | |
Commercial and Industrial | 60-89 Days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 31 | 31 | |
Commercial and Industrial | 90 or more days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 71 | 69 | |
Commercial Real Estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases | 6,674 | ||
Commercial Real Estate | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 20 | 11 | |
Current | 6,953 | 6,663 | |
Consumer loans | 0 | 0 | |
Loans and leases | 6,973 | 6,674 | |
90 or more days past due and accruing | 0 | 0 | |
Commercial Real Estate | 30-59 Days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 12 | 3 | |
Commercial Real Estate | 60-89 Days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 2 | 1 | |
Commercial Real Estate | 90 or more days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 6 | 7 | |
Automobile | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 120 | 125 | |
Current | 12,787 | 12,672 | |
Consumer loans | 0 | 0 | |
Loans and leases | 12,907 | 12,797 | |
90 or more days past due and accruing | 8 | 8 | |
Automobile | 30-59 Days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 90 | 95 | |
Automobile | 60-89 Days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 18 | 19 | |
Automobile | 90 or more days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 12 | 11 | |
Home equity | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 112 | 120 | |
Current | 8,897 | 8,972 | |
Consumer loans | 1 | 1 | |
Loans and leases | 9,010 | 9,093 | |
90 or more days past due and accruing | 12 | 14 | |
Home equity | 30-59 Days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 46 | 50 | |
Home equity | 60-89 Days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 18 | 19 | |
Home equity | 90 or more days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 48 | 51 | |
Residential Mortgage | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 286 | 322 | |
Current | 11,032 | 10,974 | |
Consumer loans | 80 | 80 | |
Loans and leases | 11,398 | 11,376 | |
90 or more days past due and accruing | 131 | 129 | |
Residential Mortgage | 30-59 Days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 76 | 103 | |
Residential Mortgage | 60-89 Days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 42 | 49 | |
Residential Mortgage | 90 or more days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 168 | 170 | |
RV and marine | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 21 | 19 | |
Current | 3,622 | 3,544 | |
Consumer loans | 0 | 0 | |
Loans and leases | 3,643 | 3,563 | |
90 or more days past due and accruing | 2 | 2 | |
RV and marine | 30-59 Days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 15 | 13 | |
RV and marine | 60-89 Days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 3 | 4 | |
RV and marine | 90 or more days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 3 | 2 | |
Other Consumer | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 20 | 26 | |
Current | 1,125 | 1,211 | |
Consumer loans | 0 | 0 | |
Loans and leases | 1,145 | 1,237 | |
90 or more days past due and accruing | 4 | 7 | |
Other Consumer | 30-59 Days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 11 | 13 | |
Other Consumer | 60-89 Days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 5 | 6 | |
Other Consumer | 90 or more days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 4 | 7 | |
Commercial and industrial | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases | 30,664 | ||
Commercial and industrial | Commercial and Industrial | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Nonaccrual loans with no ACL | 72 | 109 | |
Total nonaccrual loans | 396 | 323 | |
Commercial and industrial | Commercial Real Estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Nonaccrual loans with no ACL | 1 | 2 | |
Total nonaccrual loans | 30 | 10 | |
Consumer | Automobile | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Nonaccrual loans with no ACL | 0 | 0 | |
Total nonaccrual loans | 6 | 4 | |
Loans and leases | 12,797 | ||
Consumer | Home equity | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Nonaccrual loans with no ACL | 0 | 0 | |
Total nonaccrual loans | 58 | 59 | |
Loans and leases | 9,092 | ||
Consumer | Residential Mortgage | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Nonaccrual loans with no ACL | 0 | 0 | |
Total nonaccrual loans | 66 | 71 | |
Consumer | RV and marine | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Nonaccrual loans with no ACL | 0 | 0 | |
Total nonaccrual loans | 2 | 1 | |
Loans and leases | 3,563 | ||
Consumer | Other Consumer | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Nonaccrual loans with no ACL | 0 | 0 | |
Total nonaccrual loans | $ 0 | $ 0 | |
[1] | (1) Amounts represent loans for which Huntington has elected the fair value option. See Note 11 “ Fair Values of Assets and Liabilities ”. |
LOANS AND LEASES - Vintage Cred
LOANS AND LEASES - Vintage Credit Quality (Details) $ in Millions | Mar. 31, 2020USD ($) |
Commercial and industrial | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2020 | $ 2,842 |
2019 | 6,715 |
2018 | 4,237 |
2017 | 2,403 |
2016 | 1,492 |
Prior | 1,744 |
Revolver Total at Amortized Cost Basis | 13,523 |
Revolver Total Converted to Term Loans | 3 |
Total | 32,959 |
Accrued interest | 83 |
Commercial and industrial | Pass | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2020 | 2,808 |
2019 | 6,501 |
2018 | 3,795 |
2017 | 2,210 |
2016 | 1,336 |
Prior | 1,497 |
Revolver Total at Amortized Cost Basis | 12,554 |
Revolver Total Converted to Term Loans | 3 |
Total | 30,704 |
Commercial and industrial | OLEM | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2020 | 11 |
2019 | 72 |
2018 | 169 |
2017 | 44 |
2016 | 38 |
Prior | 35 |
Revolver Total at Amortized Cost Basis | 258 |
Revolver Total Converted to Term Loans | 0 |
Total | 627 |
Commercial and industrial | Substandard | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2020 | 23 |
2019 | 142 |
2018 | 268 |
2017 | 149 |
2016 | 118 |
Prior | 211 |
Revolver Total at Amortized Cost Basis | 711 |
Revolver Total Converted to Term Loans | 0 |
Total | 1,622 |
Commercial and industrial | Doubtful | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2020 | 0 |
2019 | 0 |
2018 | 5 |
2017 | 0 |
2016 | 0 |
Prior | 1 |
Revolver Total at Amortized Cost Basis | 0 |
Revolver Total Converted to Term Loans | 0 |
Total | 6 |
Commercial real estate | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2020 | 397 |
2019 | 1,814 |
2018 | 1,523 |
2017 | 765 |
2016 | 733 |
Prior | 823 |
Revolver Total at Amortized Cost Basis | 918 |
Revolver Total Converted to Term Loans | 0 |
Total | 6,973 |
Commercial real estate | Pass | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2020 | 394 |
2019 | 1,798 |
2018 | 1,480 |
2017 | 724 |
2016 | 689 |
Prior | 786 |
Revolver Total at Amortized Cost Basis | 909 |
Revolver Total Converted to Term Loans | 0 |
Total | 6,780 |
Commercial real estate | OLEM | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2020 | 0 |
2019 | 12 |
2018 | 33 |
2017 | 5 |
2016 | 8 |
Prior | 13 |
Revolver Total at Amortized Cost Basis | 0 |
Revolver Total Converted to Term Loans | 0 |
Total | 71 |
Commercial real estate | Substandard | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2020 | 3 |
2019 | 4 |
2018 | 10 |
2017 | 36 |
2016 | 36 |
Prior | 23 |
Revolver Total at Amortized Cost Basis | 9 |
Revolver Total Converted to Term Loans | 0 |
Total | 121 |
Commercial real estate | Doubtful | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2020 | 0 |
2019 | 0 |
2018 | 0 |
2017 | 0 |
2016 | 0 |
Prior | 1 |
Revolver Total at Amortized Cost Basis | 0 |
Revolver Total Converted to Term Loans | 0 |
Total | 1 |
Consumer | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
Accrued interest | 117 |
Consumer | Automobile | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2020 | 1,329 |
2019 | 4,940 |
2018 | 3,103 |
2017 | 2,075 |
2016 | 986 |
Prior | 474 |
Revolver Total at Amortized Cost Basis | 0 |
Revolver Total Converted to Term Loans | 0 |
Total | 12,907 |
Consumer | Automobile | 750 plus | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2020 | 842 |
2019 | 2,495 |
2018 | 1,552 |
2017 | 1,150 |
2016 | 534 |
Prior | 242 |
Revolver Total at Amortized Cost Basis | 0 |
Revolver Total Converted to Term Loans | 0 |
Total | 6,815 |
Consumer | Automobile | 650-749 | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2020 | 439 |
2019 | 1,981 |
2018 | 1,168 |
2017 | 657 |
2016 | 306 |
Prior | 142 |
Revolver Total at Amortized Cost Basis | 0 |
Revolver Total Converted to Term Loans | 0 |
Total | 4,693 |
Consumer | Automobile | Less than 650 | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2020 | 48 |
2019 | 464 |
2018 | 383 |
2017 | 268 |
2016 | 146 |
Prior | 90 |
Revolver Total at Amortized Cost Basis | 0 |
Revolver Total Converted to Term Loans | 0 |
Total | 1,399 |
Consumer | Home equity | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2020 | 7 |
2019 | 54 |
2018 | 56 |
2017 | 60 |
2016 | 163 |
Prior | 904 |
Revolver Total at Amortized Cost Basis | 7,263 |
Revolver Total Converted to Term Loans | 502 |
Total | 9,009 |
Consumer | Home equity | 750 plus | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2020 | 4 |
2019 | 37 |
2018 | 43 |
2017 | 43 |
2016 | 117 |
Prior | 593 |
Revolver Total at Amortized Cost Basis | 4,617 |
Revolver Total Converted to Term Loans | 191 |
Total | 5,645 |
Consumer | Home equity | 650-749 | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2020 | 3 |
2019 | 17 |
2018 | 11 |
2017 | 16 |
2016 | 37 |
Prior | 217 |
Revolver Total at Amortized Cost Basis | 2,301 |
Revolver Total Converted to Term Loans | 193 |
Total | 2,795 |
Consumer | Home equity | Less than 650 | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2020 | 0 |
2019 | 0 |
2018 | 2 |
2017 | 1 |
2016 | 9 |
Prior | 94 |
Revolver Total at Amortized Cost Basis | 345 |
Revolver Total Converted to Term Loans | 118 |
Total | 569 |
Consumer | Residential mortgage | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2020 | 653 |
2019 | 2,509 |
2018 | 2,032 |
2017 | 1,996 |
2016 | 1,350 |
Prior | 2,777 |
Revolver Total at Amortized Cost Basis | 1 |
Revolver Total Converted to Term Loans | 0 |
Total | 11,318 |
Consumer | Residential mortgage | 750 plus | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2020 | 494 |
2019 | 1,726 |
2018 | 1,444 |
2017 | 1,534 |
2016 | 1,059 |
Prior | 1,807 |
Revolver Total at Amortized Cost Basis | 1 |
Revolver Total Converted to Term Loans | 0 |
Total | 8,065 |
Consumer | Residential mortgage | 650-749 | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2020 | 154 |
2019 | 748 |
2018 | 527 |
2017 | 387 |
2016 | 233 |
Prior | 631 |
Revolver Total at Amortized Cost Basis | 0 |
Revolver Total Converted to Term Loans | 0 |
Total | 2,680 |
Consumer | Residential mortgage | Less than 650 | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2020 | 5 |
2019 | 35 |
2018 | 61 |
2017 | 75 |
2016 | 58 |
Prior | 339 |
Revolver Total at Amortized Cost Basis | 0 |
Revolver Total Converted to Term Loans | 0 |
Total | 573 |
Consumer | RV and marine | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2020 | 257 |
2019 | 918 |
2018 | 1,016 |
2017 | 623 |
2016 | 287 |
Prior | 542 |
Revolver Total at Amortized Cost Basis | 0 |
Revolver Total Converted to Term Loans | 0 |
Total | 3,643 |
Consumer | RV and marine | 750 plus | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2020 | 211 |
2019 | 600 |
2018 | 720 |
2017 | 407 |
2016 | 184 |
Prior | 325 |
Revolver Total at Amortized Cost Basis | 0 |
Revolver Total Converted to Term Loans | 0 |
Total | 2,447 |
Consumer | RV and marine | 650-749 | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2020 | 46 |
2019 | 304 |
2018 | 269 |
2017 | 187 |
2016 | 86 |
Prior | 176 |
Revolver Total at Amortized Cost Basis | 0 |
Revolver Total Converted to Term Loans | 0 |
Total | 1,068 |
Consumer | RV and marine | Less than 650 | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2020 | 0 |
2019 | 14 |
2018 | 27 |
2017 | 29 |
2016 | 17 |
Prior | 41 |
Revolver Total at Amortized Cost Basis | 0 |
Revolver Total Converted to Term Loans | 0 |
Total | 128 |
Consumer | Other consumer | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2020 | 51 |
2019 | 173 |
2018 | 71 |
2017 | 25 |
2016 | 11 |
Prior | 19 |
Revolver Total at Amortized Cost Basis | 714 |
Revolver Total Converted to Term Loans | 81 |
Total | 1,145 |
Consumer | Other consumer | 750 plus | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2020 | 35 |
2019 | 74 |
2018 | 36 |
2017 | 12 |
2016 | 6 |
Prior | 11 |
Revolver Total at Amortized Cost Basis | 325 |
Revolver Total Converted to Term Loans | 2 |
Total | 501 |
Consumer | Other consumer | 650-749 | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2020 | 16 |
2019 | 85 |
2018 | 30 |
2017 | 11 |
2016 | 4 |
Prior | 6 |
Revolver Total at Amortized Cost Basis | 352 |
