Cover Page
Cover Page | 6 Months Ended |
Jun. 30, 2021shares | |
Entity Information [Line Items] | |
Document Type | 10-Q |
Document Quarterly Report | true |
Document Period End Date | Jun. 30, 2021 |
Document Transition Report | false |
Entity Registrant Name | Huntington Bancshares Incorporated |
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) | 1,476,557,426 |
Entity Central Index Key | 0000049196 |
Amendment Flag | false |
Document Fiscal Year Focus | 2021 |
Document Fiscal Period Focus | Q2 |
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 $0.01 per Share |
Trading Symbol | HBAN |
Security Exchange Name | NASDAQ |
5.875% Series C Non-Cumulative, perpetual preferred stock | |
Entity Information [Line Items] | |
Title of 12(b) Security | Depositary Shares (each representing a 1/40th interest in a share of 5.875% Series C Non-Cumulative, perpetual preferred stock) |
Trading Symbol | HBANN |
Security Exchange Name | NASDAQ |
Series H Preferred Stock | |
Entity Information [Line Items] | |
Title of 12(b) Security | Depositary Shares (each representing a 1/40th interest in a share of 4.500% Series H Non-Cumulative, perpetual preferred stock) |
Trading Symbol | HBANP |
Security Exchange Name | NASDAQ |
Series I Preferred Stock | |
Entity Information [Line Items] | |
Title of 12(b) Security | Depositary Shares (each representing a 1/100th interest in a share of 5.70% Series I Non-Cumulative, perpetual preferred stock) |
Trading Symbol | HBANM |
Security Exchange Name | NASDAQ |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 | |
Assets | |||
Cash and due from banks | $ 1,479,000 | $ 1,319,000 | |
Interest-bearing deposits at Federal Reserve Bank | 11,776,000 | 5,276,000 | |
Interest-bearing deposits in banks | 671,000 | 117,000 | |
Trading account securities | 93,000 | 62,000 | |
Available-for-sale securities | 22,915,000 | 16,485,000 | |
Held-to-maturity securities | 11,415,000 | 8,861,000 | |
Other securities | 692,000 | 418,000 | |
Loans held for sale (includes $1,141 and $1,198 respectively, measured at fair value)(1) | [1] | 1,391,000 | 1,275,000 |
Loans and leases (includes $131 and $94 respectively, measured at fair value)(1) | [1] | 111,905,000 | 81,608,000 |
Allowance for loan and lease losses | (2,218,000) | (1,814,000) | |
Net loans and leases | 109,687,000 | 79,794,000 | |
Bank owned life insurance | 2,763,000 | 2,577,000 | |
Premises and equipment | 1,128,000 | 757,000 | |
Goodwill | 5,316,000 | 1,990,000 | |
Servicing rights and other intangible assets | 619,000 | 428,000 | |
Other assets | 5,227,000 | 3,679,000 | |
Total assets | 175,172,000 | 123,038,000 | |
Liabilities | |||
Demand deposits—noninterest-bearing (includes $488 at June 30, 2021 classified as held-for-sale) | 45,249,000 | 28,553,000 | |
Interest-bearing (includes $439 at June 30, 2021 classified as held-for-sale) | 97,556,000 | 70,395,000 | |
Total deposits | 142,805,000 | 98,948,000 | |
Short-term borrowings | 391,000 | 183,000 | |
Long-term debt | 7,342,000 | 8,352,000 | |
Other liabilities | 4,103,000 | 2,562,000 | |
Total liabilities | 154,641,000 | 110,045,000 | |
Commitments and Contingent Liabilities (Note 16) | |||
Shareholders’ equity | |||
Preferred stock | 2,851,000 | 2,191,000 | |
Common stock | 15,000 | 10,000 | |
Capital surplus | 15,830,000 | 8,781,000 | |
Less treasury shares, at cost | (105,000) | (59,000) | |
Accumulated other comprehensive (loss) gain | (19,000) | 192,000 | |
Retained earnings | 1,939,000 | 1,878,000 | |
Total Huntington Bancshares Inc shareholders’ equity | 20,511,000 | 12,993,000 | |
Non-controlling interest | 20,000 | 0 | |
Total equity | 20,531,000 | 12,993,000 | |
Total liabilities and shareholders’ equity | $ 175,172,000 | $ 123,038,000 | |
Common shares authorized (par value of $0.01) (in shares) | 2,250,000,000 | 1,500,000,000 | |
Common shares outstanding (in shares) | 1,476,557,426 | 1,017,196,776 | |
Treasury shares outstanding (in shares) | 8,056,484 | 5,062,054 | |
Preferred stock, authorized shares (in shares) | 6,617,808 | 6,617,808 | |
Preferred shares outstanding (in shares) | 1,257,500 | 750,500 | |
[1] | Amounts represent loans for which Huntington has elected the fair value option. See Note 13 “ Fair Values of Assets and Liabilities ”. |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Assets | ||
Loans held for sale, fair value | $ 1,141 | $ 1,198 |
Loans and leases, fair value | 131 | 94 |
Demand deposits noninterest bearing held for sale | $ 488 | |
Demand deposits interest bearing held for sale | $ 439 | |
Shareholders’ equity | ||
Common stock, par value (in usd per share) | $ 0.01 | $ 0.01 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Interest and fee income: | ||||
Loans and leases | $ 806,000 | $ 754,000 | $ 1,558,000 | $ 1,563,000 |
Available-for-sale securities | ||||
Taxable | 67,000 | 64,000 | 116,000 | 141,000 |
Tax-exempt | 13,000 | 15,000 | 26,000 | 33,000 |
Held-to-maturity securities—taxable | 35,000 | 59,000 | 77,000 | 117,000 |
Other securities—taxable | 2,000 | 1,000 | 4,000 | 3,000 |
Other | 12,000 | 9,000 | 23,000 | 20,000 |
Total interest income | 935,000 | 902,000 | 1,804,000 | 1,877,000 |
Interest expense: | ||||
Deposits | 12,000 | 46,000 | 23,000 | 151,000 |
Short-term borrowings | 0 | 1,000 | 0 | 13,000 |
Long-term debt | 85,000 | 63,000 | (29,000) | 131,000 |
Total interest expense | 97,000 | 110,000 | (6,000) | 295,000 |
Net interest income | 838,000 | 792,000 | 1,810,000 | 1,582,000 |
Provision for credit losses | 211,000 | 327,000 | 151,000 | 768,000 |
Net interest income after provision for credit losses | 627,000 | 465,000 | 1,659,000 | 814,000 |
Mortgage banking income | 67,000 | 96,000 | 167,000 | 154,000 |
Service charges on deposit accounts | 88,000 | 60,000 | 157,000 | 148,000 |
Card and payment processing income | 80,000 | 59,000 | 145,000 | 117,000 |
Trust and investment management services | 56,000 | 45,000 | 108,000 | 92,000 |
Leasing revenue | 12,000 | 7,000 | 16,000 | 10,000 |
Capital markets fees | 35,000 | 31,000 | 64,000 | 64,000 |
Insurance income | 25,000 | 25,000 | 52,000 | 48,000 |
Bank owned life insurance income | 16,000 | 17,000 | 32,000 | 32,000 |
Gain on sale of loans | 3,000 | 8,000 | 6,000 | 17,000 |
Net gains (losses) on sales of securities | 10,000 | (1,000) | 10,000 | (1,000) |
Other noninterest income | 52,000 | 44,000 | 82,000 | 71,000 |
Total noninterest income | 444,000 | 391,000 | 839,000 | 752,000 |
Personnel costs | 592,000 | 418,000 | 1,060,000 | 814,000 |
Outside data processing and other services | 162,000 | 90,000 | 277,000 | 175,000 |
Equipment | 55,000 | 46,000 | 101,000 | 87,000 |
Net occupancy | 72,000 | 39,000 | 114,000 | 79,000 |
Lease financing equipment depreciation | 5,000 | 1,000 | 5,000 | 1,000 |
Professional services | 48,000 | 11,000 | 65,000 | 22,000 |
Amortization of intangibles | 11,000 | 10,000 | 21,000 | 21,000 |
Marketing | 15,000 | 5,000 | 29,000 | 14,000 |
Deposit and other insurance expense | 8,000 | 9,000 | 16,000 | 18,000 |
Other noninterest expense | 104,000 | 46,000 | 177,000 | 96,000 |
Total noninterest expense | 1,072,000 | 675,000 | 1,865,000 | 1,327,000 |
(Loss) income before income taxes | (1,000) | 181,000 | 633,000 | 239,000 |
Provision for income taxes | 14,000 | 31,000 | 116,000 | 41,000 |
(Loss) income after income taxes | (15,000) | 150,000 | 517,000 | 198,000 |
Income attributable to non-controlling interest | 0 | 0 | 0 | 0 |
Net (loss) income attributable to Huntington Bancshares Inc | (15,000) | 150,000 | 517,000 | 198,000 |
Dividends on preferred shares | 43,000 | 19,000 | 74,000 | 37,000 |
Net (loss) income applicable to common shares | $ (58,000) | $ 131,000 | $ 443,000 | $ 161,000 |
Average common shares—basic (in shares) | 1,125,039 | 1,016,259 | 1,071,276 | 1,016,951 |
Average common shares—diluted (in shares) | 1,125,039 | 1,028,683 | 1,094,474 | 1,031,629 |
Per common share: | ||||
Net income—basic (in usd per share) | $ (0.05) | $ 0.13 | $ 0.41 | $ 0.16 |
Net income—diluted (in usd per share) | $ (0.05) | $ 0.13 | $ 0.40 | $ 0.16 |
Condensed Consolidated Statem_2
Condensed Consolidated Statement of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Statement of Comprehensive Income [Abstract] | ||||
Net (loss) income attributable to Huntington Bancshares Inc | $ (15,000) | $ 150,000 | $ 517,000 | $ 198,000 |
Net unrealized gains (losses) on available-for-sale securities | 78,000 | 62,000 | (138,000) | 235,000 |
Change in fair value related to cash flow hedges | (39,000) | 11,000 | (73,000) | 319,000 |
Translation adjustments, net of hedges | (6,000) | 0 | (6,000) | 0 |
Change in accumulated unrealized gains (losses) for pension and other post-retirement obligations | 4,000 | (10,000) | 6,000 | (8,000) |
Other comprehensive income (loss), net of tax | 37,000 | 63,000 | (211,000) | 546,000 |
Comprehensive income | $ 22,000 | $ 213,000 | $ 306,000 | $ 744,000 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Changes in Shareholders' Equity - USD ($) shares in Thousands, $ in Thousands | Total | Cumulative Effect, Period of Adoption, Adjustment | Preferred Stock | Preferred StockSeries I Preferred Stock | Common Stock-Par Value $0.01 per share | Common Stock-Par Value $0.01 per shareCommon Stock-Par Value $0.01 per share | Capital Surplus | Capital SurplusSeries I Preferred Stock | Capital SurplusCommon Stock-Par Value $0.01 per share | Treasury Stock | Treasury StockCommon Stock-Par Value $0.01 per share | Accumulated Other Comprehensive Gain (Loss) | Retained Earnings | Retained EarningsSeries I Preferred Stock | Retained EarningsCumulative Effect, Period of Adoption, Adjustment | Total | TotalCumulative Effect, Period of Adoption, Adjustment | Noncontrolling Interest |
Balance, beginning of period at Dec. 31, 2019 | $ 11,795,000 | $ 1,203,000 | $ 10,000 | $ 8,806,000 | $ (56,000) | $ (256,000) | $ 2,088,000 | $ 11,795,000 | $ 0 | |||||||||
Balance, beginning of period (ASU 2016-13) at Dec. 31, 2019 | $ (306,000) | $ (306,000) | $ (306,000) | |||||||||||||||
Balance, beginning of period (in shares) at Dec. 31, 2019 | 1,024,541 | (4,537) | ||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||
Net (loss) income attributable to Huntington Bancshares Inc | 198,000 | 198,000 | 198,000 | |||||||||||||||
Other comprehensive income, net of tax | 546,000 | 546,000 | 546,000 | |||||||||||||||
Net proceeds from issuance of Preferred Stock | 494,000 | 494,000 | 494,000 | |||||||||||||||
Repurchases of common stock (in shares) | (7,088) | |||||||||||||||||
Issuance of Series C preferred stock | (88,000) | (88,000) | (88,000) | |||||||||||||||
Cash dividends declared: | ||||||||||||||||||
Common | (310,000) | (310,000) | (310,000) | |||||||||||||||
Preferred | (37,000) | (37,000) | $ 0 | (37,000) | ||||||||||||||
Recognition of the fair value of share-based compensation | 40,000 | 40,000 | 40,000 | |||||||||||||||
Other share-based compensation activity (in shares) | 4,856 | |||||||||||||||||
Other share-based compensation activity | (15,000) | $ 0 | (15,000) | 0 | (15,000) | |||||||||||||
Other (in shares) | (462) | |||||||||||||||||
Other | (3,000) | 0 | $ (3,000) | (3,000) | ||||||||||||||
Balance, end of period at Jun. 30, 2020 | 12,314,000 | 1,697,000 | $ 10,000 | 8,743,000 | $ (59,000) | 290,000 | 1,633,000 | 12,314,000 | 0 | |||||||||
Balance, end of period (in shares) at Jun. 30, 2020 | 1,022,309 | (4,999) | ||||||||||||||||
Balance, beginning of period at Mar. 31, 2020 | 11,769,000 | 1,203,000 | $ 10,000 | 8,728,000 | $ (56,000) | 227,000 | 1,657,000 | 11,769,000 | 0 | |||||||||
Balance, beginning of period (in shares) at Mar. 31, 2020 | 1,018,752 | (4,534) | ||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||
Net (loss) income attributable to Huntington Bancshares Inc | 150,000 | 150,000 | 150,000 | |||||||||||||||
Other comprehensive income, net of tax | 63,000 | 63,000 | 63,000 | |||||||||||||||
Net proceeds from issuance of Preferred Stock | 494,000 | 494,000 | 494,000 | |||||||||||||||
Cash dividends declared: | ||||||||||||||||||
Common | (155,000) | (155,000) | (155,000) | |||||||||||||||
Preferred | (19,000) | (19,000) | 0 | (19,000) | ||||||||||||||
Recognition of the fair value of share-based compensation | 25,000 | 25,000 | 25,000 | |||||||||||||||
Other share-based compensation activity (in shares) | 3,557 | |||||||||||||||||
Other share-based compensation activity | (10,000) | $ 0 | (10,000) | 0 | (10,000) | |||||||||||||
Other (in shares) | (465) | |||||||||||||||||
Other | (3,000) | $ (3,000) | (3,000) | |||||||||||||||
Balance, end of period at Jun. 30, 2020 | 12,314,000 | 1,697,000 | $ 10,000 | 8,743,000 | $ (59,000) | 290,000 | 1,633,000 | 12,314,000 | 0 | |||||||||
Balance, end of period (in shares) at Jun. 30, 2020 | 1,022,309 | (4,999) | ||||||||||||||||
Balance, beginning of period at Dec. 31, 2020 | 12,993,000 | 2,191,000 | $ 10,000 | 8,781,000 | $ (59,000) | 192,000 | 1,878,000 | 12,993,000 | 0 | |||||||||
Balance, beginning of period (in shares) at Dec. 31, 2020 | 1,022,258 | (5,062) | ||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||
Net (loss) income attributable to Huntington Bancshares Inc | 517,000 | 517,000 | 517,000 | |||||||||||||||
Other comprehensive income, net of tax | (211,000) | (211,000) | (211,000) | |||||||||||||||
Stock Issued During Period, Shares, Acquisitions | 458,171 | |||||||||||||||||
Stock Issued During Period, Value, Acquisitions | 6,961,000 | $ 175,000 | $ 5,000 | $ 10,000 | $ 6,993,000 | 6,961,000 | ||||||||||||
Stock Issued During Period, Value, Other | 185,000 | 185,000 | ||||||||||||||||
Net proceeds from issuance of Preferred Stock | 485,000 | 485,000 | 485,000 | |||||||||||||||
Cash dividends declared: | ||||||||||||||||||
Common | (380,000) | (380,000) | (380,000) | |||||||||||||||
Preferred | (74,000) | (74,000) | (3,000) | (74,000) | ||||||||||||||
Recognition of the fair value of share-based compensation | 66,000 | 66,000 | 66,000 | |||||||||||||||
Other share-based compensation activity (in shares) | 4,185 | |||||||||||||||||
Other share-based compensation activity | (20,000) | $ 0 | (20,000) | 0 | (20,000) | |||||||||||||
Other (in shares) | 2,994 | |||||||||||||||||
Other | 9,000 | 0 | $ (9,000) | 0 | (2,000) | (11,000) | 20,000 | |||||||||||
Balance, end of period at Jun. 30, 2021 | 20,531,000 | 2,851,000 | $ 15,000 | 15,830,000 | $ (105,000) | (19,000) | 1,939,000 | 20,511,000 | 20,000 | |||||||||
Balance, end of period (in shares) at Jun. 30, 2021 | 1,484,614 | (8,056) | ||||||||||||||||
Balance, beginning of period at Mar. 31, 2021 | 13,600,000 | 2,676,000 | $ 10,000 | 8,806,000 | $ (59,000) | (56,000) | 2,223,000 | 13,600,000 | 0 | |||||||||
Balance, beginning of period (in shares) at Mar. 31, 2021 | 1,023,094 | (5,041) | ||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||
Net (loss) income attributable to Huntington Bancshares Inc | (15,000) | (15,000) | (15,000) | |||||||||||||||
Other comprehensive income, net of tax | 37,000 | 37,000 | 37,000 | |||||||||||||||
Stock Issued During Period, Shares, Acquisitions | 458,171 | |||||||||||||||||
Stock Issued During Period, Value, Acquisitions | 6,961,000 | $ 175,000 | $ 5,000 | $ 10,000 | $ 6,993,000 | $ (37,000) | 6,961,000 | |||||||||||
Stock Issued During Period, Value, Other | 185,000 | 0 | 185,000 | |||||||||||||||
Net proceeds from issuance of Preferred Stock | 0 | |||||||||||||||||
Cash dividends declared: | ||||||||||||||||||
Common | (224,000) | (224,000) | (224,000) | |||||||||||||||
Preferred | (43,000) | (43,000) | $ (3,000) | (43,000) | ||||||||||||||
Recognition of the fair value of share-based compensation | 38,000 | 38,000 | 38,000 | |||||||||||||||
Other share-based compensation activity (in shares) | 3,349 | |||||||||||||||||
Other share-based compensation activity | (17,000) | $ 0 | (17,000) | 0 | (17,000) | |||||||||||||
Other (in shares) | (3,015) | |||||||||||||||||
Other | 9,000 | $ (9,000) | (2,000) | (11,000) | 20,000 | |||||||||||||
Balance, end of period at Jun. 30, 2021 | $ 20,531,000 | $ 2,851,000 | $ 15,000 | $ 15,830,000 | $ (105,000) | $ (19,000) | $ 1,939,000 | $ 20,511,000 | $ 20,000 | |||||||||
Balance, end of period (in shares) at Jun. 30, 2021 | 1,484,614 | (8,056) |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Changes in Shareholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Statement of Stockholders' Equity [Abstract] | ||||
Common (in usd per share) | $ 0.15 | $ 0.15 | $ 0.30 | $ 0.30 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Operating activities | ||
Net (loss) income attributable to Huntington Bancshares Inc | $ 517,000 | $ 198,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provision for credit losses | 151,000 | 768,000 |
Depreciation and amortization | 274,000 | 178,000 |
Share-based compensation expense | 66,000 | 40,000 |
Deferred income tax expense (benefit) | 34,000 | (66,000) |
Net change in: | ||
Trading account securities | (31,000) | 54,000 |
Loans held for sale | 50,000 | (181,000) |
Other assets | (416,000) | (1,032,000) |
Other liabilities | 261,000 | 755,000 |
Other, net | 82,000 | (4,000) |
Net cash provided by operating activities | 988,000 | 710,000 |
Investing activities | ||
Change in interest bearing deposits in banks | 415,000 | (27,000) |
Net cash received from business combination | 466,000 | 0 |
Proceeds from: | ||
Maturities and calls of available-for-sale securities | 3,683,000 | 1,947,000 |
Maturities and calls of held-to-maturity securities | 1,995,000 | 1,173,000 |
Maturities and calls of other securities | 0 | 65,000 |
Sales of available-for-sale securities | 5,838,000 | 390,000 |
Purchases of available-for-sale securities | (10,285,000) | (2,744,000) |
Purchases of held-to-maturity securities | (1,547,000) | 0 |
Purchases of other securities | 0 | (62,000) |
Net proceeds from sales of portfolio loans and leases | 334,000 | 416,000 |
Principal payments received under direct finance and sales-type leases | 408,000 | 346,000 |
Net loan and lease activity, excluding sales and purchases | 3,153,000 | (5,443,000) |
Purchases of premises and equipment | (99,000) | (49,000) |
Purchases of loans and leases | (493,000) | (402,000) |
Other, net | 118,000 | 21,000 |
Net cash provided by (used in) investing activities | 3,986,000 | (4,369,000) |
Financing activities | ||
Increase in deposits | 5,194,000 | 11,344,000 |
Decrease in short-term borrowings | (1,152,000) | (2,293,000) |
Net proceeds from issuance of long-term debt | 59,000 | 1,321,000 |
Maturity/redemption of long-term debt | (2,526,000) | (1,634,000) |
Dividends paid on preferred stock | (66,000) | (37,000) |
Dividends paid on common stock | (308,000) | (307,000) |
Repurchases of common stock | 0 | (88,000) |
Net proceeds from issuance of preferred stock | 485,000 | 494,000 |
Other, net | 0 | (18,000) |
Net cash provided by financing activities | 1,686,000 | 8,782,000 |
Increase in cash and cash equivalents | 6,660,000 | 5,123,000 |
Cash and cash equivalents at beginning of period | 6,595,000 | 1,170,000 |
Cash and cash equivalents at end of period | 13,255,000 | 6,293,000 |
Supplemental disclosures: | ||
Interest paid | 87,000 | 297,000 |
Income taxes paid | 200,000 | 10,000 |
Non-cash activities | ||
Loans transferred to held-for-sale from portfolio | 190,000 | 589,000 |
Loans transferred to portfolio from held-for-sale | 60,000 | 23,000 |
Transfer of securities from available-for-sale to held-to-maturity | 3,007,000 | 1,520,000 |
TCF Financial Corporation | ||
Non-cash activities | ||
Noncash or Part Noncash Acquisition, Value of Assets Acquired | 46,256,000 | 0 |
Noncash or Part Noncash Acquisition, Intangible Assets Acquired | 3,483,000 | 0 |
Noncash or Part Noncash Acquisition, Value of Liabilities Assumed | 0 | |
Noncash or Part Noncash Acquisition, Value of Assets Acquired | 46,256,000 | 0 |
Noncash or Part Noncash Acquisition, Intangible Assets Acquired | 3,483,000 | 0 |
Noncash or Part Noncash Acquisition, Value of Liabilities Assumed | 0 | |
Preferred Stock | ||
Conversion of Stock, Amount Converted | 0 | |
Preferred Stock | TCF Financial Corporation | ||
Conversion of Stock, Amount Converted | 185,000 | |
Common Stock-Par Value $0.01 per share | ||
Conversion of Stock, Amount Converted | $ 0 | |
Common Stock-Par Value $0.01 per share | TCF Financial Corporation | ||
Conversion of Stock, Amount Converted | $ 6,998,000 |
BASIS OF PRESENTATION
BASIS OF PRESENTATION | 6 Months Ended |
Jun. 30, 2021 | |
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 2020 Annual Report on 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. Certain prior period amounts have been reclassified to conform to current year’s presentation. |
ACQUISITION OF TCF FINANCIAL CO
ACQUISITION OF TCF FINANCIAL CORPORATION | Jun. 09, 2021 |
Business Combinations [Abstract] | |
ACQUISITION OF TCF FINANCIAL CORPORATION | ACQUISITION OF TCF FINANCIAL CORPORATION On June 9, 2021, Huntington closed the acquisition of TCF Financial Corporation in an all-stock transaction valued at $7.2 billion. TCF was a financial holding company headquartered in Detroit, Michigan with operations across the Midwest. The acquisition added depth in existing markets and new markets for expansion and brings complimentary businesses together to drive synergies and growth. Under the terms of the agreement, TCF shareholders received 3.0028 shares of Huntington common stock for each share of TCF common stock. Holders of TCF common stock also received cash in lieu of fractional shares. In addition, each outstanding share of 5.70% Series C Non-Cumulative Perpetual Preferred Stock of TCF was converted into one share of a newly created series of preferred stock of Huntington, Series I Preferred Stock. The acquisition of TCF has been accounted for as a business combination. We recorded the estimate of fair value based on initial valuations available at June 9, 2021. Due to the timing of the transaction closing date and Huntington’s quarterly report on Form 10-Q, these estimated fair values are considered preliminary as of June 30, 2021, and subject to adjustment for up to one year after June 9, 2021. While we believe that the information available on June 9, 2021 provided a reasonable basis for estimating fair value, we expect that we may obtain additional information and evidence during the measurement period that would result in changes to the estimated fair value amounts. Valuations subject to change include, but are not limited to, loans and leases, certain deposits, deferred tax assets and liabilities and certain other assets and other liabilities. The following table provides a preliminary allocation of consideration paid for the fair value of assets acquired and liabilities and equity assumed from TCF as of June 9, 2021. TCF (dollar amounts in millions) UPB Fair Value Assets acquired: Cash and due from banks $ 466 Interest-bearing deposits at Federal Reserve Bank 719 Interest-bearing deposits in banks 312 Available-for-sale securities 8,900 Other securities 358 Loans held for sale 363 Loans and leases: Commercial: Commercial and industrial $ 12,726 12,441 Commercial real estate 8,125 7,869 Lease financing 2,929 2,912 Total commercial 23,780 23,222 Consumer: Automobile 322 317 Residential mortgage 6,267 6,273 Home equity 2,644 2,607 RV and marine 581 570 Other consumer 179 167 Total consumer 9,993 9,934 Total loans and leases $ 33,773 33,156 Bank owned life insurance 181 Premises and equipment 360 Core deposit intangible 92 Other intangible assets 6 Servicing rights 59 Servicing rights and other intangible assets 157 Other assets 1,441 Total assets acquired 46,413 Liabilities and equity assumed: Deposits 38,663 Short-term borrowings 1,306 Long-term debt 1,516 Other liabilities 1,049 Total liabilities 42,534 Non-controlling interest 22 Net assets acquired $ 3,857 Consideration: Fair value of common stock issued $ 6,998 Fair value of preferred stock exchange 185 Total consideration $ 7,183 Goodwill $ 3,326 In connection with the acquisition, the Company recorded approximately $3.3 billion of goodwill. The goodwill was the result of expected synergies, operational efficiencies and other factors. Information regarding the allocation of goodwill recorded as a result of the acquisition to the Company’s reportable segments, as well as the carrying amounts and amortization of core deposit and other intangible assets, are provided in Note 7 “ Goodwill and O ther I ntangible A ssets ” of the Notes to Unaudited Condensed Consolidated Financial Statements. The following is a description of the methods used to determine the fair values of significant assets and liabilities presented above. Cash and due from banks and interest-bearing deposits in banks: The carrying amount of these assets is a reasonable estimate of fair value based on the short-term nature of these assets. Securities: Fair values for securities are based on quoted market prices, where available. If quoted market prices are not available, fair value estimates are based on observable inputs including quoted market prices for similar instruments, quoted market prices that are not in an active market or other inputs that are observable in the market. In the absence of observable inputs, fair value is estimated based on pricing models and/or discounted cash flow methodologies. Loans and leases: Fair values for loans and leases were based on a discounted cash flow methodology that considered factors including the type of loan and lease and related collateral, classification status, fixed or variable interest rate, term, amortization status and current discount rates. Loans and leases were grouped together according to similar characteristics when applying various valuation techniques. The discount rates used for loans and leases are based on current market rates for new originations of comparable loans and leases and include adjustments for liquidity. The discount rate does not include a factor for credit losses as that has been included as a reduction to the estimated cash flows. CDI: This intangible asset represents the low cost of funding acquired core deposits provide relative to the Company’s marginal cost of funds. The fair value was estimated based on a discounted cash flow methodology that gave appropriate consideration to expected customer attrition rates, net maintenance cost of the deposit base, alternative cost of funds, and the interest costs associated with customer deposits. The CDI is being amortized over 10 years based upon the period over which estimated economic benefits are estimated to be received. Deposits: The fair values used for the demand and savings deposits by definition equal the amount payable on demand at the acquisition date. The fair values for time deposits are estimated using a discounted cash flow calculation that applies interest rates currently being offered to the contractual interest rates on such time deposits. Debt: The fair values of long-term debt instruments are estimated based on quoted market prices for the instrument if available, or for similar instruments if not available, or by using discounted cash flow analyses, based on current incremental borrowing rates for similar types of instruments. Premises and equipment: The fair values of premises were based on a market approach, with Huntington obtaining third-party appraisals and broker opinions of value for land, office and branch space. Servicing rights: Servicing rights are valued using an option-adjusted spread valuation model to project cash flows over multiple interest rate scenarios which are then discounted at risk-adjusted rates. The model considers portfolio characteristics, prepayment rates, delinquency rates, contractually specified servicing fees, late charges, other ancillary revenue, costs to service and other economic factors. Fair value estimates and assumptions are compared to industry benchmarks, recent market activity, historical portfolio experience and, when available, other observable market data. PCD loans and leases Purchased loans and leases that reflect a more-than-insignificant deterioration of credit from origination are considered PCD. For PCD loans and leases, the initial estimate of expected credit losses is recognized in the ALLL on the date of acquisition using the same methodology as other loans and leases held-for-investment. The following table provides a summary of loans and leases purchased as part of the TCF acquisition with credit deterioration at acquisition: (dollar amounts in millions) Commercial Consumer Total Par value (UPB) $ 7,931 $ 1,333 $ 9,264 ALLL at acquisition (374) (58) (432) Non-credit (discount) (219) (68) (287) Fair value $ 7,338 $ 1,207 $ 8,545 Huntington's operating results for the quarter and year-to-date periods ended June 30, 2021 include the operating results of the acquired assets and assumed liabilities of TCF Financial Corporation subsequent to the acquisition on June 9, 2021. Due to the various conversions of TCF systems during the second quarter 2021, as well as other streamlining and integration of the operating activities into those of the Company, historical reporting for the former TCF operations is impracticable and thus disclosures of the revenue from the assets acquired and income before income taxes is impracticable for the period subsequent to acquisition. The following table presents unaudited pro forma information as if the acquisition of TCF had occurred on January 1, 2020 under the “Unaudited Pro Forma” columns. The pro forma adjustments give effect to any change in interest income due to the accretion of the discount (premium) associated with the fair value adjustments to acquired loans and leases, any change in interest expense due to estimated premium amortization/discount accretion associated with the fair value adjustment to acquired interest-bearing deposits and long-term debt and the amortization of the CDI that would have resulted had the deposits been acquired as of January 1, 2020. Pro forma results include Huntington acquisition-related expenses which primarily included, but were not limited to, severance costs, professional services, data processing fees, marketing and advertising expenses totaling $269 million and $290 million for the three and six-months ended June 30, 2021, respectively. Pro forma results also include adjustments for the elimination of TCF’s accretion of the discount (premium) associated with the fair value adjustments to acquired loans and leases, deposits and long-term debt, elimination of TCF's intangible amortization expense, and related income tax effects. The pro forma information does not necessarily reflect the results of operations that would have occurred had Huntington acquired TCF on January 1, 2020. Furthermore, cost savings and other business synergies related to the acquisition are not reflected in the pro forma amounts. Unaudited Pro Forma for Three months ended Six months ended June 30, June 30, (dollar amounts in millions) 2021 2020 2021 2020 Net interest income $ 1,120 $ 1,184 $ 2,482 $ 2,381 Noninterest income 529 529 1,062 1,032 Net income attributable to Huntington Bancshares Inc 235 189 901 69 Branch divestiture: On May 25, 2021, Huntington and TCF announced that, in conjunction with the acquisition, Huntington will sell 14 acquired branches and certain related assets and deposit liabilities to Horizon Bank. The sale is in connection with an agreement reached with the U.S. Department of Justice in order to resolve its competitive concerns about Huntington’s acquisition of TCF. Total deposits and loans to be divested to Horizon Bank for the transaction totaled approximately $927 million and $275 million, respectively, as of June 30, 2021, with the actual amount to be transferred determined as of the date the transaction closes. These amounts are included in deposits and loans held for sale, respectively, in the Unaudited Condensed Consolidated Balance Sheets. The transaction is expected to close by the end of the 2021 third quarter, subject to regulatory approval and other customary closing conditions. |
INVESTMENT SECURITIES AND OTHER
INVESTMENT SECURITIES AND OTHER SECURITIES | 6 Months Ended |
Jun. 30, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
INVESTMENT SECURITIES AND OTHER SECURITIES | INVESTMENT SECURITIES AND OTHER SECURITIES Debt securities purchased in which Huntington has the 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 June 30, 2021 and December 31, 2020: Unrealized (dollar amounts in millions) Amortized Gross Gross Fair Value June 30, 2021 Available-for-sale securities: U.S. Treasury $ 5 $ — $ — $ 5 Federal agencies: Residential CMO 2,576 81 (8) 2,649 Residential MBS 13,219 52 (74) 13,197 Commercial MBS 1,377 15 (24) 1,368 Other agencies 283 1 — 284 Total U.S. Treasury, federal agency and other agency securities 17,460 149 (106) 17,503 Municipal securities 3,589 89 (17) 3,661 Private-label CMO 142 — — 142 Asset-backed securities 298 4 (1) 301 Corporate debt 1,309 8 (13) 1,304 Other securities/Sovereign debt 4 — — 4 Total available-for-sale securities $ 22,802 $ 250 $ (137) $ 22,915 Held-to-maturity securities: Federal agencies: Residential CMO $ 2,228 $ 65 $ — $ 2,293 Residential MBS 6,259 61 (12) 6,308 Commercial MBS 2,705 102 — 2,807 Other agencies 220 10 — 230 Total federal agency and other agency securities 11,412 238 (12) 11,638 Municipal securities 3 — — 3 Total held-to-maturity securities $ 11,415 $ 238 $ (12) $ 11,641 Other securities, at cost: Non-marketable equity securities: Federal Home Loan Bank stock $ 201 $ — $ — $ 201 Federal Reserve Bank stock 425 — — 425 Other securities, at fair value Mutual funds 42 — — 42 Equity securities 24 — — 24 Total other securities $ 692 $ — $ — $ 692 (1) Amortized cost amounts excludes accrued interest receivable, which is recorded within other assets on the Consolidated Balance Sheet s . At June 30, 2021, accrued interest receivable on available-for-sale securities and held-to-maturity securities totaled $48 million and $25 million, respectively. Unrealized (dollar amounts in millions) Amortized Gross Gross Fair Value December 31, 2020 Available-for-sale securities: U.S. Treasury $ 5 $ — $ — $ 5 Federal agencies: Residential CMO 3,550 121 (5) 3,666 Residential MBS 7,843 97 (5) 7,935 Commercial MBS 1,151 21 (9) 1,163 Other agencies 60 2 — 62 Total U.S. Treasury, federal agency and other agency securities 12,609 241 (19) 12,831 Municipal securities 2,928 91 (15) 3,004 Private-label CMO 9 — — 9 Asset-backed securities 185 7 — 192 Corporate debt 440 5 — 445 Other securities/Sovereign debt 4 — — 4 Total available-for-sale securities $ 16,175 $ 344 $ (34) $ 16,485 Held-to-maturity securities: Federal agencies: Residential CMO $ 1,779 $ 88 $ — $ 1,867 Residential MBS 3,715 103 — 3,818 Commercial MBS 3,118 191 — 3,309 Other agencies 246 12 — 258 Total federal agency and other agency securities 8,858 394 — 9,252 Municipal securities 3 — — 3 Total held-to-maturity securities $ 8,861 $ 394 $ — $ 9,255 Other securities, at cost: Non-marketable equity securities: Federal Home Loan Bank stock $ 60 $ — $ — $ 60 Federal Reserve Bank stock 299 — — 299 Other securities, at fair value Mutual funds 50 — — 50 Equity securities 8 1 — 9 Total other securities $ 417 $ 1 $ — $ 418 (1) Amortized cost amounts excludes accrued interest receivable, which is recorded within other assets on the Consolidated Balance Sheet s . At December 31, 2020, accrued interest receivable on available-for-sale securities and held-to-maturity securities totaled $32 million and $20 million, respectively. The following table provides the amortized cost and fair value of securities by contractual maturity at June 30, 2021 and December 31, 2020. Expected maturities may differ from contractual maturities as issuers may have the right to call or prepay obligations with or without incurring penalties. June 30, 2021 December 31, 2020 (dollar amounts in millions) Amortized Cost Fair Value Amortized Cost Fair Value Available-for-sale securities: Under 1 year $ 389 $ 384 $ 308 $ 304 After 1 year through 5 years 1,590 1,597 1,145 1,154 After 5 years through 10 years 2,583 2,624 1,607 1,654 After 10 years 18,240 18,310 13,115 13,373 Total available-for-sale securities $ 22,802 $ 22,915 $ 16,175 $ 16,485 Held-to-maturity securities: After 1 year through 5 years $ 500 $ 507 $ 160 $ 169 After 5 years through 10 years 98 103 131 138 After 10 years 10,817 11,031 8,570 8,948 Total held-to-maturity securities $ 11,415 $ 11,641 $ 8,861 $ 9,255 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 June 30, 2021 and December 31, 2020: Less than 12 Months Over 12 Months Total (dollar amounts in millions) Fair Gross Unrealized Fair Gross Unrealized Fair Gross Unrealized June 30, 2021 Available-for-sale securities: Federal agencies: Residential CMO 321 (8) — — 321 (8) Residential MBS 8,170 (74) — — 8,170 (74) Commercial MBS 671 (24) — — 671 (24) Other agencies 207 — — — 207 — Total federal agency and other agency securities 9,369 (106) — — 9,369 (106) Municipal securities 218 (5) 427 (12) 645 (17) Private-label CMO 28 — — — 28 — Asset-backed securities 75 (1) 8 — 83 (1) Corporate debt 643 (13) — — 643 (13) Total temporarily impaired available-for-sale securities $ 10,333 $ (125) $ 435 $ (12) $ 10,768 $ (137) Held-to-maturity securities: Federal agencies: Residential MBS $ 1,408 $ (12) $ — $ — $ 1,408 $ (12) Total federal agency and other agency securities 1,408 (12) — — 1,408 (12) Total temporarily impaired held-to-maturity securities $ 1,408 $ (12) $ — $ — $ 1,408 $ (12) Less than 12 Months Over 12 Months Total (dollar amounts in millions) Fair Gross Unrealized Fair Gross Unrealized Fair Gross Unrealized December 31, 2020 Available-for-sale securities: Federal agencies: Residential CMO $ 302 $ (5) $ — $ — $ 302 $ (5) Residential MBS 1,633 (5) — — 1,633 (5) Commercial MBS 321 (9) — — 321 (9) Total federal agency and other agency securities 2,256 (19) — — 2,256 (19) Municipal securities 110 (3) 490 (12) 600 (15) Private-label CMO — — — — — — Asset-backed securities 15 — — — 15 — Corporate debt 51 — — — 51 — Total temporarily impaired available-for-sale securities $ 2,432 $ (22) $ 490 $ (12) $ 2,922 $ (34) During the 2021 second quarter, Huntington transferred $3.0 billion of securities from the AFS portfolio to the HTM portfolio. At the time of the transfer, AOCI included $2 million of unrealized gains attributed to these securities. This gain will be amortized into interest income over the remaining life of the securities. At June 30, 2021 and December 31, 2020, the carrying value of investment securities pledged to secure public and trust deposits, trading account liabilities, U.S. Treasury demand notes, security repurchase agreements and to support borrowing capacity totaled $19.9 billion and $14.4 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 June 30, 2021 or December 31, 2020. At June 30, 2021, all HTM debt securities are considered AAA rated. In addition, there were no HTM debt securities considered past due at June 30, 2021. AFS Securities Impairment/HTM Securities Allowance for Credit Losses Based on an evaluation of available information including security type, counterparty credit quality, 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 or impairment is recorded with respect to securities as of June 30, 2021 and December 31, 2020. |