Revolver Total Converted to Term Loans | 30 |
Total | 534 |
Consumer | Other consumer | Less than 650 | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2020 | 0 |
2019 | 14 |
2018 | 5 |
2017 | 2 |
2016 | 1 |
Prior | 2 |
Revolver Total at Amortized Cost Basis | 37 |
Revolver Total Converted to Term Loans | 49 |
Total | $ 110 |
LOANS AND LEASES - Credit Quali
LOANS AND LEASES - Credit Quality Indicators (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Commercial and industrial | [1] | $ 78,035 | $ 75,404 |
Automobile | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Commercial and industrial | 12,907 | 12,797 | |
Home equity | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Commercial and industrial | 9,010 | 9,093 | |
RV and marine | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Commercial and industrial | $ 3,643 | 3,563 | |
Commercial and industrial | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Commercial and industrial | 30,664 | ||
Commercial and industrial | Pass | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Commercial and industrial | 28,477 | ||
Commercial and industrial | OLEM | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Commercial and industrial | 634 | ||
Commercial and industrial | Substandard | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Commercial and industrial | 1,551 | ||
Commercial and industrial | Doubtful | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Commercial and industrial | 2 | ||
Commercial real estate | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Commercial and industrial | 6,674 | ||
Commercial real estate | Pass | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Commercial and industrial | 6,487 | ||
Commercial real estate | OLEM | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Commercial and industrial | 98 | ||
Commercial real estate | Substandard | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Commercial and industrial | 88 | ||
Commercial real estate | Doubtful | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Commercial and industrial | 1 | ||
Consumer | Automobile | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Commercial and industrial | 12,797 | ||
Consumer | Automobile | 750 plus | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Commercial and industrial | 6,759 | ||
Consumer | Automobile | 650-749 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Commercial and industrial | 4,661 | ||
Consumer | Automobile | Less than 650 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Commercial and industrial | 1,377 | ||
Consumer | Home equity | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Commercial and industrial | 9,092 | ||
Consumer | Home equity | 750 plus | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Commercial and industrial | 5,763 | ||
Consumer | Home equity | 650-749 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Commercial and industrial | 2,772 | ||
Consumer | Home equity | Less than 650 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Commercial and industrial | 557 | ||
Consumer | Residential mortgage | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Commercial and industrial | 11,296 | ||
Consumer | Residential mortgage | 750 plus | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Commercial and industrial | 7,976 | ||
Consumer | Residential mortgage | 650-749 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Commercial and industrial | 2,742 | ||
Consumer | Residential mortgage | Less than 650 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Commercial and industrial | 578 | ||
Consumer | RV and marine | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Commercial and industrial | 3,563 | ||
Consumer | RV and marine | 750 plus | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Commercial and industrial | 2,391 | ||
Consumer | RV and marine | 650-749 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Commercial and industrial | 1,053 | ||
Consumer | RV and marine | Less than 650 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Commercial and industrial | 119 | ||
Consumer | Other consumer | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Commercial and industrial | 1,237 | ||
Consumer | Other consumer | 750 plus | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Commercial and industrial | 546 | ||
Consumer | Other consumer | 650-749 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Commercial and industrial | 571 | ||
Consumer | Other consumer | Less than 650 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Commercial and industrial | $ 120 | ||
[1] | (1) Amounts represent loans for which Huntington has elected the fair value option. See Note 11 “ Fair Values of Assets and Liabilities ”. |
LOANS AND LEASES - TDRs (Detail
LOANS AND LEASES - TDRs (Details) $ in Millions | 3 Months Ended | |
Mar. 31, 2020USD ($)contract | Dec. 31, 2019USD ($)contract | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
New Troubled Debt Restructuring, Number of Contracts | contract | 1,386 | 1,327 |
New Troubled Debt Restructuring, Post-modification Outstanding Ending Balance | $ 88 | $ 66 |
Interest rate reduction | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
New Troubled Debt Restructuring, Post-modification Outstanding Ending Balance | 1 | 1 |
Amortization or maturity date change | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
New Troubled Debt Restructuring, Post-modification Outstanding Ending Balance | 81 | 60 |
Chapter 7 bankruptcy | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
New Troubled Debt Restructuring, Post-modification Outstanding Ending Balance | 6 | 5 |
Other | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
New Troubled Debt Restructuring, Post-modification Outstanding Ending Balance | $ 0 | $ 0 |
Commercial and industrial | Commercial and Industrial | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
New Troubled Debt Restructuring, Number of Contracts | contract | 140 | 115 |
New Troubled Debt Restructuring, Post-modification Outstanding Ending Balance | $ 62 | $ 35 |
Commercial and industrial | Commercial and Industrial | Interest rate reduction | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
New Troubled Debt Restructuring, Post-modification Outstanding Ending Balance | 0 | 0 |
Commercial and industrial | Commercial and Industrial | Amortization or maturity date change | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
New Troubled Debt Restructuring, Post-modification Outstanding Ending Balance | 62 | 35 |
Commercial and industrial | Commercial and Industrial | Chapter 7 bankruptcy | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
New Troubled Debt Restructuring, Post-modification Outstanding Ending Balance | 0 | 0 |
Commercial and industrial | Commercial and Industrial | Other | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
New Troubled Debt Restructuring, Post-modification Outstanding Ending Balance | $ 0 | $ 0 |
Commercial and industrial | Commercial Real Estate | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
New Troubled Debt Restructuring, Number of Contracts | contract | 7 | 8 |
New Troubled Debt Restructuring, Post-modification Outstanding Ending Balance | $ 2 | $ 9 |
Commercial and industrial | Commercial Real Estate | Interest rate reduction | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
New Troubled Debt Restructuring, Post-modification Outstanding Ending Balance | 0 | 0 |
Commercial and industrial | Commercial Real Estate | Amortization or maturity date change | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
New Troubled Debt Restructuring, Post-modification Outstanding Ending Balance | 2 | 9 |
Commercial and industrial | Commercial Real Estate | Chapter 7 bankruptcy | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
New Troubled Debt Restructuring, Post-modification Outstanding Ending Balance | 0 | 0 |
Commercial and industrial | Commercial Real Estate | Other | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
New Troubled Debt Restructuring, Post-modification Outstanding Ending Balance | $ 0 | $ 0 |
Consumer | Automobile | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
New Troubled Debt Restructuring, Number of Contracts | contract | 798 | 744 |
New Troubled Debt Restructuring, Post-modification Outstanding Ending Balance | $ 8 | $ 7 |
Consumer | Automobile | Interest rate reduction | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
New Troubled Debt Restructuring, Post-modification Outstanding Ending Balance | 0 | 0 |
Consumer | Automobile | Amortization or maturity date change | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
New Troubled Debt Restructuring, Post-modification Outstanding Ending Balance | 6 | 5 |
Consumer | Automobile | Chapter 7 bankruptcy | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
New Troubled Debt Restructuring, Post-modification Outstanding Ending Balance | 2 | 2 |
Consumer | Automobile | Other | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
New Troubled Debt Restructuring, Post-modification Outstanding Ending Balance | $ 0 | $ 0 |
Consumer | Home equity | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
New Troubled Debt Restructuring, Number of Contracts | contract | 63 | 104 |
New Troubled Debt Restructuring, Post-modification Outstanding Ending Balance | $ 3 | $ 5 |
Consumer | Home equity | Interest rate reduction | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
New Troubled Debt Restructuring, Post-modification Outstanding Ending Balance | 0 | 0 |
Consumer | Home equity | Amortization or maturity date change | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
New Troubled Debt Restructuring, Post-modification Outstanding Ending Balance | 1 | 3 |
Consumer | Home equity | Chapter 7 bankruptcy | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
New Troubled Debt Restructuring, Post-modification Outstanding Ending Balance | 2 | 2 |
Consumer | Home equity | Other | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
New Troubled Debt Restructuring, Post-modification Outstanding Ending Balance | $ 0 | $ 0 |
Consumer | Residential Mortgage | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
New Troubled Debt Restructuring, Number of Contracts | contract | 101 | 76 |
New Troubled Debt Restructuring, Post-modification Outstanding Ending Balance | $ 11 | $ 8 |
Consumer | Residential Mortgage | Interest rate reduction | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
New Troubled Debt Restructuring, Post-modification Outstanding Ending Balance | 0 | 0 |
Consumer | Residential Mortgage | Amortization or maturity date change | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
New Troubled Debt Restructuring, Post-modification Outstanding Ending Balance | 9 | 8 |
Consumer | Residential Mortgage | Chapter 7 bankruptcy | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
New Troubled Debt Restructuring, Post-modification Outstanding Ending Balance | 2 | 0 |
Consumer | Residential Mortgage | Other | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
New Troubled Debt Restructuring, Post-modification Outstanding Ending Balance | $ 0 | $ 0 |
Consumer | RV and marine | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
New Troubled Debt Restructuring, Number of Contracts | contract | 28 | 36 |
New Troubled Debt Restructuring, Post-modification Outstanding Ending Balance | $ 1 | $ 1 |
Consumer | RV and marine | Interest rate reduction | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
New Troubled Debt Restructuring, Post-modification Outstanding Ending Balance | 0 | 0 |
Consumer | RV and marine | Amortization or maturity date change | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
New Troubled Debt Restructuring, Post-modification Outstanding Ending Balance | 1 | 0 |
Consumer | RV and marine | Chapter 7 bankruptcy | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
New Troubled Debt Restructuring, Post-modification Outstanding Ending Balance | 0 | 1 |
Consumer | RV and marine | Other | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
New Troubled Debt Restructuring, Post-modification Outstanding Ending Balance | $ 0 | $ 0 |
Consumer | Other Consumer | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
New Troubled Debt Restructuring, Number of Contracts | contract | 249 | 244 |
New Troubled Debt Restructuring, Post-modification Outstanding Ending Balance | $ 1 | $ 1 |
Consumer | Other Consumer | Interest rate reduction | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
New Troubled Debt Restructuring, Post-modification Outstanding Ending Balance | 1 | 1 |
Consumer | Other Consumer | Amortization or maturity date change | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
New Troubled Debt Restructuring, Post-modification Outstanding Ending Balance | 0 | 0 |
Consumer | Other Consumer | Chapter 7 bankruptcy | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
New Troubled Debt Restructuring, Post-modification Outstanding Ending Balance | 0 | 0 |
Consumer | Other Consumer | Other | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
New Troubled Debt Restructuring, Post-modification Outstanding Ending Balance | $ 0 | $ 0 |
ALLOWANCE FOR CREDIT LOSSES A_2
ALLOWANCE FOR CREDIT LOSSES ALLOWANCE FOR CREDIT LOSSES - Allowance for Credit Losses (Details) - USD ($) $ in Millions | 3 Months Ended | ||||
Mar. 31, 2020 | Mar. 31, 2019 | Jan. 01, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Document Period End Date | Mar. 31, 2020 | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Total ALLL balance | $ 1,504 | $ 764 | $ 783 | $ 772 | |
Financing Receivable, Allowance for Credit Loss, Writeoff | (136) | (97) | |||
Allowance for Loan and Lease Loss, Recovery of Bad Debts | 19 | 26 | |||
Provision For (Reduction In Allowance) Loan and Lease Losses. | 447 | 63 | |||
Cumulative-effect of change in accounting principle for financial instruments - credit losses (ASU 2016-13), net of tax | (306) | ||||
Provision (reduction in allowance) for unfunded loan commitments and letters of credit | (6) | 4 | |||
Additions to Unfunded Loan Commitments and Letters of Credit Allowance | (1) | ||||
AULC Balance | 99 | 100 | 104 | 96 | |
Acl Balance End Of Period | 1,603 | 864 | $ 1,280 | ||
Allowance for credit loss, change since adoption | 323 | ||||
Total ALLL balance | 1,504 | 764 | 783 | 772 | |
ALLL [Domain] | |||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Cumulative-effect of change in accounting principle for financial instruments - credit losses (ASU 2016-13), net of tax | (391) | ||||
AULC [Domain] | |||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Cumulative-effect of change in accounting principle for financial instruments - credit losses (ASU 2016-13), net of tax | (2) | ||||
Consumer | |||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Total ALLL balance | 508 | 219 | 231 | 230 | |
Financing Receivable, Allowance for Credit Loss, Writeoff | (48) | (52) | |||
Allowance for Loan and Lease Loss, Recovery of Bad Debts | 14 | 14 | |||
Provision For (Reduction In Allowance) Loan and Lease Losses. | 100 | 27 | |||
Provision (reduction in allowance) for unfunded loan commitments and letters of credit | (1) | 0 | |||
Additions to Unfunded Loan Commitments and Letters of Credit Allowance | 0 | ||||
AULC Balance | 41 | 2 | 2 | 2 | |
Acl Balance End Of Period | 549 | 221 | |||
Total ALLL balance | 508 | 219 | 231 | 230 | |
Consumer | ALLL [Domain] | |||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Cumulative-effect of change in accounting principle for financial instruments - credit losses (ASU 2016-13), net of tax | 211 | ||||
Consumer | AULC [Domain] | |||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Cumulative-effect of change in accounting principle for financial instruments - credit losses (ASU 2016-13), net of tax | 40 | ||||
Commercial and industrial | |||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Total ALLL balance | 996 | 545 | 552 | 542 | |
Financing Receivable, Allowance for Credit Loss, Writeoff | (88) | (45) | |||
Allowance for Loan and Lease Loss, Recovery of Bad Debts | 5 | 12 | |||
Provision For (Reduction In Allowance) Loan and Lease Losses. | 347 | 36 | |||
Provision (reduction in allowance) for unfunded loan commitments and letters of credit | (5) | 4 | |||
Additions to Unfunded Loan Commitments and Letters of Credit Allowance | (1) | ||||
AULC Balance | 58 | 98 | 102 | 94 | |
Acl Balance End Of Period | 1,054 | 643 | |||
Total ALLL balance | $ 996 | $ 545 | $ 552 | $ 542 | |
Commercial and industrial | ALLL [Domain] | |||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Cumulative-effect of change in accounting principle for financial instruments - credit losses (ASU 2016-13), net of tax | (180) | ||||
Commercial and industrial | AULC [Domain] | |||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Cumulative-effect of change in accounting principle for financial instruments - credit losses (ASU 2016-13), net of tax | $ 38 |
MORTGAGE LOAN SALES AND SERVI_3
MORTGAGE LOAN SALES AND SERVICING RIGHTS - Narrative (Details) - Residential Mortgage - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Servicing Assets at Fair Value [Line Items] | |||
Servicing income | $ 17 | $ 15 | |
Unpaid principal balance of third party serviced loans | $ 22,800 | $ 22,400 |
MORTGAGE LOAN SALES AND SERVI_4
MORTGAGE LOAN SALES AND SERVICING RIGHTS - Residential Mortgage Portfolio (Details) - Commercial Loan [Member] - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Servicing Asset at Amortized Cost [Line Items] | ||
Loans sold with servicing retained | $ 1,428 | $ 833 |
Pretax gains resulting from above loan sales | $ 39 | $ 12 |
MORTGAGE LOAN SALES AND SERVI_5
MORTGAGE LOAN SALES AND SERVICING RIGHTS - Residential Mortgage Portfolio, MSRs Fair Value Method (Details) - Residential Mortgage - USD ($) $ in Millions | 3 Months Ended | ||||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2020 | Jan. 01, 2020 | Mar. 31, 2019 | |
Servicing Asset at Fair Value, Amount [Roll Forward] | |||||
Fair value, beginning of period | $ 7 | $ 10 | |||
Servicing Asset at Fair Value, Additions | 14 | ||||
Time decay | (2) | ||||
Servicing Asset At Fair Value Payoffs | (6) | ||||
Changes in valuation inputs or assumptions (less than) | (53) | ||||
Fair value, end of period: | $ 7 | $ 10 | $ 165 | $ 205 | $ 10 |
Fair value method | |||||
Servicing Asset at Fair Value, Amount [Roll Forward] | |||||
Weighted-average life (years) | 6 years 4 months 24 days | 6 years 7 months 6 days |
MORTGAGE LOAN SALES AND SERVI_6
MORTGAGE LOAN SALES AND SERVICING RIGHTS MORTGAGE LOAN SALES AND SERVICING RIGHTS - Residential Mortgage Portfolio, MSRs Fair Value Method Key Assumptions (Details) - Fair value method - Residential Mortgage - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2017 | |
Servicing Assets at Fair Value [Line Items] | |||
Constant prepayment rate (annualized), actual | 17.83% | 8.21% | |
Constant prepayment rate (annualized), 10% adverse change | $ (9) | $ 0 | |
Constant prepayment rate (annualized), 20% adverse change | (17) | 0 | |
Spread over forward interest rate swap rates, 10% adverse change | (4) | $ 0 | |
Spread over forward interest rate swap rates, 20% adverse change | $ (8) | $ 0 |
LONG-TERM DEBT (Details)
LONG-TERM DEBT (Details) - Senior Notes - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Jan. 28, 2020 | |
Huntington National Bank Senior Note Due February 2023, 1.8 Percent [Member] | ||
Debt Instrument [Line Items] | ||
Debt face amount | $ 500 | |
Debt percent of value | 99.916% | |
Debt stated interest rate | 1.80% | |
Debt Instrument, Redemption Price, Percentage | 100.00% | |
Huntington National Bank Senior Note Due February 4, 2030 2.550 Percent [Member] | ||
Debt Instrument [Line Items] | ||
Debt face amount | $ 750 | |
Debt percent of value | 99.597% | |
Debt stated interest rate | 2.55% | |
Debt Instrument, Redemption Price, Percentage | 100.00% |
OTHER COMPREHENSIVE INCOME - Ac
OTHER COMPREHENSIVE INCOME - Activity (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Pretax | ||
Other comprehensive income (loss), pretax | $ 620 | $ 197 |
Tax (Expense) Benefit | ||
Total other comprehensive income (loss), tax (expense) benefit | (137) | (43) |
After-tax | ||
Other comprehensive income, net of tax | 483 | 154 |
Other comprehensive income before reclassifications | 477 | 150 |
Period change | 483 | 154 |
Unrealized gains and (losses) on debt securities | Debt Securities | ||
Pretax | ||
Other comprehensive income (loss), before reclassifications, before tax | 217 | 184 |
Reclassification adjustment, before tax | 5 | 4 |
Tax (Expense) Benefit | ||
Other comprehensive income (loss) before reclassifications, tax | (48) | (41) |
Reclassification adjustment, tax | (1) | (1) |
After-tax | ||
Other comprehensive income (loss), before reclassifications, net of tax | 169 | 143 |
Reclassification adjustment, net of tax | 4 | 3 |
Other comprehensive income, net of tax | 173 | 146 |
Other comprehensive income before reclassifications | 169 | 143 |
Period change | 173 | 146 |
AOCI Attributable to Parent [Member] | ||
After-tax | ||
Other comprehensive income, net of tax | 483 | 154 |
AOCI, Derivative Qualifying as Hedge, Excluded Component, Parent [Member] | Equity Securities [Member] | ||
After-tax | ||
Other comprehensive income before reclassifications | 308 | 7 |
Period change | 308 | 7 |
Unrealized gains and (losses) on debt securities and Accumulated OTTI | Debt Securities | ||
Pretax | ||
Other comprehensive income (loss), pretax | 222 | 188 |
Tax (Expense) Benefit | ||
Total other comprehensive income (loss), tax (expense) benefit | (49) | (42) |
Unrealized gains and (losses) on cash flow hedging derivatives | ||
Pretax | ||
Other comprehensive income (loss), pretax | 396 | 8 |
Tax (Expense) Benefit | ||
Total other comprehensive income (loss), tax (expense) benefit | 88 | (1) |
After-tax | ||
Other comprehensive income, net of tax | 308 | 7 |
Unrealized gains (losses) for pension and other post- retirement obligations | ||
Pretax | ||
Other comprehensive income (loss), pretax | 2 | 1 |
Tax (Expense) Benefit | ||
Total other comprehensive income (loss), tax (expense) benefit | 0 | 0 |
After-tax | ||
Other comprehensive income, net of tax | 2 | 1 |
Other comprehensive income before reclassifications | 0 | 0 |
Period change | $ 2 | $ 1 |
OTHER COMPREHENSIVE INCOME OTHE
OTHER COMPREHENSIVE INCOME OTHER COMPREHENSIVE INCOME - AOCI Roll Forward (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Balance, beginning of period | $ (11,795) | $ (11,102) |
Other comprehensive income before reclassifications | 477 | 150 |
Amounts reclassified from accumulated OCI to earnings | 6 | 4 |
Period change | 483 | 154 |
Balance, end of period | (11,769) | (11,432) |
Unrealized gains and (losses) on debt securities | Debt Securities | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Balance, beginning of period | (28) | (363) |
Other comprehensive income before reclassifications | 169 | 143 |
Amounts reclassified from accumulated OCI to earnings | 4 | 3 |
Period change | 173 | 146 |
Balance, end of period | (145) | (217) |
AOCI, Derivative Qualifying as Hedge, Excluded Component, Parent [Member] | Equity Securities [Member] | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Other comprehensive income before reclassifications | 308 | 7 |
Amounts reclassified from accumulated OCI to earnings | 0 | |
Period change | 308 | 7 |
Balance, end of period | (331) | (7) |
Unrealized gains and (losses) on cash flow hedging derivatives | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Balance, beginning of period | (23) | |
Unrealized gains (losses) for pension and other post- retirement obligations | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Balance, beginning of period | (251) | (246) |
Other comprehensive income before reclassifications | 0 | 0 |
Amounts reclassified from accumulated OCI to earnings | 2 | 1 |
Period change | 2 | 1 |
Balance, end of period | 249 | (245) |
Accumulated Other Comprehensive Loss | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Balance, beginning of period | (256) | (609) |
Balance, end of period | (227) | $ (455) |
Reclassification out of Accumulated Other Comprehensive Income | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Net unrealized loss on securities transfer | $ (87) |
EARNINGS PER SHARE (Details)
EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Basic earnings per common share: | ||
Net income | $ 48 | $ 358 |
Preferred stock dividends | (18) | (19) |
Net income available to common shareholders | $ 30 | $ 339 |
Average common shares issued and outstanding (in shares) | 1,017,643 | 1,046,995 |
Basic earnings per common share (in usd per share) | $ 0.03 | $ 0.32 |
Dilutive potential common shares: | ||
Stock options and restricted stock units and awards | 12,363 | 14,807 |
Shares held in deferred compensation plans | 4,570 | 3,836 |
Dilutive potential common shares | 16,933 | 18,643 |
Total diluted average common shares issued and outstanding (in shares) | 1,034,576 | 1,065,638 |
Diluted earnings per common share (in usd per share) | $ 0.03 | $ 0.32 |
Employee Stock Option | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Options outstanding to purchase common stock shares having antidilutive effect | 8,045 | 3,963 |
NONINTEREST INCOME - Summary of
NONINTEREST INCOME - Summary of Noninterest Income (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | ||
Noninterest income from contracts with customers | $ 227 | $ 222 |
Noninterest income within the scope of other GAAP topics | 134 | 97 |
Total noninterest income | $ 361 | $ 319 |
NONINTEREST INCOME - Disaggrega
NONINTEREST INCOME - Disaggregation by Segment (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Disaggregation of Revenue [Line Items] | ||