LOANS _ LEASES
LOANS / LEASES | 6 Months Ended |
Jun. 30, 2021 | |
Receivables [Abstract] | |
LOANS / LEASES | LOANS AND LEASES The following table provides a detailed listing of Huntington’s loan and lease portfolio at June 30, 2021 and December 31, 2020. (dollar amounts in millions) June 30, 2021 December 31, 2020 Commercial loan and lease portfolio: Commercial and industrial $ 41,900 $ 33,151 Commercial real estate 14,774 7,199 Lease financing 5,027 2,222 Total commercial loan and lease portfolio 61,701 42,572 Consumer loan portfolio: Automobile 13,174 12,778 Residential mortgage 18,729 12,141 Home equity 11,317 8,894 RV and marine 4,960 4,190 Other consumer 2,024 1,033 Total consumer loan portfolio 50,204 39,036 Total loans and leases (1) (2) 111,905 81,608 Allowance for loan and lease losses (2,218) (1,814) Net loans and leases $ 109,687 $ 79,794 (1) Loans and leases are reported at principal amount outstanding including unamortized purchase premiums and discounts, unearned income, and net direct fees and costs associated with originating and acquiring loans and leases. The aggregate amount of these loan and lease adjustments was a net (discount) premium of $(184) million and $171 million at June 30, 2021 and December 31, 2020, respectively. (2) The total amount of accrued interest recorded for these loans and leases at June 30, 2021, was $157 million and $145 million of commercial and consumer loan and lease portfolios, respectively, and at December 31, 2020, was $146 million and $123 million of commercial and consumer loan and lease portfolios, respectively. Accrued interest is presented in other assets within the Condensed Consolidated Balance Sheet s. Lease Financing Huntington leases equipment to customers, and substantially all such arrangements are classified as either sales-type or direct financing leases, which are included in commercial loans and leases. 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 ACL, with changes recognized as provision expense. The following table presents net investments in lease financing receivables by category at June 30, 2021 and December 31, 2020. (dollar amounts in millions) June 30, December 31, Lease payments receivable $ 4,680 $ 1,737 Estimated residual value of leased assets 771 664 Gross investment in lease financing receivables 5,451 2,401 Deferred origination costs 21 21 Deferred fees, unearned income and other (445) (200) Total lease financing receivables $ 5,027 $ 2,222 The carrying value of residual values guaranteed was $448 million and $93 million as of June 30, 2021 and December 31, 2020, respectively. The future lease rental payments due from customers on sales-type and direct financing leases at June 30, 2021, totaled $4.7 billion and were due as follows: $0.8 billion in 2021, $0.8 billion in 2022, $0.8 billion in 2023, $0.9 billion in 2024, $0.7 billion in 2025, and $0.7 billion thereafter. Interest income recognized for these types of leases was $56 million and $28 million for the three-month periods ended June 30, 2021 and 2020, respectively. For the six-month periods ended June 30, 2021 and 2020, interest income recognized was $81 million and $55 million, respectively. Nonaccrual and Past Due Loans and Leases The following table presents NALs by loan class at June 30, 2021 and December 31, 2020: June 30, 2021 December 31, 2020 (dollar amounts in millions) Nonaccrual loans and leases with no ACL Total nonaccrual loans and leases Nonaccrual loans and leases with no ACL Total nonaccrual loans and leases Commercial and industrial $ 157 $ 591 $ 69 $ 349 Commercial real estate — 83 8 15 Lease financing 3 74 — 4 Automobile — 3 — 4 Residential mortgage — 130 — 88 Home equity — 91 — 70 RV and marine — 5 — 2 Other consumer — — — — Total nonaccrual loans $ 160 $ 977 $ 77 $ 532 The following table presents an aging analysis of loans and leases, by loan class at June 30, 2021 and December 31, 2020: June 30, 2021 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 $ 75 $ 33 $ 92 $ 200 $ 41,700 $ — $ 41,900 $ 1 Commercial real estate 24 6 22 52 14,722 — 14,774 — Lease financing 34 18 22 74 4,953 — 5,027 14 (3) Automobile 53 12 6 71 13,103 — 13,174 4 Residential mortgage 105 31 195 331 18,268 130 18,729 117 (4) Home equity 40 16 65 121 11,195 1 11,317 9 RV and marine 10 2 2 14 4,946 — 4,960 1 Other consumer 7 3 2 12 2,012 — 2,024 2 Total loans and leases $ 348 $ 121 $ 406 $ 875 $ 110,899 $ 131 $ 111,905 $ 148 December 31, 2020 Past Due (1)(2) Loans Accounted for Under FVO Total Loans 90 or (dollar amounts in millions) 30-59 60-89 90 or Total Current Commercial and industrial $ 38 $ 33 $ 82 $ 153 $ 32,998 $ — $ 33,151 $ — Commercial real estate — 1 11 12 7,187 — 7,199 — Lease financing 22 5 13 40 2,182 — 2,222 10 (3) Automobile 84 22 12 118 12,660 — 12,778 9 Residential mortgage 114 38 194 346 11,702 93 12,141 132 (4) Home equity 35 15 61 111 8,782 1 8,894 14 RV and marine 17 3 3 23 4,167 — 4,190 3 Other consumer 9 4 3 16 1,017 — 1,033 3 Total loans and leases $ 319 $ 121 $ 379 $ 819 $ 80,695 $ 94 $ 81,608 $ 171 (1) NALs are included in this aging analysis based on the loan’s past due status. (2) The principal balance of loans in payment deferral programs offered in response to the COVID-19 pandemic which are performing according to their modified terms are generally not considered delinquent. (3) Amounts include Huntington Technology Finance administrative lease delinquencies. (4) Amounts include mortgage loans insured by U.S. government agencies. Credit Quality Indicators See Note 5 “Loans/Leases” to the Consolidated Financial Statements appearing in Huntington’s 2020 Annual Report on Form 10-K 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 portfolios, 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 tables present the amortized cost basis of loans and leases by vintage and credit quality indicator at June 30, 2021 and December 31, 2020 respectively: As of June 30, 2021 Term Loans Amortized Cost Basis by Origination Year Revolver Total at Amortized Cost Basis Revolver Total Converted to Term Loans (dollar amounts in millions) 2021 2020 2019 2018 2017 Prior Total Commercial and industrial Credit Quality Indicator (1): Pass $ 9,173 $ 8,710 $ 4,979 $ 2,692 $ 1,400 $ 1,601 $ 10,720 $ 3 $ 39,278 OLEM 161 197 174 133 57 78 157 — 957 Substandard 148 190 218 239 190 210 467 — 1,662 Doubtful 1 — — 1 — 1 — — 3 Total Commercial and industrial $ 9,483 $ 9,097 $ 5,371 $ 3,065 $ 1,647 $ 1,890 $ 11,344 $ 3 $ 41,900 Commercial real estate Credit Quality Indicator (1): Pass $ 1,445 $ 3,083 $ 3,331 $ 2,207 $ 1,069 $ 1,518 $ 507 $ — $ 13,160 OLEM 158 216 163 130 99 63 1 — 830 Substandard 119 154 202 60 115 100 34 — 784 Total Commercial real estate $ 1,722 $ 3,453 $ 3,696 $ 2,397 $ 1,283 $ 1,681 $ 542 $ — $ 14,774 Lease financing Credit Quality Indicator (1): Pass $ 949 $ 1,830 $ 1,016 $ 588 $ 338 $ 224 $ — $ — $ 4,945 OLEM 6 6 7 4 6 1 — — 30 Substandard 2 14 20 1 5 10 — — 52 Total Lease financing $ 957 $ 1,850 $ 1,043 $ 593 $ 349 $ 235 $ — $ — $ 5,027 Automobile Credit Quality Indicator (2): 750+ $ 1,525 $ 2,319 $ 1,779 $ 929 $ 555 $ 223 $ — $ — $ 7,330 650-749 1,245 1,669 1,013 547 266 121 — — 4,861 <650 154 267 220 172 106 64 — — 983 Total Automobile $ 2,924 $ 4,255 $ 3,012 $ 1,648 $ 927 $ 408 $ — $ — $ 13,174 Residential mortgage Credit Quality Indicator (2): 750+ $ 2,984 $ 4,680 $ 1,477 $ 840 $ 969 $ 2,431 $ — $ — $ 13,381 650-749 958 1,052 462 344 307 1,098 — — 4,221 <650 22 57 107 133 111 567 — — 997 Total Residential mortgage $ 3,964 $ 5,789 $ 2,046 $ 1,317 $ 1,387 $ 4,096 $ — $ — $ 18,599 Home equity Credit Quality Indicator (2): 750+ $ 486 $ 861 $ 125 $ 85 $ 67 $ 522 $ 4,957 $ 201 $ 7,304 650-749 112 177 112 70 46 260 2,392 173 3,342 <650 2 8 33 32 27 128 347 93 670 Total Home equity $ 600 $ 1,046 $ 270 $ 187 $ 140 $ 910 $ 7,696 $ 467 $ 11,316 RV and marine Credit Quality Indicator (2): 750+ $ 716 $ 1,051 $ 542 $ 571 $ 330 $ 401 $ — $ — $ 3,611 650-749 190 336 207 184 132 190 — — 1,239 <650 1 11 17 23 21 37 — — 110 Total RV and marine $ 907 $ 1,398 $ 766 $ 778 $ 483 $ 628 $ — $ — $ 4,960 Other consumer Credit Quality Indicator (2): 750+ $ 341 $ 206 $ 223 $ 83 $ 33 $ 67 $ 530 $ 2 $ 1,485 650-749 43 36 55 17 7 10 281 26 475 <650 — 3 8 3 2 3 25 20 64 Total Other consumer $ 384 $ 245 $ 286 $ 103 $ 42 $ 80 $ 836 $ 48 $ 2,024 (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. As of December 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 Commercial and industrial Credit Quality Indicator (1): Pass $ 12,599 $ 4,161 $ 2,537 $ 1,192 $ 837 $ 815 $ 8,894 $ 2 $ 31,037 OLEM 415 112 65 24 32 22 124 — 794 Substandard 195 125 181 203 41 147 423 — 1,315 Doubtful 2 — 1 — — 1 1 — 5 Total Commercial and industrial $ 13,211 $ 4,398 $ 2,784 $ 1,419 $ 910 $ 985 $ 9,442 $ 2 $ 33,151 Commercial real estate Credit Quality Indicator (1): Pass $ 1,742 $ 1,610 $ 1,122 $ 507 $ 507 $ 539 $ 633 $ — $ 6,660 OLEM 94 78 63 37 28 14 4 — 318 Substandard 27 46 10 29 58 14 36 — 220 Doubtful — — — — — 1 — — 1 Total Commercial real estate $ 1,863 $ 1,734 $ 1,195 $ 573 $ 593 $ 568 $ 673 $ — $ 7,199 Lease financing Credit Quality Indicator (1): Pass $ 1,158 $ 364 $ 221 $ 155 $ 137 $ 101 $ — $ — $ 2,136 OLEM 6 4 4 6 1 — — — 21 Substandard 1 19 7 21 5 12 — — 65 Total Lease financing $ 1,165 $ 387 $ 232 $ 182 $ 143 $ 113 $ — $ — $ 2,222 Automobile Credit Quality Indicator (2): 750+ $ 2,670 $ 2,013 $ 1,144 $ 742 $ 317 $ 81 $ — $ — $ 6,967 650-749 1,965 1,343 755 386 175 52 — — 4,676 <650 312 301 244 157 84 37 — — 1,135 Total Automobile $ 4,947 $ 3,657 $ 2,143 $ 1,285 $ 576 $ 170 $ — $ — $ 12,778 Residential mortgage Credit Quality Indicator (2): 750+ $ 3,269 $ 1,370 $ 891 $ 1,064 $ 762 $ 1,243 $ 1 $ — $ 8,600 650-749 991 435 307 278 171 495 — — 2,677 <650 34 89 111 108 81 348 — — 771 Total Residential mortgage $ 4,294 $ 1,894 $ 1,309 $ 1,450 $ 1,014 $ 2,086 $ 1 $ — $ 12,048 Home equity Credit Quality Indicator (2): 750+ $ 793 $ 26 $ 26 $ 32 $ 89 $ 451 $ 4,373 $ 192 $ 5,982 650-749 147 9 8 11 27 157 1,906 181 2,446 <650 1 1 1 1 6 70 286 99 465 Total Home equity $ 941 $ 36 $ 35 $ 44 $ 122 $ 678 $ 6,565 $ 472 $ 8,893 RV and marine Credit Quality Indicator (2): 750+ $ 1,136 $ 525 $ 589 $ 337 $ 153 $ 254 $ — $ — $ 2,994 650-749 348 215 201 136 64 129 — — 1,093 <650 4 15 21 22 12 29 — — 103 Total RV and marine $ 1,488 $ 755 $ 811 $ 495 $ 229 $ 412 $ — $ — $ 4,190 Other consumer Credit Quality Indicator (2): 750+ $ 69 $ 58 $ 26 $ 8 $ 4 $ 14 $ 340 $ 2 $ 521 650-749 36 56 17 5 2 3 294 30 443 <650 2 8 3 1 — 1 26 28 69 Total Other consumer $ 107 $ 122 $ 46 $ 14 $ 6 $ 18 $ 660 $ 60 $ 1,033 (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. 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 5 “Loans / Leases” to the Consolidated Financial Statements appearing in Huntington’s 2020 Annual Report on Form 10-K 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 and six-month periods ended June 30, 2021 and 2020. New Troubled Debt Restructurings (1) Three Months Ended June 30, 2021 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 25 $ 15 $ 14 $ — $ — $ 29 Automobile 514 — 3 1 — 4 Residential mortgage 72 — 11 1 — 12 Home equity 51 — 1 1 — 2 RV and marine 35 1 — — — 1 Other consumer 68 — — — — — Total new TDRs 765 $ 16 $ 29 $ 3 $ — $ 48 Three Months Ended June 30, 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 98 $ — $ 26 $ — $ 52 $ 78 Commercial real estate 2 — 1 — — 1 Automobile 1,058 — 14 2 — 16 Residential mortgage 105 — 12 2 — 14 Home equity 63 — 2 1 — 3 RV and marine 68 — 3 — — 3 Other consumer 142 1 — — — 1 Total new TDRs 1,536 $ 1 $ 58 $ 5 $ 52 $ 116 New Troubled Debt Restructurings (1) Six Months Ended June 30, 2021 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 37 $ 15 $ 19 $ — $ — $ 34 Automobile 1,416 — 10 2 — 12 Residential mortgage 158 — 24 2 — 26 Home equity 113 — 2 3 — 5 RV and marine finance 84 1 1 — — 2 Other consumer 165 — — — 1 1 Total new TDRs 1,973 $ 16 $ 56 $ 7 $ 1 $ 80 Six Months Ended June 30, 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 238 $ — $ 88 $ — $ 58 $ 146 Commercial real estate 9 — 3 — — 3 Automobile 1,856 — 20 4 — 24 Residential mortgage 206 — 21 4 — 25 Home equity 126 — 3 3 — 6 RV and marine finance 96 — 4 — — 4 Other consumer 391 2 — — — 2 Total new TDRs 2,922 $ 2 $ 139 $ 11 $ 58 $ 210 (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. Pledged Loans The Bank has access to the Federal Reserve’s discount window and advances from the FHLB. As of June 30, 2021 and December 31, 2020, these borrowings and advances are secured by $45.6 billion and $43.0 billion, respectively, of loans. |
ALLOWANCE FOR CREDIT LOSSES
ALLOWANCE FOR CREDIT LOSSES | 6 Months Ended |
Jun. 30, 2021 | |
Credit Loss [Abstract] | |
Allowance for Credit Losses | ALLOWANCE FOR CREDIT LOSSES Allowance for Credit Losses - Roll-forward The following tables present ACL activity by portfolio segment for the three-month and six-month periods ended June 30, 2021 and 2020. (dollar amounts in millions) Commercial Consumer Total Three-month period ended June 30, 2021: ALLL balance, beginning of period $ 1,197 $ 506 $ 1,703 Loan and lease charge-offs (1) (78) (24) (102) Recoveries of loans and leases previously charged-off 19 21 40 Provision for loan and lease losses (2) 106 39 145 Allowance on loans and leases purchased with credit deterioration 374 58 432 ALLL balance, end of period $ 1,618 $ 600 $ 2,218 AULC balance, beginning of period $ 27 $ 11 $ 38 Provision for unfunded lending commitments (3) 49 17 66 AULC balance, end of period $ 76 $ 28 $ 104 ACL balance, end of period $ 1,694 $ 628 $ 2,322 Six-month period ended June 30, 2021: ALLL balance, beginning of period $ 1,236 $ 578 $ 1,814 Loan and lease charge-offs (1) (139) (58) (197) Recoveries of loans and leases previously charged-off 31 40 71 Provision for loan and lease losses (2) 116 (18) 98 Allowance on loans and leases purchased with credit deterioration 374 58 432 ALLL balance, end of period $ 1,618 $ 600 $ 2,218 AULC balance, beginning of period $ 34 $ 18 $ 52 Provision for unfunded lending commitments (3) 43 10 53 Unfunded lending commitment losses (1) — (1) AULC balance, end of period $ 76 $ 28 $ 104 ACL balance, end of period $ 1,694 $ 628 $ 2,322 (dollar amounts in millions) Commercial Consumer Total Three-month period ended June 30, 2020: ALLL balance, beginning of period $ 996 $ 508 $ 1,504 Loan and lease charge-offs (84) (39) (123) Recoveries of loans and leases previously charged-off 4 12 16 Provision for loan and lease losses 253 52 305 ALLL balance, end of period $ 1,169 $ 533 $ 1,702 AULC balance, beginning of period $ 58 $ 41 $ 99 Provision (reduction in allowance) for unfunded lending commitments 25 (3) 22 Unfunded lending commitment losses (2) — (2) AULC balance, end of period $ 81 $ 38 $ 119 ACL balance, end of period $ 1,250 $ 571 $ 1,821 Six-month period ended June 30, 2020: ALLL balance, beginning of period $ 552 $ 231 $ 783 Cumulative-effect of change in accounting principle for financial instruments - credit losses (4) 180 211 391 Loan and lease charge-offs (172) (87) (259) Recoveries of loans and leases previously charged-off 9 26 35 Provision for loan and lease losses 600 152 752 ALLL balance, end of period $ 1,169 $ 533 $ 1,702 AULC balance, beginning of period $ 102 $ 2 $ 104 Cumulative-effect of change in accounting principle for financial instruments - credit losses (4) 2 — 2 Provision (reduction in allowance) for unfunded lending commitments (20) 36 16 Unfunded lending commitment losses (3) — (3) AULC balance, end of period $ 81 $ 38 $ 119 ACL balance, end of period $ 1,250 $ 571 $ 1,821 (1) Loan and lease charge-offs for the three and six-month periods ended June 30, 2021 exclude $80 million of charge-offs recognized upon completion of the TCF acquisition related to required purchase accounting treatment. The initial ALLL recognized on PCD assets included these amounts and after charging these amounts off upon acquisition, the net impact was $432 million of additional ALLL for PCD loans. (2) Includes $234 million of TCF acquisition initial provision for credit losses related to non-PCD loans and leases. (3) Includes $60 million from acquired unfunded lending commitments. (4) Relates to day one impact of the CECL adjustment as a result of the implementation of ASU 2016-13. At June 30, 2021, the ACL was $2.3 billion, an increase of $456 million from the December 31, 2020 balance of $1.9 billion. The increase was primarily related to the addition of $432 million of allowance for loans purchased with credit deterioration and the TCF acquisition initial provision for credit losses of $294 million ($234 million from non-PCD loans and leases and $60 million from acquired unfunded lending commitments), partially offset by improvement in the forecasted macroeconomic environment resulting from anticipated lower unemployment and higher GDP. |
MORTGAGE LOAN SALES AND SERVICI
MORTGAGE LOAN SALES AND SERVICING RIGHTS | 6 Months Ended |
Jun. 30, 2020 | |
Transfers and Servicing [Abstract] | |
LOAN SALES AND SECURITIZATIONS | MORTGAGE LOAN SALES AND SERVICING RIGHTS Residential Mortgage Portfolio The following table summarizes activity relating to residential mortgage loans sold with servicing retained for the three-month and six-month periods ended June 30, 2021 and 2020: Three Months Ended Six Months Ended (dollar amounts in millions) 2021 2020 2021 2020 Residential mortgage loans sold with servicing retained $ 2,748 $ 2,287 $ 5,004 $ 3,715 Pretax gains resulting from above loan sales (1) 101 59 194 98 (1) Recorded in mortgage banking income. The following table summarizes the changes in MSRs recorded using the fair value method for the three-month and six-month periods ended June 30, 2021 and 2020: Three Months Ended Six Months Ended (dollar amounts in millions) 2021 2020 2021 2020 Fair value, beginning of period $ 274 $ 165 $ 210 $ 7 Fair value election for servicing assets previously measured using the amortized method (1) — — — 205 Servicing assets obtained in acquisition 59 `` — 59 — New servicing assets created 38 26 72 40 Change in fair value during the period due to: Time decay (2) (4) (2) (7) (4) Payoffs (3) (16) (10) (33) (16) Changes in valuation inputs or assumptions (4) (24) (7) 26 (60) Fair value, end of period $ 327 $ 172 $ 327 $ 172 Weighted-average life (years) 6.9 6.5 6.9 6.5 (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 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. 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 June 30, 2021, and December 31, 2020 follows: June 30, 2021 December 31, 2020 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) 12.94 % $ (15) $ (29) 17.36 % $ (12) $ (23) Spread over forward interest rate swap rates 535 bps (7) (14) 519 bps (4) (8) Total servicing, late fees and other ancillary fees included in mortgage banking income was $17 million and $14 million for the three-month periods ended June 30, 2021 and 2020, respectively. For the six-month periods ended June 30, 2021 and 2020, total servicing, late fees and other ancillary fees included in mortgage banking income was $35 million and $31 million, respectively. The unpaid principal balance of residential mortgage loans serviced for third parties was $30.3 billion and $23.5 billion at June 30, 2021 and December 31, 2020, respectively. |
DEBT
DEBT | 6 Months Ended |
Jun. 30, 2021 | |
Debt Disclosure [Abstract] | |
DEBT | BORROWINGS Borrowings with original maturities of one year or less are classified as short-term and were comprised of the following at June 30, 2021 and December 31, 2020, respectively: (dollar amounts in millions) June 30, December 31, Federal funds purchased and securities sold under agreements to repurchase $ 255 $ 71 Other borrowings 136 112 Total short-term borrowings $ 391 $ 183 Huntington’s long-term debt consisted of the following at June 30, 2021 and December 31, 2020, respectively: (dollar amounts in millions) June 30, December 31, The Parent Company: Senior Notes $ 2,807 $ 3,635 Subordinated Notes 526 507 Total notes issued by the parent 3,333 4,142 The Bank: Senior Notes 2,461 3,533 Subordinated Notes 850 233 Total notes issued by the bank 3,311 3,766 FHLB Advances 214 3 Other 484 441 Total long-term debt $ 7,342 $ 8,352 As a result of the TCF acquisition, Huntington assumed long-term debt totaling $1.5 billion, of which a FHLB advance of $214 million and subordinated notes of $637 million remain outstanding at June 30, 2021. The assumed long-term FHLB advance has a maturity date in 2025 and carried interest rate of 1.03% at June 30, 2021. The assumed subordinated notes included $21 million of parent company obligations due in 2032 to 2035 carrying variable interest rates based on three-month LIBOR plus 0.15% to 3.50% and $616 million of Bank obligations due in 2022 to 2030 carrying interest rates ranging from 0.64% to 3.75%. |
OTHER COMPREHENSIVE INCOME
OTHER COMPREHENSIVE INCOME | 6 Months Ended |
Jun. 30, 2021 | |
Equity [Abstract] | |
OTHER COMPREHENSIVE INCOME | OTHER COMPREHENSIVE INCOME The components of Huntington’s OCI for the three-month and six-month periods ended June 30, 2021 and 2020, were as follows: Three Months Ended Tax (expense) (dollar amounts in millions) Pretax Benefit After-tax Unrealized gains on available-for-sale securities arising during the period $ 88 $ (20) $ 68 Less: Reclassification adjustment for realized net losses (gains) included in net income 13 (3) 10 Net change in unrealized holding gains (losses) on available-for-sale securities 101 (23) 78 Net change in fair value on cash flow hedges (48) 9 (39) Translation adjustments, net of hedges (1) (6) — (6) Net change in pension and other post-retirement obligations 3 1 4 Total other comprehensive income $ 50 $ (13) $ 37 Three Months Ended Tax (expense) (dollar amounts in millions) Pretax Benefit After-tax Unrealized gains on available-for-sale securities arising during the period $ 57 $ (13) $ 44 Less: Reclassification adjustment for realized net losses (gains) included in net income 23 (5) 18 Net change in unrealized gains (losses) on available-for-sale securities 80 (18) 62 Net change in fair value on cash flow hedges 14 (3) 11 Net change in pension and other post-retirement obligations (12) 2 (10) Total other comprehensive income $ 82 $ (19) $ 63 Six Months Ended Tax (expense) (dollar amounts in millions) Pretax Benefit After-tax Unrealized gains (losses) on available-for-sale securities arising during the period $ (199) $ 44 $ (155) Less: Reclassification adjustment for realized net losses (gains) included in net income 22 (5) 17 Net change in unrealized holding gains (losses) on available-for-sale securities (177) 39 (138) Net change in fair value on cash flow hedges (92) 19 (73) Translation adjustments, net of hedges (1) (6) — (6) Net change in pension and other post-retirement obligations 6 — 6 Total other comprehensive loss $ (269) $ 58 $ (211) Six Months Ended Tax (expense) (dollar amounts in millions) Pretax Benefit After-tax Unrealized gains (losses) on available-for-sale securities arising during the period $ 274 $ (61) $ 213 Less: Reclassification adjustment for realized net losses (gains) included in net income 28 (6) 22 Net change in unrealized holding gains (losses) on available-for-sale securities 302 (67) 235 Net change in fair value on cash flow hedges 409 (90) 319 Net change in pension and other post-retirement obligations (10) 2 (8) Total other comprehensive income $ 701 $ (155) $ 546 (1) Foreign investments are deemed to be permanent in nature and, therefore, Huntington does not provide for taxes on foreign currency translation adjustments. Activity in accumulated OCI for the three-month and six-month periods ended June 30, 2021 and 2020, were as follows: (dollar amounts in millions) Unrealized gains (losses) on debt securities (1) Change in fair value related to cash flow hedges Translation adjustments, net of hedges Unrealized gains (losses) for pension and other post- retirement obligations (2) Total Three Months Ended June 30, 2021 Balance, beginning of period $ (28) $ 223 $ — $ (251) $ (56) Other comprehensive income (loss) before reclassifications 68 (39) (6) — 23 Amounts reclassified from accumulated OCI to earnings 10 — — 4 14 Period change 78 (39) (6) 4 37 Balance, end of period $ 50 $ 184 $ (6) $ (247) $ (19) Three Months Ended June 30, 2020 Balance, beginning of period $ 145 $ 331 $ — $ (249) $ 227 Other comprehensive income before reclassifications 44 11 — — 55 Amounts reclassified from accumulated OCI to earnings 18 — — (10) 8 Period change 62 11 — (10) 63 Balance, end of period $ 207 $ 342 $ — $ (259) $ 290 (dollar amounts in millions) Unrealized gains (losses) on debt securities (1) Change in fair value related to cash flow hedges Translation adjustments, net of hedges Unrealized gains (losses) for pension and other post- retirement obligations (2) Total Six Months Ended June 30, 2021 Balance, beginning of period $ 188 $ 257 $ — $ (253) $ 192 Other comprehensive loss before reclassifications (155) (73) (6) — (234) Amounts reclassified from accumulated OCI to earnings 17 — — 6 23 Period change (138) (73) (6) 6 (211) Balance, end of period $ 50 $ 184 $ (6) $ (247) $ (19) Six Months Ended June 30, 2020 Balance, beginning of period $ (28) $ 23 $ — $ (251) $ (256) Other comprehensive income before reclassifications 213 319 — — 532 Amounts reclassified from accumulated OCI to earnings 22 — — (8) 14 Period change 235 319 — (8) 546 Balance, end of period $ 207 $ 342 $ — $ (259) $ 290 (1) AOCI amounts at June 30, 2021 and June 30, 2020 include $48 million and $81 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. |
SHAREHOLDERS' EQUITY
SHAREHOLDERS' EQUITY | 6 Months Ended |
Jun. 30, 2021 | |
Equity [Abstract] | |
SHAREHOLDERS' EQUITY | SHAREHOLDERS’ EQUITY Preferred Stock The following is a summary of Huntington’s non-cumulative, non-voting, perpetual preferred stock outstanding as of June 30, 2021. (dollar amounts in millions) Series Issuance Date Total Shares Outstanding Carrying Amount Dividend Rate Earliest Redemption Date Series B 12/28/2011 35,500 $ 23 3-mo. LIBOR + 270 bps 1/15/2017 Series D 3/21/2016 400,000 386 6.25 % 4/15/2021 Series D 5/5/2016 200,000 199 6.25 % 4/15/2021 Series C 8/16/2016 100,000 100 5.875 % 10/15/2021 Series E 2/27/2018 5,000 495 5.700 % 4/15/2023 Series F 5/27/2020 5,000 494 5.625 % 7/15/2030 Series G 8/3/2020 5,000 494 4.450 % 10/15/2027 Series H 2/2/2021 500,000 485 4.500 % 4/15/2026 Series I 6/9/2021 7,000 175 5.700 % 12/01/2022 Total 1,257,500 $ 2,851 Series B, D, C and H of preferred stock have a liquidation value and redemption price per share of $1,000, plus any declared and unpaid dividends. Series E, F, G, and I stock have a liquidation value and redemption price per share of $100,000, plus any declared and unpaid dividends. All preferred stock has no stated maturity and redemption is solely at Huntington’s option. Under current rules, any redemption of the preferred stock is subject to prior approval of the FRB. On July 15, 2021, all 24,000,000 outstanding depositary shares, each representing a 1/40th interest in a share of Huntington’s 6.250% Series D Non-Cumulative Perpetual Preferred Stock, par value $0.01 per share, were redeemed. The depositary shares were redeemed at a price of $25.00 per depositary share (equivalent to $1,000 per share of Series D Preferred Stock) plus declared and unpaid dividends of $0.390625 per depositary share (equivalent to $15.625 per share of Series D Preferred Stock) for the period beginning on April 15, 2021 to, but not including, July 15, 2021. All dividends on the shares of Series D Preferred Stock will cease to accrue. Preferred Series I Stock issued and outstanding On June 9, 2021, each share of TCF Financial Corporation 5.70% Series C Non-Cumulative Perpetual Preferred Stock, $0.01 par value per share, outstanding immediately prior to the acquisition of TCF Financial Corporation was converted into the right to receive a share of the newly created Huntington 5.70% Series I Non-Cumulative Perpetual Preferred Stock, par value $0.01 per share. The following table presents the dividends declared for each series of Preferred shares for the three-month and six-month periods ended June 30, 2021 and 2020: Three Months Ended June 30, Six months ended June 30, (amounts in millions, except per share data) 2021 2020 2021 2020 Cash Dividend Declared Per Share Cash Dividend Declared Per Share Cash Dividend Declared Per Share Cash Dividend Declared Per Share Preferred Series Amount ($) Amount ($) Amount ($) Amount ($) Series B 7.21 $ — 9.80 $ — 14.56 $ — 21.13 $ (1) Series C 14.69 (1) 14.69 (2) 29.38 (3) 29.38 (3) Series D 15.63 (9) 15.63 (10) 31.25 (18) 31.25 (19) Series E 1,425.00 (7) 1,425.00 (7) 2,850.00 (14) 2,850.00 (14) Series F 1,406.25 (7) — — 2,812.50 (14) — — Series G 1,112.50 (6) — — 2,225.00 (12) — — Series H 19.50 (10) — — 19.50 (10) — — Series I 356.25 (3) — — 356.25 (3) — — Total $ (43) $ (19) $ (74) $ (37) Change in Common Shares Authorized During the second quarter of 2021, Huntington amended its charter to increase the number of authorized shares of common stock from 1.5 billion shares to 2.25 billion shares. Treasury shares Treasury shares includes shares held for deferred compensation plans, at cost, of $(105) million at June 30, 2021 and $(59) million at December 31, 2020. Non-controlling Interest in Subsidiaries Through the acquisition of TCF, Huntington acquired a joint venture with The Toro Company ("Toro") called Red Iron Acceptance, LLC ("Red Iron"). Red Iron provides U.S. distributors and dealers and select Canadian distributors of the Toro and Exmark branded products with sources of financing. Huntington and Toro maintain a 55% and 45% ownership interest, respectively, in Red Iron. As Huntington has a controlling financial interest in Red Iron, its financial results are consolidated in Huntington's financial statements. Toro's interest is reported as a non-controlling interest within equity. |
EARNINGS PER SHARE
EARNINGS PER SHARE | 6 Months Ended |
Jun. 30, 2021 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE | (LOSS) EARNINGS PER SHARE Basic (loss) earnings per share is the amount of (loss) earnings (adjusted for dividends declared on preferred stock) available to each share of common stock outstanding during the reporting period. Diluted (loss) 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 (loss) earnings per share for the three-month and six-month periods ended June 30, 2021 and 2020 was as follows: Three Months Ended Six Months Ended (dollar amounts in millions, except per share data, share count in thousands) 2021 2020 2021 2020 Basic earnings per common share: Net (loss) income attributable to Huntington Bancshares Inc $ (15) $ 150 $ 517 $ 198 Preferred stock dividends 43 19 74 37 Net (loss) income available to common shareholders $ (58) $ 131 $ 443 $ 161 Average common shares issued and outstanding 1,125,039 1,016,259 1,071,276 1,016,951 Basic (loss) earnings per common share $ (0.05) $ 0.13 $ 0.41 $ 0.16 Diluted earnings per common share: Dilutive potential common shares: Stock options and restricted stock units and awards — 7,516 17,667 9,939 Shares held in deferred compensation plans — 4,908 5,531 4,739 Dilutive potential common shares — 12,424 23,198 14,678 Total diluted average common shares issued and outstanding 1,125,039 1,028,683 1,094,474 1,031,629 Diluted (loss) earnings per common share $ (0.05) $ 0.13 $ 0.40 $ 0.16 Anti-dilutive awards (1) 26,895 17,200 2,738 12,291 (1) Reflects the total number of shares related to outstanding options and awards that have been excluded from the computation of diluted earnings per share because the impact would have been anti-dilutive. Due to the loss attributable to common shareholders for the three months ended June 30, 2021, no additional potentially dilutive shares were included in loss per share calculation as including such shares in the calculation would have reduced the reported loss per share. |
NONINTEREST INCOME
NONINTEREST INCOME | 6 Months Ended |
Jun. 30, 2021 | |
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 June 30, Six Months Ended June 30, Noninterest income 2021 2020 2021 2020 Noninterest income from contracts with customers $ 257 $ 201 $ 479 $ 428 Noninterest income within the scope of other GAAP topics 187 190 360 324 Total noninterest income $ 444 $ 391 $ 839 $ 752 The following table illustrates the disaggregation by operating segment and major revenue stream and reconciles disaggregated revenue to segment revenue presented in Note 17 “ Segment Reporting ”. Three Months Ended June 30, 2021 (dollar amounts in millions) Consumer & Business Banking Commercial Banking Vehicle Finance RBHPCG Treasury / Other Huntington Consolidated Major Revenue Streams Service charges on deposit accounts $ 64 $ 22 $ 1 $ 1 $ — $ 88 Card and payment processing income 68 4 — — — 72 Trust and investment management services 15 — — 40 — 55 Insurance income 14 1 — 9 1 25 Other noninterest income 5 7 — 4 1 17 Net revenue from contracts with customers $ 166 $ 34 $ 1 $ 54 $ 2 $ 257 Noninterest income within the scope of other GAAP topics 77 80 1 — 29 187 Total noninterest income $ 243 $ 114 $ 2 $ 54 $ 31 $ 444 Three Months Ended June 30, 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 $ 39 $ 18 $ 1 $ 1 $ — $ 59 Card and payment processing income 52 3 — — — 55 Trust and investment management services 10 1 — 34 — 45 Insurance income 12 1 — 11 1 25 Other noninterest income 4 5 — 7 1 17 Net revenue from contracts with customers $ 117 $ 28 $ 1 $ 53 $ 2 $ 201 Noninterest income within the scope of other GAAP topics 101 57 1 1 30 190 Total noninterest income $ 218 $ 85 $ 2 $ 54 $ 32 $ 391 Six Months Ended June 30, 2021 (dollar amounts in millions) Consumer & Business Banking Commercial Banking Vehicle Finance RBHPCG Treasury / Other Huntington Consolidated Major Revenue Streams Service charges on deposit accounts $ 112 $ 41 $ 3 $ 1 $ — $ 157 Card and payment processing income 126 8 — — — 134 Trust and investment management services 28 1 — 78 — 107 Insurance income 26 3 — 22 1 52 Other noninterest income 11 9 1 5 3 29 Net revenue from contracts with customers $ 303 $ 62 $ 4 $ 106 $ 4 $ 479 Noninterest income within the scope of other GAAP topics 174 141 2 1 42 360 Total noninterest income $ 477 $ 203 $ 6 $ 107 $ 46 $ 839 Six Months Ended June 30, 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 $ 107 $ 35 $ 2 $ 2 $ — $ 146 Card and payment processing income 104 7 — — — 111 Trust and investment management services 20 2 — 70 — 92 Insurance income 20 3 — 23 2 48 Other noninterest income 12 8 1 8 2 31 Net revenue from contracts with customers $ 263 $ 55 $ 3 $ 103 $ 4 $ 428 Noninterest income within the scope of other GAAP topics 167 115 2 2 38 324 Total noninterest income $ 430 $ 170 $ 5 $ 105 $ 42 $ 752 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 June 30, 2021 is expected to be earned within one year. Huntington does not have significant balances of contract assets or contract liabilities and any change in those balances during the reporting period ended June 30, 2021 was determined to be immaterial. |
FAIR VALUES OF ASSETS AND LIABI