Noninterest income from contracts with customers | $ 227 | $ 222 |
Noninterest income within the scope of other GAAP topics | 134 | 97 |
Noninterest income | 361 | 319 |
Service charges on deposit accounts | ||
Disaggregation of Revenue [Line Items] | ||
Noninterest income from contracts with customers | 87 | 87 |
Card and payment processing income | ||
Disaggregation of Revenue [Line Items] | ||
Noninterest income from contracts with customers | 56 | 53 |
Mortgage banking income | ||
Disaggregation of Revenue [Line Items] | ||
Noninterest income from contracts with customers | 47 | 44 |
Capital markets fees | ||
Disaggregation of Revenue [Line Items] | ||
Noninterest income from contracts with customers | 23 | 21 |
Other noninterest income | ||
Disaggregation of Revenue [Line Items] | ||
Noninterest income from contracts with customers | 14 | 17 |
Operating Segments | Consumer & Business Banking | ||
Disaggregation of Revenue [Line Items] | ||
Noninterest income from contracts with customers | 146 | 143 |
Noninterest income within the scope of other GAAP topics | 66 | 31 |
Noninterest income | 212 | 174 |
Operating Segments | Consumer & Business Banking | Service charges on deposit accounts | ||
Disaggregation of Revenue [Line Items] | ||
Noninterest income from contracts with customers | 68 | 69 |
Operating Segments | Consumer & Business Banking | Card and payment processing income | ||
Disaggregation of Revenue [Line Items] | ||
Noninterest income from contracts with customers | 52 | 50 |
Operating Segments | Consumer & Business Banking | Mortgage banking income | ||
Disaggregation of Revenue [Line Items] | ||
Noninterest income from contracts with customers | 10 | 8 |
Operating Segments | Consumer & Business Banking | Capital markets fees | ||
Disaggregation of Revenue [Line Items] | ||
Noninterest income from contracts with customers | 8 | 8 |
Operating Segments | Consumer & Business Banking | Other noninterest income | ||
Disaggregation of Revenue [Line Items] | ||
Noninterest income from contracts with customers | 8 | 8 |
Operating Segments | Commercial Banking | ||
Disaggregation of Revenue [Line Items] | ||
Noninterest income from contracts with customers | 27 | 26 |
Noninterest income within the scope of other GAAP topics | 59 | 50 |
Noninterest income | 86 | 76 |
Operating Segments | Commercial Banking | Service charges on deposit accounts | ||
Disaggregation of Revenue [Line Items] | ||
Noninterest income from contracts with customers | 17 | 16 |
Operating Segments | Commercial Banking | Card and payment processing income | ||
Disaggregation of Revenue [Line Items] | ||
Noninterest income from contracts with customers | 4 | 3 |
Operating Segments | Commercial Banking | Mortgage banking income | ||
Disaggregation of Revenue [Line Items] | ||
Noninterest income from contracts with customers | 1 | 0 |
Operating Segments | Commercial Banking | Capital markets fees | ||
Disaggregation of Revenue [Line Items] | ||
Noninterest income from contracts with customers | 2 | 2 |
Operating Segments | Commercial Banking | Other noninterest income | ||
Disaggregation of Revenue [Line Items] | ||
Noninterest income from contracts with customers | 3 | 5 |
Operating Segments | Vehicle Finance | ||
Disaggregation of Revenue [Line Items] | ||
Noninterest income from contracts with customers | 2 | 2 |
Noninterest income within the scope of other GAAP topics | 1 | 0 |
Noninterest income | 3 | 2 |
Operating Segments | Vehicle Finance | Service charges on deposit accounts | ||
Disaggregation of Revenue [Line Items] | ||
Noninterest income from contracts with customers | 1 | 1 |
Operating Segments | Vehicle Finance | Card and payment processing income | ||
Disaggregation of Revenue [Line Items] | ||
Noninterest income from contracts with customers | 0 | 0 |
Operating Segments | Vehicle Finance | Mortgage banking income | ||
Disaggregation of Revenue [Line Items] | ||
Noninterest income from contracts with customers | 0 | 0 |
Operating Segments | Vehicle Finance | Capital markets fees | ||
Disaggregation of Revenue [Line Items] | ||
Noninterest income from contracts with customers | 0 | 0 |
Operating Segments | Vehicle Finance | Other noninterest income | ||
Disaggregation of Revenue [Line Items] | ||
Noninterest income from contracts with customers | 1 | 1 |
Operating Segments | RBPCG | ||
Disaggregation of Revenue [Line Items] | ||
Noninterest income from contracts with customers | 50 | 50 |
Noninterest income within the scope of other GAAP topics | 0 | 1 |
Noninterest income | 50 | 51 |
Operating Segments | RBPCG | Service charges on deposit accounts | ||
Disaggregation of Revenue [Line Items] | ||
Noninterest income from contracts with customers | 1 | 1 |
Operating Segments | RBPCG | Card and payment processing income | ||
Disaggregation of Revenue [Line Items] | ||
Noninterest income from contracts with customers | 0 | 0 |
Operating Segments | RBPCG | Mortgage banking income | ||
Disaggregation of Revenue [Line Items] | ||
Noninterest income from contracts with customers | 36 | 35 |
Operating Segments | RBPCG | Capital markets fees | ||
Disaggregation of Revenue [Line Items] | ||
Noninterest income from contracts with customers | 12 | 11 |
Operating Segments | RBPCG | Other noninterest income | ||
Disaggregation of Revenue [Line Items] | ||
Noninterest income from contracts with customers | 1 | 3 |
Treasury / Other | ||
Disaggregation of Revenue [Line Items] | ||
Noninterest income from contracts with customers | 2 | 1 |
Noninterest income within the scope of other GAAP topics | 8 | 15 |
Noninterest income | 10 | 16 |
Treasury / Other | Service charges on deposit accounts | ||
Disaggregation of Revenue [Line Items] | ||
Noninterest income from contracts with customers | 0 | 0 |
Treasury / Other | Card and payment processing income | ||
Disaggregation of Revenue [Line Items] | ||
Noninterest income from contracts with customers | 0 | 0 |
Treasury / Other | Mortgage banking income | ||
Disaggregation of Revenue [Line Items] | ||
Noninterest income from contracts with customers | 0 | 1 |
Treasury / Other | Capital markets fees | ||
Disaggregation of Revenue [Line Items] | ||
Noninterest income from contracts with customers | 1 | 0 |
Treasury / Other | Other noninterest income | ||
Disaggregation of Revenue [Line Items] | ||
Noninterest income from contracts with customers | $ 1 | $ 0 |
FAIR VALUES OF ASSETS AND LIA_3
FAIR VALUES OF ASSETS AND LIABILITIES - Narrative (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans Held-for-sale, Fair Value Disclosure | $ 836 | $ 781 |
Loans Receivable, Fair Value Disclosure | $ 81 | $ 81 |
FAIR VALUES OF ASSETS AND LIA_4
FAIR VALUES OF ASSETS AND LIABILITIES - Recurring Basis (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Assets measured at fair value on a recurring basis | ||
Loans Held-for-sale, Fair Value Disclosure | $ 836 | $ 781 |
Consumer loans | 81 | 81 |
Gross amounts of recognized assets | 2,384 | 856 |
Derivative assets netting | (1,302) | (404) |
Net amounts of assets presented in the condensed consolidated balance sheets | 1,082 | 452 |
Liabilities measured at fair value on a recurring basis | ||
Gross amounts of recognized liabilities | 1,372 | 521 |
Gross amounts offset in the condensed consolidated balance sheets | (1,066) | (417) |
Derivative liabilities | 306 | 104 |
Fair Value, Measurements, Recurring | ||
Assets measured at fair value on a recurring basis | ||
Trading account securities | 36 | 99 |
Available-for-sale securities | 14,622 | 14,149 |
Other securities | 50 | 54 |
Loans Held-for-sale, Fair Value Disclosure | 836 | 781 |
MSRs | 165 | 7 |
Derivative assets netting | (1,302) | (404) |
Net amounts of assets presented in the condensed consolidated balance sheets | 1,082 | 452 |
Liabilities measured at fair value on a recurring basis | ||
Gross amounts offset in the condensed consolidated balance sheets | (1,066) | (417) |
Derivative liabilities | 306 | 104 |
Fair Value, Measurements, Recurring | Municipal securities | ||
Assets measured at fair value on a recurring basis | ||
Trading account securities | 28 | 63 |
Available-for-sale securities | 2,992 | 3,055 |
Fair Value, Measurements, Recurring | Mortgage-backed Securities, Issued by Private Enterprises [Member] | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale securities | 2 | 2 |
Fair Value, Measurements, Recurring | Other securities | ||
Assets measured at fair value on a recurring basis | ||
Trading account securities | 8 | 32 |
Available-for-sale securities | 3 | 4 |
Fair Value, Measurements, Recurring | US Treasury Securities [Member] | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale securities | 8 | 10 |
Fair Value, Measurements, Recurring | Federal agencies: Mortgage-backed securities | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale securities | 5,723 | 5,085 |
Fair Value, Measurements, Recurring | Residential Mortgage Backed Securities [Member] | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale securities | 4,304 | 4,222 |
Fair Value, Measurements, Recurring | Commercial Mortgage Backed Securities [Member] | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale securities | 849 | 976 |
Fair Value, Measurements, Recurring | Other Federal Agencies [Member] | ||
Assets measured at fair value on a recurring basis | ||
Trading account securities | 4 | |
Available-for-sale securities | 147 | 165 |
Fair Value, Measurements, Recurring | Asset-backed Securities [Member] | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale securities | 547 | 579 |
Fair Value, Measurements, Recurring | Corporate Debt Securities [Member] | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale securities | 47 | 51 |
Fair Value, Measurements, Recurring | Level 1 | ||
Assets measured at fair value on a recurring basis | ||
Trading account securities | 8 | 30 |
Available-for-sale securities | 8 | 10 |
Other securities | 50 | 54 |
Loans Held-for-sale, Fair Value Disclosure | 0 | 0 |
Consumer loans | 0 | 0 |
MSRs | 0 | 0 |
Gross amounts of recognized assets | 0 | 0 |
Liabilities measured at fair value on a recurring basis | ||
Gross amounts of recognized liabilities | 0 | 0 |
Fair Value, Measurements, Recurring | Level 1 | Municipal securities | ||
Assets measured at fair value on a recurring basis | ||
Trading account securities | 0 | 0 |
Available-for-sale securities | 0 | 0 |
Fair Value, Measurements, Recurring | Level 1 | Mortgage-backed Securities, Issued by Private Enterprises [Member] | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale securities | 0 | 0 |
Fair Value, Measurements, Recurring | Level 1 | Other securities | ||
Assets measured at fair value on a recurring basis | ||
Trading account securities | 8 | 30 |
Available-for-sale securities | 0 | 0 |
Fair Value, Measurements, Recurring | Level 1 | US Treasury Securities [Member] | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale securities | 8 | 10 |
Fair Value, Measurements, Recurring | Level 1 | Federal agencies: Mortgage-backed securities | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale securities | 0 | 0 |
Fair Value, Measurements, Recurring | Level 1 | Residential Mortgage Backed Securities [Member] | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale securities | 0 | |
Fair Value, Measurements, Recurring | Level 1 | Commercial Mortgage Backed Securities [Member] | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale securities | 0 | |
Fair Value, Measurements, Recurring | Level 1 | Other Federal Agencies [Member] | ||
Assets measured at fair value on a recurring basis | ||
Trading account securities | 0 | |
Available-for-sale securities | 0 | 0 |
Fair Value, Measurements, Recurring | Level 1 | Asset-backed Securities [Member] | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale securities | 0 | 0 |
Fair Value, Measurements, Recurring | Level 1 | Corporate Debt Securities [Member] | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale securities | 0 | 0 |
Fair Value, Measurements, Recurring | Level 2 | ||
Assets measured at fair value on a recurring basis | ||
Trading account securities | 28 | 69 |
Available-for-sale securities | 11,606 | 11,090 |
Loans Held-for-sale, Fair Value Disclosure | 836 | 781 |
Consumer loans | 55 | 55 |
MSRs | 0 | 0 |
Gross amounts of recognized assets | 2,342 | 848 |
Liabilities measured at fair value on a recurring basis | ||
Gross amounts of recognized liabilities | 1,369 | 519 |
Fair Value, Measurements, Recurring | Level 2 | Municipal securities | ||
Assets measured at fair value on a recurring basis | ||
Trading account securities | 28 | 63 |
Available-for-sale securities | 55 | 56 |
Fair Value, Measurements, Recurring | Level 2 | Mortgage-backed Securities, Issued by Private Enterprises [Member] | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale securities | 0 | 0 |
Fair Value, Measurements, Recurring | Level 2 | Other securities | ||
Assets measured at fair value on a recurring basis | ||
Trading account securities | 0 | 2 |
Available-for-sale securities | 3 | 4 |
Fair Value, Measurements, Recurring | Level 2 | US Treasury Securities [Member] | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale securities | 0 | 0 |
Fair Value, Measurements, Recurring | Level 2 | Federal agencies: Mortgage-backed securities | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale securities | 5,723 | 5,085 |
Fair Value, Measurements, Recurring | Level 2 | Residential Mortgage Backed Securities [Member] | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale securities | 4,304 | 4,222 |
Fair Value, Measurements, Recurring | Level 2 | Commercial Mortgage Backed Securities [Member] | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale securities | 849 | 976 |
Fair Value, Measurements, Recurring | Level 2 | Other Federal Agencies [Member] | ||
Assets measured at fair value on a recurring basis | ||
Trading account securities | 4 | |
Available-for-sale securities | 147 | 165 |
Fair Value, Measurements, Recurring | Level 2 | Asset-backed Securities [Member] | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale securities | 478 | 531 |
Fair Value, Measurements, Recurring | Level 2 | Corporate Debt Securities [Member] | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale securities | 47 | 51 |
Fair Value, Measurements, Recurring | Level 3 | ||
Assets measured at fair value on a recurring basis | ||
Trading account securities | 0 | 0 |
Available-for-sale securities | 3,008 | 3,049 |
Loans Held-for-sale, Fair Value Disclosure | 0 | 0 |
Consumer loans | 26 | 26 |
MSRs | 165 | 7 |
Gross amounts of recognized assets | 42 | 8 |
Liabilities measured at fair value on a recurring basis | ||
Gross amounts of recognized liabilities | 3 | 2 |
Fair Value, Measurements, Recurring | Level 3 | Municipal securities | ||
Assets measured at fair value on a recurring basis | ||
Trading account securities | 0 | 0 |
Available-for-sale securities | 2,937 | 2,999 |
Fair Value, Measurements, Recurring | Level 3 | Mortgage-backed Securities, Issued by Private Enterprises [Member] | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale securities | 2 | 2 |
Fair Value, Measurements, Recurring | Level 3 | Other securities | ||
Assets measured at fair value on a recurring basis | ||
Trading account securities | 0 | 0 |
Available-for-sale securities | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 | US Treasury Securities [Member] | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale securities | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 | Federal agencies: Mortgage-backed securities | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale securities | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 | Residential Mortgage Backed Securities [Member] | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale securities | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 | Commercial Mortgage Backed Securities [Member] | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale securities | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 | Other Federal Agencies [Member] | ||
Assets measured at fair value on a recurring basis | ||
Trading account securities | 0 | |
Available-for-sale securities | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 | Asset-backed Securities [Member] | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale securities | 69 | 48 |
Fair Value, Measurements, Recurring | Level 3 | Corporate Debt Securities [Member] | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale securities | $ 0 | $ 0 |
FAIR VALUES OF ASSETS AND LIA_5
FAIR VALUES OF ASSETS AND LIABILITIES - Level 3 Roll Forward (Details) - USD ($) $ in Millions | 3 Months Ended | ||||||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2020 | Jan. 01, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs | $ 39 | $ 6 | $ 5 | $ (2) | |||
Assets Level 3 Roll Forward: | |||||||
Transfers into Level 3 | $ 0 | ||||||
Transfers out of Level 3 (1) | (20) | $ (9) | |||||
Total gains/losses for the period: | |||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | 53 | 12 | |||||
Included in OCI | (68) | 43 | |||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Other Comprehensive Income (Loss) | 0 | 0 | |||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Purchases | 0 | 0 | |||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Sales | 0 | 0 | |||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Settlements | 0 | 0 | |||||
Fair Value, Net Derivative Asset (Liability), Recurring Basis, Still Held, Unrealized Gain (Loss) | 34 | (2) | |||||
MSRs | |||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 0 | 0 | |||||
Assets Level 3 Roll Forward: | |||||||
Opening balance | 7 | 10 | |||||
Total gains/losses for the period: | |||||||
Included in earnings | (47) | 0 | |||||
Included in OCI | 0 | 0 | |||||
Purchases/originations | 0 | 0 | |||||
Sales | 0 | 0 | |||||
Repayments | 0 | 0 | |||||
Settlements | 0 | 0 | |||||
Closing balance | 7 | 10 | 165 | $ 205 | 7 | 10 | 10 |
Change in unrealized gains or losses for the period included in earnings for assets held at end of the reporting date | (47) | 0 | |||||
Derivative instruments | |||||||
Total gains/losses for the period: | |||||||
Repayments | 0 | 0 | |||||
Municipal securities | |||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 0 | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 0 | 0 | |||||
Assets Level 3 Roll Forward: | |||||||
Opening balance | 2,999 | 3,165 | |||||
Total gains/losses for the period: | |||||||
Included in earnings | (1) | 1 | |||||
Included in OCI | (68) | (43) | |||||
Purchases/originations | 73 | 81 | |||||
Sales | 0 | 0 | |||||
Repayments | 0 | 0 | |||||
Settlements | (66) | (53) | |||||
Closing balance | 2,999 | 3,165 | 2,937 | 2,999 | 3,237 | 3,165 | |
Change in unrealized gains or losses for the period included in earnings for assets held at end of the reporting date | 0 | 0 | |||||
Mortgage-backed Securities, Issued by Private Enterprises [Member] | |||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 0 | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 0 | ||||||
Assets Level 3 Roll Forward: | |||||||
Opening balance | 2 | ||||||
Total gains/losses for the period: | |||||||
Included in earnings | 0 | ||||||
Included in OCI | 0 | ||||||
Purchases/originations | 0 | ||||||
Sales | 0 | ||||||
Repayments | 0 | ||||||
Settlements | 0 | ||||||
Closing balance | 2 | 2 | 2 | ||||
Change in unrealized gains or losses for the period included in earnings for assets held at end of the reporting date | 0 | ||||||
Asset-backed Securities [Member] | |||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 0 | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 0 | ||||||
Assets Level 3 Roll Forward: | |||||||
Opening balance | 48 | ||||||
Total gains/losses for the period: | |||||||
Included in earnings | 0 | ||||||
Included in OCI | 0 | ||||||
Purchases/originations | 27 | ||||||
Sales | 0 | ||||||
Repayments | 0 | ||||||
Settlements | (6) | ||||||
Closing balance | 48 | 69 | 48 | ||||
Change in unrealized gains or losses for the period included in earnings for assets held at end of the reporting date | 0 | ||||||
Automobile | |||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 0 | ||||||
Real Estate Loan [Member] | |||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 0 | 0 | |||||
Assets Level 3 Roll Forward: | |||||||
Opening balance | 26 | 30 | |||||
Total gains/losses for the period: | |||||||
Included in earnings | 0 | 0 | |||||
Included in OCI | 0 | 0 | |||||
Purchases/originations | 0 | 0 | |||||
Sales | 0 | 0 | |||||
Repayments | 0 | (1) | |||||
Settlements | 0 | 0 | |||||
Closing balance | 26 | 30 | 26 | 26 | $ 29 | $ 30 | |
Change in unrealized gains or losses for the period included in earnings for assets held at end of the reporting date | $ 0 | $ 0 | |||||
Fair Value, Recurring [Member] | |||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||
Available-for-sale securities | 14,622 | 14,149 | |||||
Fair Value, Recurring [Member] | Commercial Mortgage Backed Securities [Member] | |||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||
Available-for-sale securities | 849 | 976 | |||||
Fair Value, Recurring [Member] | Residential Mortgage Backed Securities [Member] | |||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||
Available-for-sale securities | 4,304 | 4,222 | |||||
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | |||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||
Available-for-sale securities | 11,606 | 11,090 | |||||
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | Commercial Mortgage Backed Securities [Member] | |||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||
Available-for-sale securities | 849 | 976 | |||||
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | Residential Mortgage Backed Securities [Member] | |||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||
Available-for-sale securities | $ 4,304 | $ 4,222 |
FAIR VALUES OF ASSETS AND LIA_6
FAIR VALUES OF ASSETS AND LIABILITIES - Level 3 Classification of Gains/Losses (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | $ 53 | $ 12 |
MSRs | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | (47) | 0 |
Municipal securities | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | (1) | 1 |
Asset-backed Securities [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | |
Mortgage banking income | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | 53 | 12 |
Mortgage banking income | MSRs | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | (47) | 0 |
Mortgage banking income | Municipal securities | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | 0 |
Interest and Fee Income [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | 0 | 0 |
Interest and Fee Income [Member] | MSRs | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | 0 |
Interest and Fee Income [Member] | Municipal securities | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | $ (1) | $ 1 |
FAIR VALUES OF ASSETS AND LIA_7
FAIR VALUES OF ASSETS AND LIABILITIES - Fair Value Option (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Loans Held-for-sale, Fair Value Disclosure | $ 836 | $ 781 |
Loans Receivable, Fair Value Disclosure | 81 | 81 |
Fair Value, Measurements, Recurring | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Loans Held-for-sale, Fair Value Disclosure | 836 | 781 |
Fair Value, Measurements, Recurring | Mortgages Held For Sale | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Loans Held For Sale Unpaid Principal | 791 | 755 |
Difference | (45) | (26) |
Fair Value, Measurements, Recurring | Mortgages Held To Maturity | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Loans Receivable, Fair Value Disclosure | 81 | 81 |
Loans Held To Maturity Unpaid Principal | 86 | 87 |
Difference | (5) | (6) |
Fair Value, Measurements, Recurring | 90 or more days | Mortgages Held For Sale | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Loans Held-for-sale, Fair Value Disclosure | 1 | 2 |
Loans Held For Sale Unpaid Principal | 1 | 2 |
Difference | 0 | 0 |
Fair Value, Measurements, Recurring | 90 or more days | Mortgages Held To Maturity | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Loans Receivable, Fair Value Disclosure | 5 | 3 |
Loans Held To Maturity Unpaid Principal | 5 | 4 |
Difference | $ 0 | $ (1) |
FAIR VALUES OF ASSETS AND LIA_8
FAIR VALUES OF ASSETS AND LIABILITIES - Fair Value Option-Changs in Fair Value (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Fair Value, Measurements, Recurring | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Net gains (losses) from fair value changes | $ 19 | $ (2) |
FAIR VALUES OF ASSETS AND LIA_9
FAIR VALUES OF ASSETS AND LIABILITIES - Non-Recurring Basis (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Loans held for sale | [1] | $ 997 | $ 877 |
Long-term debt | 9,796 | 9,849 | |
Held-to-maturity securities | 10,193 | 9,070 | |
Assets measured at fair value on a nonrecurring basis | |||
Net loans and direct financing leases | 76,531 | 74,621 | |
Loans Held-for-sale, Fair Value Disclosure | (836) | (781) | |
Fair Value | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt Securities, Trading, and Equity Securities, FV-NI | 36 | 99 | |
Loans held for sale | 1,000 | 879 | |
Available-for-sale securities | 14,622 | 14,149 | |
Long-term debt | 9,654 | 10,075 | |
Held-to-maturity securities | 10,523 | 9,186 | |
Other Securities | 488 | 441 | |
Assets measured at fair value on a nonrecurring basis | |||
Net loans and direct financing leases | 77,059 | 75,177 | |
Level 1 | Fair Value | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt Securities, Trading, and Equity Securities, FV-NI | 8 | 30 | |
Loans held for sale | 0 | 0 | |
Available-for-sale securities | 8 | 10 | |
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] | |||