FAIR VALUES OF ASSETS AND LIABILITIES | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUES OF ASSETS AND LIABILITIES | FAIR VALUES OF ASSETS AND LIABILITIES See Note 20 “Fair Value of Assets and Liabilities” to the Consolidated Financial Statements appearing in Huntington’s 2020 Annual Report on Form 10-K 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 and six-month periods ended June 30, 2021 and 2020. Assets and Liabilities measured at fair value on a recurring basis Assets and liabilities measured at fair value on a recurring basis at June 30, 2021 and December 31, 2020 are summarized below: Fair Value Measurements at Reporting Date Using Netting Adjustments (1) June 30, 2021 (dollar amounts in millions) Level 1 Level 2 Level 3 Assets Trading account securities: Municipal securities $ — $ 92 $ — $ — $ 92 Corporate debt — 1 — — 1 — 93 — — 93 Available-for-sale securities: U.S. Treasury securities 5 — — — 5 Residential CMOs — 2,649 — — 2,649 Residential MBS — 13,197 — — 13,197 Commercial MBS — 1,368 — — 1,368 Other agencies — 284 — — 284 Municipal securities — 52 3,609 — 3,661 Private-label CMO — 124 18 — 142 Asset-backed securities — 255 46 — 301 Corporate debt — 1,304 — — 1,304 Other securities/sovereign debt — 4 — — 4 5 19,237 3,673 — 22,915 Other securities 42 24 — — 66 Loans held for sale — 1,141 — — 1,141 Loans held for investment — 110 21 — 131 MSRs — — 327 — 327 Other assets: Derivative assets — 1,655 29 (732) 952 Assets held in trust for deferred compensation plans 130 — — — 130 Liabilities Other liabilities: Derivative liabilities — 1,042 6 (875) 173 Fair Value Measurements at Reporting Date Using Netting Adjustments (1) December 31, 2020 (dollar amounts in millions) Level 1 Level 2 Level 3 Assets Trading account securities: Municipal securities $ — $ 62 $ — $ — $ 62 Available-for-sale securities: U.S. Treasury securities 5 — — — 5 Residential CMOs — 3,666 — — 3,666 Residential MBS — 7,935 — — 7,935 Commercial MBS — 1,163 — — 1,163 Other agencies — 62 — — 62 Municipal securities — 53 2,951 — 3,004 Private-label CMO — — 9 — 9 Asset-backed securities — 182 10 — 192 Corporate debt — 445 — — 445 Other securities/sovereign debt — 4 — — 4 5 13,510 2,970 — 16,485 Other securities 59 — — — 59 Loans held for sale — 1,198 — — 1,198 Loans held for investment — 71 23 — 94 MSRs — — 210 — 210 Other assets: Derivative assets — 1,903 43 (889) 1,057 Assets held in trust for deferred compensation plans 73 — — — 73 Liabilities Other liabilities: Derivative liabilities — 1,031 2 (917) 116 (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 and six-month periods ended June 30, 2021 and 2020, 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 Loans held for investment (dollar amounts in millions) MSRs Derivative instruments Municipal securities Private- Asset-backed securities Opening balance $ 274 $ 10 $ 3,070 $ 11 $ 47 $ 22 Transfers out of Level 3 (1) — (31) — — — — Total gains/losses for the period: Included in earnings (24) 37 — — — — Included in OCI — — (1) — — — Purchases/originations/acquisitions 97 7 1,144 6 38 — Sales — — (352) — — — Repayments — — — — — (1) Settlements (20) — (252) 1 (39) — Closing balance $ 327 $ 23 $ 3,609 $ 18 $ 46 $ 21 Change in unrealized gains or losses for the period included in earnings for assets held at end of the reporting date $ (24) $ 5 $ — $ — $ — $ — Change in unrealized gains or losses for the period included in other comprehensive income for assets held at the end of the reporting period — — (1) — — — Level 3 Fair Value Measurements MSRs Derivative instruments Available-for-sale securities Loans held for investment (dollar amounts in millions) Municipal securities Private- label CMO Asset-backed securities Opening balance $ 165 $ 39 $ 2,937 $ 2 $ 69 $ 26 Transfers out of Level 3 (1) — (55) — — — — Total gains/losses for the period: Included in earnings 7 56 — — — — Included in OCI — — 69 — — — Purchases/originations — — 264 3 — — Repayments — — — — — (1) Settlements — — (168) — (13) — Closing balance $ 172 $ 40 $ 3,102 $ 5 $ 56 $ 25 Change in unrealized gains or losses for the period included in earnings for assets held at end of the reporting date $ 7 $ — $ — $ — $ — $ — Change in unrealized gains or losses for the period included in other comprehensive income for assets held at the end of the reporting period — — (20) — — — Level 3 Fair Value Measurements Six Months Ended June 30, 2021 Available-for-sale securities Loans held for investment (dollar amounts in millions) MSRs Derivative instruments Municipal securities Private- label CMO Asset-backed securities Opening balance $ 210 $ 41 $ 2,951 $ 9 $ 10 $ 23 Transfers out of Level 3 (1) — (70) — — — — Total gains/losses for the period: Included in earnings 27 45 — — — — Included in OCI — — (5) — — — Purchases/originations/acquisitions 130 7 1,353 8 75 — Sales — — (352) — — — Repayments — — — — — (2) Settlements (40) — (338) 1 (39) — Closing balance $ 327 $ 23 $ 3,609 $ 18 $ 46 $ 21 Change in unrealized gains or losses for the period included in earnings for assets held at end of the reporting date $ 27 $ (21) $ — $ — $ — $ — Change in unrealized gains or losses for the period included in other comprehensive income for assets held at the end of the reporting period — — (4) — — — Level 3 Fair Value Measurements Six Months Ended June 30, 2020 Available-for-sale securities Loans held for investment (dollar amounts in millions) MSRs Derivative instruments Municipal securities Private- label CMO Asset- backed securities 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) — (75) — — — — Total gains/losses for the period: Included in earnings (40) 109 (1) — — — Included in OCI — — 1 — — — Purchases/originations — — 338 3 28 — Repayments — — — — — (1) Settlements — — (235) — (20) — Closing balance $ 172 $ 40 $ 3,102 $ 5 $ 56 $ 25 Change in unrealized gains or losses for the period included in earnings for assets held at end of the reporting date $ (40) $ 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 — — 2 — — — — (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 and six-month periods ended June 30, 2021 and 2020: Level 3 Fair Value Measurements (dollar amounts in millions) MSRs Derivative instruments Classification of gains and losses in earnings: Mortgage banking income $ (24) $ 37 Total $ (24) $ 37 Level 3 Fair Value Measurements (dollar amounts in millions) MSRs Derivative instruments Classification of gains and losses in earnings: Mortgage banking income $ 7 $ 56 Total $ 7 $ 56 Level 3 Fair Value Measurements (dollar amounts in millions) MSRs Derivative instruments Classification of gains and losses in earnings: Mortgage banking income $ 27 $ 45 Total $ 27 $ 45 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 $ (40) $ 109 $ — Interest and fee income — — (1) Total $ (40) $ 109 $ (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: June 30, 2021 (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 $ 1,141 $ 1,100 $ 41 $ — $ — $ — Loans held for investment 131 136 (5) 3 4 (1) December 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 $ 1,198 $ 1,134 $ 64 $ 2 $ 2 $ — Loans held for investment 94 99 (5) 7 8 (1) The following table present the net gains (losses) from fair value changes for the three-month and six-month periods ended June 30, 2021 and 2020. Net gains (losses) from fair value changes (dollar amounts in millions) Three Months Ended June 30, Six Months Ended June 30, Assets 2021 2020 2021 2020 Loans held for sale (1) $ 11 $ 3 $ (23) $ 22 (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 June 30, 2021 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 17 — — 17 (2) Loans held for sale 15 — — 15 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. 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 June 30, 2021 and December 31, 2020: Quantitative Information about Level 3 Fair Value Measurements at June 30, 2021 (1) (dollar amounts in millions) Fair Value Valuation Technique Significant Unobservable Input Range Weighted Average Measured at fair value on a recurring basis: MSRs $ 327 Discounted cash flow Constant prepayment rate 7 % - 21% 13 % Spread over forward interest rate swap rates 4 % - 11% 5.35 % Derivative assets 29 Consensus Pricing Net market price (14) % - 12% 2 % Estimated Pull through % 1 % - 100% 89 % Municipal securities 3,609 Discounted cash flow Discount rate — % - 2% 1 % Asset-backed securities 46 Cumulative default — % - 39% 4 % Loss given default 5 % - 90% 24 % Measured at fair value on a nonrecurring basis: Collateral-dependent loans 17 Appraisal value N/A N/A Loans held for sale 15 Appraisal value N/A N/A Quantitative Information about Level 3 Fair Value Measurements at December 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 $ 210 Discounted cash flow Constant prepayment rate 8 % - 24% 17 % Spread over forward interest rate swap rates 4 % - 11% 5 % Derivative assets 43 Consensus Pricing Net market price (4) % - 11% 3 % Estimated Pull through % 1 % - 100% 88 % Municipal securities 2,951 Discounted cash flow Discount rate — % 1% 1 % Asset-backed securities 10 Cumulative default — % 39% 4 % Loss given default 5 % 80% 25 % Measured at fair value on a nonrecurring basis: Collateral-dependent loans 144 Appraisal value N/A 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 June 30, 2021 and December 31, 2020: June 30, 2021 (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 $ 13,926 $ — $ — $ 13,926 $ 13,926 Trading account securities — — 93 93 93 Available-for-sale securities — — 22,915 22,915 22,915 Held-to-maturity securities 11,415 — — 11,415 11,641 Other securities 626 — 66 692 692 Loans held for sale — 250 1,141 1,391 1,393 Net loans and leases (1) 109,556 — 131 109,687 109,878 Derivative assets — — 952 952 952 Assets held in trust for deferred compensation plans — — 130 130 130 Financial Liabilities Deposits 142,805 — — 142,805 142,804 Short-term borrowings 391 — — 391 391 Long-term debt 7,342 — — 7,342 7,433 Derivative liabilities — — 173 173 173 December 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 $ 6,712 $ — $ — $ 6,712 $ 6,712 Trading account securities — — 62 62 62 Available-for-sale securities — — 16,485 16,485 16,485 Held-to-maturity securities 8,861 — — 8,861 9,255 Other securities 359 — 59 418 418 Loans held for sale — 77 1,198 1,275 1,275 Net loans and leases (1) 79,700 — 94 79,794 80,477 Derivative assets — — 1,057 1,057 1,057 Assets held in trust for deferred compensation plans — — 73 73 73 Financial Liabilities Deposits 98,948 — — 98,948 99,021 Short-term borrowings 183 — — 183 183 Long-term debt 8,352 — — 8,352 8,568 Derivative liabilities — — 116 116 116 (1) Includes collateral-dependent loans. The following table presents the level in the fair value hierarchy for the estimated fair values at June 30, 2021 and December 31, 2020: Estimated Fair Value Measurements at Reporting Date Using Netting Adjustments (1) June 30, 2021 (dollar amounts in millions) Level 1 Level 2 Level 3 Financial Assets Trading account securities $ — $ 93 $ — $ 93 Available-for-sale securities 5 19,237 3,673 22,915 Held-to-maturity securities — 11,641 — 11,641 Other securities (2) 42 24 — 66 Loans held for sale — 1,141 252 1,393 Net loans and direct financing leases — 110 109,768 109,878 Derivative assets — 1,655 29 $ (732) 952 Financial Liabilities Deposits — 136,863 5,941 142,804 Short-term borrowings — 391 — 391 Long-term debt — 6,655 778 7,433 Derivative liabilities — 1,042 6 (875) 173 Estimated Fair Value Measurements at Reporting Date Using Netting Adjustments (1) December 31, 2020 (dollar amounts in millions) Level 1 Level 2 Level 3 Financial Assets Trading account securities $ — $ 62 $ — $ 62 Available-for-sale securities 5 13,510 2,970 16,485 Held-to-maturity securities — 9,255 — 9,255 Other securities (2) 59 — — 59 Loans held for sale — 1,198 77 1,275 Net loans and direct financing leases — 71 80,406 80,477 Derivative assets — 1,903 43 $ (889) 1,057 Financial Liabilities Deposits — 96,656 2,365 99,021 Short-term borrowings — 183 — 183 Long-term debt — 7,999 569 8,568 Derivative liabilities — 1,031 2 (917) 116 (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 |
DERIVATIVE FINANCIAL INSTRUMENT
DERIVATIVE FINANCIAL INSTRUMENTS | 6 Months Ended |
Jun. 30, 2021 | |
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 June 30, 2021 and December 31, 2020. Amounts in the table below are presented gross without the impact of any net collateral arrangements. June 30, 2021 December 31, 2020 (dollar amounts in millions) Notional Value Asset Liability Notional Value Asset Liability Derivatives designated as Hedging Instruments Interest rate contracts $ 20,452 $ 541 $ 41 $ 27,056 $ 719 $ 51 Foreign exchange contracts 220 5 1 — — — Derivatives not designated as Hedging Instruments Interest rate contracts 53,363 871 745 44,495 1,074 828 Foreign exchange contracts 3,101 48 45 2,718 46 47 Commodities contracts 1,614 214 210 1,952 107 103 Equity contracts 694 5 6 517 — 4 Total Contracts $ 79,444 $ 1,684 $ 1,048 $ 76,738 $ 1,946 $ 1,033 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 and six-month periods ended June 30, 2021 and 2020, respectively. Location of Gain or (Loss) Recognized in Income on Derivative Amount of Gain or (Loss) Recognized in Income on Derivative Three Months Ended Six Months Ended (dollar amounts in millions) 2021 2020 2021 2020 Interest rate contracts: Customer Capital markets fees $ 12 $ 12 $ 24 $ 29 Mortgage banking Mortgage banking income (23) 6 (29) 63 Interest rate floors Interest and fee income on loans and leases (2) — (4) — Interest rate caps Interest expense on long-term debt (55) — 89 — Foreign exchange contracts Capital markets fees 7 6 13 12 Commodities contracts Capital markets fees — 1 — 3 Equity contracts Other noninterest expense 3 (1) (4) (3) Total $ (58) $ 24 $ 89 $ 104 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 and investment securities 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 June 30, 2021 and December 31, 2020, identified by the underlying interest rate-sensitive instruments. June 30, 2021 (dollar amounts in millions) Fair Value Hedges Cash Flow Hedges Economic Hedges Total Instruments associated with: Investment securities $ 5,201 $ — $ — $ 5,201 Loans — 10,450 1,471 11,921 Long-term debt 4,801 — — 4,801 Total notional value at June 30, 2021 $ 10,002 $ 10,450 $ 1,471 $ 21,923 December 31, 2020 (dollar amounts in millions) Fair Value Hedges Cash Flow Hedges Economic Hedges Total Instruments associated with: Investment securities $ 3,484 $ — $ — $ 3,484 Loans — 17,375 1,271 18,646 Long-term debt 6,197 — 5,000 11,197 Total notional value at December 31, 2020 $ 9,681 $ 17,375 $ 6,271 $ 33,327 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. Adjustments to interest income were also recorded for the amounts related to the amortization of floors and forward-starting floors that were excluded from the hedge effectiveness, changes in the fair value of economic hedges, as well as the amounts related to terminated hedges reclassified from AOCI. The net amounts resulted in an increase to net interest income of $5 million and $52 million for the three-month periods ended June 30, 2021, and 2020, respectively. For the six-month periods ended June 30, 2021, and 2020, the net amounts resulted in an increase to net interest income of $230 million and $68 million, 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. Huntington has designated $4.8 billion of interest rate swaps as fair value hedges of fixed-rate investment securities using the last-of-layer method. This approach allows the Company to designate as the hedged item a stated amount of the assets that are not expected to be affected by prepayments, defaults and other factors affecting the timing and amount of cash flows. The fair value basis adjustment on our hedged mortgage-backed securities is included in available-for-sale securities on our Unaudited Condensed Consolidated Statements of Financial Condition. Huntington has also designated $0.4 billion of interest rate swaps as fair value hedges of fixed-rate corporate bonds. 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 and six-month periods ended June 30, 2021 and 2020. Three Months Ended Six Months Ended (dollar amounts in millions) 2021 2020 2021 2020 Interest rate contracts Change in fair value of interest rate swaps hedging investment securities (1) $ (6) $ (1) $ 37 $ (1) Change in fair value of hedged investment securities (1) 4 1 (40) 1 Change in fair value of interest rate swaps hedging long-term debt (2) (23) (5) (73) 196 Change in fair value of hedged long term debt (2) 22 (4) 74 (195) (1) Recognized in Interest income—available-for-sale securities—taxable in the Unaudited Condensed Consolidated Statements of Income (2) Recognized in Interest expense—long-term debt in the Unaudited Condensed Consolidated Statements of Income . As of June 30, 2021, and December 31, 2020, the following amounts were recorded on the balance sheet related to cumulative basis adjustments for fair value hedges. Amortized Cost Cumulative Amount of Fair Value Hedging Adjustment To Hedged Items (dollar amounts in millions) June 30, 2021 December 31, 2020 June 30, 2021 December 31, 2020 Assets Investment securities (1) $ 11,960 $ 6,637 $ (1) $ 3 Liabilities Long-term debt 4,947 6,383 158 232 (1) Amounts include the amortized cost basis of closed portfolios used to designate hedging relationships in which the hedged item is the last layer expected to be remaining at the end of the hedging relationship. As of June 30, 2021, the amortized cost basis of the closed portfolios used in these hedging relationships was $11.5 billion, the cumulative basis adjustments associated with these hedging relationships was $1 million, and the amounts of the designated hedging instruments were $4.8 billion. The cumulative amount of fair value hedging adjustments remaining for any hedged assets and liabilities for which hedge accounting has been discontinued was $(48) million and $(62) million at June 30, 2021 and December 31, 2020, respectively. Cash Flow Hedges At June 30, 2021, Huntington has $10.5 billion of interest rate floors, floor spreads and swaps. These are designated as cash flow hedges for variable rate commercial loans indexed to LIBOR. The change in the fair value of a derivative instrument designated as a cash flow hedge is initially recognized in OCI and is reclassified into income when the hedged item impacts earnings. 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, floor spreads, and swaps recognized in other comprehensive income were $(39) million and $11 million for the three-month periods ended June 30, 2021 and 2020, respectively. For the six-month periods ended June 30, 2021 and 2020, gains and losses on interest rate floors and swaps recognized in other comprehensive income were $(73) million and $319 million, respectively. Net investment Hedges Huntington has entered into forward foreign exchange contracts to hedge the value of the Company’s investments in non-U.S. dollar functional currency entities. The total notional amount of forward foreign exchange contracts at June 30, 2021 was $220 million. 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 position of these derivatives at June 30, 2021 and December 31, 2020 are $21 million and $26 million, respectively. At June 30, 2021 and December 31, 2020, Huntington had commitments to sell residential real estate loans of $2.3 billion and $2.9 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, TBA securities, Treasury futures contracts, interest rate swaps, and options on interest rate swaps. The notional value of the derivative financial instruments, the corresponding net asset (liability) position recognized in other assets and/or other liabilities, and net trading gains (losses) related to MSR hedging activity is summarized in the following table: (dollar amounts in millions) June 30, December 31, Notional value $ 1,193 $ 1,170 Trading assets 24 43 Three Months Ended Six Months Ended (dollar amounts in millions) 2021 2020 2021 2020 Trading gains $ 22 $ 6 $ (24) $ 63 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 June 30, 2021 and December 31, 2020, were $74 million and $70 million, respectively. The total notional values of derivative financial instruments used by Huntington on behalf of customers, including offsetting derivatives, were $51 billion and $37 billion at June 30, 2021 and December 31, 2020, respectively. Huntington’s credit risk from customer derivatives was $853 million and $882 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 13 “ 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 $99 million and $175 million at June 30, 2021 and December 31, 2020, respectively. The credit risk associated with derivatives is calculated after considering master netting agreements. At June 30, 2021, Huntington pledged $458 million of investment securities and cash collateral to counterparties, while other counterparties pledged $303 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 June 30, 2021 and December 31, 2020. 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 June 30, 2021 $ 1,684 $ (732) $ 952 $ (82) $ (146) $ 724 December 31, 2020 1,946 (889) 1,057 (112) (142) 803 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 June 30, 2021 $ 1,048 $ (875) $ 173 $ — $ (173) $ — December 31, 2020 1,033 (917) 116 (9) (105) 2 |
VIEs
VIEs | 6 Months Ended |
Jun. 30, 2021 | |
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 in, but is not the primary beneficiary, of the VIE at June 30, 2021, and December 31, 2020: June 30, 2021 (dollar amounts in millions) Total Assets Total Liabilities Maximum Exposure to Loss Trust Preferred Securities $ 14 $ 274 $ — Affordable Housing Tax Credit Partnerships 1,293 644 1,293 Other Investments 422 105 422 Total $ 1,729 $ 1,023 $ 1,715 December 31, 2020 (dollar amounts in millions) Total Assets Total Liabilities Maximum Exposure to Loss Trust Preferred Securities $ 14 $ 252 $ — Affordable Housing Tax Credit Partnerships 956 500 956 Other Investments 308 72 308 Total $ 1,278 $ 824 $ 1,264 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 June 30, 2021 follows: (dollar amounts in millions) Rate Principal amount of subordinated note/ debenture issued to trust (1) Investment in unconsolidated subsidiary Huntington Capital I 0.85 % (2) $ 70 $ 6 Huntington Capital II 0.77 (3) 32 3 Sky Financial Capital Trust III 1.55 (4) 72 2 Sky Financial Capital Trust IV 1.55 (4) 74 2 Camco Financial Trust 1.48 (5) 5 1 First Huron Trust 5.07 5 — First Place Capital Trust I 3.00 (6) 4 — First Place Capital Trust II 6.45 4 — First Place Capital Trust III 5.69 8 — Total $ 274 $ 14 (1) Represents the principal amount of debentures issued to each trust, including unamortized original issue discount. (2) Variable effective rate at June 30, 2021, based on three-month LIBOR +0.70%. (3) Variable effective rate at June 30, 2021, based on three-month LIBOR +0.625%. (4) Variable effective rate at June 30, 2021, based on three-month LIBOR +1.40%. (5) Variable effective rate at June 30, 2021, based on three-month LIBOR +1.33%. (6) Variable effective rate at June 30, 2021, based on three-month LIBOR +2.85%. 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 June 30, 2021 and December 31, 2020. (dollar amounts in millions) June 30, December 31, Affordable housing tax credit investments $ 1,957 $ 1,568 Less: amortization (664) (612) Net affordable housing tax credit investments $ 1,293 $ 956 Unfunded commitments $ 644 $ 500 The following table presents other information relating to Huntington’s affordable housing tax credit investments for the three-month and six-month periods ended June 30, 2021 and 2020. Three Months Ended Six Months Ended (dollar amounts in millions) 2021 2020 2021 2020 Tax credits and other tax benefits recognized $ 44 $ 30 $ 77 $ 59 Proportional amortization expense included in provision for income taxes 30 25 58 50 There were no sales of affordable housing tax credit investments during the three-month and six-month periods ended June 30, 2021 and 2020. There was no impairment recognized for the three-month and six-month periods ended June 30, 2021 and 2020. Other investments Other investments determined to be VIE’s include investments in Small Business Investment Companies, Historic Tax Credit Investments, certain equity method investments, renewable energy financings, and other miscellaneous investments. |
COMMITMENTS AND CONTINGENT LIAB
COMMITMENTS AND CONTINGENT LIABILITIES | 6 Months Ended |
Jun. 30, 2021 | |
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 June 30, 2021 and December 31, 2020, were as follows: (dollar amounts in millions) June 30, December 31, Contract amount representing credit risk Commitments to extend credit: Commercial $ 31,990 $ 20,701 Consumer 19,704 14,808 Commercial real estate 2,287 1,313 Standby letters of credit and guarantees on industrial revenue bonds 714 581 Commercial letters of credit 17 21 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. Collateral to secure any funding of these commitments predominately consists of residential and commercial real estate mortgage loans. Standby letters-of-credit and guarantees on industrial revenue bonds 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. Since the conditions under which Huntington is required to fund these commitments may not materialize, the cash requirements are expected to be less than the total outstanding commitments. The carrying amount of deferred revenue associated with these guarantees was $6 million and $5 million at June 30, 2021 and December 31, 2020, 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 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 reasonably possible loss is $0 to $15 million at June 30, 2021 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 | 6 Months Ended |
Jun. 30, 2021 | |
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 26 - Segment Reporting to the Consolidated Financial Statements appearing in Huntington’s 2020 Annual Report on Form 10-K. Listed in the table below is certain operating basis financial information reconciled to Huntington’s June 30, 2021, December 31, 2020, and June 30, 2020, reported results by business segment. Three Months Ended June 30, Income Statements Consumer & Business Banking Commercial Banking Vehicle Finance RBHPCG Treasury / Other Huntington Consolidated (dollar amounts in millions) 2021 Net interest income $ 366 $ 258 $ 109 $ 37 $ 68 $ 838 Provision (benefit) for credit losses 100 137 (31) 5 — 211 Noninterest income 243 114 2 54 31 444 Noninterest expense 513 173 37 72 277 1,072 Provision (benefit) for income taxes — 13 21 3 (23) 14 Net (loss) income $ (4) $ 49 $ 84 $ 11 $ (155) $ (15) 2020 Net interest income $ 368 $ 240 $ 100 $ 40 $ 44 $ 792 Provision for credit losses 31 226 70 — — 327 Noninterest income 218 85 2 54 32 391 Noninterest expense 422 136 34 62 21 675 Provision (benefit) for income taxes 27 (7) — 6 5 31 Net income (loss) $ 106 $ (30) $ (2) $ 26 $ 50 $ 150 Six months ended June 30, Income Statements Consumer & Business Banking Commercial Banking Vehicle Finance RBHPCG Treasury / Other Huntington Consolidated (dollar amounts in millions) 2021 Net interest income $ 703 $ 457 $ 217 $ 70 $ 363 $ 1,810 Provision (benefit) for credit losses 63 143 (53) (2) — 151 Noninterest income 477 203 6 107 46 839 Noninterest expense 984 306 72 132 371 1,865 Provision (benefit) for income taxes 28 44 43 10 (9) 116 Net income $ 105 $ 167 $ 161 $ 37 $ 47 $ 517 2020 Net interest income $ 733 $ 472 $ 206 $ 83 $ 88 $ 1,582 Provision for credit losses 114 523 131 — — 768 Noninterest income 430 170 5 105 42 752 Noninterest expense 840 265 69 124 29 1,327 Provision (benefit) for income taxes 44 (31) 2 14 12 41 Net income (loss) $ 165 $ (115) $ 9 $ 50 $ 89 $ 198 Assets at Deposits at (dollar amounts in millions) June 30, December 31, June 30, December 31, Consumer & Business Banking $ 43,250 $ 30,758 $ 95,693 $ 60,910 Commercial Banking 54,053 36,311 32,624 24,766 Vehicle Finance 19,998 19,789 1,155 722 RBHPCG 7,763 7,064 8,416 7,635 Treasury / Other 50,108 29,116 4,917 4,915 Total $ 175,172 $ 123,038 $ 142,805 $ 98,948 |
ACQUISITION OF TCF FINANCIAL _2
ACQUISITION OF TCF FINANCIAL CORPORATION (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Business Combinations [Abstract] | |
Schedule of Business Acquisitions, by Acquisition | The following table provides a preliminary allocation of consideration paid for the fair value of assets acquired and liabilities and equity assumed from TCF as of June 9, 2021. TCF (dollar amounts in millions) UPB Fair Value Assets acquired: Cash and due from banks $ 466 Interest-bearing deposits at Federal Reserve Bank 719 Interest-bearing deposits in banks 312 Available-for-sale securities 8,900 Other securities 358 Loans held for sale 363 Loans and leases: Commercial: Commercial and industrial $ 12,726 12,441 Commercial real estate 8,125 7,869 Lease financing 2,929 2,912 Total commercial 23,780 23,222 Consumer: Automobile 322 317 Residential mortgage 6,267 6,273 Home equity 2,644 2,607 RV and marine 581 570 Other consumer 179 167 Total consumer 9,993 9,934 Total loans and leases $ 33,773 33,156 Bank owned life insurance 181 Premises and equipment 360 Core deposit intangible 92 Other intangible assets 6 Servicing rights 59 Servicing rights and other intangible assets 157 Other assets 1,441 Total assets acquired 46,413 Liabilities and equity assumed: Deposits 38,663 Short-term borrowings 1,306 Long-term debt 1,516 Other liabilities 1,049 Total liabilities 42,534 Non-controlling interest 22 Net assets acquired $ 3,857 Consideration: Fair value of common stock issued $ 6,998 Fair value of preferred stock exchange 185 Total consideration $ 7,183 Goodwill $ 3,326 |
Purchased credit deteriorated loans and leases | The following table provides a summary of loans and leases purchased as part of the TCF acquisition with credit deterioration at acquisition: (dollar amounts in millions) Commercial Consumer Total Par value (UPB) $ 7,931 $ 1,333 $ 9,264 ALLL at acquisition (374) (58) (432) Non-credit (discount) (219) (68) (287) Fair value $ 7,338 $ 1,207 $ 8,545 |
Business Acquisition, Pro Forma Information | Unaudited Pro Forma for Three months ended Six months ended June 30, June 30, (dollar amounts in millions) 2021 2020 2021 2020 Net interest income $ 1,120 $ 1,184 $ 2,482 $ 2,381 Noninterest income 529 529 1,062 1,032 Net income attributable to Huntington Bancshares Inc 235 189 901 69 |
INVESTMENT SECURITIES AND OTH_2
INVESTMENT SECURITIES AND OTHER SECURITIES (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Amortized Cost, Fair Value, and Gross Unrealized Gains and Losses by Investment Category | The following tables provide amortized cost, fair value, and gross unrealized gains and losses by investment category at June 30, 2021 and December 31, 2020: Unrealized (dollar amounts in millions) Amortized Gross Gross Fair Value June 30, 2021 Available-for-sale securities: U.S. Treasury $ 5 $ — $ — $ 5 Federal agencies: Residential CMO 2,576 81 (8) 2,649 Residential MBS 13,219 52 (74) 13,197 Commercial MBS 1,377 15 (24) 1,368 Other agencies 283 1 — 284 Total U.S. Treasury, federal agency and other agency securities 17,460 149 (106) 17,503 Municipal securities 3,589 89 (17) 3,661 Private-label CMO 142 — — 142 Asset-backed securities 298 4 (1) 301 Corporate debt 1,309 8 (13) 1,304 Other securities/Sovereign debt 4 — — 4 Total available-for-sale securities $ 22,802 $ 250 $ (137) $ 22,915 Held-to-maturity securities: Federal agencies: Residential CMO $ 2,228 $ 65 $ — $ 2,293 Residential MBS 6,259 61 (12) 6,308 Commercial MBS 2,705 102 — 2,807 Other agencies 220 10 — 230 Total federal agency and other agency securities 11,412 238 (12) 11,638 Municipal securities 3 — — 3 Total held-to-maturity securities $ 11,415 $ 238 $ (12) $ 11,641 Other securities, at cost: Non-marketable equity securities: Federal Home Loan Bank stock $ 201 $ — $ — $ 201 Federal Reserve Bank stock 425 — — 425 Other securities, at fair value Mutual funds 42 — — 42 Equity securities 24 — — 24 Total other securities $ 692 $ — $ — $ 692 (1) Amortized cost amounts excludes accrued interest receivable, which is recorded within other assets on the Consolidated Balance Sheet s . At June 30, 2021, accrued interest receivable on available-for-sale securities and held-to-maturity securities totaled $48 million and $25 million, respectively. Unrealized (dollar amounts in millions) Amortized Gross Gross Fair Value December 31, 2020 Available-for-sale securities: U.S. Treasury $ 5 $ — $ — $ 5 Federal agencies: Residential CMO 3,550 121 (5) 3,666 Residential MBS 7,843 97 (5) 7,935 Commercial MBS 1,151 21 (9) 1,163 Other agencies 60 2 — 62 Total U.S. Treasury, federal agency and other agency securities 12,609 241 (19) 12,831 Municipal securities 2,928 91 (15) 3,004 Private-label CMO 9 — — 9 Asset-backed securities 185 7 — 192 Corporate debt 440 5 — 445 Other securities/Sovereign debt 4 — — 4 Total available-for-sale securities $ 16,175 $ 344 $ (34) $ 16,485 Held-to-maturity securities: Federal agencies: Residential CMO $ 1,779 $ 88 $ — $ 1,867 Residential MBS 3,715 103 — 3,818 Commercial MBS 3,118 191 — 3,309 Other agencies 246 12 — 258 Total federal agency and other agency securities 8,858 394 — 9,252 Municipal securities 3 — — 3 Total held-to-maturity securities $ 8,861 $ 394 $ — $ 9,255 Other securities, at cost: Non-marketable equity securities: Federal Home Loan Bank stock $ 60 $ — $ — $ 60 Federal Reserve Bank stock 299 — — 299 Other securities, at fair value Mutual funds 50 — — 50 Equity securities 8 1 — 9 Total other securities $ 417 $ 1 $ — $ 418 |
Investments by Contractual Maturity | The following table provides the amortized cost and fair value of securities by contractual maturity at June 30, 2021 and December 31, 2020. Expected maturities may differ from contractual maturities as issuers may have the right to call or prepay obligations with or without incurring penalties. June 30, 2021 December 31, 2020 (dollar amounts in millions) Amortized Cost Fair Value Amortized Cost Fair Value Available-for-sale securities: Under 1 year $ 389 $ 384 $ 308 $ 304 After 1 year through 5 years 1,590 1,597 1,145 1,154 After 5 years through 10 years 2,583 2,624 1,607 1,654 After 10 years 18,240 18,310 13,115 13,373 Total available-for-sale securities $ 22,802 $ 22,915 $ 16,175 $ 16,485 Held-to-maturity securities: After 1 year through 5 years $ 500 $ 507 $ 160 $ 169 After 5 years through 10 years 98 103 131 138 After 10 years 10,817 11,031 8,570 8,948 Total held-to-maturity securities $ 11,415 $ 11,641 $ 8,861 $ 9,255 |
Investments with Unrealized Losses by Investment Category | 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 June 30, 2021 and December 31, 2020: Less than 12 Months Over 12 Months Total (dollar amounts in millions) Fair Gross Unrealized Fair Gross Unrealized Fair Gross Unrealized June 30, 2021 Available-for-sale securities: Federal agencies: Residential CMO 321 (8) — — 321 (8) Residential MBS 8,170 (74) — — 8,170 (74) Commercial MBS 671 (24) — — 671 (24) Other agencies 207 — — — 207 — Total federal agency and other agency securities 9,369 (106) — — 9,369 (106) Municipal securities 218 (5) 427 (12) 645 (17) Private-label CMO 28 — — — 28 — Asset-backed securities 75 (1) 8 — 83 (1) Corporate debt 643 (13) — — 643 (13) Total temporarily impaired available-for-sale securities $ 10,333 $ (125) $ 435 $ (12) $ 10,768 $ (137) Held-to-maturity securities: Federal agencies: Residential MBS $ 1,408 $ (12) $ — $ — $ 1,408 $ (12) Total federal agency and other agency securities 1,408 (12) — — 1,408 (12) Total temporarily impaired held-to-maturity securities $ 1,408 $ (12) $ — $ — $ 1,408 $ (12) Less than 12 Months Over 12 Months Total (dollar amounts in millions) Fair Gross Unrealized Fair Gross Unrealized Fair Gross Unrealized December 31, 2020 Available-for-sale securities: Federal agencies: Residential CMO $ 302 $ (5) $ — $ — $ 302 $ (5) Residential MBS 1,633 (5) — — 1,633 (5) Commercial MBS 321 (9) — — 321 (9) Total federal agency and other agency securities 2,256 (19) — — 2,256 (19) Municipal securities 110 (3) 490 (12) 600 (15) Private-label CMO — — — — — — Asset-backed securities 15 — — — 15 — Corporate debt 51 — — — 51 — Total temporarily impaired available-for-sale securities $ 2,432 $ (22) $ 490 $ (12) $ 2,922 $ (34) |
LOANS _ LEASES (Tables)
LOANS / LEASES (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Receivables [Abstract] | |
Loan and Lease Portfolio | The following table provides a detailed listing of Huntington’s loan and lease portfolio at June 30, 2021 and December 31, 2020. (dollar amounts in millions) June 30, 2021 December 31, 2020 Commercial loan and lease portfolio: Commercial and industrial $ 41,900 $ 33,151 Commercial real estate 14,774 7,199 Lease financing 5,027 2,222 Total commercial loan and lease portfolio 61,701 42,572 Consumer loan portfolio: Automobile 13,174 12,778 Residential mortgage 18,729 12,141 Home equity 11,317 8,894 RV and marine 4,960 4,190 Other consumer 2,024 1,033 Total consumer loan portfolio 50,204 39,036 Total loans and leases (1) (2) 111,905 81,608 Allowance for loan and lease losses (2,218) (1,814) Net loans and leases $ 109,687 $ 79,794 (1) Loans and leases are reported at principal amount outstanding including unamortized purchase premiums and discounts, unearned income, and net direct fees and costs associated with originating and acquiring loans and leases. The aggregate amount of these loan and lease adjustments was a net (discount) premium of $(184) million and $171 million at June 30, 2021 and December 31, 2020, respectively. (2) The total amount of accrued interest recorded for these loans and leases at June 30, 2021, was $157 million and $145 million of commercial and consumer loan and lease portfolios, respectively, and at December 31, 2020, was $146 million and $123 million of commercial and consumer loan and lease portfolios, respectively. Accrued interest is presented in other assets within the Condensed Consolidated Balance Sheet |
Direct Financing Lease, Lease Income | The following table presents net investments in lease financing receivables by category at June 30, 2021 and December 31, 2020. (dollar amounts in millions) June 30, December 31, Lease payments receivable $ 4,680 $ 1,737 Estimated residual value of leased assets 771 664 Gross investment in lease financing receivables 5,451 2,401 Deferred origination costs 21 21 Deferred fees, unearned income and other (445) (200) Total lease financing receivables $ 5,027 $ 2,222 |
NALs and Past Due Loans | The following table presents NALs by loan class at June 30, 2021 and December 31, 2020: June 30, 2021 December 31, 2020 (dollar amounts in millions) Nonaccrual loans and leases with no ACL Total nonaccrual loans and leases Nonaccrual loans and leases with no ACL Total nonaccrual loans and leases Commercial and industrial $ 157 $ 591 $ 69 $ 349 Commercial real estate — 83 8 15 Lease financing 3 74 — 4 Automobile — 3 — 4 Residential mortgage — 130 — 88 Home equity — 91 — 70 RV and marine — 5 — 2 Other consumer — — — — Total nonaccrual loans $ 160 $ 977 $ 77 $ 532 |
Aging analysis of loans and leases | The following table presents an aging analysis of loans and leases, by loan class at June 30, 2021 and December 31, 2020: June 30, 2021 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 $ 75 $ 33 $ 92 $ 200 $ 41,700 $ — $ 41,900 $ 1 Commercial real estate 24 6 22 52 14,722 — 14,774 — Lease financing 34 18 22 74 4,953 — 5,027 14 (3) Automobile 53 12 6 71 13,103 — 13,174 4 Residential mortgage 105 31 195 331 18,268 130 18,729 117 (4) Home equity 40 16 65 121 11,195 1 11,317 9 RV and marine 10 2 2 14 4,946 — 4,960 1 Other consumer 7 3 2 12 2,012 — 2,024 2 Total loans and leases $ 348 $ 121 $ 406 $ 875 $ 110,899 $ 131 $ 111,905 $ 148 December 31, 2020 Past Due (1)(2) Loans Accounted for Under FVO Total Loans 90 or (dollar amounts in millions) 30-59 60-89 90 or Total Current Commercial and industrial $ 38 $ 33 $ 82 $ 153 $ 32,998 $ — $ 33,151 $ — Commercial real estate — 1 11 12 7,187 — 7,199 — Lease financing 22 5 13 40 2,182 — 2,222 10 (3) Automobile 84 22 12 118 12,660 — 12,778 9 Residential mortgage 114 38 194 346 11,702 93 12,141 132 (4) Home equity 35 15 61 111 8,782 1 8,894 14 RV and marine 17 3 3 23 4,167 — 4,190 3 Other consumer 9 4 3 16 1,017 — 1,033 3 Total loans and leases $ 319 $ 121 $ 379 $ 819 $ 80,695 $ 94 $ 81,608 $ 171 (1) NALs are included in this aging analysis based on the loan’s past due status. (2) The principal balance of loans in payment deferral programs offered in response to the COVID-19 pandemic which are performing according to their modified terms are generally not considered delinquent. (3) Amounts include Huntington Technology Finance administrative lease delinquencies. |
Loan and lease balances by credit quality indicator | The following tables present the amortized cost basis of loans and leases by vintage and credit quality indicator at June 30, 2021 and December 31, 2020 respectively: As of June 30, 2021 Term Loans Amortized Cost Basis by Origination Year Revolver Total at Amortized Cost Basis Revolver Total Converted to Term Loans (dollar amounts in millions) 2021 2020 2019 2018 2017 Prior Total Commercial and industrial Credit Quality Indicator (1): Pass $ 9,173 $ 8,710 $ 4,979 $ 2,692 $ 1,400 $ 1,601 $ 10,720 $ 3 $ 39,278 OLEM 161 197 174 133 57 78 157 — 957 Substandard 148 190 218 239 190 210 467 — 1,662 Doubtful 1 — — 1 — 1 — — 3 Total Commercial and industrial $ 9,483 $ 9,097 $ 5,371 $ 3,065 $ 1,647 $ 1,890 $ 11,344 $ 3 $ 41,900 Commercial real estate Credit Quality Indicator (1): Pass $ 1,445 $ 3,083 $ 3,331 $ 2,207 $ 1,069 $ 1,518 $ 507 $ — $ 13,160 OLEM 158 216 163 130 99 63 1 — 830 Substandard 119 154 202 60 115 100 34 — 784 Total Commercial real estate $ 1,722 $ 3,453 $ 3,696 $ 2,397 $ 1,283 $ 1,681 $ 542 $ — $ 14,774 Lease financing Credit Quality Indicator (1): Pass $ 949 $ 1,830 $ 1,016 $ 588 $ 338 $ 224 $ — $ — $ 4,945 OLEM 6 6 7 4 6 1 — — 30 Substandard 2 14 20 1 5 10 — — 52 Total Lease financing $ 957 $ 1,850 $ 1,043 $ 593 $ 349 $ 235 $ — $ — $ 5,027 Automobile Credit Quality Indicator (2): 750+ $ 1,525 $ 2,319 $ 1,779 $ 929 $ 555 $ 223 $ — $ — $ 7,330 650-749 1,245 1,669 1,013 547 266 121 — — 4,861 <650 154 267 220 172 106 64 — — 983 Total Automobile $ 2,924 $ 4,255 $ 3,012 $ 1,648 $ 927 $ 408 $ — $ — $ 13,174 Residential mortgage Credit Quality Indicator (2): 750+ $ 2,984 $ 4,680 $ 1,477 $ 840 $ 969 $ 2,431 $ — $ — $ 13,381 650-749 958 1,052 462 344 307 1,098 — — 4,221 <650 22 57 107 133 111 567 — — 997 Total Residential mortgage $ 3,964 $ 5,789 $ 2,046 $ 1,317 $ 1,387 $ 4,096 $ — $ — $ 18,599 Home equity Credit Quality Indicator (2): 750+ $ 486 $ 861 $ 125 $ 85 $ 67 $ 522 $ 4,957 $ 201 $ 7,304 650-749 112 177 112 70 46 260 2,392 173 3,342 <650 2 8 33 32 27 128 347 93 670 Total Home equity $ 600 $ 1,046 $ 270 $ 187 $ 140 $ 910 $ 7,696 $ 467 $ 11,316 RV and marine Credit Quality Indicator (2): 750+ $ 716 $ 1,051 $ 542 $ 571 $ 330 $ 401 $ — $ — $ 3,611 650-749 190 336 207 184 132 190 — — 1,239 <650 1 11 17 23 21 37 — — 110 Total RV and marine $ 907 $ 1,398 $ 766 $ 778 $ 483 $ 628 $ — $ — $ 4,960 Other consumer Credit Quality Indicator (2): 750+ $ 341 $ 206 $ 223 $ 83 $ 33 $ 67 $ 530 $ 2 $ 1,485 650-749 43 36 55 17 7 10 281 26 475 <650 — 3 8 3 2 3 25 20 64 Total Other consumer $ 384 $ 245 $ 286 $ 103 $ 42 $ 80 $ 836 $ 48 $ 2,024 (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. As of December 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 Commercial and industrial Credit Quality Indicator (1): Pass $ 12,599 $ 4,161 $ 2,537 $ 1,192 $ 837 $ 815 $ 8,894 $ 2 $ 31,037 OLEM 415 112 65 24 32 22 124 — 794 Substandard 195 125 181 203 41 147 423 — 1,315 Doubtful 2 — 1 — — 1 1 — 5 Total Commercial and industrial $ 13,211 $ 4,398 $ 2,784 $ 1,419 $ 910 $ 985 $ 9,442 $ 2 $ 33,151 Commercial real estate Credit Quality Indicator (1): Pass $ 1,742 $ 1,610 $ 1,122 $ 507 $ 507 $ 539 $ 633 $ — $ 6,660 OLEM 94 78 63 37 28 14 4 — 318 Substandard 27 46 10 29 58 14 36 — 220 Doubtful — — — — — 1 — — 1 Total Commercial real estate $ 1,863 $ 1,734 $ 1,195 $ 573 $ 593 $ 568 $ 673 $ — $ 7,199 Lease financing Credit Quality Indicator (1): Pass $ 1,158 $ 364 $ 221 $ 155 $ 137 $ 101 $ — $ — $ 2,136 OLEM 6 4 4 6 1 — — — 21 Substandard 1 19 7 21 5 12 — — 65 Total Lease financing $ 1,165 $ 387 $ 232 $ 182 $ 143 $ 113 $ — $ — $ 2,222 Automobile Credit Quality Indicator (2): 750+ $ 2,670 $ 2,013 $ 1,144 $ 742 $ 317 $ 81 $ — $ — $ 6,967 650-749 1,965 1,343 755 386 175 52 — — 4,676 <650 312 301 244 157 84 37 — — 1,135 Total Automobile $ 4,947 $ 3,657 $ 2,143 $ 1,285 $ 576 $ 170 $ — $ — $ 12,778 Residential mortgage Credit Quality Indicator (2): 750+ $ 3,269 $ 1,370 $ 891 $ 1,064 $ 762 $ 1,243 $ 1 $ — $ 8,600 650-749 991 435 307 278 171 495 — — 2,677 <650 34 89 111 108 81 348 — — 771 Total Residential mortgage $ 4,294 $ 1,894 $ 1,309 $ 1,450 $ 1,014 $ 2,086 $ 1 $ — $ 12,048 Home equity Credit Quality Indicator (2): 750+ $ 793 $ 26 $ 26 $ 32 $ 89 $ 451 $ 4,373 $ 192 $ 5,982 650-749 147 9 8 11 27 157 1,906 181 2,446 <650 1 1 1 1 6 70 286 99 465 Total Home equity $ 941 $ 36 $ 35 $ 44 $ 122 $ 678 $ 6,565 $ 472 $ 8,893 RV and marine Credit Quality Indicator (2): 750+ $ 1,136 $ 525 $ 589 $ 337 $ 153 $ 254 $ — $ — $ 2,994 650-749 348 215 201 136 64 129 — — 1,093 <650 4 15 21 22 12 29 — — 103 Total RV and marine $ 1,488 $ 755 $ 811 $ 495 $ 229 $ 412 $ — $ — $ 4,190 Other consumer Credit Quality Indicator (2): 750+ $ 69 $ 58 $ 26 $ 8 $ 4 $ 14 $ 340 $ 2 $ 521 650-749 36 56 17 5 2 3 294 30 443 <650 2 8 3 1 — 1 26 28 69 Total Other consumer $ 107 $ 122 $ 46 $ 14 $ 6 $ 18 $ 660 $ 60 $ 1,033 (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. |
Detailed troubled debt restructuring information by class | 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 and six-month periods ended June 30, 2021 and 2020. New Troubled Debt Restructurings (1) Three Months Ended June 30, 2021 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 25 $ 15 $ 14 $ — $ — $ 29 Automobile 514 — 3 1 — 4 Residential mortgage 72 — 11 1 — 12 Home equity 51 — 1 1 — 2 RV and marine 35 1 — — — 1 Other consumer 68 — — — — — Total new TDRs 765 $ 16 $ 29 $ 3 $ — $ 48 Three Months Ended June 30, 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 98 $ — $ 26 $ — $ 52 $ 78 Commercial real estate 2 — 1 — — 1 Automobile 1,058 — 14 2 — 16 Residential mortgage 105 — 12 2 — 14 Home equity 63 — 2 1 — 3 RV and marine 68 — 3 — — 3 Other consumer 142 1 — — — 1 Total new TDRs 1,536 $ 1 $ 58 $ 5 $ 52 $ 116 New Troubled Debt Restructurings (1) Six Months Ended June 30, 2021 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 37 $ 15 $ 19 $ — $ — $ 34 Automobile 1,416 — 10 2 — 12 Residential mortgage 158 — 24 2 — 26 Home equity 113 — 2 3 — 5 RV and marine finance 84 1 1 — — 2 Other consumer 165 — — — 1 1 Total new TDRs 1,973 $ 16 $ 56 $ 7 $ 1 $ 80 Six Months Ended June 30, 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 238 $ — $ 88 $ — $ 58 $ 146 Commercial real estate 9 — 3 — — 3 Automobile 1,856 — 20 4 — 24 Residential mortgage 206 — 21 4 — 25 Home equity 126 — 3 3 — 6 RV and marine finance 96 — 4 — — 4 Other consumer 391 2 — — — 2 Total new TDRs 2,922 $ 2 $ 139 $ 11 $ 58 $ 210 (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. |
ALLOWANCE FOR CREDIT LOSSES (Ta
ALLOWANCE FOR CREDIT LOSSES (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Credit Loss [Abstract] | |
Allowance Roll-forward | Allowance for Credit Losses - Roll-forward The following tables present ACL activity by portfolio segment for the three-month and six-month periods ended June 30, 2021 and 2020. (dollar amounts in millions) Commercial Consumer Total Three-month period ended June 30, 2021: ALLL balance, beginning of period $ 1,197 $ 506 $ 1,703 Loan and lease charge-offs (1) (78) (24) (102) Recoveries of loans and leases previously charged-off 19 21 40 Provision for loan and lease losses (2) 106 39 145 Allowance on loans and leases purchased with credit deterioration 374 58 432 ALLL balance, end of period $ 1,618 $ 600 $ 2,218 AULC balance, beginning of period $ 27 $ 11 $ 38 Provision for unfunded lending commitments (3) 49 17 66 AULC balance, end of period $ 76 $ 28 $ 104 ACL balance, end of period $ 1,694 $ 628 $ 2,322 Six-month period ended June 30, 2021: ALLL balance, beginning of period $ 1,236 $ 578 $ 1,814 Loan and lease charge-offs (1) (139) (58) (197) Recoveries of loans and leases previously charged-off 31 40 71 Provision for loan and lease losses (2) 116 (18) 98 Allowance on loans and leases purchased with credit deterioration 374 58 432 ALLL balance, end of period $ 1,618 $ 600 $ 2,218 AULC balance, beginning of period $ 34 $ 18 $ 52 Provision for unfunded lending commitments (3) 43 10 53 Unfunded lending commitment losses (1) — (1) AULC balance, end of period $ 76 $ 28 $ 104 ACL balance, end of period $ 1,694 $ 628 $ 2,322 (dollar amounts in millions) Commercial Consumer Total Three-month period ended June 30, 2020: ALLL balance, beginning of period $ 996 $ 508 $ 1,504 Loan and lease charge-offs (84) (39) (123) Recoveries of loans and leases previously charged-off 4 12 16 Provision for loan and lease losses 253 52 305 ALLL balance, end of period $ 1,169 $ 533 $ 1,702 AULC balance, beginning of period $ 58 $ 41 $ 99 Provision (reduction in allowance) for unfunded lending commitments 25 (3) 22 Unfunded lending commitment losses (2) — (2) AULC balance, end of period $ 81 $ 38 $ 119 ACL balance, end of period $ 1,250 $ 571 $ 1,821 Six-month period ended June 30, 2020: ALLL balance, beginning of period $ 552 $ 231 $ 783 Cumulative-effect of change in accounting principle for financial instruments - credit losses (4) 180 211 391 Loan and lease charge-offs (172) (87) (259) Recoveries of loans and leases previously charged-off 9 26 35 Provision for loan and lease losses 600 152 752 ALLL balance, end of period $ 1,169 $ 533 $ 1,702 AULC balance, beginning of period $ 102 $ 2 $ 104 Cumulative-effect of change in accounting principle for financial instruments - credit losses (4) 2 — 2 Provision (reduction in allowance) for unfunded lending commitments (20) 36 16 Unfunded lending commitment losses (3) — (3) AULC balance, end of period $ 81 $ 38 $ 119 ACL balance, end of period $ 1,250 $ 571 $ 1,821 |
MORTGAGE LOAN SALES AND SERVI_2
MORTGAGE LOAN SALES AND SERVICING RIGHTS (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
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 and six-month periods ended June 30, 2021 and 2020: Three Months Ended Six Months Ended (dollar amounts in millions) 2021 2020 2021 2020 Residential mortgage loans sold with servicing retained $ 2,748 $ 2,287 $ 5,004 $ 3,715 Pretax gains resulting from above loan sales (1) 101 59 194 98 (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 and six-month periods ended June 30, 2021 and 2020: Three Months Ended Six Months Ended (dollar amounts in millions) 2021 2020 2021 2020 Fair value, beginning of period $ 274 $ 165 $ 210 $ 7 Fair value election for servicing assets previously measured using the amortized method (1) — — — 205 Servicing assets obtained in acquisition 59 `` — 59 — New servicing assets created 38 26 72 40 Change in fair value during the period due to: Time decay (2) (4) (2) (7) (4) Payoffs (3) (16) (10) (33) (16) Changes in valuation inputs or assumptions (4) (24) (7) 26 (60) Fair value, end of period $ 327 $ 172 $ 327 $ 172 Weighted-average life (years) 6.9 6.5 6.9 6.5 (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 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. |
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 June 30, 2021, and December 31, 2020 follows: June 30, 2021 December 31, 2020 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) 12.94 % $ (15) $ (29) 17.36 % $ (12) $ (23) Spread over forward interest rate swap rates 535 bps (7) (14) 519 bps (4) (8) |
DEBT (Tables)
DEBT (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Short-term Debt | Borrowings with original maturities of one year or less are classified as short-term and were comprised of the following at June 30, 2021 and December 31, 2020, respectively: (dollar amounts in millions) June 30, December 31, Federal funds purchased and securities sold under agreements to repurchase $ 255 $ 71 Other borrowings 136 112 Total short-term borrowings $ 391 $ 183 |
Schedule of Long-term Debt Instruments | Huntington’s long-term debt consisted of the following at June 30, 2021 and December 31, 2020, respectively: (dollar amounts in millions) June 30, December 31, The Parent Company: Senior Notes $ 2,807 $ 3,635 Subordinated Notes 526 507 Total notes issued by the parent 3,333 4,142 The Bank: Senior Notes 2,461 3,533 Subordinated Notes 850 233 Total notes issued by the bank 3,311 3,766 FHLB Advances 214 3 Other 484 441 Total long-term debt $ 7,342 $ 8,352 |
OTHER COMPREHENSIVE INCOME (Tab
OTHER COMPREHENSIVE INCOME (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Equity [Abstract] | |
Components of other comprehensive income | The components of Huntington’s OCI for the three-month and six-month periods ended June 30, 2021 and 2020, were as follows: Three Months Ended Tax (expense) (dollar amounts in millions) Pretax Benefit After-tax Unrealized gains on available-for-sale securities arising during the period $ 88 $ (20) $ 68 Less: Reclassification adjustment for realized net losses (gains) included in net income 13 (3) 10 Net change in unrealized holding gains (losses) on available-for-sale securities 101 (23) 78 Net change in fair value on cash flow hedges (48) 9 (39) Translation adjustments, net of hedges (1) (6) — (6) Net change in pension and other post-retirement obligations 3 1 4 Total other comprehensive income $ 50 $ (13) $ 37 Three Months Ended Tax (expense) (dollar amounts in millions) Pretax Benefit After-tax Unrealized gains on available-for-sale securities arising during the period $ 57 $ (13) $ 44 Less: Reclassification adjustment for realized net losses (gains) included in net income 23 (5) 18 Net change in unrealized gains (losses) on available-for-sale securities 80 (18) 62 Net change in fair value on cash flow hedges 14 (3) 11 Net change in pension and other post-retirement obligations (12) 2 (10) Total other comprehensive income $ 82 $ (19) $ 63 Six Months Ended Tax (expense) (dollar amounts in millions) Pretax Benefit After-tax Unrealized gains (losses) on available-for-sale securities arising during the period $ (199) $ 44 $ (155) Less: Reclassification adjustment for realized net losses (gains) included in net income 22 (5) 17 Net change in unrealized holding gains (losses) on available-for-sale securities (177) 39 (138) Net change in fair value on cash flow hedges (92) 19 (73) Translation adjustments, net of hedges (1) (6) — (6) Net change in pension and other post-retirement obligations 6 — 6 Total other comprehensive loss $ (269) $ 58 $ (211) Six Months Ended Tax (expense) (dollar amounts in millions) Pretax Benefit After-tax Unrealized gains (losses) on available-for-sale securities arising during the period $ 274 $ (61) $ 213 Less: Reclassification adjustment for realized net losses (gains) included in net income 28 (6) 22 Net change in unrealized holding gains (losses) on available-for-sale securities 302 (67) 235 Net change in fair value on cash flow hedges 409 (90) 319 Net change in pension and other post-retirement obligations (10) 2 (8) Total other comprehensive income $ 701 $ (155) $ 546 (1) Foreign investments are deemed to be permanent in nature and, therefore, Huntington does not provide for taxes on foreign currency translation adjustments. |
Activity in accumulated other comprehensive income, net of tax | Activity in accumulated OCI for the three-month and six-month periods ended June 30, 2021 and 2020, were as follows: (dollar amounts in millions) Unrealized gains (losses) on debt securities (1) Change in fair value related to cash flow hedges Translation adjustments, net of hedges Unrealized gains (losses) for pension and other post- retirement obligations (2) Total Three Months Ended June 30, 2021 Balance, beginning of period $ (28) $ 223 $ — $ (251) $ (56) Other comprehensive income (loss) before reclassifications 68 (39) (6) — 23 Amounts reclassified from accumulated OCI to earnings 10 — — 4 14 Period change 78 (39) (6) 4 37 Balance, end of period $ 50 $ 184 $ (6) $ (247) $ (19) Three Months Ended June 30, 2020 Balance, beginning of period $ 145 $ 331 $ — $ (249) $ 227 Other comprehensive income before reclassifications 44 11 — — 55 Amounts reclassified from accumulated OCI to earnings 18 — — (10) 8 Period change 62 11 — (10) 63 Balance, end of period $ 207 $ 342 $ — $ (259) $ 290 (dollar amounts in millions) Unrealized gains (losses) on debt securities (1) Change in fair value related to cash flow hedges Translation adjustments, net of hedges Unrealized gains (losses) for pension and other post- retirement obligations (2) Total Six Months Ended June 30, 2021 Balance, beginning of period $ 188 $ 257 $ — $ (253) $ 192 Other comprehensive loss before reclassifications (155) (73) (6) — (234) Amounts reclassified from accumulated OCI to earnings 17 — — 6 23 Period change (138) (73) (6) 6 (211) Balance, end of period $ 50 $ 184 $ (6) $ (247) $ (19) Six Months Ended June 30, 2020 Balance, beginning of period $ (28) $ 23 $ — $ (251) $ (256) Other comprehensive income before reclassifications 213 319 — — 532 Amounts reclassified from accumulated OCI to earnings 22 — — (8) 14 Period change 235 319 — (8) 546 Balance, end of period $ 207 $ 342 $ — $ (259) $ 290 (1) AOCI amounts at June 30, 2021 and June 30, 2020 include $48 million and $81 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. |
SHAREHOLDERS' EQUITY (Tables)
SHAREHOLDERS' EQUITY (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Equity [Abstract] | |
Schedule of Stock | The following is a summary of Huntington’s non-cumulative, non-voting, perpetual preferred stock outstanding as of June 30, 2021. (dollar amounts in millions) Series Issuance Date Total Shares Outstanding Carrying Amount Dividend Rate Earliest Redemption Date Series B 12/28/2011 35,500 $ 23 3-mo. LIBOR + 270 bps 1/15/2017 Series D 3/21/2016 400,000 386 6.25 % 4/15/2021 Series D 5/5/2016 200,000 199 6.25 % 4/15/2021 Series C 8/16/2016 100,000 100 5.875 % 10/15/2021 Series E 2/27/2018 5,000 495 5.700 % 4/15/2023 Series F 5/27/2020 5,000 494 5.625 % 7/15/2030 Series G 8/3/2020 5,000 494 4.450 % 10/15/2027 Series H 2/2/2021 500,000 485 4.500 % 4/15/2026 Series I 6/9/2021 7,000 175 5.700 % 12/01/2022 Total 1,257,500 $ 2,851 The following table presents the dividends declared for each series of Preferred shares for the three-month and six-month periods ended June 30, 2021 and 2020: Three Months Ended June 30, Six months ended June 30, (amounts in millions, except per share data) 2021 2020 2021 2020 Cash Dividend Declared Per Share Cash Dividend Declared Per Share Cash Dividend Declared Per Share Cash Dividend Declared Per Share Preferred Series Amount ($) Amount ($) Amount ($) Amount ($) Series B 7.21 $ — 9.80 $ — 14.56 $ — 21.13 $ (1) Series C 14.69 (1) 14.69 (2) 29.38 (3) 29.38 (3) Series D 15.63 (9) 15.63 (10) 31.25 (18) 31.25 (19) Series E 1,425.00 (7) 1,425.00 (7) 2,850.00 (14) 2,850.00 (14) Series F 1,406.25 (7) — — 2,812.50 (14) — — Series G 1,112.50 (6) — — 2,225.00 (12) — — Series H 19.50 (10) — — 19.50 (10) — — Series I 356.25 (3) — — 356.25 (3) — — Total $ (43) $ (19) $ (74) $ (37) |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Earnings Per Share [Abstract] | |
Basic and diluted earnings loss per share | The calculation of basic and diluted (loss) earnings per share for the three-month and six-month periods ended June 30, 2021 and 2020 was as follows: Three Months Ended Six Months Ended (dollar amounts in millions, except per share data, share count in thousands) 2021 2020 2021 2020 Basic earnings per common share: Net (loss) income attributable to Huntington Bancshares Inc $ (15) $ 150 $ 517 $ 198 Preferred stock dividends 43 19 74 37 Net (loss) income available to common shareholders $ (58) $ 131 $ 443 $ 161 Average common shares issued and outstanding 1,125,039 1,016,259 1,071,276 1,016,951 Basic (loss) earnings per common share $ (0.05) $ 0.13 $ 0.41 $ 0.16 Diluted earnings per common share: Dilutive potential common shares: Stock options and restricted stock units and awards — 7,516 17,667 9,939 Shares held in deferred compensation plans — 4,908 5,531 4,739 Dilutive potential common shares — 12,424 23,198 14,678 Total diluted average common shares issued and outstanding 1,125,039 1,028,683 1,094,474 1,031,629 Diluted (loss) earnings per common share $ (0.05) $ 0.13 $ 0.40 $ 0.16 Anti-dilutive awards (1) 26,895 17,200 2,738 12,291 (1) Reflects the total number of shares related to outstanding options and awards that have been excluded from the computation of diluted earnings per share because the impact would have been anti-dilutive. |
NONINTEREST INCOME (Tables)
NONINTEREST INCOME (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Noninterest Income | 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 June 30, Six Months Ended June 30, Noninterest income 2021 2020 2021 2020 Noninterest income from contracts with customers $ 257 $ 201 $ 479 $ 428 Noninterest income within the scope of other GAAP topics 187 190 360 324 Total noninterest income $ 444 $ 391 $ 839 $ 752 The following table illustrates the disaggregation by operating segment and major revenue stream and reconciles disaggregated revenue to segment revenue presented in Note 17 “ Segment Reporting ”. Three Months Ended June 30, 2021 (dollar amounts in millions) Consumer & Business Banking Commercial Banking Vehicle Finance RBHPCG Treasury / Other Huntington Consolidated Major Revenue Streams Service charges on deposit accounts $ 64 $ 22 $ 1 $ 1 $ — $ 88 Card and payment processing income 68 4 — — — 72 Trust and investment management services 15 — — 40 — 55 Insurance income 14 1 — 9 1 25 Other noninterest income 5 7 — 4 1 17 Net revenue from contracts with customers $ 166 $ 34 $ 1 $ 54 $ 2 $ 257 Noninterest income within the scope of other GAAP topics 77 80 1 — 29 187 Total noninterest income $ 243 $ 114 $ 2 $ 54 $ 31 $ 444 Three Months Ended June 30, 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 $ 39 $ 18 $ 1 $ 1 $ — $ 59 Card and payment processing income 52 3 — — — 55 Trust and investment management services 10 1 — 34 — 45 Insurance income 12 1 — 11 1 25 Other noninterest income 4 5 — 7 1 17 Net revenue from contracts with customers $ 117 $ 28 $ 1 $ 53 $ 2 $ 201 Noninterest income within the scope of other GAAP topics 101 57 1 1 30 190 Total noninterest income $ 218 $ 85 $ 2 $ 54 $ 32 $ 391 Six Months Ended June 30, 2021 (dollar amounts in millions) Consumer & Business Banking Commercial Banking Vehicle Finance RBHPCG Treasury / Other Huntington Consolidated Major Revenue Streams Service charges on deposit accounts $ 112 $ 41 $ 3 $ 1 $ — $ 157 Card and payment processing income 126 8 — — — 134 Trust and investment management services 28 1 — 78 — 107 Insurance income 26 3 — 22 1 52 Other noninterest income 11 9 1 5 3 29 Net revenue from contracts with customers $ 303 $ 62 $ 4 $ 106 $ 4 $ 479 Noninterest income within the scope of other GAAP topics 174 141 2 1 42 360 Total noninterest income $ 477 $ 203 $ 6 $ 107 $ 46 $ 839 Six Months Ended June 30, 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 $ 107 $ 35 $ 2 $ 2 $ — $ 146 Card and payment processing income 104 7 — — — 111 Trust and investment management services 20 2 — 70 — 92 Insurance income 20 3 — 23 2 48 Other noninterest income 12 8 1 8 2 31 Net revenue from contracts with customers $ 263 $ 55 $ 3 $ 103 $ 4 $ 428 Noninterest income within the scope of other GAAP topics 167 115 2 2 38 324 Total noninterest income $ 430 $ 170 $ 5 $ 105 $ 42 $ 752 |
FAIR VALUES OF ASSETS AND LIA_2
FAIR VALUES OF ASSETS AND LIABILITIES (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
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 June 30, 2021 and December 31, 2020 are summarized below: Fair Value Measurements at Reporting Date Using Netting Adjustments (1) June 30, 2021 (dollar amounts in millions) Level 1 Level 2 Level 3 Assets Trading account securities: Municipal securities $ — $ 92 $ — $ — $ 92 Corporate debt — 1 — — 1 — 93 — — 93 Available-for-sale securities: U.S. Treasury securities 5 — — — 5 Residential CMOs — 2,649 — — 2,649 Residential MBS — 13,197 — — 13,197 Commercial MBS — 1,368 — — 1,368 Other agencies — 284 — — 284 Municipal securities — 52 3,609 — 3,661 Private-label CMO — 124 18 — 142 Asset-backed securities — 255 46 — 301 Corporate debt — 1,304 — — 1,304 Other securities/sovereign debt — 4 — — 4 5 19,237 3,673 — 22,915 Other securities 42 24 — — 66 Loans held for sale — 1,141 — — 1,141 Loans held for investment — 110 21 — 131 MSRs — — 327 — 327 Other assets: Derivative assets — 1,655 29 (732) 952 Assets held in trust for deferred compensation plans 130 — — — 130 Liabilities Other liabilities: Derivative liabilities — 1,042 6 (875) 173 Fair Value Measurements at Reporting Date Using Netting Adjustments (1) December 31, 2020 (dollar amounts in millions) Level 1 Level 2 Level 3 Assets Trading account securities: Municipal securities $ — $ 62 $ — $ — $ 62 Available-for-sale securities: U.S. Treasury securities 5 — — — 5 Residential CMOs — 3,666 — — 3,666 Residential MBS — 7,935 — — 7,935 Commercial MBS — 1,163 — — 1,163 Other agencies — 62 — — 62 Municipal securities — 53 2,951 — 3,004 Private-label CMO — — 9 — 9 Asset-backed securities — 182 10 — 192 Corporate debt — 445 — — 445 Other securities/sovereign debt — 4 — — 4 5 13,510 2,970 — 16,485 Other securities 59 — — — 59 Loans held for sale — 1,198 — — 1,198 Loans held for investment — 71 23 — 94 MSRs — — 210 — 210 Other assets: Derivative assets — 1,903 43 (889) 1,057 Assets held in trust for deferred compensation plans 73 — — — 73 Liabilities Other liabilities: Derivative liabilities — 1,031 2 (917) 116 (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 and six-month periods ended June 30, 2021 and 2020, 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 Loans held for investment (dollar amounts in millions) MSRs Derivative instruments Municipal securities Private- Asset-backed securities Opening balance $ 274 $ 10 $ 3,070 $ 11 $ 47 $ 22 Transfers out of Level 3 (1) — (31) — — — — Total gains/losses for the period: Included in earnings (24) 37 — — — — Included in OCI — — (1) — — — Purchases/originations/acquisitions 97 7 1,144 6 38 — Sales — — (352) — — — Repayments — — — — — (1) Settlements (20) — (252) 1 (39) — Closing balance $ 327 $ 23 $ 3,609 $ 18 $ 46 $ 21 Change in unrealized gains or losses for the period included in earnings for assets held at end of the reporting date $ (24) $ 5 $ — $ — $ — $ — Change in unrealized gains or losses for the period included in other comprehensive income for assets held at the end of the reporting period — — (1) — — — Level 3 Fair Value Measurements MSRs Derivative instruments Available-for-sale securities Loans held for investment (dollar amounts in millions) Municipal securities Private- label CMO Asset-backed securities Opening balance $ 165 $ 39 $ 2,937 $ 2 $ 69 $ 26 Transfers out of Level 3 (1) — (55) — — — — Total gains/losses for the period: Included in earnings 7 56 — — — — Included in OCI — — 69 — — — Purchases/originations — — 264 3 — — Repayments — — — — — (1) Settlements — — (168) — (13) — Closing balance $ 172 $ 40 $ 3,102 $ 5 $ 56 $ 25 Change in unrealized gains or losses for the period included in earnings for assets held at end of the reporting date $ 7 $ — $ — $ — $ — $ — Change in unrealized gains or losses for the period included in other comprehensive income for assets held at the end of the reporting period — — (20) — — — Level 3 Fair Value Measurements Six Months Ended June 30, 2021 Available-for-sale securities Loans held for investment (dollar amounts in millions) MSRs Derivative instruments Municipal securities Private- label CMO Asset-backed securities Opening balance $ 210 $ 41 $ 2,951 $ 9 $ 10 $ 23 Transfers out of Level 3 (1) — (70) — — — — Total gains/losses for the period: Included in earnings 27 45 — — — — Included in OCI — — (5) — — — Purchases/originations/acquisitions 130 7 1,353 8 75 — Sales — — (352) — — — Repayments — — — — — (2) Settlements (40) — (338) 1 (39) — Closing balance $ 327 $ 23 $ 3,609 $ 18 $ 46 $ 21 Change in unrealized gains or losses for the period included in earnings for assets held at end of the reporting date $ 27 $ (21) $ — $ — $ — $ — Change in unrealized gains or losses for the period included in other comprehensive income for assets held at the end of the reporting period — — (4) — — — Level 3 Fair Value Measurements Six Months Ended June 30, 2020 Available-for-sale securities Loans held for investment (dollar amounts in millions) MSRs Derivative instruments Municipal securities Private- label CMO Asset- backed securities 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) — (75) — — — — Total gains/losses for the period: Included in earnings (40) 109 (1) — — — Included in OCI — — 1 — — — Purchases/originations — — 338 3 28 — Repayments — — — — — (1) Settlements — — (235) — (20) — Closing balance $ 172 $ 40 $ 3,102 $ 5 $ 56 $ 25 Change in unrealized gains or losses for the period included in earnings for assets held at end of the reporting date $ (40) $ 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 — — 2 — — — — (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 and six-month periods ended June 30, 2021 and 2020: Level 3 Fair Value Measurements (dollar amounts in millions) MSRs Derivative instruments Classification of gains and losses in earnings: Mortgage banking income $ (24) $ 37 Total $ (24) $ 37 Level 3 Fair Value Measurements (dollar amounts in millions) MSRs Derivative instruments Classification of gains and losses in earnings: Mortgage banking income $ 7 $ 56 Total $ 7 $ 56 Level 3 Fair Value Measurements (dollar amounts in millions) MSRs Derivative instruments Classification of gains and losses in earnings: Mortgage banking income $ 27 $ 45 Total $ 27 $ 45 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 $ (40) $ 109 $ — Interest and fee income — — (1) Total $ (40) $ 109 $ (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: June 30, 2021 (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 $ 1,141 $ 1,100 $ 41 $ — $ — $ — Loans held for investment 131 136 (5) 3 4 (1) December 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 $ 1,198 $ 1,134 $ 64 $ 2 $ 2 $ — Loans held for investment 94 99 (5) 7 8 (1) The following table present the net gains (losses) from fair value changes for the three-month and six-month periods ended June 30, 2021 and 2020. Net gains (losses) from fair value changes (dollar amounts in millions) Three Months Ended June 30, Six Months Ended June 30, Assets 2021 2020 2021 2020 Loans held for sale (1) $ 11 $ 3 $ (23) $ 22 (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 June 30, 2021 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 17 — — 17 (2) Loans held for sale 15 — — 15 2 |
Quantitative information about significant unobservable level 3 fair value measurement inputs | Quantitative Information about Level 3 Fair Value Measurements at June 30, 2021 (1) (dollar amounts in millions) Fair Value Valuation Technique Significant Unobservable Input Range Weighted Average Measured at fair value on a recurring basis: MSRs $ 327 Discounted cash flow Constant prepayment rate 7 % - 21% 13 % Spread over forward interest rate swap rates 4 % - 11% 5.35 % Derivative assets 29 Consensus Pricing Net market price (14) % - 12% 2 % Estimated Pull through % 1 % - 100% 89 % Municipal securities 3,609 Discounted cash flow Discount rate — % - 2% 1 % Asset-backed securities 46 Cumulative default — % - 39% 4 % Loss given default 5 % - 90% 24 % Measured at fair value on a nonrecurring basis: Collateral-dependent loans 17 Appraisal value N/A N/A Loans held for sale 15 Appraisal value N/A N/A Quantitative Information about Level 3 Fair Value Measurements at December 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 $ 210 Discounted cash flow Constant prepayment rate 8 % - 24% 17 % Spread over forward interest rate swap rates 4 % - 11% 5 % Derivative assets 43 Consensus Pricing Net market price (4) % - 11% 3 % Estimated Pull through % 1 % - 100% 88 % Municipal securities 2,951 Discounted cash flow Discount rate — % 1% 1 % Asset-backed securities 10 Cumulative default — % 39% 4 % Loss given default 5 % 80% 25 % Measured at fair value on a nonrecurring basis: Collateral-dependent loans 144 Appraisal value N/A 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 June 30, 2021 and December 31, 2020: June 30, 2021 (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 $ 13,926 $ — $ — $ 13,926 $ 13,926 Trading account securities — — 93 93 93 Available-for-sale securities — — 22,915 22,915 22,915 Held-to-maturity securities 11,415 — — 11,415 11,641 Other securities 626 — 66 692 692 Loans held for sale — 250 1,141 1,391 1,393 Net loans and leases (1) 109,556 — 131 109,687 109,878 Derivative assets — — 952 952 952 Assets held in trust for deferred compensation plans — — 130 130 130 Financial Liabilities Deposits 142,805 — — 142,805 142,804 Short-term borrowings 391 — — 391 391 Long-term debt 7,342 — — 7,342 7,433 Derivative liabilities — — 173 173 173 December 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 $ 6,712 $ — $ — $ 6,712 $ 6,712 Trading account securities — — 62 62 62 Available-for-sale securities — — 16,485 16,485 16,485 Held-to-maturity securities 8,861 — — 8,861 9,255 Other securities 359 — 59 418 418 Loans held for sale — 77 1,198 1,275 1,275 Net loans and leases (1) 79,700 — 94 79,794 80,477 Derivative assets — — 1,057 1,057 1,057 Assets held in trust for deferred compensation plans — — 73 73 73 Financial Liabilities Deposits 98,948 — — 98,948 99,021 Short-term borrowings 183 — — 183 183 Long-term debt 8,352 — — 8,352 8,568 Derivative liabilities — — 116 116 116 (1) Includes collateral-dependent loans. The following table presents the level in the fair value hierarchy for the estimated fair values at June 30, 2021 and December 31, 2020: Estimated Fair Value Measurements at Reporting Date Using Netting Adjustments (1) June 30, 2021 (dollar amounts in millions) Level 1 Level 2 Level 3 Financial Assets Trading account securities $ — $ 93 $ — $ 93 Available-for-sale securities 5 19,237 3,673 22,915 Held-to-maturity securities — 11,641 — 11,641 Other securities (2) 42 24 — 66 Loans held for sale — 1,141 252 1,393 Net loans and direct financing leases — 110 109,768 109,878 Derivative assets — 1,655 29 $ (732) 952 Financial Liabilities Deposits — 136,863 5,941 142,804 Short-term borrowings — 391 — 391 Long-term debt — 6,655 778 7,433 Derivative liabilities — 1,042 6 (875) 173 Estimated Fair Value Measurements at Reporting Date Using Netting Adjustments (1) December 31, 2020 (dollar amounts in millions) Level 1 Level 2 Level 3 Financial Assets Trading account securities $ — $ 62 $ — $ 62 Available-for-sale securities 5 13,510 2,970 16,485 Held-to-maturity securities — 9,255 — 9,255 Other securities (2) 59 — — 59 Loans held for sale — 1,198 77 1,275 Net loans and direct financing leases — 71 80,406 80,477 Derivative assets — 1,903 43 $ (889) 1,057 Financial Liabilities Deposits — 96,656 2,365 99,021 Short-term borrowings — 183 — 183 Long-term debt — 7,999 569 8,568 Derivative liabilities — 1,031 2 (917) 116 |