Debt Securities, Trading, and Equity Securities, FV-NI | 28 | 69 | |
Loans held for sale | 836 | 781 | |
Available-for-sale securities | 11,606 | 11,090 | |
Long-term debt | 9,004 | 9,439 | |
Held-to-maturity securities | 10,523 | 9,186 | |
Assets measured at fair value on a nonrecurring basis | |||
Net loans and direct financing leases | 55 | 55 | |
Level 3 | Fair Value | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt Securities, Trading, and Equity Securities, FV-NI | 0 | 0 | |
Loans held for sale | 164 | 98 | |
Available-for-sale securities | 3,008 | 3,049 | |
Long-term debt | 650 | 636 | |
Held-to-maturity securities | 0 | 0 | |
Assets measured at fair value on a nonrecurring basis | |||
Net loans and direct financing leases | 77,004 | 75,122 | |
Nonrecurring Basis | |||
Assets measured at fair value on a nonrecurring basis | |||
Collateral-dependent loans | (26) | ||
Nonrecurring Basis | Fair Value | |||
Assets measured at fair value on a nonrecurring basis | |||
Collateral-dependent loans | (63) | ||
Loans Held-for-sale, Fair Value Disclosure | (11) | ||
Nonrecurring Basis | Total Gains/(Losses) | |||
Assets measured at fair value on a nonrecurring basis | |||
Collateral-dependent loans | (17) | ||
Loans Held-for-sale, Fair Value Disclosure | (2) | ||
Nonrecurring Basis | Level 1 | Fair Value | |||
Assets measured at fair value on a nonrecurring basis | |||
Collateral-dependent loans | 0 | ||
Nonrecurring Basis | Level 2 | Fair Value | |||
Assets measured at fair value on a nonrecurring basis | |||
Collateral-dependent loans | 0 | ||
Nonrecurring Basis | Level 3 | |||
Assets measured at fair value on a nonrecurring basis | |||
MSRs | $ 206 | ||
Nonrecurring Basis | Level 3 | Fair Value | |||
Assets measured at fair value on a nonrecurring basis | |||
Collateral-dependent loans | (63) | ||
Loans Held-for-sale, Fair Value Disclosure | $ (11) | ||
[1] | (1) Amounts represent loans for which Huntington has elected the fair value option. See Note 11 “ Fair Values of Assets and Liabilities ”. |
FAIR VALUES OF ASSETS AND LI_10
FAIR VALUES OF ASSETS AND LIABILITIES - Significant Unobservable Level 3 Inputs (Details) $ in Millions | Mar. 31, 2020USD ($) | Dec. 31, 2019USD ($) |
Fair Value Disclosures [Abstract] | ||
Gross amounts of recognized assets | $ 2,384 | $ 856 |
Derivative Liability, Fair Value, Gross Liability | 1,372 | 521 |
Consumer loans | 81 | 81 |
Loans Held-for-sale, Fair Value Disclosure | 836 | 781 |
Fair Value, Measurements, Recurring | ||
Fair Value Disclosures [Abstract] | ||
MSRs | 165 | 7 |
Available-for-sale securities | 14,622 | 14,149 |
Loans Held-for-sale, Fair Value Disclosure | 836 | 781 |
Fair Value, Measurements, Nonrecurring | ||
Fair Value Disclosures [Abstract] | ||
Impaired loans Fair Value Disclosure | 26 | |
Level 3 | Fair Value, Measurements, Recurring | ||
Fair Value Disclosures [Abstract] | ||
MSRs | 165 | 7 |
Gross amounts of recognized assets | 42 | 8 |
Derivative Liability, Fair Value, Gross Liability | 3 | 2 |
Available-for-sale securities | 3,008 | 3,049 |
Consumer loans | 26 | 26 |
Loans Held-for-sale, Fair Value Disclosure | 0 | 0 |
Level 3 | Fair Value, Measurements, Nonrecurring | ||
Fair Value Disclosures [Abstract] | ||
MSRs | 206 | |
Residential Mortgage Backed Securities [Member] | Fair Value, Measurements, Recurring | ||
Fair Value Disclosures [Abstract] | ||
Available-for-sale securities | 4,304 | 4,222 |
Residential Mortgage Backed Securities [Member] | Level 3 | Fair Value, Measurements, Recurring | ||
Fair Value Disclosures [Abstract] | ||
Available-for-sale securities | $ 0 | $ 0 |
Residential Mortgage Backed Securities [Member] | Maximum | Valuation Technique, Discounted Cash Flow [Member] | Level 3 | Measurement Input, Constant Prepayment Rate [Member] | Fair Value, Measurements, Recurring | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Servicing Asset, Measurement Input | 0.37 | 0.26 |
Residential Mortgage Backed Securities [Member] | Maximum | Valuation Technique, Discounted Cash Flow [Member] | Level 3 | Measurement Input, Constant Prepayment Rate [Member] | Fair Value, Measurements, Nonrecurring | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Servicing Asset, Measurement Input | 0.31 | |
Residential Mortgage Backed Securities [Member] | Maximum | Valuation Technique, Discounted Cash Flow [Member] | Level 3 | Measurement Input, Option Adjusted Spread [Member] | Fair Value, Measurements, Recurring | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Servicing Asset, Measurement Input | 0.11 | 0.11 |
Residential Mortgage Backed Securities [Member] | Maximum | Valuation Technique, Discounted Cash Flow [Member] | Level 3 | Measurement Input, Option Adjusted Spread [Member] | Fair Value, Measurements, Nonrecurring | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Servicing Asset, Measurement Input | 0.11 | |
Residential Mortgage Backed Securities [Member] | Minimum | Valuation Technique, Discounted Cash Flow [Member] | Level 3 | Measurement Input, Constant Prepayment Rate [Member] | Fair Value, Measurements, Recurring | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Servicing Asset, Measurement Input | 0.12 | 0 |
Residential Mortgage Backed Securities [Member] | Minimum | Valuation Technique, Discounted Cash Flow [Member] | Level 3 | Measurement Input, Constant Prepayment Rate [Member] | Fair Value, Measurements, Nonrecurring | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Servicing Asset, Measurement Input | 0.10 | |
Residential Mortgage Backed Securities [Member] | Minimum | Valuation Technique, Discounted Cash Flow [Member] | Level 3 | Measurement Input, Option Adjusted Spread [Member] | Fair Value, Measurements, Recurring | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Servicing Asset, Measurement Input | 0.05 | 0.05 |
Residential Mortgage Backed Securities [Member] | Minimum | Valuation Technique, Discounted Cash Flow [Member] | Level 3 | Measurement Input, Option Adjusted Spread [Member] | Fair Value, Measurements, Nonrecurring | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Servicing Asset, Measurement Input | 0.05 | |
Residential Mortgage Backed Securities [Member] | Weighted Average | Valuation Technique, Discounted Cash Flow [Member] | Level 3 | Measurement Input, Constant Prepayment Rate [Member] | Fair Value, Measurements, Recurring | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Servicing Asset, Measurement Input | 0.18 | 0.08 |
Residential Mortgage Backed Securities [Member] | Weighted Average | Valuation Technique, Discounted Cash Flow [Member] | Level 3 | Measurement Input, Constant Prepayment Rate [Member] | Fair Value, Measurements, Nonrecurring | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Servicing Asset, Measurement Input | 0.12 | |
Residential Mortgage Backed Securities [Member] | Weighted Average | Valuation Technique, Discounted Cash Flow [Member] | Level 3 | Measurement Input, Option Adjusted Spread [Member] | Fair Value, Measurements, Recurring | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Servicing Asset, Measurement Input | 0.08 | 0.08 |
Residential Mortgage Backed Securities [Member] | Weighted Average | Valuation Technique, Discounted Cash Flow [Member] | Level 3 | Measurement Input, Option Adjusted Spread [Member] | Fair Value, Measurements, Nonrecurring | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Servicing Asset, Measurement Input | 0.09 | |
Asset-backed Securities [Member] | Fair Value, Measurements, Recurring | ||
Fair Value Disclosures [Abstract] | ||
Available-for-sale securities | $ 547 | $ 579 |
Asset-backed Securities [Member] | Level 3 | Fair Value, Measurements, Recurring | ||
Fair Value Disclosures [Abstract] | ||
Available-for-sale securities | 69 | 48 |
Municipal securities | Fair Value, Measurements, Recurring | ||
Fair Value Disclosures [Abstract] | ||
Available-for-sale securities | 2,992 | 3,055 |
Municipal securities | Level 3 | Fair Value, Measurements, Recurring | ||
Fair Value Disclosures [Abstract] | ||
Available-for-sale securities | 2,937 | 2,999 |
Corporate Debt Securities [Member] | Fair Value, Measurements, Recurring | ||
Fair Value Disclosures [Abstract] | ||
Available-for-sale securities | 47 | 51 |
Corporate Debt Securities [Member] | Level 3 | Fair Value, Measurements, Recurring | ||
Fair Value Disclosures [Abstract] | ||
Available-for-sale securities | $ 0 | $ 0 |
Corporate Debt Securities [Member] | Maximum | Valuation Technique, Discounted Cash Flow [Member] | Level 3 | Measurement Input, Discount Rate [Member] | Fair Value, Measurements, Recurring | ||
Fair Value Disclosures [Abstract] | ||
Debt Securities, Available-for-sale, Measurement Input | 0.03 | 0.03 |
Corporate Debt Securities [Member] | Maximum | Valuation Technique, Discounted Cash Flow [Member] | Level 3 | Measurement Input, Default Rate [Member] | Fair Value, Measurements, Recurring | ||
Fair Value Disclosures [Abstract] | ||
Debt Securities, Available-for-sale, Measurement Input | 0.39 | 0.39 |
Corporate Debt Securities [Member] | Maximum | Valuation Technique, Discounted Cash Flow [Member] | Level 3 | Measurement Input, Loss Severity [Member] | Fair Value, Measurements, Recurring | ||
Fair Value Disclosures [Abstract] | ||
Debt Securities, Available-for-sale, Measurement Input | 0.80 | 0.80 |
Corporate Debt Securities [Member] | Minimum | Valuation Technique, Discounted Cash Flow [Member] | Level 3 | Measurement Input, Discount Rate [Member] | Fair Value, Measurements, Recurring | ||
Fair Value Disclosures [Abstract] | ||
Debt Securities, Available-for-sale, Measurement Input | 0.03 | 0.02 |
Corporate Debt Securities [Member] | Minimum | Valuation Technique, Discounted Cash Flow [Member] | Level 3 | Measurement Input, Default Rate [Member] | Fair Value, Measurements, Recurring | ||
Fair Value Disclosures [Abstract] | ||
Debt Securities, Available-for-sale, Measurement Input | 0 | 0 |
Corporate Debt Securities [Member] | Minimum | Valuation Technique, Discounted Cash Flow [Member] | Level 3 | Measurement Input, Loss Severity [Member] | Fair Value, Measurements, Recurring | ||
Fair Value Disclosures [Abstract] | ||
Debt Securities, Available-for-sale, Measurement Input | 0.05 | 0.05 |
Corporate Debt Securities [Member] | Weighted Average | Valuation Technique, Discounted Cash Flow [Member] | Level 3 | Measurement Input, Discount Rate [Member] | Fair Value, Measurements, Recurring | ||
Fair Value Disclosures [Abstract] | ||
Debt Securities, Available-for-sale, Measurement Input | 0.03 | 0.02 |
Corporate Debt Securities [Member] | Weighted Average | Valuation Technique, Discounted Cash Flow [Member] | Level 3 | Measurement Input, Default Rate [Member] | Fair Value, Measurements, Recurring | ||
Fair Value Disclosures [Abstract] | ||
Debt Securities, Available-for-sale, Measurement Input | 0.04 | 0.04 |
Corporate Debt Securities [Member] | Weighted Average | Valuation Technique, Discounted Cash Flow [Member] | Level 3 | Measurement Input, Loss Severity [Member] | Fair Value, Measurements, Recurring | ||
Fair Value Disclosures [Abstract] | ||
Debt Securities, Available-for-sale, Measurement Input | 0.24 | 0.24 |
Derivative Financial Instruments, Assets [Member] | Maximum | Valuation Technique, Consensus Pricing Model [Member] | Level 3 | Measurement Input, Net Market Price [Member] | Fair Value, Measurements, Recurring | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Derivative Asset, Measurement Input | 0.13 | 0.11 |
Derivative Financial Instruments, Assets [Member] | Maximum | Valuation Technique, Consensus Pricing Model [Member] | Level 3 | Measurement Input, Estimated Pull Thru [Member] | Fair Value, Measurements, Recurring | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Derivative Asset, Measurement Input | 1 | 1 |
Derivative Financial Instruments, Assets [Member] | Minimum | Valuation Technique, Consensus Pricing Model [Member] | Level 3 | Measurement Input, Net Market Price [Member] | Fair Value, Measurements, Recurring | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Derivative Asset, Measurement Input | (0.05) | (0.02) |
Fair Value Disclosures [Abstract] | ||
Loans held for investment, Measurement Input | 0.04 | |
Derivative Financial Instruments, Assets [Member] | Minimum | Valuation Technique, Consensus Pricing Model [Member] | Level 3 | Measurement Input, Estimated Pull Thru [Member] | Fair Value, Measurements, Recurring | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Derivative Asset, Measurement Input | 0.03 | 0.02 |
Derivative Financial Instruments, Assets [Member] | Minimum | Market Approach Valuation Technique | Level 3 | Measurement Input, Estimated Pull Thru [Member] | Fair Value, Measurements, Recurring | ||
Fair Value Disclosures [Abstract] | ||
Loans held for investment, Measurement Input | 0.85 | |