DERIVATIVE FINANCIAL INSTRUME_2
DERIVATIVE FINANCIAL INSTRUMENTS (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Asset and liability derivatives included in accrued income and other assets | June 30, 2021 December 31, 2020 (dollar amounts in millions) Notional Value Asset Liability Notional Value Asset Liability Derivatives designated as Hedging Instruments Interest rate contracts $ 20,452 $ 541 $ 41 $ 27,056 $ 719 $ 51 Foreign exchange contracts 220 5 1 — — — Derivatives not designated as Hedging Instruments Interest rate contracts 53,363 871 745 44,495 1,074 828 Foreign exchange contracts 3,101 48 45 2,718 46 47 Commodities contracts 1,614 214 210 1,952 107 103 Equity contracts 694 5 6 517 — 4 Total Contracts $ 79,444 $ 1,684 $ 1,048 $ 76,738 $ 1,946 $ 1,033 |
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 and six-month periods ended June 30, 2021 and 2020, respectively. Location of Gain or (Loss) Recognized in Income on Derivative Amount of Gain or (Loss) Recognized in Income on Derivative Three Months Ended Six Months Ended (dollar amounts in millions) 2021 2020 2021 2020 Interest rate contracts: Customer Capital markets fees $ 12 $ 12 $ 24 $ 29 Mortgage banking Mortgage banking income (23) 6 (29) 63 Interest rate floors Interest and fee income on loans and leases (2) — (4) — Interest rate caps Interest expense on long-term debt (55) — 89 — Foreign exchange contracts Capital markets fees 7 6 13 12 Commodities contracts Capital markets fees — 1 — 3 Equity contracts Other noninterest expense 3 (1) (4) (3) Total $ (58) $ 24 $ 89 $ 104 |
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 June 30, 2021 and December 31, 2020, identified by the underlying interest rate-sensitive instruments. June 30, 2021 (dollar amounts in millions) Fair Value Hedges Cash Flow Hedges Economic Hedges Total Instruments associated with: Investment securities $ 5,201 $ — $ — $ 5,201 Loans — 10,450 1,471 11,921 Long-term debt 4,801 — — 4,801 Total notional value at June 30, 2021 $ 10,002 $ 10,450 $ 1,471 $ 21,923 December 31, 2020 (dollar amounts in millions) Fair Value Hedges Cash Flow Hedges Economic Hedges Total Instruments associated with: Investment securities $ 3,484 $ — $ — $ 3,484 Loans — 17,375 1,271 18,646 Long-term debt 6,197 — 5,000 11,197 Total notional value at December 31, 2020 $ 9,681 $ 17,375 $ 6,271 $ 33,327 |
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 and six-month periods ended June 30, 2021 and 2020. Three Months Ended Six Months Ended (dollar amounts in millions) 2021 2020 2021 2020 Interest rate contracts Change in fair value of interest rate swaps hedging investment securities (1) $ (6) $ (1) $ 37 $ (1) Change in fair value of hedged investment securities (1) 4 1 (40) 1 Change in fair value of interest rate swaps hedging long-term debt (2) (23) (5) (73) 196 Change in fair value of hedged long term debt (2) 22 (4) 74 (195) (1) Recognized in Interest income—available-for-sale securities—taxable in the Unaudited Condensed Consolidated Statements of Income (2) 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 June 30, 2021, and December 31, 2020, the following amounts were recorded on the balance sheet related to cumulative basis adjustments for fair value hedges. Amortized Cost Cumulative Amount of Fair Value Hedging Adjustment To Hedged Items (dollar amounts in millions) June 30, 2021 December 31, 2020 June 30, 2021 December 31, 2020 Assets Investment securities (1) $ 11,960 $ 6,637 $ (1) $ 3 Liabilities Long-term debt 4,947 6,383 158 232 (1) Amounts include the amortized cost basis of closed portfolios used to designate hedging relationships in which the hedged item is the last layer expected to be remaining at the end of the hedging relationship. As of June 30, 2021, the amortized cost basis of the closed portfolios used in these hedging relationships was $11.5 billion, the cumulative basis adjustments associated with these hedging relationships was $1 million, and the amounts of the designated hedging instruments were $4.8 billion. |
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 June 30, 2021 and December 31, 2020. 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 June 30, 2021 $ 1,684 $ (732) $ 952 $ (82) $ (146) $ 724 December 31, 2020 1,946 (889) 1,057 (112) (142) 803 |
MSR Derivative Hedging | The notional value of the derivative financial instruments, the corresponding net asset (liability) position recognized in other assets and/or other liabilities, and net trading gains (losses) related to MSR hedging activity is summarized in the following table: (dollar amounts in millions) June 30, December 31, Notional value $ 1,193 $ 1,170 Trading assets 24 43 Three Months Ended Six Months Ended (dollar amounts in millions) 2021 2020 2021 2020 Trading gains $ 22 $ 6 $ (24) $ 63 |
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 June 30, 2021 $ 1,048 $ (875) $ 173 $ — $ (173) $ — December 31, 2020 1,033 (917) 116 (9) (105) 2 |
VIEs (Tables)
VIEs (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
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 in, but is not the primary beneficiary, of the VIE at June 30, 2021, and December 31, 2020: June 30, 2021 (dollar amounts in millions) Total Assets Total Liabilities Maximum Exposure to Loss Trust Preferred Securities $ 14 $ 274 $ — Affordable Housing Tax Credit Partnerships 1,293 644 1,293 Other Investments 422 105 422 Total $ 1,729 $ 1,023 $ 1,715 December 31, 2020 (dollar amounts in millions) Total Assets Total Liabilities Maximum Exposure to Loss Trust Preferred Securities $ 14 $ 252 $ — Affordable Housing Tax Credit Partnerships 956 500 956 Other Investments 308 72 308 Total $ 1,278 $ 824 $ 1,264 |
Capital Securities Issued By Unconsolidated Subsidiaries | A list of trust preferred securities outstanding at June 30, 2021 follows: (dollar amounts in millions) Rate Principal amount of subordinated note/ debenture issued to trust (1) Investment in unconsolidated subsidiary Huntington Capital I 0.85 % (2) $ 70 $ 6 Huntington Capital II 0.77 (3) 32 3 Sky Financial Capital Trust III 1.55 (4) 72 2 Sky Financial Capital Trust IV 1.55 (4) 74 2 Camco Financial Trust 1.48 (5) 5 1 First Huron Trust 5.07 5 — First Place Capital Trust I 3.00 (6) 4 — First Place Capital Trust II 6.45 4 — First Place Capital Trust III 5.69 8 — Total $ 274 $ 14 (1) Represents the principal amount of debentures issued to each trust, including unamortized original issue discount. (2) Variable effective rate at June 30, 2021, based on three-month LIBOR +0.70%. (3) Variable effective rate at June 30, 2021, based on three-month LIBOR +0.625%. (4) Variable effective rate at June 30, 2021, based on three-month LIBOR +1.40%. (5) Variable effective rate at June 30, 2021, based on three-month LIBOR +1.33%. (6) Variable effective rate at June 30, 2021, based on three-month LIBOR +2.85%. |
Affordable housing tax credit investments | The following table presents the balances of Huntington’s affordable housing tax credit investments and related unfunded commitments at June 30, 2021 and December 31, 2020. (dollar amounts in millions) June 30, December 31, Affordable housing tax credit investments $ 1,957 $ 1,568 Less: amortization (664) (612) Net affordable housing tax credit investments $ 1,293 $ 956 Unfunded commitments $ 644 $ 500 The following table presents other information relating to Huntington’s affordable housing tax credit investments for the three-month and six-month periods ended June 30, 2021 and 2020. Three Months Ended Six Months Ended (dollar amounts in millions) 2021 2020 2021 2020 Tax credits and other tax benefits recognized $ 44 $ 30 $ 77 $ 59 Proportional amortization expense included in provision for income taxes 30 25 58 50 |
COMMITMENTS AND CONTINGENT LI_2
COMMITMENTS AND CONTINGENT LIABILITIES (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
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 June 30, 2021 and December 31, 2020, were as follows: (dollar amounts in millions) June 30, December 31, Contract amount representing credit risk Commitments to extend credit: Commercial $ 31,990 $ 20,701 Consumer 19,704 14,808 Commercial real estate 2,287 1,313 Standby letters of credit and guarantees on industrial revenue bonds 714 581 Commercial letters of credit 17 21 |
SEGMENT REPORTING (Tables)
SEGMENT REPORTING (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | Three Months Ended June 30, Income Statements Consumer & Business Banking Commercial Banking Vehicle Finance RBHPCG Treasury / Other Huntington Consolidated (dollar amounts in millions) 2021 Net interest income $ 366 $ 258 $ 109 $ 37 $ 68 $ 838 Provision (benefit) for credit losses 100 137 (31) 5 — 211 Noninterest income 243 114 2 54 31 444 Noninterest expense 513 173 37 72 277 1,072 Provision (benefit) for income taxes — 13 21 3 (23) 14 Net (loss) income $ (4) $ 49 $ 84 $ 11 $ (155) $ (15) 2020 Net interest income $ 368 $ 240 $ 100 $ 40 $ 44 $ 792 Provision for credit losses 31 226 70 — — 327 Noninterest income 218 85 2 54 32 391 Noninterest expense 422 136 34 62 21 675 Provision (benefit) for income taxes 27 (7) — 6 5 31 Net income (loss) $ 106 $ (30) $ (2) $ 26 $ 50 $ 150 Six months ended June 30, Income Statements Consumer & Business Banking Commercial Banking Vehicle Finance RBHPCG Treasury / Other Huntington Consolidated (dollar amounts in millions) 2021 Net interest income $ 703 $ 457 $ 217 $ 70 $ 363 $ 1,810 Provision (benefit) for credit losses 63 143 (53) (2) — 151 Noninterest income 477 203 6 107 46 839 Noninterest expense 984 306 72 132 371 1,865 Provision (benefit) for income taxes 28 44 43 10 (9) 116 Net income $ 105 $ 167 $ 161 $ 37 $ 47 $ 517 2020 Net interest income $ 733 $ 472 $ 206 $ 83 $ 88 $ 1,582 Provision for credit losses 114 523 131 — — 768 Noninterest income 430 170 5 105 42 752 Noninterest expense 840 265 69 124 29 1,327 Provision (benefit) for income taxes 44 (31) 2 14 12 41 Net income (loss) $ 165 $ (115) $ 9 $ 50 $ 89 $ 198 |
Segment Disclosure of Assets and Deposits | Assets at Deposits at (dollar amounts in millions) June 30, December 31, June 30, December 31, Consumer & Business Banking $ 43,250 $ 30,758 $ 95,693 $ 60,910 Commercial Banking 54,053 36,311 32,624 24,766 Vehicle Finance 19,998 19,789 1,155 722 RBHPCG 7,763 7,064 8,416 7,635 Treasury / Other 50,108 29,116 4,917 4,915 Total $ 175,172 $ 123,038 $ 142,805 $ 98,948 |
ACQUISITION OF TCF FINANCIAL _3
ACQUISITION OF TCF FINANCIAL CORPORATION - Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Millions | Jun. 09, 2021 | Jun. 30, 2021 | Dec. 31, 2020 |
Assets acquired: | |||
Loans and leases - UPB | $ 33,773 | ||
Loans and leases - fair value | 33,156 | ||
Goodwill | $ 5,316 | $ 1,990 | |
Business Combination, Consideration Transferred [Abstract] | |||
Goodwill | $ 5,316 | $ 1,990 | |
Commercial | |||
Assets acquired: | |||
Loans and leases - UPB | 23,780 | ||
Loans and leases - fair value | 23,222 | ||
Commercial | Commercial and industrial | |||
Assets acquired: | |||
Loans and leases - UPB | 12,726 | ||
Loans and leases - fair value | 12,441 | ||
Commercial | Commercial Real Estate | |||
Assets acquired: | |||
Loans and leases - UPB | 8,125 | ||
Loans and leases - fair value | 7,869 | ||
Commercial | Financing Lease | |||
Assets acquired: | |||
Loans and leases - UPB | 2,929 | ||
Loans and leases - fair value | 2,912 | ||
Consumer | |||
Assets acquired: | |||
Loans and leases - UPB | 9,993 | ||
Loans and leases - fair value | 9,934 | ||
Consumer | Automobile | |||
Assets acquired: | |||
Loans and leases - UPB | 322 | ||
Loans and leases - fair value | 317 | ||
Consumer | Residential Mortgage | |||
Assets acquired: | |||
Loans and leases - UPB | 6,267 | ||
Loans and leases - fair value | 6,273 | ||
Consumer | Home equity | |||
Assets acquired: | |||
Loans and leases - UPB | 2,644 | ||
Loans and leases - fair value | 2,607 | ||
Consumer | RV and marine finance | |||
Assets acquired: | |||
Loans and leases - UPB | 581 | ||
Loans and leases - fair value | 570 | ||
Consumer | Consumer | |||
Assets acquired: | |||
Loans and leases - UPB | 179 | ||
Loans and leases - fair value | 167 | ||
TCF Financial Corporation | |||
Assets acquired: | |||
Cash and due from banks | 466 | ||
Interest-bearing deposits at Federal Reserve Bank | 719 | ||
Interest-bearing deposits in banks | 312 | ||
Available-for-sale securities | 8,900 | ||
Other securities | 358 | ||
Loans held for sale | 363 | ||
Bank owned life insurance | 181 | ||
Premises and equipment | 360 | ||
Goodwill | 3,326 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 157 | ||
Other assets | 1,441 | ||
Total assets acquired | 46,413 | ||
Liabilities assumed: | |||
Deposits | 38,663 | ||
Short-term borrowings | 1,306 | ||
Long-term debt | 1,516 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other | 1,049 | ||
Business Combination, Acquisition of Less than 100 Percent, Noncontrolling Interest, Fair Value | 22 | ||
Net assets acquired | 3,857 | ||
Business Combination, Consideration Transferred [Abstract] | |||
Value of transaction | 7,183 | ||
Goodwill | 3,326 | ||
TCF Financial Corporation | Common Stock | |||
Business Combination, Consideration Transferred [Abstract] | |||
Consideration transferred, equity interest issued and issuable | 6,998 | ||
TCF Financial Corporation | Preferred Stock | |||
Business Combination, Consideration Transferred [Abstract] | |||
Consideration transferred, equity interest issued and issuable | 185 | ||
TCF Financial Corporation | Core deposit intangible | |||
Assets acquired: | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 92 | ||
TCF Financial Corporation | Other Intangible assets | |||
Assets acquired: | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 6 | ||
TCF Financial Corporation | Servicing rights | |||
Assets acquired: | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 59 |
ACQUISITION OF TCF FINANCIAL _4
ACQUISITION OF TCF FINANCIAL CORPORATION -Pro Forma (Details) - TCF Financial Corporation - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Business Acquisition [Line Items] | ||||
Business Acquisition, Pro Forma Net Income (Loss) | $ 235 | $ 189 | $ 901 | $ 69 |
Interest and dividend income operating [Member] | ||||
Business Acquisition [Line Items] | ||||
Business Acquisition, Pro Forma Revenue | 1,120 | 1,184 | 2,482 | 2,381 |
Noninterest income [Member] | ||||
Business Acquisition [Line Items] | ||||
Business Acquisition, Pro Forma Revenue | $ 529 | $ 529 | $ 1,062 | $ 1,032 |
ACQUISITION OF TCF FINANCIAL _5
ACQUISITION OF TCF FINANCIAL CORPORATION - Narrative (Details) $ in Thousands | Jun. 09, 2021USD ($) | Jun. 09, 2021USD ($) | Jun. 09, 2021USD ($)Rate | May 25, 2021bankingCenter | Jun. 30, 2021USD ($) | Jun. 30, 2020USD ($) | Jun. 30, 2021USD ($)Rate | Jun. 30, 2020USD ($) | Dec. 31, 2020USD ($) |
Business Acquisition [Line Items] | |||||||||
Total Assets | $ 175,172,000 | $ 175,172,000 | $ 123,038,000 | ||||||
Goodwill | 5,316,000 | 5,316,000 | $ 1,990,000 | ||||||
Net Income | (15,000) | $ 150,000 | 517,000 | $ 198,000 | |||||
Noninterest Expense | 1,072,000 | $ 675,000 | $ 1,865,000 | $ 1,327,000 | |||||
Series C Non-Cumulative Perpetual Preferred Stock | |||||||||
Business Acquisition [Line Items] | |||||||||
Preferred Stock, Dividend Rate, Percentage | Rate | 5.875% | ||||||||
TCF Financial Corporation | |||||||||
Business Acquisition [Line Items] | |||||||||
Value of transaction | $ 7,183,000 | ||||||||
Goodwill | 3,326,000 | $ 3,326,000 | $ 3,326,000 | ||||||
TCF Financial Corporation | Branches Sold In Connection with Acquisition of TCF Financial Corporation | Held-for-sale | |||||||||
Business Acquisition [Line Items] | |||||||||
Number of Branches to be Disposed | bankingCenter | 14 | ||||||||
Deposits classified as held-for-sale | 927,000 | $ 927,000 | |||||||
Loans classified as held-for-sale | 275,000 | 275,000 | |||||||
TCF Financial Corporation | Acquisition-related Costs [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Noninterest Expense | $ 269,000 | $ 290,000 | |||||||
TCF Financial Corporation | Common Stock | |||||||||
Business Acquisition [Line Items] | |||||||||
Share issuance ratio | 3.0028 | ||||||||
TCF Financial Corporation | Newly created series of preferred stock | |||||||||
Business Acquisition [Line Items] | |||||||||
Share issuance ratio | 1 | ||||||||
TCF Financial Corporation | Common Stock | |||||||||
Business Acquisition [Line Items] | |||||||||
Consideration transferred, equity interest issued and issuable | 6,998,000 | ||||||||
TCF Financial Corporation | Preferred Stock | |||||||||
Business Acquisition [Line Items] | |||||||||
Consideration transferred, equity interest issued and issuable | $ 185,000 | ||||||||
TCF Financial Corporation | Core deposit intangible | |||||||||
Business Acquisition [Line Items] | |||||||||
Finite-Lived Intangible Asset, Useful Life | 10 years | ||||||||
TCF Financial Corporation | Series C Non-Cumulative Perpetual Preferred Stock | |||||||||
Business Acquisition [Line Items] | |||||||||
Preferred Stock, Dividend Rate, Percentage | 5.70% | 5.70% |
INVESTMENT SECURITIES AND OTH_3
INVESTMENT SECURITIES AND OTHER SECURITIES - Schedule of Amortized Cost, Fair Value, and Gross Unrealized Gains and Losses (Details) - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Available-for-sale securities: | ||
Total available-for-sale securities | $ 22,802,000,000 | $ 16,175,000,000 |
Gross Gains | 250,000,000 | 344,000,000 |
Gross Losses | (137,000,000) | (34,000,000) |
Fair Value | 22,915,000,000 | 16,485,000,000 |
Held-to-maturity securities: | ||
Total held-to-maturity securities | 11,415,000,000 | 8,861,000,000 |
Gross Gains | 238,000,000 | 394,000,000 |
Gross Losses | (12,000,000) | 0 |
Fair Value | 11,641,000,000 | 9,255,000,000 |
Other securities, cost | 692,000,000 | 417,000,000 |
Other securities, fair value | 692,000,000 | 418,000,000 |
Equity Securities, FV-NI, Accumulated Gross Unrealized Gain, before Tax | 0 | 1,000,000 |
Equity Securities, FV-NI, Accumulated Gross Unrealized Loss, before Tax | 0 | 0 |
Available-for-sale Securities [Member] | ||
Held-to-maturity securities: | ||
Financing Receivable, Accrued Interest, before Allowance for Credit Loss | 48,000,000 | 32,000,000 |
Held-to-maturity Securities [Member] | ||
Held-to-maturity securities: | ||
Financing Receivable, Accrued Interest, before Allowance for Credit Loss | 25,000,000 | 20,000,000 |
U.S. Treasury | ||
Available-for-sale securities: | ||
Total available-for-sale securities | 5,000,000 | 5,000,000 |
Gross Gains | 0 | 0 |
Gross Losses | 0 | 0 |
Fair Value | 5,000,000 | 5,000,000 |
Residential CMO | ||
Available-for-sale securities: | ||
Total available-for-sale securities | 2,576,000,000 | 3,550,000,000 |
Gross Gains | 81,000,000 | 121,000,000 |
Gross Losses | (8,000,000) | (5,000,000) |
Fair Value | 2,649,000,000 | 3,666,000,000 |
Held-to-maturity securities: | ||
Total held-to-maturity securities | 2,228,000,000 | 1,779,000,000 |
Gross Gains | 65,000,000 | 88,000,000 |
Gross Losses | 0 | 0 |
Fair Value | 2,293,000,000 | 1,867,000,000 |
Residential MBS | ||
Available-for-sale securities: | ||
Total available-for-sale securities | 13,219,000,000 | 7,843,000,000 |
Gross Gains | 52,000,000 | 97,000,000 |
Gross Losses | (74,000,000) | (5,000,000) |
Fair Value | 13,197,000,000 | 7,935,000,000 |
Held-to-maturity securities: | ||
Total held-to-maturity securities | 6,259,000,000 | 3,715,000,000 |
Gross Gains | 61,000,000 | 103,000,000 |
Gross Losses | (12,000,000) | 0 |
Fair Value | 6,308,000,000 | 3,818,000,000 |
Commercial MBS | ||
Available-for-sale securities: | ||
Total available-for-sale securities | 1,377,000,000 | 1,151,000,000 |
Gross Gains | 15,000,000 | 21,000,000 |
Gross Losses | (24,000,000) | (9,000,000) |
Fair Value | 1,368,000,000 | 1,163,000,000 |
Held-to-maturity securities: | ||
Total held-to-maturity securities | 2,705,000,000 | 3,118,000,000 |
Gross Gains | 102,000,000 | 191,000,000 |
Gross Losses | 0 | 0 |
Fair Value | 2,807,000,000 | 3,309,000,000 |
Other agencies | ||
Available-for-sale securities: | ||
Total available-for-sale securities | 283,000,000 | 60,000,000 |
Gross Gains | 1,000,000 | 2,000,000 |
Gross Losses | 0 | 0 |
Fair Value | 284,000,000 | 62,000,000 |
Held-to-maturity securities: | ||
Total held-to-maturity securities | 220,000,000 | 246,000,000 |
Gross Gains | 10,000,000 | 12,000,000 |
Gross Losses | 0 | 0 |
Fair Value | 230,000,000 | 258,000,000 |
Total U.S. Treasury, federal agency and other agency securities | ||
Available-for-sale securities: | ||
Total available-for-sale securities | 17,460,000,000 | 12,609,000,000 |
Gross Gains | 149,000,000 | 241,000,000 |
Gross Losses | (106,000,000) | (19,000,000) |
Fair Value | 17,503,000,000 | 12,831,000,000 |
Held-to-maturity securities: | ||
Total held-to-maturity securities | 11,412,000,000 | 8,858,000,000 |
Gross Gains | 238,000,000 | 394,000,000 |
Gross Losses | (12,000,000) | 0 |
Fair Value | 11,638,000,000 | 9,252,000,000 |
Municipal securities | ||
Available-for-sale securities: | ||
Total available-for-sale securities | 3,589,000,000 | 2,928,000,000 |
Gross Gains | 89,000,000 | 91,000,000 |
Gross Losses | (17,000,000) | (15,000,000) |
Fair Value | 3,661,000,000 | 3,004,000,000 |
Held-to-maturity securities: | ||
Total held-to-maturity securities | 3,000,000 | 3,000,000 |
Gross Gains | 0 | 0 |
Gross Losses | 0 | 0 |
Fair Value | 3,000,000 | 3,000,000 |
Private-label CMO | ||
Available-for-sale securities: | ||
Total available-for-sale securities | 142,000,000 | 9,000,000 |
Gross Gains | 0 | 0 |
Gross Losses | 0 | 0 |
Fair Value | 142,000,000 | 9,000,000 |
Asset-backed securities | ||
Available-for-sale securities: | ||
Total available-for-sale securities | 298,000,000 | 185,000,000 |
Gross Gains | 4,000,000 | 7,000,000 |
Gross Losses | (1,000,000) | 0 |
Fair Value | 301,000,000 | 192,000,000 |
Corporate debt | ||
Available-for-sale securities: | ||
Total available-for-sale securities | 1,309,000,000 | 440,000,000 |
Gross Gains | 8,000,000 | 5,000,000 |
Gross Losses | (13,000,000) | 0 |
Fair Value | 1,304,000,000 | 445,000,000 |
Other securities/Sovereign debt | ||
Available-for-sale securities: | ||
Total available-for-sale securities | 4,000,000 | 4,000,000 |
Gross Gains | 0 | 0 |
Gross Losses | 0 | 0 |
Fair Value | 4,000,000 | 4,000,000 |
Mutual funds | ||
Held-to-maturity securities: | ||
Other securities, cost | 42,000,000 | 50,000,000 |
Other securities, fair value | 42,000,000 | 50,000,000 |
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 | ||
Held-to-maturity securities: | ||
Other securities, cost | 24,000,000 | 8,000,000 |
Other securities, fair value | 24,000,000 | 9,000,000 |
Equity Securities, FV-NI, Accumulated Gross Unrealized Gain, before Tax | 0 | 1,000,000 |
Equity Securities, FV-NI, Accumulated Gross Unrealized Loss, before Tax | 0 | 0 |
Federal Home Loan Bank stock | Non-marketable equity securities: | ||
Held-to-maturity securities: | ||
Other securities, cost | 201,000,000 | 60,000,000 |
Other securities, fair value | 201,000,000 | 60,000,000 |
Equity Securities, FV-NI, Accumulated Gross Unrealized Gain, before Tax | 0 | 0 |
Equity Securities, FV-NI, Accumulated Gross Unrealized Loss, before Tax | 0 | 0 |
Federal Reserve Bank stock | Non-marketable equity securities: | ||
Held-to-maturity securities: | ||
Other securities, cost | 425,000,000 | 299,000,000 |
Other securities, fair value | 425,000,000 | 299,000,000 |
Equity Securities, FV-NI, Accumulated Gross Unrealized Gain, before Tax | 0 | 0 |
Equity Securities, FV-NI, Accumulated Gross Unrealized Loss, before Tax | $ 0 | $ 0 |
INVESTMENT SECURITIES AND OTH_4
INVESTMENT SECURITIES AND OTHER SECURITIES - Contractual Maturities (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Available-for-sale securities, amortized cost: | ||
Under 1 year | $ 389 | $ 308 |
After 1 year through 5 years | 1,590 | 1,145 |
After 5 years through 10 years | 2,583 | 1,607 |
After 10 years | 18,240 | 13,115 |
Total available-for-sale securities | 22,802 | 16,175 |
Available-for-sale securities, fair value: | ||
Under 1 year | 384 | 304 |
After 1 year through 5 years | 1,597 | 1,154 |
After 5 years through 10 years | 2,624 | 1,654 |
After 10 years | 18,310 | 13,373 |
Total available-for-sale securities | 22,915 | 16,485 |
Held-to-maturity securities, amortized cost: | ||
After 1 year through 5 years | 500 | 160 |
After 5 years through 10 years | 98 | 131 |
After 10 years | 10,817 | 8,570 |
Total held-to-maturity securities | 11,415 | 8,861 |
Held-to-maturity securities, fair value: | ||
After 1 year through 5 years | 507 | 169 |
After 5 years through 10 years | 103 | 138 |
After 10 years | 11,031 | 8,948 |
Total held-to-maturity securities | $ 11,641 | $ 9,255 |
INVESTMENT SECURITIES AND OTH_5
INVESTMENT SECURITIES AND OTHER SECURITIES - Continuous Unrealized Loss Position (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Available-for-sale securities: | ||
Less than 12 months, fair value | $ 10,333 | $ 2,432 |
Less than 12 months, gross unrealized losses | (125) | (22) |
12 months or longer, fair value | 435 | 490 |
12 months or longer, gross unrealized losses | (12) | (12) |
Total, fair value | 10,768 | 2,922 |
Total, gross unrealized losses | (137) | (34) |
Held-to-maturity securities: | ||
Less than 12 months, fair value | 1,408 | |
Less than 12 months, gross unrealized losses | (12) | |
12 months or longer, fair value | 0 | |
12 months or longer, gross unrealized losses | 0 | |
Total, fair value | 1,408 | |
Total, gross unrealized losses | 12 | |
Residential CMO | ||
Available-for-sale securities: | ||
Less than 12 months, fair value | 321 | 302 |
Less than 12 months, gross unrealized losses | (8) | (5) |
12 months or longer, fair value | 0 | 0 |
12 months or longer, gross unrealized losses | 0 | 0 |
Total, fair value | 321 | 302 |
Total, gross unrealized losses | (8) | (5) |
Residential MBS | ||
Available-for-sale securities: | ||
Less than 12 months, fair value | 8,170 | 1,633 |
Less than 12 months, gross unrealized losses | (74) | (5) |
12 months or longer, fair value | 0 | 0 |
12 months or longer, gross unrealized losses | 0 | 0 |
Total, fair value | 8,170 | 1,633 |
Total, gross unrealized losses | (74) | (5) |
Held-to-maturity securities: | ||
Less than 12 months, fair value | 1,408 | |
Less than 12 months, gross unrealized losses | (12) | |
12 months or longer, fair value | 0 | |
12 months or longer, gross unrealized losses | 0 | |
Total, fair value | 1,408 | |
Total, gross unrealized losses | 12 | |
Commercial MBS | ||
Available-for-sale securities: | ||
Less than 12 months, fair value | 671 | 321 |
Less than 12 months, gross unrealized losses | (24) | (9) |
12 months or longer, fair value | 0 | 0 |
12 months or longer, gross unrealized losses | 0 | 0 |
Total, fair value | 671 | 321 |
Total, gross unrealized losses | (24) | (9) |
Other agencies | ||
Available-for-sale securities: | ||
Less than 12 months, fair value | 207 | |
Less than 12 months, gross unrealized losses | 0 | |
12 months or longer, fair value | 0 | |
12 months or longer, gross unrealized losses | 0 | |
Total, fair value | 207 | |
Total, gross unrealized losses | 0 | |
Total U.S. Treasury, federal agency and other agency securities | ||
Available-for-sale securities: | ||
Less than 12 months, fair value | 9,369 | 2,256 |
Less than 12 months, gross unrealized losses | (106) | (19) |
12 months or longer, fair value | 0 | 0 |
12 months or longer, gross unrealized losses | 0 | 0 |
Total, fair value | 9,369 | 2,256 |
Total, gross unrealized losses | (106) | (19) |
Held-to-maturity securities: | ||
Less than 12 months, fair value | 1,408 | |
Less than 12 months, gross unrealized losses | (12) | |
12 months or longer, fair value | 0 | |
12 months or longer, gross unrealized losses | 0 | |
Total, fair value | 1,408 | |
Total, gross unrealized losses | 12 | |
Municipal securities | ||
Available-for-sale securities: | ||
Less than 12 months, fair value | 218 | 110 |
Less than 12 months, gross unrealized losses | (5) | (3) |
12 months or longer, fair value | 427 | 490 |
12 months or longer, gross unrealized losses | (12) | (12) |
Total, fair value | 645 | 600 |
Total, gross unrealized losses | (17) | (15) |
Asset-backed securities | ||
Available-for-sale securities: | ||
Less than 12 months, fair value | 75 | 15 |
Less than 12 months, gross unrealized losses | (1) | 0 |
12 months or longer, fair value | 8 | 0 |
12 months or longer, gross unrealized losses | 0 | 0 |
Total, fair value | 83 | 15 |
Total, gross unrealized losses | (1) | 0 |
Corporate debt | ||
Available-for-sale securities: | ||
Less than 12 months, fair value | 643 | 51 |
Less than 12 months, gross unrealized losses | (13) | 0 |
12 months or longer, fair value | 0 | 0 |
12 months or longer, gross unrealized losses | 0 | 0 |
Total, fair value | 643 | 51 |
Total, gross unrealized losses | (13) | 0 |
Private-label CMO | ||
Available-for-sale securities: | ||
Less than 12 months, fair value | 28 | 0 |
Less than 12 months, gross unrealized losses | 0 | 0 |
12 months or longer, fair value | 0 | 0 |
12 months or longer, gross unrealized losses | 0 | 0 |
Total, fair value | 28 | 0 |
Total, gross unrealized losses | $ 0 | $ 0 |
INVESTMENT SECURITIES AND OTH_6
INVESTMENT SECURITIES AND OTHER SECURITIES - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |
Dec. 31, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Investments, Debt and Equity Securities [Abstract] | |||
Pledged Financial Instruments, Not Separately Reported, Securities for Other Debt Facilities | $ 14,400 | $ 19,900 | |
Transfer of securities from available-for-sale to held-to-maturity | 3,000 | $ 3,007 | $ 1,520 |
Unrealized Net Losses Recognized In OCI At Time Of Transfer Of Available For Sale Securities Transferred To Held To Maturity Securities | $ 2 |
LOANS _ LEASES - Narrative (Det
LOANS / LEASES - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans and leases receivable net premium | $ (184) | $ (184) | $ 171 | ||
Residual Value of Leased Asset | 448 | 448 | 93 | ||
Direct Financing Lease, Interest Income | 56 | $ 28 | 81 | $ 55 | |
Loans and Leases Receivable, Collateral for Secured Borrowings | $ 45,600 | $ 45,600 | $ 43,000 |
LOANS _ LEASES - Loan and Lease
LOANS / LEASES - Loan and Lease Portfolio Composition (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases | [1] | $ 111,905 | $ 81,608 |
Allowance for loan and lease losses | (2,218) | (1,814) | |
Net loans and leases | 109,687 | 79,794 | |
Commercial and industrial | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases | 41,900 | 33,151 | |
Automobile | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases | 13,174 | 12,778 | |
Home equity | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases | 11,317 | 8,894 | |
Residential Mortgage | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases | 18,729 | 12,141 | |
RV and marine | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases | 4,960 | 4,190 | |
Other Consumer | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases | 2,024 | 1,033 | |
Financing Lease | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases | 5,027 | 2,222 | |
Consumer | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases | 50,204 | 39,036 | |
Consumer | Automobile | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases | 13,174 | 12,778 | |
Consumer | Home equity | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases | 11,317 | 8,894 | |
Consumer | Residential Mortgage | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases | 18,729 | 12,141 | |
Consumer | RV and marine | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases | 4,960 | 4,190 | |
Consumer | Other Consumer | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases | 2,024 | 1,033 | |
Commercial | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases | 61,701 | 42,572 | |
Commercial | Commercial and industrial | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases | 41,900 | 33,151 | |
Commercial | Commercial real estate | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases | 14,774 | 7,199 | |
Commercial | Financing Lease | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases | $ 5,027 | $ 2,222 | |
[1] | Amounts represent loans for which Huntington has elected the fair value option. See Note 13 “ Fair Values of Assets and Liabilities ”. |
LOANS _ LEASES - Direct Financi
LOANS / LEASES - Direct Financing Leases (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Sales-Type and Direct Financing Leases, Lease Receivable, to be Received, Year One | $ 800 | |
Sales-type and Direct Financing Leases, Lease Receivable, Payments to be Received | 4,700 | |
Sales-Type and Direct Financing Leases, Lease Receivable, to be Received, Year Two | 800 | |
Sales-Type and Direct Financing Leases, Lease Receivable, to be Received, Year Three | 800 | |
Sales-Type and Direct Financing Leases, Lease Receivable, to be Received, Year Four | 900 | |
Sales-Type and Direct Financing Leases, Lease Receivable, to be Received, Year Five | 700 | |
Sales-Type and Direct Financing Leases, Lease Receivable, to be Received, after Year Five | 700 | |
Commercial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross investment in lease financing receivables | 5,451 | $ 2,401 |
Direct Financing Leases, Initial Direct Costs | 21 | 21 |
Direct Financing Lease, Deferred Selling Profit | 445 | 200 |
Direct Financing Lease, Net Investment in Lease, Total | 5,027 | 2,222 |
Direct Financing Lease, Lease Receivable | 4,680 | 1,737 |
Direct Financing Lease, Unguaranteed Residual Asset | $ 771 | $ 664 |
LOANS _ LEASES - Purchased With
LOANS / LEASES - Purchased With Credit Deterioration (Details) - TCF Financial Corporation $ in Millions | 6 Months Ended |
Jun. 30, 2021USD ($) | |
Financing Receivable, Purchased with Credit Deterioration, Amount at Purchase Price [Abstract] | |
Financing Receivable, Purchased with Credit Deterioration, Amount at Par Value | $ 9,264 |
Financing Receivable, Purchased with Credit Deterioration, Allowance for Credit Loss at Acquisition Date | 432 |
Financing Receivable, Purchased with Credit Deterioration, Discount (Premium) | (287) |
Financing Receivable, Purchased with Credit Deterioration, Amount at Purchase Price, Total | 8,545 |
Commercial | |
Financing Receivable, Purchased with Credit Deterioration, Amount at Purchase Price [Abstract] | |
Financing Receivable, Purchased with Credit Deterioration, Amount at Par Value | 7,931 |
Financing Receivable, Purchased with Credit Deterioration, Allowance for Credit Loss at Acquisition Date | 374 |
Financing Receivable, Purchased with Credit Deterioration, Discount (Premium) | (219) |
Financing Receivable, Purchased with Credit Deterioration, Amount at Purchase Price, Total | 7,338 |
Consumer | |
Financing Receivable, Purchased with Credit Deterioration, Amount at Purchase Price [Abstract] | |
Financing Receivable, Purchased with Credit Deterioration, Amount at Par Value | 1,333 |
Financing Receivable, Purchased with Credit Deterioration, Allowance for Credit Loss at Acquisition Date | 58 |
Financing Receivable, Purchased with Credit Deterioration, Discount (Premium) | (68) |
Financing Receivable, Purchased with Credit Deterioration, Amount at Purchase Price, Total | $ 1,207 |
LOANS AND LEASES - Nonaccrual L
LOANS AND LEASES - Nonaccrual Loans by Loan Class (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual loans and leases with no ACL | $ 160 | $ 77 |
Total nonaccrual loans | 977 | 532 |
Commercial | Commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual loans and leases with no ACL | 157 | 69 |
Total nonaccrual loans | 591 | 349 |
Commercial | Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual loans and leases with no ACL | 0 | 8 |
Total nonaccrual loans | 83 | 15 |
Commercial | Financing Lease | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual loans and leases with no ACL | 3 | 0 |
Total nonaccrual loans | 74 | 4 |
Consumer | Automobile | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual loans and leases with no ACL | 0 | 0 |
Total nonaccrual loans | 3 | 4 |
Consumer | Home equity | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual loans and leases with no ACL | 0 | 0 |
Total nonaccrual loans | 130 | 88 |
Consumer | Residential Mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual loans and leases with no ACL | 0 | 0 |