Derivative Financial Instruments, Assets [Member] | Weighted Average | Valuation Technique, Consensus Pricing Model [Member] | Level 3 | Measurement Input, Net Market Price [Member] | Fair Value, Measurements, Recurring | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Derivative Asset, Measurement Input | 0.02 | |
Derivative Financial Instruments, Assets [Member] | Weighted Average | Valuation Technique, Consensus Pricing Model [Member] | Level 3 | Measurement Input, Estimated Pull Thru [Member] | Fair Value, Measurements, Recurring | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Derivative Asset, Measurement Input | 0.91 |
FAIR VALUES OF ASSETS AND LI_11
FAIR VALUES OF ASSETS AND LIABILITIES - Balance Sheet Location (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 | |
Financial Assets: | |||
Held-to-maturity securities | $ 10,193 | $ 9,070 | |
Loans held for sale | [1] | 997 | 877 |
Net loans and direct financing leases | 76,531 | 74,621 | |
Derivatives | 1,082 | 452 | |
Derivative Asset, Fair Value, Gross Asset | 2,384 | 856 | |
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset | (1,302) | (404) | |
Financial Liabilities: | |||
Deposits | 86,830 | 82,347 | |
Short-term borrowings | 2,826 | 2,606 | |
Long-term borrowings | 9,796 | 9,849 | |
Derivatives | 306 | 104 | |
Derivative Liability, Fair Value, Gross Liability | 1,372 | 521 | |
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset | (1,066) | (417) | |
Reported Value Measurement [Member] | |||
Financial Assets: | |||
Cash and short term assets | 1,904 | 1,272 | |
Trading account securities | 36 | 99 | |
Available-for-sale securities | 14,622 | 14,149 | |
Held-to-maturity securities | 10,193 | 9,070 | |
Other Securities | 488 | 441 | |
Loans held for sale | 997 | 877 | |
Net loans and direct financing leases | 76,531 | 74,621 | |
Derivatives | 1,082 | 452 | |
Financial Liabilities: | |||
Deposits | 86,830 | 82,347 | |
Short-term borrowings | 2,826 | 2,606 | |
Long-term borrowings | 9,796 | 9,849 | |
Derivatives | 306 | 104 | |
Estimate of Fair Value Measurement [Member] | |||
Financial Assets: | |||
Cash and short term assets | 1,904 | 1,272 | |
Trading account securities | 36 | 99 | |
Available-for-sale securities | 14,622 | 14,149 | |
Held-to-maturity securities | 10,523 | 9,186 | |
Other Securities | 488 | 441 | |
Loans held for sale | 1,000 | 879 | |
Other securities (2) | 50 | 54 | |
Net loans and direct financing leases | 77,059 | 75,177 | |
Derivatives | 1,082 | 452 | |
Financial Liabilities: | |||
Deposits | 86,843 | 82,344 | |
Short-term borrowings | 2,826 | 2,606 | |
Long-term borrowings | 9,654 | 10,075 | |
Derivatives | 306 | 104 | |
Estimate of Fair Value Measurement [Member] | Level 1 | |||
Financial Assets: | |||
Trading account securities | 8 | 30 | |
Available-for-sale securities | 8 | 10 | |
Held-to-maturity securities | 0 | 0 | |
Loans held for sale | 0 | 0 | |
Other securities (2) | 50 | 54 | |
Net loans and direct financing leases | 0 | 0 | |
Financial Liabilities: | |||
Deposits | 0 | 0 | |
Short-term borrowings | 0 | 0 | |
Long-term borrowings | 0 | 0 | |
Estimate of Fair Value Measurement [Member] | Level 2 | |||
Financial Assets: | |||
Trading account securities | 28 | 69 | |
Available-for-sale securities | 11,606 | 11,090 | |
Held-to-maturity securities | 10,523 | 9,186 | |
Loans held for sale | 836 | 781 | |
Other securities (2) | 0 | 0 | |
Net loans and direct financing leases | 55 | 55 | |
Derivative Asset, Fair Value, Gross Asset | 2,342 | 848 | |
Financial Liabilities: | |||
Deposits | 82,071 | 76,790 | |
Short-term borrowings | 0 | 0 | |
Long-term borrowings | 9,004 | 9,439 | |
Derivative Liability, Fair Value, Gross Liability | 1,369 | 519 | |
Estimate of Fair Value Measurement [Member] | Level 3 | |||
Financial Assets: | |||
Trading account securities | 0 | 0 | |
Available-for-sale securities | 3,008 | 3,049 | |
Held-to-maturity securities | 0 | 0 | |
Loans held for sale | 164 | 98 | |
Other securities (2) | 0 | 0 | |
Net loans and direct financing leases | 77,004 | 75,122 | |
Derivative Asset, Fair Value, Gross Asset | 42 | 8 | |
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset | 1,302 | 404 | |
Financial Liabilities: | |||
Deposits | 4,772 | 5,554 | |
Short-term borrowings | 2,826 | 2,606 | |
Long-term borrowings | 650 | 636 | |
Derivative Liability, Fair Value, Gross Liability | 3 | 2 | |
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset | (1,066) | (417) | |
Fair Value, Recurring [Member] | |||
Financial Assets: | |||
Trading account securities | 36 | 99 | |
Available-for-sale securities | 14,622 | 14,149 | |
Derivatives | 1,082 | 452 | |
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset | (1,302) | (404) | |
Financial Liabilities: | |||
Derivatives | 306 | 104 | |
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset | (1,066) | (417) | |
Fair Value, Recurring [Member] | Level 1 | |||
Financial Assets: | |||
Trading account securities | 8 | 30 | |
Available-for-sale securities | 8 | 10 | |
Derivative Asset, Fair Value, Gross Asset | 0 | 0 | |
Financial Liabilities: | |||
Derivative Liability, Fair Value, Gross Liability | 0 | 0 | |
Fair Value, Recurring [Member] | Level 2 | |||
Financial Assets: | |||
Trading account securities | 28 | 69 | |
Available-for-sale securities | 11,606 | 11,090 | |
Derivative Asset, Fair Value, Gross Asset | 2,342 | 848 | |
Financial Liabilities: | |||
Derivative Liability, Fair Value, Gross Liability | 1,369 | 519 | |
Fair Value, Recurring [Member] | Level 3 | |||
Financial Assets: | |||
Trading account securities | 0 | 0 | |
Available-for-sale securities | 3,008 | 3,049 | |
Derivative Asset, Fair Value, Gross Asset | 42 | 8 | |
Financial Liabilities: | |||
Derivative Liability, Fair Value, Gross Liability | 3 | 2 | |
Other securities | Fair Value, Recurring [Member] | |||
Financial Assets: | |||
Trading account securities | 8 | 32 | |
Available-for-sale securities | 3 | 4 | |
Other securities | Fair Value, Recurring [Member] | Level 1 | |||
Financial Assets: | |||
Trading account securities | 8 | 30 | |
Available-for-sale securities | 0 | 0 | |
Other securities | Fair Value, Recurring [Member] | Level 2 | |||
Financial Assets: | |||
Trading account securities | 0 | 2 | |
Available-for-sale securities | 3 | 4 | |
Other securities | Fair Value, Recurring [Member] | Level 3 | |||
Financial Assets: | |||
Trading account securities | 0 | 0 | |
Available-for-sale securities | 0 | 0 | |
Amortized Cost [Member] | Reported Value Measurement [Member] | |||
Financial Assets: | |||
Cash and short term assets | 1,904 | 1,272 | |
Held-to-maturity securities | 10,193 | 9,070 | |
Other Securities | 438 | 387 | |
Net loans and direct financing leases | 76,450 | 74,540 | |
Financial Liabilities: | |||
Deposits | 86,830 | 82,347 | |
Short-term borrowings | 2,826 | 2,606 | |
Long-term borrowings | 9,796 | 9,849 | |
Fair Value Fair Value Option [Member] | Reported Value Measurement [Member] | |||
Financial Assets: | |||
Trading account securities | 36 | 99 | |
Available-for-sale securities | 14,622 | 14,149 | |
Other Securities | 50 | 54 | |
Loans held for sale | 836 | 781 | |
Net loans and direct financing leases | 81 | 81 | |
Derivatives | 1,082 | 452 | |
Financial Liabilities: | |||
Derivatives | 306 | 104 | |
LowerOfCostOrMarket [Member] | Reported Value Measurement [Member] | |||
Financial Assets: | |||
Loans held for sale | $ 161 | $ 96 | |
[1] | (1) Amounts represent loans for which Huntington has elected the fair value option. See Note 11 “ Fair Values of Assets and Liabilities ”. |
DERIVATIVE FINANCIAL INSTRUME_3
DERIVATIVE FINANCIAL INSTRUMENTS - Narrative (Details) $ in Millions | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2020USD ($)group | Dec. 31, 2019USD ($) | Dec. 31, 2019USD ($) | |
Derivative [Line Items] | |||
Increase (decrease) to net interest income due to derivative adjustment | $ 16 | $ (14) | |
Fair value hedging adjustments | (84) | $ (93) | |
Derivative, Notional Amount | 27,415 | 25,927 | 25,927 |
Credit risks from interest rate swaps used for trading purposes | 997 | 407 | 407 |
Derivative Liability | $ 306 | 104 | 104 |
Number of primary groups | group | 2 | ||
Aggregate credit risk, net of collateral | $ 85 | 22 | 22 |
Investment securities and cash collateral pledged by Huntington | 189 | ||
Investment securities and cash collateral pledged to Huntington | 499 | ||
Derivative used in trading activity | |||
Derivative [Line Items] | |||
Net derivative asset (liability) | 64 | 87 | 87 |
Derivative financial instruments used by Huntington on behalf of customers including offsetting derivatives, notional value | 32,000 | 30,000 | 30,000 |
Derivative used in Mortgage Banking Activities | |||
Derivative [Line Items] | |||
Derivative, Notional Amount | 490 | 778 | 778 |
Derivative, Fair Value, Net | (6) | 6 | 6 |
Fair Value Hedging | |||
Derivative [Line Items] | |||
Derivative, Notional Amount | 8,040 | 7,540 | 7,540 |
Cash Flow Hedging | |||
Derivative [Line Items] | |||
Derivative, Notional Amount | 19,375 | 18,387 | 18,387 |
Commitments to Sell Loans [Member] | |||
Derivative [Line Items] | |||
Commitments to sell residential real estate loans | 2,200 | 1,400 | 1,400 |
Loans Payable [Member] | |||
Derivative [Line Items] | |||
Derivative, Notional Amount | 19,375 | 18,375 | 18,375 |
Loans Payable [Member] | Fair Value Hedging | |||
Derivative [Line Items] | |||
Derivative, Notional Amount | 0 | 0 | 0 |
Loans Payable [Member] | Cash Flow Hedging | |||
Derivative [Line Items] | |||
Derivative, Notional Amount | $ 19,375 | $ 18,375 | $ 18,375 |
DERIVATIVE FINANCIAL INSTRUME_4
DERIVATIVE FINANCIAL INSTRUMENTS - Hedging Instruments (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | $ 27,415 | $ 25,927 |
Asset derivatives included in accrued income and other assets | ||
Total contracts | 2,384 | 856 |
Liability derivatives included in accrued expenses and other liabilities | ||
Total contracts | 1,372 | 521 |
Accrued income and other assets | ||
Asset derivatives included in accrued income and other assets | ||
Interest rate contracts designated as hedging instruments | 971 | 256 |
Interest rate contracts not designated as hedging instruments | 1,063 | 420 |
Foreign exchange contracts not designated as hedging instruments | 44 | 19 |
Commodities contracts not designated as hedging instruments | 306 | 155 |
Derivative Instruments Not Designated as Hedging Instruments, Asset, at Fair Value | 0 | 6 |
Total contracts | 2,384 | 856 |
Accrued expenses and other liabilities | ||
Liability derivatives included in accrued expenses and other liabilities | ||
Interest rate contracts designated as hedging instruments | 72 | 36 |
Interest rate contracts not designated as hedging instruments | 928 | 314 |
Foreign exchange contracts not designated as hedging instruments | 42 | 18 |
Commodities contracts not designated as hedging instruments | 303 | 152 |
Derivative Instruments Not Designated as Hedging Instruments, Liability, at Fair Value | 27 | 1 |
Total contracts | 1,372 | 521 |
Designated as Hedging Instrument [Member] | Accrued income and other assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 27,415 | 25,927 |
Not Designated as Hedging Instrument [Member] | Accrued income and other assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 63,675 | 59,161 |
Not Designated as Hedging Instrument [Member] | Interest Rate Contract [Member] | Accrued income and other assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 31,136 | 27,614 |
Not Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | Accrued income and other assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 2,110 | 2,173 |
Not Designated as Hedging Instrument [Member] | Commodity Contract [Member] | Accrued income and other assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 2,606 | 3,020 |
Not Designated as Hedging Instrument [Member] | Equity Contract [Member] | Accrued income and other assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | $ 408 | $ 427 |
DERIVATIVE FINANCIAL INSTRUME_5
DERIVATIVE FINANCIAL INSTRUMENTS - Gain (Loss) (Details) - Not Designated as Hedging Instrument [Member] - Fair Value Hedging - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | $ 120 | $ 23 |
Interest Rate Contract [Member] | Capital markets fees | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | 18 | 10 |
Interest Rate Contract [Member] | Mortgage banking income | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | 96 | 12 |
Foreign Exchange Contract [Member] | Capital markets fees | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | 6 | 8 |
Commodity Contract [Member] | Capital markets fees | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | 2 | (6) |
Equity Contract [Member] | Other noninterest expense | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | $ (2) | $ (1) |
DERIVATIVE FINANCIAL INSTRUME_6
DERIVATIVE FINANCIAL INSTRUMENTS - Asset and Liability Management (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Notional Disclosures [Abstract] | ||