Total nonaccrual loans | 91 | 70 |
Consumer | RV and marine | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual loans and leases with no ACL | 0 | 0 |
Total nonaccrual loans | 5 | 2 |
Consumer | Other Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual loans and leases with no ACL | 0 | 0 |
Total nonaccrual loans | $ 0 | $ 0 |
LOANS AND LEASES - NALs Past Du
LOANS AND LEASES - NALs Past Due (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | $ 875 | $ 819 | |
Current | 110,899 | 80,695 | |
Consumer loans | 131 | 94 | |
Loans and leases | [1] | 111,905 | 81,608 |
90 or more days past due and accruing | 148 | 171 | |
30-59 Days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 348 | 319 | |
60-89 Days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 121 | 121 | |
90 or more days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 406 | 379 | |
Commercial and industrial | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 200 | 153 | |
Current | 41,700 | 32,998 | |
Consumer loans | 0 | 0 | |
Loans and leases | 41,900 | 33,151 | |
90 or more days past due and accruing | 1 | 0 | |
Commercial and industrial | 30-59 Days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 75 | 38 | |
Commercial and industrial | 60-89 Days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 33 | 33 | |
Commercial and industrial | 90 or more days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 92 | 82 | |
Commercial Real Estate | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 52 | 12 | |
Current | 14,722 | 7,187 | |
Consumer loans | 0 | 0 | |
Loans and leases | 14,774 | 7,199 | |
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 | 24 | 0 | |
Commercial Real Estate | 60-89 Days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 6 | 1 | |
Commercial Real Estate | 90 or more days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 22 | 11 | |
Automobile | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 71 | 118 | |
Current | 13,103 | 12,660 | |
Consumer loans | 0 | 0 | |
Loans and leases | 13,174 | 12,778 | |
90 or more days past due and accruing | 4 | 9 | |
Automobile | 30-59 Days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 53 | 84 | |
Automobile | 60-89 Days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 12 | 22 | |
Automobile | 90 or more days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 6 | 12 | |
Home equity | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 121 | 111 | |
Current | 11,195 | 8,782 | |
Consumer loans | 1 | 1 | |
Loans and leases | 11,317 | 8,894 | |
90 or more days past due and accruing | 9 | 14 | |
Home equity | 30-59 Days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 40 | 35 | |
Home equity | 60-89 Days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 16 | 15 | |
Home equity | 90 or more days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 65 | 61 | |
Residential Mortgage | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 331 | 346 | |
Current | 18,268 | 11,702 | |
Consumer loans | 130 | 93 | |
Loans and leases | 18,729 | 12,141 | |
90 or more days past due and accruing | 117 | 132 | |
Residential Mortgage | 30-59 Days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 105 | 114 | |
Residential Mortgage | 60-89 Days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 31 | 38 | |
Residential Mortgage | 90 or more days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 195 | 194 | |
RV and marine | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 14 | 23 | |
Current | 4,946 | 4,167 | |
Consumer loans | 0 | 0 | |
Loans and leases | 4,960 | 4,190 | |
90 or more days past due and accruing | 1 | 3 | |
RV and marine | 30-59 Days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 10 | 17 | |
RV and marine | 60-89 Days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 2 | 3 | |
RV and marine | 90 or more days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 2 | 3 | |
Other Consumer | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 12 | 16 | |
Current | 2,012 | 1,017 | |
Consumer loans | 0 | 0 | |
Loans and leases | 2,024 | 1,033 | |
90 or more days past due and accruing | 2 | 3 | |
Other Consumer | 30-59 Days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 7 | 9 | |
Other Consumer | 60-89 Days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 3 | 4 | |
Other Consumer | 90 or more days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 2 | 3 | |
Financing Lease | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 74 | 40 | |
Current | 4,953 | 2,182 | |
Consumer loans | 0 | 0 | |
Loans and leases | 5,027 | 2,222 | |
90 or more days past due and accruing | 14 | 10 | |
Financing Lease | 30-59 Days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 34 | 22 | |
Financing Lease | 60-89 Days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 18 | 5 | |
Financing Lease | 90 or more days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | $ 22 | $ 13 | |
[1] | Amounts represent loans for which Huntington has elected the fair value option. See Note 13 “ Fair Values of Assets and Liabilities ”. |
LOANS AND LEASES - Vintage Cred
LOANS AND LEASES - Vintage Credit Quality (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 | Jun. 30, 2020 |
Commercial | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2020 | $ 9,483 | $ 13,211 | |
2019 | 9,097 | 4,398 | |
2018 | 5,371 | 2,784 | |
2017 | 3,065 | 1,419 | |
2016 | 1,647 | 910 | |
Prior | 1,890 | 985 | |
Revolver Total at Amortized Cost Basis | 11,344 | 9,442 | |
Revolver Total Converted to Term Loans | 3 | 2 | |
Total | 41,900 | 33,151 | |
Interest Receivable | 157 | 146 | |
Commercial | Pass | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2020 | 9,173 | 12,599 | |
2019 | 8,710 | 4,161 | |
2018 | 4,979 | 2,537 | |
2017 | 2,692 | 1,192 | |
2016 | 1,400 | 837 | |
Prior | 1,601 | 815 | |
Revolver Total at Amortized Cost Basis | 10,720 | 8,894 | |
Revolver Total Converted to Term Loans | 3 | 2 | |
Total | 39,278 | 31,037 | |
Commercial | OLEM | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2020 | 161 | 415 | |
2019 | 197 | 112 | |
2018 | 174 | 65 | |
2017 | 133 | 24 | |
2016 | 57 | 32 | |
Prior | 78 | 22 | |
Revolver Total at Amortized Cost Basis | 157 | 124 | |
Revolver Total Converted to Term Loans | 0 | 0 | |
Total | 957 | 794 | |
Commercial | Substandard | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2020 | 148 | 195 | |
2019 | 190 | 125 | |
2018 | 218 | 181 | |
2017 | 239 | 203 | |
2016 | 190 | 41 | |
Prior | 210 | 147 | |
Revolver Total at Amortized Cost Basis | 467 | 423 | |
Revolver Total Converted to Term Loans | 0 | 0 | |
Total | 1,662 | 1,315 | |
Commercial | Doubtful | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2020 | 1 | 2 | |
2019 | 0 | 0 | |
2018 | 0 | 1 | |
2017 | 1 | 0 | |
2016 | 0 | 0 | |
Prior | 1 | 1 | |
Revolver Total at Amortized Cost Basis | 0 | 1 | |
Revolver Total Converted to Term Loans | 0 | 0 | |
Total | 3 | 5 | |
Commercial real estate | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2020 | 1,722 | 1,863 | |
2019 | 3,453 | 1,734 | |
2018 | 3,696 | 1,195 | |
2017 | 2,397 | 573 | |
2016 | 1,283 | 593 | |
Prior | 1,681 | 568 | |
Revolver Total at Amortized Cost Basis | 542 | 673 | |
Revolver Total Converted to Term Loans | 0 | 0 | |
Total | 14,774 | 7,199 | |
Commercial real estate | Pass | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2020 | 1,445 | 1,742 | |
2019 | 3,083 | 1,610 | |
2018 | 3,331 | 1,122 | |
2017 | 2,207 | 507 | |
2016 | 1,069 | 507 | |
Prior | 1,518 | 539 | |
Revolver Total at Amortized Cost Basis | 507 | 633 | |
Revolver Total Converted to Term Loans | 0 | 0 | |
Total | 13,160 | 6,660 | |
Commercial real estate | OLEM | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2020 | 158 | 94 | |
2019 | 216 | 78 | |
2018 | 163 | 63 | |
2017 | 130 | 37 | |
2016 | 99 | 28 | |
Prior | 63 | 14 | |
Revolver Total at Amortized Cost Basis | 1 | 4 | |
Revolver Total Converted to Term Loans | 0 | 0 | |
Total | 830 | 318 | |
Commercial real estate | Substandard | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2020 | 119 | 27 | |
2019 | 154 | 46 | |
2018 | 202 | 10 | |
2017 | 60 | 29 | |
2016 | 115 | 58 | |
Prior | 100 | 14 | |
Revolver Total at Amortized Cost Basis | 34 | 36 | |
Revolver Total Converted to Term Loans | 0 | 0 | |
Total | 784 | 220 | |
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] | |||
Interest Receivable | 145 | 123 | |
Consumer | Automobile | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2020 | 2,924 | 4,947 | |
2019 | 4,255 | 3,657 | |
2018 | 3,012 | 2,143 | |
2017 | 1,648 | 1,285 | |
2016 | 927 | 576 | |
Prior | 408 | 170 | |
Revolver Total at Amortized Cost Basis | 0 | 0 | |
Revolver Total Converted to Term Loans | 0 | 0 | |
Total | 13,174 | 12,778 | |
Consumer | Automobile | 750 plus | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2020 | 1,525 | 2,670 | |
2019 | 2,319 | 2,013 | |
2018 | 1,779 | 1,144 | |
2017 | 929 | 742 | |
2016 | 555 | 317 | |
Prior | 223 | 81 | |
Revolver Total at Amortized Cost Basis | 0 | 0 | |
Revolver Total Converted to Term Loans | 0 | 0 | |
Total | 7,330 | 6,967 | |
Consumer | Automobile | 650-749 | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2020 | 1,245 | 1,965 | |
2019 | 1,669 | 1,343 | |
2018 | 1,013 | 755 | |
2017 | 547 | 386 | |
2016 | 266 | 175 | |
Prior | 121 | 52 | |
Revolver Total at Amortized Cost Basis | 0 | 0 | |
Revolver Total Converted to Term Loans | 0 | 0 | |
Total | 4,861 | 4,676 | |
Consumer | Automobile | Less than 650 | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2020 | 154 | 312 | |
2019 | 267 | 301 | |
2018 | 220 | 244 | |
2017 | 172 | 157 | |
2016 | 106 | 84 | |
Prior | 64 | 37 | |
Revolver Total at Amortized Cost Basis | 0 | 0 | |
Revolver Total Converted to Term Loans | 0 | 0 | |
Total | 983 | 1,135 | |
Consumer | Home equity | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2020 | 600 | 941 | |
2019 | 1,046 | 36 | |
2018 | 270 | 35 | |
2017 | 187 | 44 | |
2016 | 140 | 122 | |
Prior | 910 | 678 | |
Revolver Total at Amortized Cost Basis | 7,696 | 6,565 | |
Revolver Total Converted to Term Loans | 467 | 472 | |
Total | 11,316 | 8,893 | |
Consumer | Home equity | 750 plus | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2020 | 486 | 793 | |
2019 | 861 | 26 | |
2018 | 125 | 26 | |
2017 | 85 | 32 | |
2016 | 67 | 89 | |
Prior | 522 | 451 | |
Revolver Total at Amortized Cost Basis | 4,957 | 4,373 | |
Revolver Total Converted to Term Loans | 201 | 192 | |
Total | 7,304 | 5,982 | |
Consumer | Home equity | 650-749 | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2020 | 112 | 147 | |
2019 | 177 | 9 | |
2018 | 112 | 8 | |
2017 | 70 | 11 | |
2016 | 46 | 27 | |
Prior | 260 | 157 | |
Revolver Total at Amortized Cost Basis | 2,392 | 1,906 | |
Revolver Total Converted to Term Loans | 173 | 181 | |
Total | 3,342 | 2,446 | |
Consumer | Home equity | Less than 650 | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2020 | 2 | 1 | |
2019 | 8 | 1 | |
2018 | 33 | 1 | |
2017 | 32 | 1 | |
2016 | 27 | 6 | |
Prior | 128 | 70 | |
Revolver Total at Amortized Cost Basis | 347 | 286 | |
Revolver Total Converted to Term Loans | 93 | 99 | |
Total | 670 | 465 | |
Consumer | Residential mortgage | 750 plus | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2020 | 2,984 | $ 3,269 | |
2019 | 4,680 | 1,370 | |
2018 | 1,477 | 891 | |
2017 | 840 | 1,064 | |
2016 | 969 | 762 | |
Prior | 2,431 | 1,243 | |
Revolver Total at Amortized Cost Basis | 0 | 1 | |
Revolver Total Converted to Term Loans | 0 | 0 | |
Total | 13,381 | 8,600 | |
Consumer | Residential mortgage | 650-749 | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2020 | 958 | 991 | |
2019 | 1,052 | 435 | |
2018 | 462 | 307 | |
2017 | 344 | 278 | |
2016 | 307 | 171 | |
Prior | 1,098 | 495 | |
Revolver Total at Amortized Cost Basis | 0 | 0 | |
Revolver Total Converted to Term Loans | 0 | 0 | |
Total | 4,221 | 2,677 | |
Consumer | Residential mortgage | Less than 650 | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2020 | 22 | 34 | |
2019 | 57 | 89 | |
2018 | 107 | 111 | |
2017 | 133 | 108 | |
2016 | 111 | 81 | |
Prior | 567 | 348 | |
Revolver Total at Amortized Cost Basis | 0 | 0 | |
Revolver Total Converted to Term Loans | 0 | 0 | |
Total | 997 | 771 | |
Consumer | RV and marine | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2020 | 907 | 1,488 | |
2019 | 1,398 | 755 | |
2018 | 766 | 811 | |
2017 | 778 | 495 | |
2016 | 483 | 229 | |
Prior | 628 | 412 | |
Revolver Total at Amortized Cost Basis | 0 | 0 | |
Revolver Total Converted to Term Loans | 0 | 0 | |
Total | 4,960 | 4,190 | |
Consumer | RV and marine | 750 plus | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2020 | 716 | 1,136 | |
2019 | 1,051 | 525 | |
2018 | 542 | 589 | |
2017 | 571 | 337 | |
2016 | 330 | 153 | |
Prior | 401 | 254 | |
Revolver Total at Amortized Cost Basis | 0 | 0 | |
Revolver Total Converted to Term Loans | 0 | 0 | |
Total | 3,611 | 2,994 | |
Consumer | RV and marine | 650-749 | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2020 | 190 | 348 | |
2019 | 336 | 215 | |
2018 | 207 | 201 | |
2017 | 184 | 136 | |
2016 | 132 | 64 | |
Prior | 190 | 129 | |
Revolver Total at Amortized Cost Basis | 0 | 0 | |
Revolver Total Converted to Term Loans | 0 | 0 | |
Total | 1,239 | 1,093 | |
Consumer | RV and marine | Less than 650 | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2020 | 1 | 4 | |
2019 | 11 | 15 | |
2018 | 17 | 21 | |
2017 | 23 | 22 | |
2016 | 21 | 12 | |
Prior | 37 | 29 | |
Revolver Total at Amortized Cost Basis | 0 | 0 | |
Revolver Total Converted to Term Loans | 0 | 0 | |
Total | 110 | 103 | |
Consumer | Other consumer | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2020 | 384 | 107 | |
2019 | 245 | 122 | |
2018 | 286 | 46 | |
2017 | 103 | 14 | |
2016 | 42 | 6 | |
Prior | 80 | 18 | |
Revolver Total at Amortized Cost Basis | 836 | 660 | |
Revolver Total Converted to Term Loans | 48 | 60 | |
Total | 2,024 | 1,033 | |
Consumer | Other consumer | 750 plus | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2020 | 341 | 69 | |
2019 | 206 | 58 | |
2018 | 223 | 26 | |
2017 | 83 | 8 | |
2016 | 33 | 4 | |
Prior | 67 | 14 | |
Revolver Total at Amortized Cost Basis | 530 | 340 | |
Revolver Total Converted to Term Loans | 2 | 2 | |
Total | 1,485 | 521 | |
Consumer | Other consumer | 650-749 | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2020 | 43 | 36 | |
2019 | 36 | 56 | |
2018 | 55 | 17 | |
2017 | 17 | 5 | |
2016 | 7 | 2 | |
Prior | 10 | 3 | |
Revolver Total at Amortized Cost Basis | 281 | 294 | |
Revolver Total Converted to Term Loans | 26 | 30 | |
Total | 475 | 443 | |
Consumer | Other consumer | Less than 650 | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2020 | 0 | 2 | |
2019 | 3 | 8 | |
2018 | 8 | 3 | |
2017 | 3 | 1 | |
2016 | 2 | 0 | |
Prior | 3 | 1 | |
Revolver Total at Amortized Cost Basis | 25 | 26 | |
Revolver Total Converted to Term Loans | 20 | 28 | |
Total | 64 | 69 | |
Consumer | Residential Mortgage | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2020 | 3,964 | 4,294 | |
2019 | 5,789 | 1,894 | |
2018 | 2,046 | 1,309 | |
2017 | 1,317 | 1,450 | |
2016 | 1,387 | 1,014 | |
Prior | 4,096 | 2,086 | |
Revolver Total at Amortized Cost Basis | 0 | 1 | |
Revolver Total Converted to Term Loans | 0 | 0 | |
Total | 18,599 | $ 12,048 | |
Financing Lease | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2020 | 957 | 1,165 | |
2019 | 1,850 | 387 | |
2018 | 1,043 | 232 | |
2017 | 593 | 182 | |
2016 | 349 | 143 | |
Prior | 235 | 113 | |
Revolver Total at Amortized Cost Basis | 0 | 0 | |
Revolver Total Converted to Term Loans | 0 | 0 | |
Total | 5,027 | 2,222 | |
Financing Lease | Pass | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2020 | 949 | 1,158 | |
2019 | 1,830 | 364 | |
2018 | 1,016 | 221 | |
2017 | 588 | 155 | |
2016 | 338 | 137 | |
Prior | 224 | 101 | |
Revolver Total at Amortized Cost Basis | 0 | 0 | |
Revolver Total Converted to Term Loans | 0 | 0 | |
Total | 4,945 | 2,136 | |
Financing Lease | OLEM | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2020 | 6 | 6 | |
2019 | 6 | 4 | |
2018 | 7 | 4 | |
2017 | 4 | 6 | |
2016 | 6 | 1 | |
Prior | 1 | 0 | |
Revolver Total at Amortized Cost Basis | 0 | 0 | |
Revolver Total Converted to Term Loans | 0 | 0 | |
Total | 30 | 21 | |
Financing Lease | Substandard | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2020 | 2 | 1 | |
2019 | 14 | 19 | |
2018 | 20 | 7 | |
2017 | 1 | 21 | |
2016 | 5 | 5 | |
Prior | 10 | 12 | |
Revolver Total at Amortized Cost Basis | 0 | 0 | |
Revolver Total Converted to Term Loans | 0 | 0 | |
Total | $ 52 | $ 65 |
LOANS AND LEASES - Credit Quali
LOANS AND LEASES - Credit Quality Indicators (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Commercial and industrial | [1] | $ 111,905 | $ 81,608 |
Financing Lease | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Commercial and industrial | 5,027 | 2,222 | |
Automobile | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Commercial and industrial | 13,174 | 12,778 | |
Home equity | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Commercial and industrial | 11,317 | 8,894 | |
RV and marine | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Commercial and industrial | 4,960 | 4,190 | |
Consumer | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Commercial and industrial | 50,204 | 39,036 | |
Consumer | Automobile | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Commercial and industrial | 13,174 | 12,778 | |
Consumer | Home equity | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Commercial and industrial | 11,317 | 8,894 | |
Consumer | RV and marine | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Commercial and industrial | $ 4,960 | $ 4,190 | |
[1] | Amounts represent loans for which Huntington has elected the fair value option. See Note 13 “ Fair Values of Assets and Liabilities ”. |
LOANS AND LEASES - TDRs (Detail
LOANS AND LEASES - TDRs (Details) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021USD ($)contract | Jun. 30, 2020USD ($)contract | Jun. 30, 2021USD ($)contract | Jun. 30, 2020USD ($)contract | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Contracts | contract | 765 | 1,536 | 1,973 | 2,922 |
Post-modification outstanding recorded investment | $ 48 | $ 116 | $ 80 | $ 210 |
Interest rate reduction | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post-modification outstanding recorded investment | 16 | 1 | 16 | 2 |
Amortization or maturity date change | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post-modification outstanding recorded investment | 29 | 58 | 56 | 139 |
Chapter 7 bankruptcy | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post-modification outstanding recorded investment | 3 | 5 | 7 | 11 |
Other | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post-modification outstanding recorded investment | $ 0 | $ 52 | $ 1 | $ 58 |
Commercial | Commercial and industrial | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Contracts | contract | 25 | 98 | 37 | 238 |
Post-modification outstanding recorded investment | $ 29 | $ 78 | $ 34 | $ 146 |
Commercial | Commercial and industrial | Interest rate reduction | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post-modification outstanding recorded investment | 15 | 0 | 15 | 0 |
Commercial | Commercial and industrial | Amortization or maturity date change | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post-modification outstanding recorded investment | 14 | 26 | 19 | 88 |
Commercial | Commercial and industrial | Chapter 7 bankruptcy | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post-modification outstanding recorded investment | 0 | 0 | 0 | 0 |
Commercial | Commercial and industrial | Other | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post-modification outstanding recorded investment | $ 0 | $ 52 | $ 0 | $ 58 |
Commercial | Commercial Real Estate | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Contracts | contract | 2 | 9 | ||
Post-modification outstanding recorded investment | $ 1 | $ 3 | ||
Commercial | Commercial Real Estate | Interest rate reduction | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post-modification outstanding recorded investment | 0 | 0 | ||
Commercial | Commercial Real Estate | Amortization or maturity date change | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post-modification outstanding recorded investment | 1 | 3 | ||
Commercial | Commercial Real Estate | Chapter 7 bankruptcy | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post-modification outstanding recorded investment | 0 | 0 | ||
Commercial | Commercial Real Estate | Other | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post-modification outstanding recorded investment | $ 0 | $ 0 | ||
Consumer | Automobile | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Contracts | contract | 514 | 1,058 | 1,416 | 1,856 |
Post-modification outstanding recorded investment | $ 4 | $ 16 | $ 12 | $ 24 |
Consumer | Automobile | Interest rate reduction | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post-modification outstanding recorded investment | 0 | 0 | 0 | 0 |
Consumer | Automobile | Amortization or maturity date change | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post-modification outstanding recorded investment | 3 | 14 | 10 | 20 |
Consumer | Automobile | Chapter 7 bankruptcy | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post-modification outstanding recorded investment | 1 | 2 | 2 | 4 |
Consumer | Automobile | Other | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post-modification outstanding recorded investment | $ 0 | $ 0 | $ 0 | $ 0 |
Consumer | Residential Mortgage | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Contracts | contract | 72 | 105 | 158 | 206 |
Post-modification outstanding recorded investment | $ 12 | $ 14 | $ 26 | $ 25 |
Consumer | Residential Mortgage | Interest rate reduction | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post-modification outstanding recorded investment | 0 | 0 | 0 | 0 |
Consumer | Residential Mortgage | Amortization or maturity date change | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post-modification outstanding recorded investment | 11 | 12 | 24 | 21 |
Consumer | Residential Mortgage | Chapter 7 bankruptcy | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post-modification outstanding recorded investment | 1 | 2 | 2 | 4 |
Consumer | Residential Mortgage | Other | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post-modification outstanding recorded investment | $ 0 | $ 0 | $ 0 | $ 0 |
Consumer | Home equity | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Contracts | contract | 51 | 63 | 113 | 126 |
Post-modification outstanding recorded investment | $ 2 | $ 3 | $ 5 | $ 6 |
Consumer | Home equity | Interest rate reduction | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post-modification outstanding recorded investment | 0 | 0 | 0 | 0 |
Consumer | Home equity | Amortization or maturity date change | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post-modification outstanding recorded investment | 1 | 2 | 2 | 3 |
Consumer | Home equity | Chapter 7 bankruptcy | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post-modification outstanding recorded investment | 1 | 1 | 3 | 3 |
Consumer | Home equity | Other | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post-modification outstanding recorded investment | $ 0 | $ 0 | $ 0 | $ 0 |
Consumer | RV and marine | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Contracts | contract | 35 | 68 | 84 | 96 |
Post-modification outstanding recorded investment | $ 1 | $ 3 | $ 2 | $ 4 |
Consumer | RV and marine | Interest rate reduction | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post-modification outstanding recorded investment | 1 | 0 | 1 | 0 |
Consumer | RV and marine | Amortization or maturity date change | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post-modification outstanding recorded investment | 0 | 3 | 1 | 4 |
Consumer | RV and marine | Chapter 7 bankruptcy | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post-modification outstanding recorded investment | 0 | 0 | 0 | 0 |
Consumer | RV and marine | Other | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post-modification outstanding recorded investment | $ 0 | $ 0 | $ 0 | $ 0 |
Consumer | Other Consumer | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Contracts | contract | 68 | 142 | 165 | 391 |
Post-modification outstanding recorded investment | $ 0 | $ 1 | $ 1 | $ 2 |
Consumer | Other Consumer | Interest rate reduction | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post-modification outstanding recorded investment | 0 | 1 | 0 | 2 |
Consumer | Other Consumer | Amortization or maturity date change | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post-modification outstanding recorded investment | 0 | 0 | 0 | 0 |
Consumer | Other Consumer | Chapter 7 bankruptcy | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post-modification outstanding recorded investment | 0 | 0 | 0 | 0 |
Consumer | Other Consumer | Other | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post-modification outstanding recorded investment | $ 0 | $ 0 | $ 1 | $ 0 |
ALLOWANCE FOR CREDIT LOSSES - A
ALLOWANCE FOR CREDIT LOSSES - Allowance for Credit Losses (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | |
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||
Total ALLL balance | $ 2,218 | $ 2,218 | $ 1,814 | |||||
Financing Receivable, Allowance for Credit Loss, Writeoff | 102 | $ 123 | 197 | $ 259 | ||||
Allowance for Loan and Lease Loss, Recovery of Bad Debts | 40 | 16 | 71 | 35 | ||||
Provision for credit losses | 145 | 305 | 98 | 752 | ||||
Provision (reduction in allowance) for unfunded loan commitments and letters of credit | 66 | 22 | 53 | 16 | ||||
Additions to Unfunded Loan Commitments and Letters of Credit Allowance | (2) | 1 | (3) | |||||
Acl Balance End Of Period | 2,322 | 1,821 | 2,322 | 1,821 | 1,900 | |||
Allowance for credit loss, change since adoption | 456 | |||||||
Allowance For Loans Sold Or Transferred To Loans Held For Sale | 432 | 432 | ||||||
Financing Receivable, Allowance for Credit Loss | 2,218 | 1,702 | 2,218 | 1,702 | $ 1,703 | 1,814 | $ 1,504 | $ 783 |
Off-Balance Sheet, Credit Loss, Liability | 104 | 119 | 104 | 119 | 38 | 52 | 99 | 104 |
TCF Financial Corporation | ||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||
Financing Receivable, Allowance for Credit Loss, Writeoff | 80 | 80 | ||||||
Provision for credit losses | 234 | 234 | ||||||
Provision (reduction in allowance) for unfunded loan commitments and letters of credit | 60 | 60 | ||||||
Financing Receivable, Allowance for Credit Loss | 294 | 294 | ||||||
ASU 2016-13 | ||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||
Total ALLL balance | 391 | |||||||
Consumer | ||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||
Financing Receivable, Allowance for Credit Loss, Writeoff | 24 | 39 | 58 | 87 | ||||
Allowance for Loan and Lease Loss, Recovery of Bad Debts | 21 | 12 | 40 | 26 | ||||
Provision for credit losses | 39 | 52 | (18) | 152 | ||||
Provision (reduction in allowance) for unfunded loan commitments and letters of credit | 17 | (3) | 10 | 36 | ||||
Additions to Unfunded Loan Commitments and Letters of Credit Allowance | 0 | 0 | 0 | |||||
Acl Balance End Of Period | 628 | 571 | 628 | 571 | ||||
Allowance For Loans Sold Or Transferred To Loans Held For Sale | 58 | 58 | ||||||
Financing Receivable, Allowance for Credit Loss | 600 | 533 | 600 | 533 | 506 | 578 | 508 | 231 |
Off-Balance Sheet, Credit Loss, Liability | 28 | 38 | 28 | 38 | 11 | 18 | 41 | 2 |
Consumer | ASU 2016-13 | ||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||
Total ALLL balance | 211 | |||||||
Commercial | ||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||
Financing Receivable, Allowance for Credit Loss, Writeoff | 78 | 84 | 139 | 172 | ||||
Allowance for Loan and Lease Loss, Recovery of Bad Debts | 19 | 4 | 31 | 9 | ||||
Provision for credit losses | 106 | 253 | 116 | 600 | ||||
Provision (reduction in allowance) for unfunded loan commitments and letters of credit | 49 | 25 | 43 | (20) | ||||
Additions to Unfunded Loan Commitments and Letters of Credit Allowance | (2) | (1) | (3) | |||||
Acl Balance End Of Period | 1,694 | 1,250 | 1,694 | 1,250 | ||||
Allowance For Loans Sold Or Transferred To Loans Held For Sale | 374 | 374 | ||||||
Financing Receivable, Allowance for Credit Loss | 1,618 | 1,169 | 1,618 | 1,169 | 1,197 | 1,236 | 996 | 552 |
Off-Balance Sheet, Credit Loss, Liability | $ 76 | $ 81 | $ 76 | $ 81 | $ 27 | 34 | $ 58 | 102 |
Commercial | ASU 2016-13 | ||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||
Total ALLL balance | $ 180 | |||||||
Cumulative Effect, Period of Adoption, Adjustment | ASU 2016-13 | ||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||
AULC Balance | 2 | |||||||
Cumulative Effect, Period of Adoption, Adjustment | Consumer | ASU 2016-13 | ||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||
AULC Balance | 0 | |||||||
Cumulative Effect, Period of Adoption, Adjustment | Commercial | ASU 2016-13 | ||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||
AULC Balance | $ 2 |
ALLOWANCE FOR CREDIT LOSSES - N
ALLOWANCE FOR CREDIT LOSSES - Narritive (Details) - USD ($) $ in Millions | 6 Months Ended | ||
Jun. 30, 2021 | Dec. 31, 2020 | Jun. 30, 2020 | |
Credit Loss [Abstract] | |||
Acl Balance End Of Period | $ 2,322 | $ 1,900 | $ 1,821 |
Allowance for credit loss, change since adoption | $ 456 |
MORTGAGE LOAN SALES AND SERVI_3
MORTGAGE LOAN SALES AND SERVICING RIGHTS - Narrative (Details) - Residential Mortgage - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Servicing Assets at Fair Value [Line Items] | |||||
Servicing income | $ 17 | $ 14 | $ 35 | $ 31 | |
Unpaid principal balance of third party serviced loans | $ 30,300 | $ 30,300 | $ 23,500 |
MORTGAGE LOAN SALES AND SERVI_4
MORTGAGE LOAN SALES AND SERVICING RIGHTS - Residential Mortgage Portfolio (Details) - Residential Mortgage - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Servicing Asset at Amortized Cost [Line Items] | ||||
Loans sold with servicing retained | $ 2,748 | $ 2,287 | $ 5,004 | $ 3,715 |
Pretax gains resulting from above loan sales | $ 101 | $ 59 | $ 194 | $ 98 |
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 | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Servicing Asset at Fair Value, Amount [Roll Forward] | ||||
Fair value, beginning of period | $ 274 | $ 165 | $ 210 | $ 7 |
Servicing Asset at Fair Value, Additions | 38 | 26 | 72 | 40 |
Time decay | (4) | (2) | (7) | (4) |
Servicing Asset At Fair Value Payoffs | (16) | (10) | (33) | (16) |
Changes in valuation inputs or assumptions (less than) | (24) | (7) | 26 | (60) |
Fair value, end of period: | 327 | 172 | 327 | 172 |
Servicing Asset at Fair Value, Other Changes that Affect Balance | $ 59 | $ 0 | $ 59 | 0 |
Revision of Prior Period, Adjustment | ||||
Servicing Asset at Fair Value, Amount [Roll Forward] | ||||
Fair value, beginning of period | $ 205 | |||
Fair value, end of period: | ||||
Fair value method | ||||
Servicing Asset at Fair Value, Amount [Roll Forward] | ||||
Weighted-average life (years) | 6 years 10 months 24 days | 6 years 6 months | 6 years 10 months 24 days | 6 years 6 months |
MORTGAGE LOAN SALES AND SERVI_6
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 | 6 Months Ended | |
Mar. 31, 2021 | Jun. 30, 2021 | Dec. 31, 2020 | |
Servicing Assets at Fair Value [Line Items] | |||
Constant prepayment rate (annualized), actual | 17.36% | 12.94% | |
Constant prepayment rate (annualized), 10% adverse change | $ (15) | $ (12) | |
Constant prepayment rate (annualized), 20% adverse change | $ (29) | (23) | |
Spread over forward interest rate swap rates, actual | 5.19% | 5.35% | |
Spread over forward interest rate swap rates, 10% adverse change | $ (7) | (4) | |
Spread over forward interest rate swap rates, 20% adverse change | $ (14) | $ (8) |
GOODWILL AND OTHER INTANGIBLE A
GOODWILL AND OTHER INTANGIBLE ASSETS - Schedule of Goodwill (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2021USD ($) | |
Goodwill by business segment | |
Balance, December 31, 2020 | $ 1,990 |
Balance, June 30, 2021 | 5,316 |
Goodwill, Acquired During Period | 3,326 |
Treasury / Other | |
Goodwill by business segment | |
Balance, December 31, 2020 | 0 |
Balance, June 30, 2021 | 0 |
Goodwill, Acquired During Period | 0 |
Consumer & Business Banking | Operating Segments | |
Goodwill by business segment | |
Balance, December 31, 2020 | 1,393 |
Balance, June 30, 2021 | 3,399 |
Goodwill, Acquired During Period | 2,006 |
Commercial Banking | Operating Segments | |
Goodwill by business segment | |
Balance, December 31, 2020 | 427 |
Balance, June 30, 2021 | 1,687 |
Goodwill, Acquired During Period | 1,260 |
CREVF | Operating Segments | |
Goodwill by business segment | |
Balance, December 31, 2020 | 0 |
Balance, June 30, 2021 | 0 |
Goodwill, Acquired During Period | 0 |
RBPCG | Operating Segments | |
Goodwill by business segment | |
Balance, December 31, 2020 | 170 |
Balance, June 30, 2021 | 230 |
Goodwill, Acquired During Period | $ 60 |
GOODWILL AND OTHER INTANGIBLE_2
GOODWILL AND OTHER INTANGIBLE ASSETS - Intangible Assets (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Finite-Lived Intangible Assets [Line Items] | ||
Other intangible assets | $ 269 | $ 191 |
Finite-Lived Intangible Assets, Gross | 510 | 411 |
Finite-Lived Intangible Assets, Accumulated Amortization | (241) | (220) |
Core deposit intangible | ||
Finite-Lived Intangible Assets [Line Items] | ||
Other intangible assets | 236 | 160 |
Finite-Lived Intangible Assets, Gross | 402 | 310 |
Finite-Lived Intangible Assets, Accumulated Amortization | (166) | (150) |
Customer Relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Other intangible assets | 33 | 31 |
Finite-Lived Intangible Assets, Gross | 108 | 101 |
Finite-Lived Intangible Assets, Accumulated Amortization | $ (75) | $ (70) |
GOODWILL AND OTHER INTANGIBLE_3
GOODWILL AND OTHER INTANGIBLE ASSETS - Future Amortization (Details) $ in Millions | Jun. 30, 2021USD ($) |
Estimated amortization expense of other intangible assets | |
Finite-Lived Intangible Asset, Expected Amortization, Year One | $ 53 |
Finite-Lived Intangible Asset, Expected Amortization, Year Two | 49 |
Finite-Lived Intangible Asset, Expected Amortization, Year Three | 45 |
Finite-Lived Intangible Asset, Expected Amortization, Year Four | 42 |
Finite-Lived Intangible Asset, Expected Amortization, Year Five | 29 |
Finite-Lived Intangible Asset, Expected Amortization, Remainder of Fiscal Year | $ 28 |
GOODWILL AND OTHER INTANGIBLE_4
GOODWILL AND OTHER INTANGIBLE ASSETS - Narrative (Details) $ in Millions | Jun. 09, 2021USD ($) | Jun. 30, 2021USD ($)Reportable_segment | Jun. 30, 2021USD ($)numberOfSegments | Dec. 31, 2020USD ($) |
Business Acquisition [Line Items] | ||||
Number of Reportable Segments | 4 | 4 | ||
Goodwill | $ 5,316 | $ 5,316 | $ 1,990 | |
TCF Financial Corporation | ||||
Business Acquisition [Line Items] | ||||
Goodwill | $ 3,326 | |||
Value of transaction | 7,183 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 157 | |||
Core deposit intangible | TCF Financial Corporation | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 92 | |||
Other Intangible assets | TCF Financial Corporation | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 6 |
DEBT - SCHEDULE OF SHORT-TERM D
DEBT - SCHEDULE OF SHORT-TERM DEBT (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Short-term Debt [Line Items] | ||
Short-term Debt | $ 391 | $ 183 |
Federal Funds Purchased and Securities Sold under Agreements to Repurchase | ||
Short-term Debt [Line Items] | ||
Short-term Debt | 255 | 71 |
Notes Payable, Other Payables | ||
Short-term Debt [Line Items] | ||
Short-term Debt | $ 136 | $ 112 |
DEBT - Schedule of Long-Term De
DEBT - Schedule of Long-Term Debt and Debt Issuances (Details) - USD ($) $ in Millions | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 09, 2021 | Dec. 31, 2020 | |
Debt Instrument [Line Items] | |||
Long-term debt | $ 7,342 | $ 8,352 | |
TCF Financial Corporation | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 1,516 | ||
Subordinated Notes | TCF Financial Corporation | |||
Debt Instrument [Line Items] | |||
Long-term debt | 637 | ||
Federal Home Loan Bank advances | |||
Debt Instrument [Line Items] | |||
Long-term debt | 214 | 3 | |
Federal Home Loan Bank advances | TCF Financial Corporation | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 214 | ||
Debt stated interest rate | 1.03% | ||
Notes Payable, Other Payables | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 484 | 441 | |
Parent | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 3,333 | 4,142 | |
Parent | London Interbank Offered Rate (LIBOR) | TCF Financial Corporation | Minimum | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 0.15% | ||
Parent | London Interbank Offered Rate (LIBOR) | TCF Financial Corporation | Maximum | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 3.50% | ||
Parent | Senior Notes | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 2,807 | 3,635 | |
Parent | Subordinated Notes | |||
Debt Instrument [Line Items] | |||
Long-term debt | 526 | 507 | |
Parent | Subordinated Notes | TCF Financial Corporation | |||
Debt Instrument [Line Items] | |||
Long-term debt | 21 | ||
Bank | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 3,311 | 3,766 | |
Bank | London Interbank Offered Rate (LIBOR) | TCF Financial Corporation | Minimum | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 0.64% | ||
Bank | London Interbank Offered Rate (LIBOR) | TCF Financial Corporation | Maximum | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 3.75% | ||
Bank | Senior Notes | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 2,461 | 3,533 | |
Bank | Subordinated Notes | |||
Debt Instrument [Line Items] | |||
Long-term debt | 850 | $ 233 | |
Bank | Subordinated Notes | TCF Financial Corporation | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 616 |
OTHER COMPREHENSIVE INCOME - Ac
OTHER COMPREHENSIVE INCOME - Activity (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Pretax | ||||
Other comprehensive income (loss), pretax | $ 50 | $ 82 | $ (269) | $ 701 |
Reclassification from AOCI, Current Period, Net of Tax, Attributable to Parent | (14) | (8) | (23) | (14) |
Tax (Expense) Benefit | ||||
Total other comprehensive income (loss), tax (expense) benefit | (13) | (19) | 58 | (155) |
After-tax | ||||
Other comprehensive income (loss), net of tax | 37 | 63 | (211) | 546 |
Other comprehensive income before reclassifications | 23 | 55 | (234) | 532 |
Period change | 37 | 63 | (211) | 546 |
Change in fair value related to cash flow hedges | ||||
Pretax | ||||
Other comprehensive income (loss), pretax | (48) | 14 | ||
Tax (Expense) Benefit | ||||
Total other comprehensive income (loss), tax (expense) benefit | 9 | (3) | ||
After-tax | ||||
Other comprehensive income (loss), net of tax | (39) | 11 | ||
Unrealized gains (losses) for pension and other post-retirement obligations | ||||
Pretax | ||||
Other comprehensive income (loss), pretax | 3 | (12) | 6 | (10) |
Reclassification from AOCI, Current Period, Net of Tax, Attributable to Parent | (4) | 10 | (6) | 8 |
Tax (Expense) Benefit | ||||
Total other comprehensive income (loss), tax (expense) benefit | 1 | 2 | 0 | 2 |
After-tax | ||||
Other comprehensive income (loss), net of tax | 4 | (10) | 6 | (8) |
Other comprehensive income before reclassifications | 0 | 0 | 0 | 0 |
Period change | 4 | (10) | 6 | (8) |
Accumulated Foreign Currency Adjustment Attributable to Parent | ||||
Pretax | ||||
Other comprehensive income (loss), pretax | (6) | (6) | ||
Reclassification from AOCI, Current Period, Net of Tax, Attributable to Parent | 0 | 0 | 0 | 0 |
Tax (Expense) Benefit | ||||
Total other comprehensive income (loss), tax (expense) benefit | 0 | 0 | ||
After-tax | ||||
Other comprehensive income (loss), net of tax | (6) | (6) | ||
Other comprehensive income before reclassifications | (6) | 0 | (6) | 0 |
Period change | (6) | 0 | (6) | 0 |
Net unrealized gains (losses) on net investment hedges | ||||
Pretax | ||||
Other comprehensive income (loss), pretax | (92) | 409 | ||
Reclassification from AOCI, Current Period, Net of Tax, Attributable to Parent | 0 | 0 | ||
Tax (Expense) Benefit | ||||
Total other comprehensive income (loss), tax (expense) benefit | (19) | (90) | ||
After-tax | ||||
Other comprehensive income (loss), net of tax | (73) | 319 | ||
Other comprehensive income before reclassifications | (39) | 11 | ||
Period change | (39) | 11 | ||
Debt Securities | Unrealized gains and (losses) on debt securities | ||||
Pretax | ||||
Other comprehensive income (loss), before reclassifications, before tax | 88 | 57 | (199) | 274 |
Reclassification adjustment, before tax | 13 | 23 | 22 | 28 |
Other comprehensive income (loss), pretax | 101 | 80 | ||
Reclassification from AOCI, Current Period, Net of Tax, Attributable to Parent | (10) | (18) | (17) | (22) |
Tax (Expense) Benefit | ||||
Other comprehensive income (loss) before reclassifications, tax | (20) | (13) | 44 | (61) |
Reclassification adjustment, tax | (3) | (5) | (5) | (6) |
Total other comprehensive income (loss), tax (expense) benefit | (23) | (18) | ||
After-tax | ||||
Other comprehensive income (loss), before reclassifications, net of tax | 68 | 44 | (155) | 213 |
Reclassification adjustment, net of tax | 10 | 18 | 17 | 22 |
Other comprehensive income (loss), net of tax | 78 | 62 | (138) | 235 |
Other comprehensive income before reclassifications | 68 | 44 | (155) | 213 |
Period change | $ 78 | $ 62 | (138) | 235 |
Debt Securities | Unrealized gains and (losses) on debt securities and Accumulated OTTI | ||||
Pretax | ||||
Other comprehensive income (loss), pretax | (177) | 302 | ||
Tax (Expense) Benefit | ||||
Total other comprehensive income (loss), tax (expense) benefit | $ 39 | $ (67) |
OTHER COMPREHENSIVE INCOME OTHE
OTHER COMPREHENSIVE INCOME OTHER COMPREHENSIVE INCOME - AOCI Roll Forward (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||
Balance, beginning of period | $ 12,993 | |||||
Other comprehensive income before reclassifications | $ 23 | $ 55 | (234) | $ 532 | ||
Amounts reclassified from accumulated OCI to earnings | 14 | 8 | 23 | 14 | ||
Period change | 37 | 63 | (211) | 546 | ||
Balance, end of period | $ 20,511 | 20,511 | 20,511 | |||
Accumulated Other Comprehensive Gain (Loss) | ||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||
Balance, beginning of period | (56) | 227 | 192 | (256) | ||
Balance, end of period | (19) | $ 290 | (19) | 290 | (19) | 290 |
Unrealized gains and (losses) on debt securities | Debt Securities | ||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||
Balance, beginning of period | (28) | 145 | 188 | (28) | ||
Other comprehensive income before reclassifications | 68 | 44 | (155) | 213 | ||
Amounts reclassified from accumulated OCI to earnings | 10 | 18 | 17 | 22 | ||
Period change | 78 | 62 | (138) | 235 | ||
Balance, end of period | 50 | 207 | 50 | 207 | 50 | 207 |
Change in fair value related to cash flow hedges | Equity securities | ||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||
Other comprehensive income before reclassifications | (73) | 319 | ||||
Amounts reclassified from accumulated OCI to earnings | 0 | 0 | ||||
Period change | (73) | 319 | ||||
Balance, end of period | 184 | 342 | 184 | 342 | 184 | 342 |
Unrealized gains (losses) for pension and other post-retirement obligations | ||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||
Balance, beginning of period | (251) | (249) | (253) | (251) | ||
Other comprehensive income before reclassifications | 0 | 0 | 0 | 0 | ||
Amounts reclassified from accumulated OCI to earnings | 4 | (10) | 6 | (8) | ||
Period change | 4 | (10) | 6 | (8) | ||
Balance, end of period | (247) | (259) | (247) | (259) | (247) | (259) |
Net unrealized gains (losses) on net investment hedges | ||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||
Balance, beginning of period | 223 | 331 | 257 | 23 | ||
Other comprehensive income before reclassifications | (39) | 11 | ||||
Amounts reclassified from accumulated OCI to earnings | 0 | 0 | ||||
Period change | (39) | 11 | ||||
Balance, end of period | 184 | 342 | 184 | 342 | 184 | 342 |
Accumulated Foreign Currency Adjustment Attributable to Parent | ||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||
Balance, beginning of period | 0 | 0 | 0 | 0 | ||
Other comprehensive income before reclassifications | (6) | 0 | (6) | 0 | ||
Amounts reclassified from accumulated OCI to earnings | 0 | 0 | 0 | 0 | ||
Period change | (6) | 0 | (6) | 0 | ||
Balance, end of period | (6) | 0 | $ (6) | $ 0 | $ (6) | $ 0 |
Reclassification out of Accumulated Other Comprehensive Income | ||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||
Net unrealized loss on securities transfer | $ (48) | $ (81) |
SHAREHOLDERS' EQUITY (Details)
SHAREHOLDERS' EQUITY (Details) $ / shares in Units, $ in Thousands | Jul. 15, 2021$ / sharesRateshares | Jun. 09, 2021$ / shares | Jun. 09, 2021$ / sharesRate | Jun. 30, 2021USD ($)$ / sharesshares | Jun. 30, 2020USD ($)$ / shares | Jun. 30, 2021USD ($)$ / sharesRateshares | Jun. 30, 2020USD ($)$ / shares | Mar. 31, 2021shares | Dec. 31, 2020USD ($)shares |
Class of Stock [Line Items] | |||||||||
Preferred Stock, Liquidation Preference Per Share | $ / shares | $ 1,000 | $ 1,000 | |||||||
Preferred Stock, Shares Outstanding | shares | 1,257,500 | 1,257,500 | 750,500 | ||||||
Preferred Stock, Value, Outstanding | $ 2,851,000 | $ 2,851,000 | |||||||
Dividends, Preferred Stock, Cash | $ (43,000) | $ (19,000) | $ (74,000) | $ (37,000) | |||||
Common Stock, Shares Authorized | shares | 2,250,000,000 | 2,250,000,000 | 1,500,000,000 | 1,500,000,000 | |||||
Treasury Stock, Value | $ (105,000) | $ (105,000) | $ (59,000) | ||||||
Red Iron | |||||||||
Class of Stock [Line Items] | |||||||||
Noncontrolling Interest, Ownership Percentage by Parent | 55.00% | 55.00% | |||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 45.00% | 45.00% | |||||||
Subsequent Event | |||||||||
Class of Stock [Line Items] | |||||||||
Depositary Shares, Redeemed | shares | 24,000,000 | ||||||||
Depositary Share, Redemption Price | $ / shares | $ 25 | ||||||||
Depositary Share, Redemption, Declared And Unpaid Dividends | $ / shares | $ 0.390625 | ||||||||
Retained Earnings [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Dividends, Preferred Stock, Cash | $ (43,000) | $ (19,000) | $ (74,000) | $ (37,000) | |||||
Series B Preferred Stock | |||||||||
Class of Stock [Line Items] | |||||||||
Depository Share, Percent Interest in Preferred Stock | 0.025 | ||||||||
Preferred Stock, Shares Outstanding | shares | 35,500 | 35,500 | |||||||
Preferred Stock, Value, Outstanding | $ 23,000 | $ 23,000 | |||||||
Preferred Stock, Redemption Date | Jan. 15, 2017 | ||||||||
Preferred Stock, Dividends Per Share, Declared | $ / shares | $ 7.21 | $ 9.80 | $ 14.56 | $ 21.13 | |||||
Series B Preferred Stock | Retained Earnings [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Dividends, Preferred Stock, Cash | $ 0 | $ 0 | $ 0 | $ (1,000) | |||||
Series C Preferred Stock | |||||||||
Class of Stock [Line Items] | |||||||||
Preferred Stock, Shares Outstanding | shares | 100,000 | 100,000 | |||||||
Preferred Stock, Value, Outstanding | $ 100,000 | $ 100,000 | |||||||
Preferred Stock, Redemption Date | Oct. 15, 2021 | ||||||||
Preferred Stock, Dividend Rate, Percentage | Rate | 5.875% | ||||||||
Preferred Stock, Dividends Per Share, Declared | $ / shares | $ 14.69 | $ 14.69 | $ 29.38 | $ 29.38 | |||||
Series C Preferred Stock | TCF Financial Corporation | |||||||||
Class of Stock [Line Items] | |||||||||
Preferred Stock, Dividend Rate, Percentage | 5.70% | 5.70% | |||||||
Preferred Stock, Par or Stated Value Per Share | $ / shares | $ 0.01 | $ 0.01 | |||||||
Series C Preferred Stock | Retained Earnings [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Dividends, Preferred Stock, Cash | $ (1,000) | $ (2,000) | $ (3,000) | $ (3,000) | |||||
Series E Preferred Stock | |||||||||
Class of Stock [Line Items] | |||||||||
Preferred Stock, Shares Outstanding | shares | 5,000 | 5,000 | |||||||
Preferred Stock, Value, Outstanding | $ 495,000 | $ 495,000 | |||||||
Preferred Stock, Redemption Date | Apr. 15, 2023 | ||||||||
Preferred Stock, Dividend Rate, Percentage | Rate | 5.70% | ||||||||
Preferred Stock, Dividends Per Share, Declared | $ / shares | $ 1,425 | $ 1,425 | $ 2,850 | $ 2,850 | |||||
Series E Preferred Stock | Retained Earnings [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Dividends, Preferred Stock, Cash | $ (7,000) | $ (7,000) | $ (14,000) | $ (14,000) | |||||
Series D Preferred Stock | |||||||||
Class of Stock [Line Items] | |||||||||
Preferred Stock, Shares Outstanding | shares | 400,000 | 400,000 | |||||||
Preferred Stock, Value, Outstanding | $ 386,000 | $ 386,000 | |||||||
Preferred Stock, Redemption Date | Apr. 15, 2021 | ||||||||
Preferred Stock, Dividend Rate, Percentage | Rate | 6.25% | ||||||||
Preferred Stock, Dividends Per Share, Declared | $ / shares | $ 15.63 | $ 15.63 | $ 31.25 | $ 31.25 | |||||
Series D Preferred Stock | Subsequent Event | |||||||||
Class of Stock [Line Items] | |||||||||
Preferred Stock, Dividend Rate, Percentage | Rate | 6.25% | ||||||||
Preferred Stock, Par or Stated Value Per Share | $ / shares | $ 0.01 | ||||||||
Depositary Share, Redemption, Declared And Unpaid Dividends | $ / shares | $ 15.625 | ||||||||
Series D Preferred Stock | Retained Earnings [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Dividends, Preferred Stock, Cash | $ (9,000) | $ (10,000) | $ (18,000) | $ (19,000) | |||||
Series D Preferred Stock2 [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Preferred Stock, Shares Outstanding | shares | 200,000 | 200,000 | |||||||
Preferred Stock, Value, Outstanding | $ 199,000 | $ 199,000 | |||||||
Preferred Stock, Redemption Date | Apr. 15, 2021 | ||||||||
Preferred Stock, Dividend Rate, Percentage | Rate | 6.25% | ||||||||
Series F Preferred Stock | |||||||||
Class of Stock [Line Items] | |||||||||
Preferred Stock, Shares Outstanding | shares | 5,000 | 5,000 | |||||||
Preferred Stock, Value, Outstanding | $ 494,000 | $ 494,000 | |||||||
Preferred Stock, Redemption Date | Jul. 15, 2030 | ||||||||
Preferred Stock, Dividend Rate, Percentage | Rate | 5.625% | ||||||||
Preferred Stock, Liquidation Preference, Value | $ 100 | $ 100 | |||||||
Preferred Stock, Dividends Per Share, Declared | $ / shares | $ 1,406.25 | $ 0 | $ 2,812.50 | $ 0 | |||||
Series F Preferred Stock | Retained Earnings [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Dividends, Preferred Stock, Cash | $ (7,000) | $ 0 | $ (14,000) | $ 0 | |||||
Series G Preferred Stock | |||||||||
Class of Stock [Line Items] | |||||||||
Preferred Stock, Shares Outstanding | shares | 5,000 | 5,000 | |||||||
Preferred Stock, Value, Outstanding | $ 494,000 | $ 494,000 | |||||||
Preferred Stock, Redemption Date | Oct. 15, 2027 | ||||||||
Preferred Stock, Dividend Rate, Percentage | Rate | 4.45% | ||||||||
Preferred Stock, Dividends Per Share, Declared | $ / shares | $ 1,112.50 | $ 0 | $ 2,225 | $ 0 | |||||
Series G Preferred Stock | Retained Earnings [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Dividends, Preferred Stock, Cash | $ (6,000) | $ 0 | $ (12,000) | $ 0 | |||||
Series H Preferred Stock | |||||||||
Class of Stock [Line Items] | |||||||||
Preferred Stock, Shares Outstanding | shares | 500,000 | 500,000 | |||||||
Preferred Stock, Value, Outstanding | $ 485,000 | $ 485,000 | |||||||
Preferred Stock, Redemption Date | Apr. 15, 2026 | ||||||||
Preferred Stock, Dividend Rate, Percentage | Rate | 4.50% | ||||||||
Preferred Stock, Dividends Per Share, Declared | $ / shares | $ 19.50 | $ 0 | $ 19.50 | $ 0 | |||||
Series H Preferred Stock | Retained Earnings [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Dividends, Preferred Stock, Cash | $ (10,000) | $ 0 | $ (10,000) | $ 0 | |||||
Series I Preferred Stock | |||||||||
Class of Stock [Line Items] | |||||||||
Preferred Stock, Shares Outstanding | shares | 7,000 | 7,000 | |||||||
Preferred Stock, Value, Outstanding | $ 175,000 | $ 175,000 | |||||||
Preferred Stock, Redemption Date | Dec. 1, 2022 | ||||||||
Preferred Stock, Dividend Rate, Percentage | Rate | 5.70% | 5.70% | |||||||
Preferred Stock, Dividends Per Share, Declared | $ / shares | $ 356.25 | $ 0 | $ 356.25 | $ 0 | |||||
Preferred Stock, Par or Stated Value Per Share | $ / shares | $ 0.01 | $ 0.01 | |||||||
Series I Preferred Stock | Retained Earnings [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Dividends, Preferred Stock, Cash | $ (3,000) | $ 0 | $ (3,000) | $ 0 | |||||
London Interbank Offered Rate (LIBOR) | Series B Preferred Stock | |||||||||
Class of Stock [Line Items] | |||||||||
Preferred Stock, Basis Spread On Variable Rate | 2.70% | 2.70% |
EARNINGS PER SHARE (Details)
EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Basic earnings per common share: | ||||
Net (loss) income attributable to Huntington Bancshares Inc | $ (15,000) | $ 150,000 | $ 517,000 | $ 198,000 |
Dividends on preferred shares | 43,000 | 19,000 | 74,000 | 37,000 |
Net income available to common shareholders | $ (58,000) | $ 131,000 | $ 443,000 | $ 161,000 |
Average common shares issued and outstanding (in shares) | 1,125,039 | 1,016,259 | 1,071,276 | 1,016,951 |
Basic earnings per common share (in usd per share) | $ (0.05) | $ 0.13 | $ 0.41 | $ 0.16 |
Dilutive potential common shares: | ||||
Stock options and restricted stock units and awards | 0 | 7,516 | 17,667 | 9,939 |
Shares held in deferred compensation plans | 0 | 4,908 | 5,531 | 4,739 |
Dilutive potential common shares | 0 | 12,424 | 23,198 | 14,678 |
Total diluted average common shares issued and outstanding (in shares) | 1,125,039 | 1,028,683 | 1,094,474 | 1,031,629 |
Diluted earnings per common share (in usd per share) | $ (0.05) | $ 0.13 | $ 0.40 | $ 0.16 |
Employee Stock Option | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Options outstanding to purchase common stock shares having antidilutive effect | 26,895 | 17,200 | 2,738 | 12,291 |
NONINTEREST INCOME - Summary of
NONINTEREST INCOME - Summary of Noninterest Income (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Revenue from Contract with Customer [Abstract] | ||||
Noninterest income from contracts with customers | $ 257 | $ 201 | $ 479 | $ 428 |
Noninterest income within the scope of other GAAP topics | 187 | 190 | 360 | 324 |
Total noninterest income | $ 444 | $ 391 | $ 839 | $ 752 |
NONINTEREST INCOME - Disaggrega
NONINTEREST INCOME - Disaggregation by Segment (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Disaggregation of Revenue [Line Items] | ||||
Noninterest income from contracts with customers | $ 257 | $ 201 | $ 479 | $ 428 |
Noninterest income within the scope of other GAAP topics | 187 | 190 | 360 | 324 |
Noninterest income | 444 | 391 | 839 | 752 |
Mortgage banking income | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income from contracts with customers | 88 | 59 | 157 | 146 |
Service charges on deposit accounts | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income from contracts with customers | 72 | 55 | 134 | 111 |
Card and payment processing income | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income from contracts with customers | 55 | 45 | 107 | 92 |
Insurance income | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income from contracts with customers | 25 | 25 | 52 | 48 |
Other noninterest income | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income from contracts with customers | 17 | 17 | 29 | 31 |
Operating Segments | Consumer & Business Banking | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income from contracts with customers | 166 | 117 | 303 | 263 |
Noninterest income within the scope of other GAAP topics | 77 | 101 | 174 | 167 |
Noninterest income | 243 | 218 | 477 | 430 |
Operating Segments | Consumer & Business Banking | Mortgage banking income | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income from contracts with customers | 64 | 39 | 112 | 107 |
Operating Segments | Consumer & Business Banking | Service charges on deposit accounts | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income from contracts with customers | 68 | 52 | 126 | 104 |
Operating Segments | Consumer & Business Banking | Card and payment processing income | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income from contracts with customers | 15 | 10 | 28 | 20 |
Operating Segments | Consumer & Business Banking | Insurance income | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income from contracts with customers | 14 | 12 | 26 | 20 |
Operating Segments | Consumer & Business Banking | Other noninterest income | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income from contracts with customers | 5 | 4 | 11 | 12 |
Operating Segments | Commercial Banking | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income from contracts with customers | 34 | 28 | 62 | 55 |
Noninterest income within the scope of other GAAP topics | 80 | 57 | 141 | 115 |
Noninterest income | 114 | 85 | 203 | 170 |
Operating Segments | Commercial Banking | Mortgage banking income | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income from contracts with customers | 22 | 18 | 41 | 35 |
Operating Segments | Commercial Banking | Service charges on deposit accounts | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income from contracts with customers | 4 | 3 | 8 | 7 |
Operating Segments | Commercial Banking | Card and payment processing income | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income from contracts with customers | 0 | 1 | 1 | 2 |
Operating Segments | Commercial Banking | Insurance income | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income from contracts with customers | 1 | 1 | 3 | 3 |
Operating Segments | Commercial Banking | Other noninterest income | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income from contracts with customers | 7 | 5 | 9 | 8 |
Operating Segments | Vehicle Finance | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income from contracts with customers | 1 | 1 | 4 | 3 |
Noninterest income within the scope of other GAAP topics | 1 | 1 | 2 | 2 |
Noninterest income | 2 | 2 | 6 | 5 |
Operating Segments | Vehicle Finance | Mortgage banking income | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income from contracts with customers | 1 | 1 | 3 | 2 |
Operating Segments | Vehicle Finance | Service charges on deposit accounts | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income from contracts with customers | 0 | 0 | 0 | 0 |
Operating Segments | Vehicle Finance | Card and payment processing income | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income from contracts with customers | 0 | 0 | 0 | 0 |
Operating Segments | Vehicle Finance | Insurance income | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income from contracts with customers | 0 | 0 | 0 | 0 |
Operating Segments | Vehicle Finance | Other noninterest income | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income from contracts with customers | 0 | 0 | 1 | 1 |
Operating Segments | RBPCG | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income from contracts with customers | 54 | 53 | 106 | 103 |
Noninterest income within the scope of other GAAP topics | 0 | 1 | 1 | 2 |
Noninterest income | 54 | 54 | 107 | 105 |
Operating Segments | RBPCG | Mortgage banking income | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income from contracts with customers | 1 | 1 | 1 | 2 |
Operating Segments | RBPCG | Service charges on deposit accounts | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income from contracts with customers | 0 | 0 | 0 | 0 |
Operating Segments | RBPCG | Card and payment processing income | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income from contracts with customers | 40 | 34 | 78 | 70 |
Operating Segments | RBPCG | Insurance income | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income from contracts with customers | 9 | 11 | 22 | 23 |
Operating Segments | RBPCG | Other noninterest income | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income from contracts with customers | 4 | 7 | 5 | 8 |
Treasury / Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income from contracts with customers | 2 | 2 | 4 | 4 |
Noninterest income within the scope of other GAAP topics | 29 | 30 | 42 | 38 |
Noninterest income | 31 | 32 | 46 | 42 |
Treasury / Other | Mortgage banking income | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income from contracts with customers | 0 | 0 | 0 | 0 |
Treasury / Other | Service charges on deposit accounts | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income from contracts with customers | 0 | 0 | 0 | 0 |
Treasury / Other | Card and payment processing income | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income from contracts with customers | 0 | 0 | 0 | 0 |
Treasury / Other | Insurance income | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income from contracts with customers | 1 | 1 | 1 | 2 |
Treasury / Other | Other noninterest income | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income from contracts with customers | $ 1 | $ 1 | $ 3 | $ 2 |
FAIR VALUES OF ASSETS AND LIA_3
FAIR VALUES OF ASSETS AND LIABILITIES - Narrative (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans Held-for-sale, Fair Value Disclosure | $ 1,141 | $ 1,198 |
Loans and leases, fair value | $ 131 | $ 94 |
FAIR VALUES OF ASSETS AND LIA_4
FAIR VALUES OF ASSETS AND LIABILITIES - Recurring Basis (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Assets measured at fair value on a recurring basis | ||
Loans Held-for-sale, Fair Value Disclosure | $ 1,141 | $ 1,198 |
Consumer loans | 131 | 94 |
Gross amounts of recognized assets | 1,684 | 1,946 |
Derivative assets netting | (732) | (889) |
Net amounts of assets presented in the condensed consolidated balance sheets | 952 | 1,057 |
Liabilities measured at fair value on a recurring basis | ||
Gross amounts of recognized liabilities | 1,048 | 1,033 |
Gross amounts offset in the condensed consolidated balance sheets | (875) | (917) |
Derivatives | 173 | 116 |
Short-term Debt | 391 | 183 |
Fair Value, Measurements, Recurring | ||
Assets measured at fair value on a recurring basis | ||
Trading account securities | 93 | |
Available-for-sale securities | 22,915 | 16,485 |
Other securities | 66 | 59 |
Loans Held-for-sale, Fair Value Disclosure | 1,141 | 1,198 |
MSRs | 327 | 210 |
Derivative assets netting | (732) | (889) |
Net amounts of assets presented in the condensed consolidated balance sheets | 952 | 1,057 |
Restricted Assets, Fair Value Disclosure | 130 | 73 |
Liabilities measured at fair value on a recurring basis | ||
Gross amounts offset in the condensed consolidated balance sheets | (875) | (917) |
Derivatives | 173 | 116 |
Fair Value, Measurements, Recurring | Municipal securities | ||
Assets measured at fair value on a recurring basis | ||
Trading account securities | 92 | 62 |
Available-for-sale securities | 3,661 | 3,004 |
Fair Value, Measurements, Recurring | Private-label CMO | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale securities | 142 | 9 |
Fair Value, Measurements, Recurring | Other securities | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale securities | 4 | 4 |
Fair Value, Measurements, Recurring | U.S. Treasury | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale securities | 5 | 5 |
Fair Value, Measurements, Recurring | Federal agencies: Mortgage-backed securities | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale securities | 2,649 | 3,666 |
Fair Value, Measurements, Recurring | Residential MBS | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale securities | 13,197 | 7,935 |
Fair Value, Measurements, Recurring | Commercial MBS | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale securities | 1,368 | 1,163 |
Fair Value, Measurements, Recurring | Other agencies | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale securities | 284 | 62 |
Fair Value, Measurements, Recurring | Asset-backed securities | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale securities | 301 | 192 |
Fair Value, Measurements, Recurring | Corporate debt | ||
Assets measured at fair value on a recurring basis | ||
Trading account securities | 1 | |
Available-for-sale securities | 1,304 | 445 |
Fair Value, Measurements, Recurring | Level 1 | ||
Assets measured at fair value on a recurring basis | ||
Trading account securities | 0 | |
Available-for-sale securities | 5 | 5 |
Other securities | 42 | 59 |
Loans Held-for-sale, Fair Value Disclosure | 0 | 0 |
Consumer loans | 0 | 0 |
MSRs | 0 | 0 |
Gross amounts of recognized assets | 0 | 0 |
Restricted Assets, Fair Value Disclosure | 130 | 73 |
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 | Private-label CMO | ||
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 | ||
Available-for-sale securities | 0 | 0 |
Fair Value, Measurements, Recurring | Level 1 | U.S. Treasury | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale securities | 5 | 5 |
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 MBS | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale securities | 0 | 0 |
Fair Value, Measurements, Recurring | Level 1 | Commercial MBS | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale securities | 0 | 0 |
Fair Value, Measurements, Recurring | Level 1 | Other agencies | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale securities | 0 | 0 |
Fair Value, Measurements, Recurring | Level 1 | Asset-backed securities | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale securities | 0 | 0 |
Fair Value, Measurements, Recurring | Level 1 | Corporate debt | ||
Assets measured at fair value on a recurring basis | ||
Trading account securities | 0 | |
Available-for-sale securities | 0 | 0 |
Fair Value, Measurements, Recurring | Level 2 | ||
Assets measured at fair value on a recurring basis | ||
Trading account securities | 93 | |
Available-for-sale securities | 19,237 | 13,510 |
Other securities | 24 | 0 |
Loans Held-for-sale, Fair Value Disclosure | 1,141 | 1,198 |
Consumer loans | 110 | 71 |
MSRs | 0 | 0 |
Gross amounts of recognized assets | 1,655 | 1,903 |
Restricted Assets, Fair Value Disclosure | 0 | 0 |
Liabilities measured at fair value on a recurring basis | ||
Gross amounts of recognized liabilities | 1,042 | 1,031 |
Fair Value, Measurements, Recurring | Level 2 | Municipal securities | ||
Assets measured at fair value on a recurring basis | ||
Trading account securities | 92 | 62 |
Available-for-sale securities | 52 | 53 |
Fair Value, Measurements, Recurring | Level 2 | Private-label CMO | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale securities | 124 | 0 |
Fair Value, Measurements, Recurring | Level 2 | Other securities | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale securities | 4 | 4 |
Fair Value, Measurements, Recurring | Level 2 | U.S. Treasury | ||
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 | 2,649 | 3,666 |
Fair Value, Measurements, Recurring | Level 2 | Residential MBS | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale securities | 13,197 | 7,935 |
Fair Value, Measurements, Recurring | Level 2 | Commercial MBS | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale securities | 1,368 | 1,163 |
Fair Value, Measurements, Recurring | Level 2 | Other agencies | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale securities | 284 | 62 |
Fair Value, Measurements, Recurring | Level 2 | Asset-backed securities | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale securities | 255 | 182 |
Fair Value, Measurements, Recurring | Level 2 | Corporate debt | ||
Assets measured at fair value on a recurring basis | ||
Trading account securities | 1 | |
Available-for-sale securities | 1,304 | 445 |
Fair Value, Measurements, Recurring | Level 3 | ||
Assets measured at fair value on a recurring basis | ||
Trading account securities | 0 | |
Available-for-sale securities | 3,673 | 2,970 |
Other securities | 0 | |
Loans Held-for-sale, Fair Value Disclosure | 0 | 0 |
Consumer loans | 21 | 23 |
MSRs | 327 | 210 |
Gross amounts of recognized assets | 29 | 43 |
Restricted Assets, Fair Value Disclosure | 0 | 0 |
Liabilities measured at fair value on a recurring basis | ||
Gross amounts of recognized liabilities | 6 | 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 | 3,609 | 2,951 |
Fair Value, Measurements, Recurring | Level 3 | Private-label CMO | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale securities | 18 | 9 |
Fair Value, Measurements, Recurring | Level 3 | Other securities | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale securities | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 | U.S. Treasury | ||
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 MBS | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale securities | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 | Commercial MBS | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale securities | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 | Other agencies | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale securities | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 | Asset-backed securities | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale securities | 46 | 10 |
Fair Value, Measurements, Recurring | Level 3 | Corporate debt | ||
Assets measured at fair value on a recurring basis | ||
Trading account securities | 0 | |
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 | 6 Months Ended | |||||||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 | Jan. 01, 2020 | Dec. 31, 2019 | |
Assets Level 3 Roll Forward: | |||||||||
Transfers out of Level 3 (1) | $ (70) | $ (75) | |||||||
Total gains/losses for the period: | |||||||||
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 | 7 | 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) | 21 | 34 | |||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs | $ 23 | $ 40 | 23 | 40 | $ 41 | $ (6) | |||
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 | 0 | ||||||
Assets Level 3 Roll Forward: | |||||||||
Opening balance | 274 | 165 | 210 | 7 | |||||
Transfers out of Level 3 (1) | 0 | ||||||||
Total gains/losses for the period: | |||||||||
Included in earnings | (24) | 7 | 27 | (40) | |||||
Included in OCI | 0 | 0 | 0 | 0 | |||||
Purchases/originations | 97 | 0 | 130 | 0 | |||||
Repayments | 0 | 0 | 0 | 0 | |||||
Settlements | (20) | 0 | (40) | 0 | |||||
Closing balance | 327 | 172 | 327 | 172 | $ 274 | 210 | $ 165 | $ (205) | 7 |
Change in unrealized gains or losses for the period included in earnings for assets held at end of the reporting date | (24) | 7 | 27 | (40) | |||||
Derivative instruments | |||||||||
Assets Level 3 Roll Forward: | |||||||||
Opening balance | 10 | 39 | |||||||
Transfers out of Level 3 (1) | (31) | (55) | |||||||
Total gains/losses for the period: | |||||||||
Included in earnings | (37) | (56) | |||||||
Included in OCI | 0 | 0 | |||||||
Purchases/originations | 7 | 0 | |||||||
Repayments | 0 | 0 | 0 | 0 | |||||
Settlements | 0 | 0 | |||||||
Closing balance | 23 | 40 | 23 | 40 | 10 | 39 | |||
Change in unrealized gains or losses for the period included in earnings for assets held at end of the reporting date | 5 | 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 out of Level 3 | 0 | 0 | 0 | ||||||
Assets Level 3 Roll Forward: | |||||||||
Opening balance | 3,070 | 2,937 | 2,951 | 2,999 | |||||
Transfers out of Level 3 (1) | 0 | ||||||||
Total gains/losses for the period: | |||||||||
Included in earnings | 0 | 0 | 0 | (1) | |||||
Included in OCI | (1) | 69 | (5) | 1 | |||||
Purchases/originations | 1,144 | 264 | 1,353 | 338 | |||||
Repayments | 0 | 0 | 0 | 0 | |||||
Settlements | (252) | (168) | (338) | (235) | |||||
Closing balance | 3,609 | 3,102 | 3,609 | 3,102 | 3,070 | 2,951 | 2,937 | 2,999 | |
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | (1) | (20) | (4) | 2 | |||||
Private-label CMO | |||||||||
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 | 11 | 2 | 9 | 2 | |||||
Transfers out of Level 3 (1) | 0 | ||||||||
Total gains/losses for the period: | |||||||||
Included in earnings | 0 | 0 | 0 | ||||||
Included in OCI | 0 | 0 | 0 | ||||||
Purchases/originations | 6 | 3 | 8 | ||||||
Repayments | 0 | 0 | 0 | ||||||
Settlements | 1 | 0 | 1 | ||||||
Closing balance | 18 | 5 | 18 | 5 | 11 | 9 | 2 | 2 | |
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | 0 | 0 | 0 | ||||||
Asset-backed securities | |||||||||
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 | 47 | 69 | 10 | 48 | |||||
Transfers out of Level 3 (1) | 0 | ||||||||
Total gains/losses for the period: | |||||||||
Included in earnings | 0 | 0 | 0 | 0 | |||||
Included in OCI | 0 | 0 | 0 | 28 | |||||
Purchases/originations | 38 | 0 | 75 | 0 | |||||
Repayments | 0 | 0 | 0 | (20) | |||||
Settlements | (39) | (13) | (39) | ||||||
Closing balance | 46 | 56 | 46 | 56 | 47 | 10 | 69 | 48 | |
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | 0 | 0 | 0 | 0 | |||||
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 | 0 | ||||||
Assets Level 3 Roll Forward: | |||||||||
Opening balance | 22 | 26 | 23 | 26 | |||||
Transfers out of Level 3 (1) | 0 | ||||||||
Total gains/losses for the period: | |||||||||
Included in earnings | 0 | 0 | 0 | 0 | |||||
Included in OCI | 0 | 0 | 0 | 0 | |||||
Purchases/originations | 0 | 0 | 0 | 0 | |||||
Repayments | (1) | (1) | (2) | (1) | |||||
Settlements | 0 | 0 | 0 | 0 | |||||
Closing balance | 21 | 25 | 21 | 25 | 22 | 23 | 26 | 26 | |
Change in unrealized gains or losses for the period included in earnings for assets held at end of the reporting date | 0 | 0 | 0 | 0 | |||||
Residential Mortgage | |||||||||
Total gains/losses for the period: | |||||||||
MSRs | 327 | $ 172 | 327 | $ 172 | $ 274 | 210 | $ 165 | 7 | |
Residential Mortgage | Revision of Prior Period, Adjustment | |||||||||
Total gains/losses for the period: | |||||||||
MSRs | $ 205 | ||||||||
Fair Value, Recurring [Member] | |||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||||
Available-for-sale securities | 22,915 | 22,915 | 16,485 | ||||||
Total gains/losses for the period: | |||||||||
MSRs | 327 | 327 | 210 | ||||||