Derivative, Notional Amount | $ 27,415 | $ 25,927 |
Fair Value Hedging | ||
Notional Disclosures [Abstract] | ||
Derivative, Notional Amount | 8,040 | 7,540 |
Cash Flow Hedging | ||
Notional Disclosures [Abstract] | ||
Derivative, Notional Amount | 19,375 | 18,387 |
Loans Payable [Member] | ||
Notional Disclosures [Abstract] | ||
Derivative, Notional Amount | 19,375 | 18,375 |
Loans Payable [Member] | Fair Value Hedging | ||
Notional Disclosures [Abstract] | ||
Derivative, Notional Amount | 0 | 0 |
Loans Payable [Member] | Cash Flow Hedging | ||
Notional Disclosures [Abstract] | ||
Derivative, Notional Amount | 19,375 | 18,375 |
Securities Investment [Member] | ||
Notional Disclosures [Abstract] | ||
Derivative, Notional Amount | 12 | |
Securities Investment [Member] | Fair Value Hedging | ||
Notional Disclosures [Abstract] | ||
Derivative, Notional Amount | 0 | |
Securities Investment [Member] | Cash Flow Hedging | ||
Notional Disclosures [Abstract] | ||
Derivative, Notional Amount | 12 | |
Other long-term debt | ||
Notional Disclosures [Abstract] | ||
Derivative, Notional Amount | 8,040 | 7,540 |
Other long-term debt | Fair Value Hedging | ||
Notional Disclosures [Abstract] | ||
Derivative, Notional Amount | 8,040 | 7,540 |
Other long-term debt | Cash Flow Hedging | ||
Notional Disclosures [Abstract] | ||
Derivative, Notional Amount | $ 0 | $ 0 |
DERIVATIVE FINANCIAL INSTRUME_7
DERIVATIVE FINANCIAL INSTRUMENTS - Asset and Liability Managemen Add Info (Details Add Info) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Dec. 31, 2019 | |
Derivative [Line Items] | ||
Derivative, Notional Amount | $ 27,415 | $ 25,927 |
Increase decrease to net interest income due to derivative adjustment | $ 16 | $ (14) |
DERIVATIVE FINANCIAL INSTRUME_8
DERIVATIVE FINANCIAL INSTRUMENTS - Fair Value Hedges (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2019 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Fair value hedging adjustments | $ 84 | $ 93 | |
Fair Value Hedge Liabilities | 7,775 | $ 7,578 | 7,578 |
Hedged Liability, Fair Value Hedge, Cumulative Increase (Decrease) | 304 | 114 | $ 114 |
Interest expense subordinated notes and other long term debt [Member] | Subordinated notes [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Increase (Decrease) in Fair Value of Hedged Item in Interest Rate Fair Value Hedge | 200 | 41 | |
Interest expense subordinated notes and other long term debt [Member] | Hedged Subordinated notes [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Increase (Decrease) in Fair Value of Hedged Item in Interest Rate Fair Value Hedge | $ (190) | $ (41) |
DERIVATIVE FINANCIAL INSTRUME_9
DERIVATIVE FINANCIAL INSTRUMENTS DERIVATIVE FINANCIAL INSTRUMENTS - Cash Flow Hedges (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) on Interest Rate Cash Flow Hedge Ineffectiveness | $ 308 | $ 7 | |
Derivative, Notional Amount | 27,415 | $ 25,927 | |
Cash Flow Hedging | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Notional Amount | 19,375 | 18,387 | |
Loans Payable [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Notional Amount | 19,375 | 18,375 | |
Loans Payable [Member] | Cash Flow Hedging | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Notional Amount | $ 19,375 | $ 18,375 |
DERIVATIVE FINANCIAL INSTRUM_10
DERIVATIVE FINANCIAL INSTRUMENTS - MSR Hedging Activities (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Dec. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
MSR Derivative Hedging [Table Text Block] | The notional value of the derivative financial instruments, corresponding trading assets and liabilities, and net trading gains (losses) related to MSR hedging activity is summarized in the following table: (dollar amounts in millions) March 31, 2020 December 31, 2019 Notional value $ 490 $ 778 Trading assets 64 19 Three Months Ended March 31, (dollar amounts in millions) 2020 2019 Trading gains $ 57 $ 7 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative, Notional Amount | $ 27,415 | $ 25,927 |
Derivative used in Mortgage Banking Activities | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative, Fair Value, Net | (6) | 6 |
Derivative, Notional Amount | 490 | 778 |
Trading Assets | 64 | 19 |
Derivative, Gain (Loss) on Derivative, Net | $ 57 | $ 7 |
DERIVATIVE FINANCIAL INSTRUM_11
DERIVATIVE FINANCIAL INSTRUMENTS - Offsetting Assets (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Offsetting Derivative Assets [Abstract] | ||
Gross amounts of recognized assets | $ 2,384 | $ 856 |
Gross amounts offset in the condensed consolidated balance sheets | 1,302 | 404 |
Net amounts of assets presented in the condensed consolidated balance sheets | 1,082 | 452 |
Gross amounts not offset in the condensed consolidated balance sheets, Financial instruments | (115) | (65) |
Gross amounts not offset in the condensed consolidated balance sheets, cash collateral received | (62) | (29) |
Net amount | $ 905 | $ 358 |
DERIVATIVE FINANCIAL INSTRUM_12
DERIVATIVE FINANCIAL INSTRUMENTS - Offsetting Liabilities (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Offsetting Derivative Liabilities [Abstract] | ||
Gross amounts of recognized liabilities | $ 1,372 | $ 521 |
Gross amounts offset in the condensed consolidated balance sheets | (1,066) | (417) |
Derivative liabilities | 306 | 104 |
Gross amounts not offset in the condensed consolidated balance sheets, Financial instruments | 0 | 0 |
Gross amounts not offset in the condensed consolidated balance sheets, Cash collateral received | (108) | (75) |
Net amount | $ 198 | $ 29 |
VIEs - Narrative (Details)
VIEs - Narrative (Details) | 3 Months Ended |
Mar. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Maximum year to defer payment of interest on Debenture | 5 years |
VIEs - Unconsolidated VIEs (Det
VIEs - Unconsolidated VIEs (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Trust Preferred Securities | ||
Variable Interest Entity [Line Items] | ||
Total Assets | $ 14 | $ 14 |
Total Liabilities | 252 | 252 |
Maximum Exposure to Loss | 0 | 0 |
Affordable Housing Tax Credit Partnerships | ||
Variable Interest Entity [Line Items] | ||
Total Assets | 803 | 727 |
Total Liabilities | 386 | 332 |
Maximum Exposure to Loss | 803 | 727 |
Other Investments | ||
Variable Interest Entity [Line Items] | ||
Total Assets | 184 | 179 |
Total Liabilities | 61 | 63 |
Maximum Exposure to Loss | 184 | 179 |
Total | ||
Variable Interest Entity [Line Items] | ||
Total Assets | 1,001 | 920 |
Total Liabilities | 699 | 647 |
Maximum Exposure to Loss | $ 987 | $ 906 |
VIEs - Trust preferred Securiti
VIEs - Trust preferred Securities (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2020USD ($) | |
Summary of Outstanding Trust Preferred Securities | |
Principal amount of subordinated note/ debenture issued to trust | $ 252 |
Investment in unconsolidated subsidiary | $ 14 |
Huntington Capital I | |
Summary of Outstanding Trust Preferred Securities | |
Interest rate on Trust Preferred Securities | 2.15% |
Principal amount of subordinated note/ debenture issued to trust | $ 70 |
Investment in unconsolidated subsidiary | $ 6 |
Huntington Capital I | London Interbank Offered Rate (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 | 2.08% |
Principal amount of subordinated note/ debenture issued to trust | $ 32 |
Investment in unconsolidated subsidiary | $ 3 |
Huntington Capital II | London Interbank Offered Rate (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 | 2.85% |
Principal amount of subordinated note/ debenture issued to trust | $ 72 |
Investment in unconsolidated subsidiary | $ 2 |
Sky Financial Capital Trust III | London Interbank Offered Rate (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 | 2.85% |
Principal amount of subordinated note/ debenture issued to trust | $ 74 |
Investment in unconsolidated subsidiary | $ 2 |
Camco Financial Trust | |
Summary of Outstanding Trust Preferred Securities | |
Interest rate on Trust Preferred Securities | 2.78% |
Principal amount of subordinated note/ debenture issued to trust | $ 4 |
Investment in unconsolidated subsidiary | $ 1 |
Camco Financial Trust | London Interbank Offered Rate (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 Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2020 | Dec. 31, 2019 | |
Low Income Housing Tax Credit Partnerships | ||
Variable Interest Entity [Line Items] | ||
Affordable housing tax credit investments | $ 1,343 | $ 1,242 |
Less: amortization | (540) | (515) |
Net affordable housing tax credit investments | 803 | 727 |
Unfunded commitments | 386 | 332 |
Tax credits and other tax benefits recognized | 29 | 27 |
Proportional Amortization Method | ||
Variable Interest Entity [Line Items] | ||
Proportional amortization expense included in provision for income taxes | $ 25 | $ 22 |
COMMITMENTS AND CONTINGENT LI_3
COMMITMENTS AND CONTINGENT LIABILITIES - Commitments to Extend Credit (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Commercial | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Contract amount represents credit risk | $ 16,174 | $ 18,326 |
Consumer | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Contract amount represents credit risk | 14,526 | 14,831 |
Commercial Real Estate [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Contract amount represents credit risk | 1,164 | 1,364 |
Standby letters of credit | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Contract amount represents credit risk | 570 | 587 |
Commercial | Commercial letters-of-credit | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Contract amount represents credit risk | $ 5 | $ 8 |
COMMITMENTS AND CONTINGENT LI_4
COMMITMENTS AND CONTINGENT LIABILITIES - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Dec. 31, 2019 | |
Loss Contingencies [Line Items] | ||
Maturity period of majority of standby letters of credit | P2Y | |
Maturity period of Commercial letters of credit | P90D | |
Standby letters of credit | ||
Loss Contingencies [Line Items] | ||
Carrying amount of deferred revenue associated with guarantees | $ 8 | $ 8 |
Outstanding standby letters of credit | 570 | $ 587 |
Maximum | ||
Loss Contingencies [Line Items] | ||
Aggregate range of reasonably possible losses current legal proceedings | 20 | |
Minimum | ||
Loss Contingencies [Line Items] | ||
Aggregate range of reasonably possible losses current legal proceedings | $ 0 |
SEGMENT REPORTING (Details)
SEGMENT REPORTING (Details) $ in Millions | 3 Months Ended | ||
Mar. 31, 2020USD ($)segments | Mar. 31, 2019USD ($) | Dec. 31, 2019USD ($) | |
Segment Reporting Information [Line Items] | |||
Number of reporting segments | segments | 4 | ||
Net interest income | $ 790 | $ 822 | |
Provision (reduction in allowance) for credit losses | (441) | (67) | |
Noninterest income | 361 | 319 | |
Noninterest expense | 652 | 653 | |
Provision (benefit) for income taxes | 10 | 63 | |
Net income | 48 | 358 | |
Assets | 113,897 | $ 109,002 | |
Deposits | 86,830 | 82,347 | |
Operating Segments | Consumer & Business Banking | |||
Segment Reporting Information [Line Items] | |||
Net interest income | 364 | 471 | |
Provision (reduction in allowance) for credit losses | (82) | (17) | |
Noninterest income | 212 | 174 | |
Noninterest expense | 418 | 398 | |
Provision (benefit) for income taxes | 16 | 48 | |
Net income | 60 | 182 | |
Assets | 24,917 | 25,073 | |
Deposits | 51,898 | 51,675 | |
Operating Segments | Commercial Banking | |||
Segment Reporting Information [Line Items] | |||
Net interest income | 232 | 273 | |
Provision (reduction in allowance) for credit losses | (298) | (43) | |
Noninterest income | 86 | 76 | |
Noninterest expense | 129 | 141 | |
Provision (benefit) for income taxes | (23) | 35 | |
Net income | (86) | 130 | |
Assets | 37,318 | 34,337 | |
Deposits | 23,530 | 20,762 | |
Operating Segments | Vehicle Finance [Member] | |||
Segment Reporting Information [Line Items] | |||
Net interest income | 106 | 95 | |
Provision (reduction in allowance) for credit losses | (60) | (9) | |
Noninterest income | 3 | 2 | |
Noninterest expense | 35 | 37 | |
Provision (benefit) for income taxes | 3 | 11 | |
Net income | 11 | 40 | |
Assets | 20,431 | 20,155 | |
Deposits | 525 | 376 | |
Operating Segments | RBPCG | |||
Segment Reporting Information [Line Items] | |||
Net interest income | 43 | 53 | |
Provision (reduction in allowance) for credit losses | (1) | 2 | |
Noninterest income | 50 | 51 | |
Noninterest expense | 62 | 64 | |
Provision (benefit) for income taxes | 6 | 9 | |
Net income | 24 | 33 | |
Assets | 6,747 | 6,665 | |
Deposits | 6,265 | 6,370 | |
Treasury / Other | |||
Segment Reporting Information [Line Items] | |||
Net interest income | 45 | (70) | |
Provision (reduction in allowance) for credit losses | 0 | 0 | |
Noninterest income | 10 | 16 | |
Noninterest expense | 8 | 13 | |
Provision (benefit) for income taxes | 8 | (40) | |
Net income | 39 | $ (27) | |
Assets | 24,484 | 22,772 | |
Deposits | $ 4,612 | $ 3,164 |