Fair Value, Recurring [Member] | Commercial MBS | |||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||||
Available-for-sale securities | 1,368 | 1,368 | 1,163 | ||||||
Fair Value, Recurring [Member] | Residential MBS | |||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||||
Available-for-sale securities | 13,197 | 13,197 | 7,935 | ||||||
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 | 19,237 | 19,237 | 13,510 | ||||||
Total gains/losses for the period: | |||||||||
MSRs | 0 | 0 | 0 | ||||||
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | Commercial MBS | |||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||||
Available-for-sale securities | 1,368 | 1,368 | 1,163 | ||||||
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | Residential MBS | |||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||||
Available-for-sale securities | $ 13,197 | $ 13,197 | $ 7,935 |
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 | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
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 | $ 45 | $ 109 | ||
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 | 45 | 109 | ||
Interest and Fee 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 | 0 | |||
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 | $ (24) | $ 7 | 27 | (40) |
Mortgage banking income | 24 | (7) | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Gain (Loss) Included in Earnings | (24) | 7 | ||
MSRs | Mortgage banking income | ||||
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 | 27 | (40) | ||
MSRs | Interest and Fee Income | ||||
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 | |||
Derivative Financial Instruments | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Mortgage banking income | (37) | (56) | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Gain (Loss) Included in Earnings | (37) | (56) | ||
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 | 0 | (1) |
Municipal securities | Mortgage banking income | ||||
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 | |||
Municipal securities | Interest and Fee Income | ||||
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) | |||
Asset-backed 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 | $ 0 | $ 0 |
FAIR VALUES OF ASSETS AND LIA_7
FAIR VALUES OF ASSETS AND LIABILITIES - Fair Value Option (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Loans Held-for-sale, Fair Value Disclosure | $ 1,141 | $ 1,198 |
Loans and leases, fair value | 131 | 94 |
Fair Value, Measurements, Recurring | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Loans Held-for-sale, Fair Value Disclosure | 1,141 | 1,198 |
Fair Value, Measurements, Recurring | Mortgages Held For Sale | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Loans Held For Sale Unpaid Principal | 1,100 | 1,134 |
Difference | (41) | (64) |
Fair Value, Measurements, Recurring | Mortgages Held To Maturity | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Loans and leases, fair value | 131 | 94 |
Loans Held To Maturity Unpaid Principal | 136 | 99 |
Difference | (5) | (5) |
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 | 0 | 2 |
Loans Held For Sale Unpaid Principal | 0 | 2 |
Difference | 0 | 0 |
Fair Value, Measurements, Recurring | 90 or more days | Mortgages Held To Maturity | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Loans and leases, fair value | 3 | 7 |
Loans Held To Maturity Unpaid Principal | 4 | 8 |
Difference | $ (1) | $ (1) |
FAIR VALUES OF ASSETS AND LIA_8
FAIR VALUES OF ASSETS AND LIABILITIES - Fair Value Option-Changes in Fair Value (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Fair Value, Measurements, Recurring | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Loans held for sale (1) | $ 11 | $ 3 | $ (23) | $ 22 |
FAIR VALUES OF ASSETS AND LIA_9
FAIR VALUES OF ASSETS AND LIABILITIES - Non-Recurring Basis (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Loans held for sale | [1] | $ 1,391 | $ 1,275 |
Long-term debt | 7,342 | 8,352 | |
Amortized Cost (1) | 11,415 | 8,861 | |
Assets measured at fair value on a nonrecurring basis | |||
Net loans and direct financing leases | 109,687 | 79,794 | |
Loans Held-for-sale, Fair Value Disclosure | (1,141) | (1,198) | |
Fair Value | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt Securities, Trading, and Equity Securities, FV-NI | 93 | 62 | |
Loans held for sale | 1,393 | 1,275 | |
Available-for-sale securities | 22,915 | 16,485 | |
Long-term debt | 7,433 | 8,568 | |
Amortized Cost (1) | 11,641 | 9,255 | |
Other Securities | 692 | 418 | |
Assets measured at fair value on a nonrecurring basis | |||
Net loans and direct financing leases | 109,878 | 80,477 | |
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 | 0 | 0 | |
Loans held for sale | 0 | 0 | |
Available-for-sale securities | 5 | 5 | |
Long-term debt | 0 | 0 | |
Amortized Cost (1) | 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 | 93 | 62 | |
Loans held for sale | 1,141 | 1,198 | |
Available-for-sale securities | 19,237 | 13,510 | |
Long-term debt | 6,655 | 7,999 | |
Amortized Cost (1) | 11,641 | 9,255 | |
Assets measured at fair value on a nonrecurring basis | |||
Net loans and direct financing leases | 110 | 71 | |
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 | 252 | 77 | |
Available-for-sale securities | 3,673 | 2,970 | |
Long-term debt | 778 | 569 | |
Amortized Cost (1) | 0 | 0 | |
Assets measured at fair value on a nonrecurring basis | |||
Net loans and direct financing leases | 109,768 | 80,406 | |
Nonrecurring Basis | |||
Assets measured at fair value on a nonrecurring basis | |||
Collateral-dependent loans | $ (144) | ||
Nonrecurring Basis | Fair Value | |||
Assets measured at fair value on a nonrecurring basis | |||
Collateral-dependent loans | (17) | ||
Loans Held-for-sale, Fair Value Disclosure | (15) | ||
Nonrecurring Basis | Total Gains/(Losses) | |||
Assets measured at fair value on a nonrecurring basis | |||
Collateral-dependent loans | (2) | ||
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 | Fair Value | |||
Assets measured at fair value on a nonrecurring basis | |||
Collateral-dependent loans | (17) | ||
Loans Held-for-sale, Fair Value Disclosure | $ (15) | ||
[1] | Amounts represent loans for which Huntington has elected the fair value option. See Note 13 “ 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 | Jun. 30, 2021USD ($) | Dec. 31, 2020USD ($) |
Fair Value Disclosures [Abstract] | ||
Gross amounts of recognized assets | $ 1,684 | $ 1,946 |
Derivative Liability, Fair Value, Gross Liability | 1,048 | 1,033 |
Consumer loans | 131 | 94 |
Loans Held-for-sale, Fair Value Disclosure | 1,141 | 1,198 |
Fair Value | ||
Fair Value Disclosures [Abstract] | ||
Available-for-sale securities | 22,915 | 16,485 |
Fair Value, Measurements, Recurring | ||
Fair Value Disclosures [Abstract] | ||
MSRs | 327 | 210 |
Available-for-sale securities | 22,915 | 16,485 |
Loans Held-for-sale, Fair Value Disclosure | 1,141 | 1,198 |
Fair Value, Measurements, Nonrecurring | Fair Value | ||
Fair Value Disclosures [Abstract] | ||
Loans Held-for-sale, Fair Value Disclosure | 15 | |
Level 3 | Fair Value | ||
Fair Value Disclosures [Abstract] | ||
Gross amounts of recognized assets | 29 | 43 |
Derivative Liability, Fair Value, Gross Liability | 6 | 2 |
Available-for-sale securities | 3,673 | 2,970 |
Level 3 | Fair Value, Measurements, Recurring | ||
Fair Value Disclosures [Abstract] | ||
MSRs | 327 | 210 |
Gross amounts of recognized assets | 29 | 43 |
Derivative Liability, Fair Value, Gross Liability | 6 | 2 |
Available-for-sale securities | 3,673 | 2,970 |
Consumer loans | 21 | 23 |
Loans Held-for-sale, Fair Value Disclosure | 0 | 0 |
Level 3 | Fair Value, Measurements, Nonrecurring | Fair Value | ||
Fair Value Disclosures [Abstract] | ||
Loans Held-for-sale, Fair Value Disclosure | 15 | |
Residential MBS | Fair Value, Measurements, Recurring | ||
Fair Value Disclosures [Abstract] | ||
Available-for-sale securities | 13,197 | 7,935 |
Residential MBS | Level 3 | Fair Value, Measurements, Recurring | ||
Fair Value Disclosures [Abstract] | ||
Available-for-sale securities | $ 0 | $ 0 |
Residential MBS | 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 | 0.21 | 0.24 |
Residential MBS | 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 MBS | 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 | 0.07 | 0.08 |
Residential MBS | 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 | 0.04 | 0.04 |
Residential MBS | 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 | 0.13 | 0.17 |
Residential MBS | 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 | 0.0535 | 0.05 |
Asset-backed securities | Fair Value, Measurements, Recurring | ||
Fair Value Disclosures [Abstract] | ||
Available-for-sale securities | $ 301 | $ 192 |
Asset-backed securities | Level 3 | Fair Value, Measurements, Recurring | ||
Fair Value Disclosures [Abstract] | ||
Available-for-sale securities | 46 | 10 |
Municipal securities | Fair Value, Measurements, Recurring | ||
Fair Value Disclosures [Abstract] | ||
Available-for-sale securities | 3,661 | 3,004 |
Municipal securities | Level 3 | Fair Value, Measurements, Recurring | ||
Fair Value Disclosures [Abstract] | ||
Available-for-sale securities | 3,609 | 2,951 |
Corporate debt | Fair Value, Measurements, Recurring | ||
Fair Value Disclosures [Abstract] | ||
Available-for-sale securities | 1,304 | 445 |
Corporate debt | Level 3 | Fair Value, Measurements, Recurring | ||
Fair Value Disclosures [Abstract] | ||
Available-for-sale securities | $ 0 | $ 0 |
Corporate debt | 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 | 0.02 | 0.01 |
Corporate debt | 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 | 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 | 0.90 | 0.80 |
Corporate debt | 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 | 0 |
Corporate debt | 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 | 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 | 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 | 0.01 | 0.01 |
Corporate debt | 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 | 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 | 0.25 |
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 | 0.12 | 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 | (0.14) | (0.04) |
Fair Value Disclosures [Abstract] | ||
Loans held for investment, Measurement Input | 0.02 | |
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 | 0.01 | 0.01 |
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 | 0.89 | |
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 | 0.03 | |
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 | 0.88 |
FAIR VALUES OF ASSETS AND LI_11
FAIR VALUES OF ASSETS AND LIABILITIES - Balance Sheet Location (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 | |
Financial Assets: | |||
Held-to-maturity securities | $ 11,415 | $ 8,861 | |
Loans held for sale | [1] | 1,391 | 1,275 |
Net loans and direct financing leases | 109,687 | 79,794 | |
Derivatives | 952 | 1,057 | |
Derivative Asset, Fair Value, Gross Asset | 1,684 | 1,946 | |
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset | (732) | (889) | |
Financial Liabilities: | |||
Total deposits | 142,805 | 98,948 | |
Short-term borrowings | 391 | 183 | |
Long-term borrowings | 7,342 | 8,352 | |
Derivatives | 173 | 116 | |
Derivative Liability, Fair Value, Gross Liability | 1,048 | 1,033 | |
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset | (875) | (917) | |
Reported Value Measurement [Member] | |||
Financial Assets: | |||
Cash and short term assets | 13,926 | 6,712 | |
Trading account securities | 93 | 62 | |
Available-for-sale securities | 22,915 | 16,485 | |
Held-to-maturity securities | 11,415 | 8,861 | |
Other Securities | 692 | 418 | |
Loans held for sale | 1,391 | 1,275 | |
Net loans and direct financing leases | 109,687 | 79,794 | |
Derivatives | 952 | 1,057 | |
Financial Liabilities: | |||
Total deposits | 142,805 | 98,948 | |
Short-term borrowings | 391 | 183 | |
Long-term borrowings | 7,342 | 8,352 | |
Derivatives | 173 | 116 | |
Estimate of Fair Value Measurement [Member] | |||
Financial Assets: | |||
Cash and short term assets | 13,926 | 6,712 | |
Trading account securities | 93 | 62 | |
Available-for-sale securities | 22,915 | 16,485 | |
Held-to-maturity securities | 11,641 | 9,255 | |
Other Securities | 692 | 418 | |
Loans held for sale | 1,393 | 1,275 | |
Other securities (2) | 66 | 59 | |
Net loans and direct financing leases | 109,878 | 80,477 | |
Derivatives | 952 | 1,057 | |
Financial Liabilities: | |||
Total deposits | 142,804 | 99,021 | |
Short-term borrowings | 391 | 183 | |
Long-term borrowings | 7,433 | 8,568 | |
Derivatives | 173 | 116 | |
Estimate of Fair Value Measurement [Member] | Level 1 | |||
Financial Assets: | |||
Trading account securities | 0 | 0 | |
Available-for-sale securities | 5 | 5 | |
Held-to-maturity securities | 0 | 0 | |
Loans held for sale | 0 | 0 | |
Other securities (2) | 42 | 59 | |
Net loans and direct financing leases | 0 | 0 | |
Financial Liabilities: | |||
Total 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 | 93 | 62 | |
Available-for-sale securities | 19,237 | 13,510 | |
Held-to-maturity securities | 11,641 | 9,255 | |
Loans held for sale | 1,141 | 1,198 | |
Other securities (2) | 24 | 0 | |
Net loans and direct financing leases | 110 | 71 | |
Derivative Asset, Fair Value, Gross Asset | 1,655 | 1,903 | |
Financial Liabilities: | |||
Total deposits | 136,863 | 96,656 | |
Short-term borrowings | 391 | 183 | |
Long-term borrowings | 6,655 | 7,999 | |
Derivative Liability, Fair Value, Gross Liability | 1,042 | 1,031 | |
Estimate of Fair Value Measurement [Member] | Level 3 | |||
Financial Assets: | |||
Trading account securities | 0 | 0 | |
Available-for-sale securities | 3,673 | 2,970 | |
Held-to-maturity securities | 0 | 0 | |
Loans held for sale | 252 | 77 | |
Other securities (2) | 0 | 0 | |
Net loans and direct financing leases | 109,768 | 80,406 | |
Derivative Asset, Fair Value, Gross Asset | 29 | 43 | |
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset | 732 | 889 | |
Financial Liabilities: | |||
Total deposits | 5,941 | 2,365 | |
Short-term borrowings | 0 | 0 | |
Long-term borrowings | 778 | 569 | |
Derivative Liability, Fair Value, Gross Liability | 6 | 2 | |
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset | (875) | (917) | |
Fair Value, Recurring [Member] | |||
Financial Assets: | |||
Trading account securities | 93 | ||
Available-for-sale securities | 22,915 | 16,485 | |
Derivatives | 952 | 1,057 | |
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset | (732) | (889) | |
Financial Liabilities: | |||
Derivatives | 173 | 116 | |
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset | (875) | (917) | |
Fair Value, Recurring [Member] | Level 1 | |||
Financial Assets: | |||
Trading account securities | 0 | ||
Available-for-sale securities | 5 | 5 | |
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 | 93 | ||
Available-for-sale securities | 19,237 | 13,510 | |
Derivative Asset, Fair Value, Gross Asset | 1,655 | 1,903 | |
Financial Liabilities: | |||
Derivative Liability, Fair Value, Gross Liability | 1,042 | 1,031 | |
Fair Value, Recurring [Member] | Level 3 | |||
Financial Assets: | |||
Trading account securities | 0 | ||
Available-for-sale securities | 3,673 | 2,970 | |
Derivative Asset, Fair Value, Gross Asset | 29 | 43 | |
Financial Liabilities: | |||
Derivative Liability, Fair Value, Gross Liability | 6 | 2 | |
Other securities | Fair Value, Recurring [Member] | |||
Financial Assets: | |||
Available-for-sale securities | 4 | 4 | |
Other securities | Fair Value, Recurring [Member] | Level 1 | |||
Financial Assets: | |||
Available-for-sale securities | 0 | 0 | |
Other securities | Fair Value, Recurring [Member] | Level 2 | |||
Financial Assets: | |||
Available-for-sale securities | 4 | 4 | |
Other securities | Fair Value, Recurring [Member] | Level 3 | |||
Financial Assets: | |||
Available-for-sale securities | 0 | 0 | |
Amortized Cost [Member] | Reported Value Measurement [Member] | |||
Financial Assets: | |||
Cash and short term assets | 13,926 | 6,712 | |
Held-to-maturity securities | 11,415 | 8,861 | |
Other Securities | 626 | 359 | |
Net loans and direct financing leases | 109,556 | 79,700 | |
Financial Liabilities: | |||
Total deposits | 142,805 | 98,948 | |
Short-term borrowings | 391 | 183 | |
Long-term borrowings | 7,342 | 8,352 | |
Fair Value Fair Value Option [Member] | Reported Value Measurement [Member] | |||
Financial Assets: | |||
Trading account securities | 93 | 62 | |
Available-for-sale securities | 22,915 | 16,485 | |
Other Securities | 66 | 59 | |
Loans held for sale | 1,141 | 1,198 | |
Net loans and direct financing leases | 131 | 94 | |
Derivatives | 952 | 1,057 | |
Financial Liabilities: | |||
Derivatives | 173 | 116 | |
LowerOfCostOrMarket [Member] | Reported Value Measurement [Member] | |||
Financial Assets: | |||
Loans held for sale | $ 250 | $ 77 | |
[1] | Amounts represent loans for which Huntington has elected the fair value option. See Note 13 “ Fair Values of Assets and Liabilities ”. |
DERIVATIVE FINANCIAL INSTRUME_3
DERIVATIVE FINANCIAL INSTRUMENTS - Narrative (Details) $ in Millions | 3 Months Ended | 6 Months Ended | 9 Months Ended | |||
Jun. 30, 2021USD ($) | Jun. 30, 2020USD ($) | Jun. 30, 2021USD ($)group | Jun. 30, 2020USD ($) | Sep. 30, 2020USD ($) | Dec. 31, 2020USD ($) | |
Derivative [Line Items] | ||||||
Increase (decrease) to net interest income due to derivative adjustment | $ 5 | $ 52 | $ 230 | $ 68 | ||
Fair value hedging adjustments | (48) | $ (62) | ||||
Derivative, Notional Amount | 21,923 | 21,923 | $ 33,327 | |||
Credit risks from interest rate swaps used for trading purposes | 853 | 853 | 882 | |||
Derivative Liability | 173 | $ 173 | 116 | |||
Number of primary groups | group | 2 | |||||
Aggregate credit risk, net of collateral | 99 | $ 99 | 175 | |||
Investment securities and cash collateral pledged by Huntington | 458 | 458 | ||||
Investment securities and cash collateral pledged to Huntington | 303 | 303 | ||||
Gain (Loss) on Interest Rate Cash Flow Hedge Ineffectiveness | (39) | $ 11 | (73) | $ 319 | ||
Loans Payable [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative, Notional Amount | 11,921 | 11,921 | 18,646 | |||
Derivative used in trading activity | ||||||
Derivative [Line Items] | ||||||
Net derivative asset (liability) | 74 | 74 | 70 | |||
Derivative financial instruments used by Huntington on behalf of customers including offsetting derivatives, notional value | 51,000 | 51,000 | 37,000 | |||
Derivative used in Mortgage Banking Activities | ||||||
Derivative [Line Items] | ||||||
Derivative, Notional Amount | 1,193 | 1,193 | 1,170 | |||
Derivative, Fair Value, Net | 21 | 21 | 26 | |||
Foreign Exchange Forward | ||||||
Derivative [Line Items] | ||||||
Derivative, Notional Amount | 220 | 220 | ||||
Fair Value Hedging | Designated as Hedging Instrument [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative, Notional Amount | 10,002 | 10,002 | 9,681 | |||
Fair Value Hedging | Designated as Hedging Instrument [Member] | Loans Payable [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative, Notional Amount | 0 | 0 | 0 | |||
Cash Flow Hedging | Designated as Hedging Instrument [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative, Notional Amount | 10,450 | 10,450 | 17,375 | |||
Cash Flow Hedging | Designated as Hedging Instrument [Member] | Loans Payable [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative, Notional Amount | 10,450 | 10,450 | 17,375 | |||
Commitments to Sell Loans [Member] | ||||||
Derivative [Line Items] | ||||||
Commitments to sell residential real estate loans | $ 2,300 | $ 2,300 | $ 2,900 |
DERIVATIVE FINANCIAL INSTRUME_4
DERIVATIVE FINANCIAL INSTRUMENTS - Hedging Instruments (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | $ 21,923 | $ 33,327 |
Asset derivatives included in accrued income and other assets | ||
Total contracts | 1,684 | 1,946 |
Liability derivatives included in accrued expenses and other liabilities | ||
Total contracts | 1,048 | 1,033 |
Accrued income and other assets | ||
Asset derivatives included in accrued income and other assets | ||
Interest rate contracts not designated as hedging instruments | 871 | 1,074 |
Foreign exchange contracts not designated as hedging instruments | 48 | 46 |
Commodities contracts not designated as hedging instruments | 214 | 107 |
Derivative Instruments Not Designated as Hedging Instruments, Asset, at Fair Value | 5 | 0 |
Total contracts | 1,684 | 1,946 |
Accrued expenses and other liabilities | ||
Liability derivatives included in accrued expenses and other liabilities | ||
Interest rate contracts not designated as hedging instruments | 745 | 828 |
Foreign exchange contracts not designated as hedging instruments | 45 | 47 |
Commodities contracts not designated as hedging instruments | 210 | 103 |
Derivative Instruments Not Designated as Hedging Instruments, Liability, at Fair Value | 6 | 4 |
Total contracts | 1,048 | 1,033 |
Interest Rate Contract [Member] | Accrued income and other assets | ||
Asset derivatives included in accrued income and other assets | ||
Interest rate contracts designated as hedging instruments | 541 | 719 |
Interest Rate Contract [Member] | Accrued expenses and other liabilities | ||
Liability derivatives included in accrued expenses and other liabilities | ||
Interest rate contracts designated as hedging instruments | 41 | 51 |
Foreign Exchange Contract [Member] | Accrued income and other assets | ||
Asset derivatives included in accrued income and other assets | ||
Interest rate contracts designated as hedging instruments | 5 | 0 |
Foreign Exchange Contract [Member] | Accrued expenses and other liabilities | ||
Liability derivatives included in accrued expenses and other liabilities | ||
Interest rate contracts designated as hedging instruments | 1 | 0 |
Designated as Hedging Instrument [Member] | Interest Rate Contract [Member] | Accrued income and other assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 20,452 | 27,056 |
Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | Accrued income and other assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 220 | 0 |
Not Designated as Hedging Instrument [Member] | Accrued income and other assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 79,444 | 76,738 |
Not Designated as Hedging Instrument [Member] | Interest Rate Contract [Member] | Accrued income and other assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 53,363 | 44,495 |
Not Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | Accrued income and other assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 3,101 | 2,718 |
Not Designated as Hedging Instrument [Member] | Commodity Contract [Member] | Accrued income and other assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 1,614 | 1,952 |
Not Designated as Hedging Instrument [Member] | Equity Contract [Member] | Accrued income and other assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | $ 694 | $ 517 |
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 | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | $ (58) | $ 24 | $ 89 | $ 104 |
Interest Rate Contract [Member] | Capital markets fees | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | 12 | 12 | 24 | 29 |
Interest Rate Contract [Member] | Mortgage banking income | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | (23) | 6 | (29) | 63 |
Interest Rate Floor [Member] | Other noninterest expense | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | (2) | 0 | (4) | 0 |
Foreign Exchange Contract [Member] | Capital markets fees | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | 7 | 6 | 13 | 12 |
Commodity Contract [Member] | Capital markets fees | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | 0 | 1 | 0 | 3 |
Equity Contract [Member] | Other noninterest expense | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | 3 | (1) | (4) | (3) |
Interest Rate Cap | Other noninterest expense | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | $ (55) | $ 0 | $ 89 | $ 0 |
DERIVATIVE FINANCIAL INSTRUME_6
DERIVATIVE FINANCIAL INSTRUMENTS - Asset and Liability Management (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Notional Disclosures [Abstract] | ||
Derivative, Notional Amount | $ 21,923 | $ 33,327 |
Not Designated as Hedging Instrument, Economic Hedge | ||
Notional Disclosures [Abstract] | ||
Derivative, Notional Amount | 1,471 | 6,271 |
Fair Value Hedging | Designated as Hedging Instrument [Member] | ||
Notional Disclosures [Abstract] | ||
Derivative, Notional Amount | 10,002 | 9,681 |
Cash Flow Hedging | Designated as Hedging Instrument [Member] | ||
Notional Disclosures [Abstract] | ||
Derivative, Notional Amount | 10,450 | 17,375 |
Loans Payable [Member] | ||
Notional Disclosures [Abstract] | ||
Derivative, Notional Amount | 11,921 | 18,646 |
Loans Payable [Member] | Not Designated as Hedging Instrument, Economic Hedge | ||
Notional Disclosures [Abstract] | ||
Derivative, Notional Amount | 1,471 | 1,271 |
Loans Payable [Member] | Fair Value Hedging | Designated as Hedging Instrument [Member] | ||
Notional Disclosures [Abstract] | ||
Derivative, Notional Amount | 0 | 0 |
Loans Payable [Member] | Cash Flow Hedging | Designated as Hedging Instrument [Member] | ||
Notional Disclosures [Abstract] | ||
Derivative, Notional Amount | 10,450 | 17,375 |
Securities Investment [Member] | ||
Notional Disclosures [Abstract] | ||
Derivative, Notional Amount | 5,201 | 3,484 |
Securities Investment [Member] | Not Designated as Hedging Instrument, Economic Hedge | ||
Notional Disclosures [Abstract] | ||
Derivative, Notional Amount | 0 | 0 |
Securities Investment [Member] | Fair Value Hedging | Designated as Hedging Instrument [Member] | ||
Notional Disclosures [Abstract] | ||
Derivative, Notional Amount | 5,201 | 3,484 |
Securities Investment [Member] | Cash Flow Hedging | Designated as Hedging Instrument [Member] | ||
Notional Disclosures [Abstract] | ||
Derivative, Notional Amount | 0 | 0 |
Other long-term debt | ||
Notional Disclosures [Abstract] | ||
Derivative, Notional Amount | 4,801 | 11,197 |
Other long-term debt | Not Designated as Hedging Instrument, Economic Hedge | ||
Notional Disclosures [Abstract] | ||
Derivative, Notional Amount | 0 | 5,000 |
Other long-term debt | Fair Value Hedging | Designated as Hedging Instrument [Member] | ||
Notional Disclosures [Abstract] | ||
Derivative, Notional Amount | 4,801 | 6,197 |
Other long-term debt | Cash Flow Hedging | Designated as Hedging Instrument [Member] | ||
Notional Disclosures [Abstract] | ||
Derivative, Notional Amount | $ 0 | $ 0 |
DERIVATIVE FINANCIAL INSTRUME_7
DERIVATIVE FINANCIAL INSTRUMENTS - Asset and Liability Management Add Info (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||
Derivative, Notional Amount | $ 21,923 | $ 21,923 | $ 33,327 | ||
Increase decrease to net interest income due to derivative adjustment | $ 5 | $ 52 | $ 230 | $ 68 |
DERIVATIVE FINANCIAL INSTRUME_8
DERIVATIVE FINANCIAL INSTRUMENTS - Fair Value Hedges (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 9 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Sep. 30, 2020 | Dec. 31, 2020 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Fair value hedging adjustments | $ 48 | $ 62 | ||||
Investment Securities [Member] | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Amortized Cost | $ 11,960 | 11,960 | $ 6,637 | |||
Cumulative Amount of Fair Value Hedging Adjustment To Hedged Items | (1) | (1) | 3 | |||
Amortized cost basis of the closed portfolios used in hedging relationships | 11,500 | 11,500 | ||||
Designated hedged items | 4,800 | 4,800 | ||||
Subordinated notes [Member] | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Amortized Cost | 4,947 | 4,947 | 6,383 | |||
Cumulative Amount of Fair Value Hedging Adjustment To Hedged Items | 158 | 158 | $ 232 | |||
Interest Rate Swap [Member] | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Designated hedged items | 400 | 400 | ||||
Interest income available for sale securities taxable [Member] | Investment Securities [Member] | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Change in fair value for derivatives designated as fair value hedges | (6) | $ (1) | 37 | $ (1) | ||
Interest income available for sale securities taxable [Member] | Hedged investment securities [Member] | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Change in fair value for derivatives designated as fair value hedges | 4 | 1 | (40) | 1 | ||
Interest expense subordinated notes and other long term debt [Member] | Subordinated notes [Member] | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Change in fair value for derivatives designated as fair value hedges | (23) | (5) | (73) | 196 | ||
Interest expense subordinated notes and other long term debt [Member] | Hedged Subordinated notes [Member] | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Change in fair value for derivatives designated as fair value hedges | $ 22 | $ (4) | $ 74 | $ (195) |
DERIVATIVE FINANCIAL INSTRUME_9
DERIVATIVE FINANCIAL INSTRUMENTS - Cash Flow Hedges (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Gain (Loss) on Interest Rate Cash Flow Hedge Ineffectiveness | $ (39) | $ 11 | $ (73) | $ 319 | |
Derivative, Notional Amount | 21,923 | 21,923 | $ 33,327 | ||
Loans Payable [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Derivative, Notional Amount | $ 11,921 | $ 11,921 | $ 18,646 |
DERIVATIVE FINANCIAL INSTRUM_10
DERIVATIVE FINANCIAL INSTRUMENTS - MSR Hedging Activities (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||
Derivative, Notional Amount | $ 21,923 | $ 21,923 | $ 33,327 | ||
Derivative used in Mortgage Banking Activities | |||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||
Derivative, Fair Value, Net | 21 | 21 | 26 | ||
Derivative, Notional Amount | 1,193 | 1,193 | 1,170 | ||
Trading Assets | 24 | 24 | $ 43 | ||
Derivative, Gain (Loss) on Derivative, Net | $ 22 | $ 6 | $ (24) | $ 63 |
DERIVATIVE FINANCIAL INSTRUM_11
DERIVATIVE FINANCIAL INSTRUMENTS - Offsetting Assets (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Offsetting Derivative Assets [Abstract] | ||
Gross amounts of recognized assets | $ 1,684 | $ 1,946 |
Gross amounts offset in the condensed consolidated balance sheets | 732 | 889 |
Net amounts of assets presented in the condensed consolidated balance sheets | 952 | 1,057 |
Gross amounts not offset in the condensed consolidated balance sheets, Financial instruments | (82) | (112) |
Gross amounts not offset in the condensed consolidated balance sheets, cash collateral received | (146) | (142) |
Net amount | $ 724 | $ 803 |
DERIVATIVE FINANCIAL INSTRUM_12
DERIVATIVE FINANCIAL INSTRUMENTS - Offsetting Liabilities (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Offsetting Derivative Liabilities [Abstract] | ||
Gross amounts of recognized liabilities | $ 1,048 | $ 1,033 |
Gross amounts offset in the condensed consolidated balance sheets | (875) | (917) |
Derivatives | 173 | 116 |
Gross amounts not offset in the condensed consolidated balance sheets, Financial instruments | 0 | (9) |
Gross amounts not offset in the condensed consolidated balance sheets, Cash collateral received | (173) | (105) |
Net amount | $ 0 | $ (2) |
VIEs - Narrative (Details)
VIEs - Narrative (Details) | 6 Months Ended |
Jun. 30, 2021 | |
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 | Jun. 30, 2021 | Dec. 31, 2020 |
Variable Interest Entity [Line Items] | ||
Total Assets | $ 175,172 | $ 123,038 |
Total Liabilities | 154,641 | 110,045 |
Variable Interest Entity, Not Primary Beneficiary | ||
Variable Interest Entity [Line Items] | ||
Total Assets | 1,729 | 1,278 |
Total Liabilities | 1,023 | 824 |
Maximum Exposure to Loss | 1,715 | 1,264 |
Trust Preferred Securities | Variable Interest Entity, Not Primary Beneficiary | ||
Variable Interest Entity [Line Items] | ||
Total Assets | 14 | 14 |
Total Liabilities | 274 | 252 |
Maximum Exposure to Loss | 0 | 0 |
Affordable Housing Tax Credit Partnerships | Variable Interest Entity, Not Primary Beneficiary | ||
Variable Interest Entity [Line Items] | ||
Total Assets | 1,293 | 956 |
Total Liabilities | 644 | 500 |
Maximum Exposure to Loss | 1,293 | 956 |
Other Investments | Variable Interest Entity, Not Primary Beneficiary | ||
Variable Interest Entity [Line Items] | ||
Total Assets | 422 | 308 |
Total Liabilities | 105 | 72 |
Maximum Exposure to Loss | $ 422 | $ 308 |
VIEs - Trust Preferred Securiti
VIEs - Trust Preferred Securities (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2021USD ($) | |
Variable Interest Entity, Not Primary Beneficiary | |
Variable Interest Entity [Line Items] | |
Long-term Debt, Gross | $ 274 |
Investment in unconsolidated subsidiary | $ 14 |
Huntington Capital I [Member] | London Interbank Offered Rate (LIBOR) | |
Variable Interest Entity [Line Items] | |
Basis spread on variable rate | 0.70% |
Huntington Capital I [Member] | Variable Interest Entity, Not Primary Beneficiary | |
Variable Interest Entity [Line Items] | |
Rate | 0.85% |
Long-term Debt, Gross | $ 70 |
Investment in unconsolidated subsidiary | $ 6 |
Huntington Capital II | London Interbank Offered Rate (LIBOR) | |
Variable Interest Entity [Line Items] | |
Basis spread on variable rate | 0.625% |
Huntington Capital II | Variable Interest Entity, Not Primary Beneficiary | |
Variable Interest Entity [Line Items] | |
Rate | 0.77% |
Long-term Debt, Gross | $ 32 |
Investment in unconsolidated subsidiary | $ 3 |
Sky Financial Capital Trust III | London Interbank Offered Rate (LIBOR) | |
Variable Interest Entity [Line Items] | |
Basis spread on variable rate | 1.40% |
Sky Financial Capital Trust III | Variable Interest Entity, Not Primary Beneficiary | |
Variable Interest Entity [Line Items] | |
Rate | 1.55% |
Long-term Debt, Gross | $ 72 |
Investment in unconsolidated subsidiary | $ 2 |
Sky Financial Capital Trust IV | London Interbank Offered Rate (LIBOR) | |
Variable Interest Entity [Line Items] | |
Basis spread on variable rate | 1.33% |
Sky Financial Capital Trust IV | Variable Interest Entity, Not Primary Beneficiary | |
Variable Interest Entity [Line Items] | |
Rate | 1.55% |
Long-term Debt, Gross | $ 74 |
Investment in unconsolidated subsidiary | $ 2 |
Camco Financial Trust [Member] | Variable Interest Entity, Not Primary Beneficiary | |
Variable Interest Entity [Line Items] | |
Rate | 1.48% |
Long-term Debt, Gross | $ 5 |
Investment in unconsolidated subsidiary | $ 1 |
First Huron Trust | Variable Interest Entity, Not Primary Beneficiary | |
Variable Interest Entity [Line Items] | |
Rate | 5.07% |
Long-term Debt, Gross | $ 5 |
Investment in unconsolidated subsidiary | $ 0 |
First Place Capital Trust I | London Interbank Offered Rate (LIBOR) | |
Variable Interest Entity [Line Items] | |
Basis spread on variable rate | 2.85% |
First Place Capital Trust I | Variable Interest Entity, Not Primary Beneficiary | |
Variable Interest Entity [Line Items] | |
Rate | 3.00% |
Long-term Debt, Gross | $ 4 |
Investment in unconsolidated subsidiary | $ 0 |
First Place Capital Trust II | Variable Interest Entity, Not Primary Beneficiary | |
Variable Interest Entity [Line Items] | |
Rate | 6.45% |
Long-term Debt, Gross | $ 4 |
Investment in unconsolidated subsidiary | $ 0 |
First Place Capital Trust III | Variable Interest Entity, Not Primary Beneficiary | |
Variable Interest Entity [Line Items] | |
Rate | 5.69% |
Long-term Debt, Gross | $ 8 |
Investment in unconsolidated subsidiary | $ 0 |
VIEs - Low Income Housing Tax C
VIEs - Low Income Housing Tax Credit Partnerships (Details) - Variable Interest Entity, Not Primary Beneficiary - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Affordable Housing Tax Credit Partnerships | |||||
Variable Interest Entity [Line Items] | |||||
Affordable housing tax credit investments | $ 1,957 | $ 1,957 | $ 1,568 | ||
Less: amortization | (664) | (664) | (612) | ||
Net affordable housing tax credit investments | 1,293 | 1,293 | 956 | ||
Unfunded commitments | 644 | 644 | $ 500 | ||
Tax credits and other tax benefits recognized | 44 | $ 30 | 77 | $ 59 | |
Proportional Amortization Method | |||||
Variable Interest Entity [Line Items] | |||||
Proportional amortization expense included in provision for income taxes | $ 30 | $ 25 | $ 58 | $ 50 |
COMMITMENTS AND CONTINGENT LI_3
COMMITMENTS AND CONTINGENT LIABILITIES - Commitments to Extend Credit (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Commercial | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Contract amount represents credit risk | $ 31,990 | $ 20,701 |
Consumer | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Contract amount represents credit risk | 19,704 | 14,808 |
Commercial real estate | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Contract amount represents credit risk | 2,287 | 1,313 |
Standby letters of credit | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Contract amount represents credit risk | 714 | 581 |
Commercial | Commercial letters-of-credit | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Contract amount represents credit risk | $ 17 | $ 21 |
COMMITMENTS AND CONTINGENT LI_4
COMMITMENTS AND CONTINGENT LIABILITIES - Narrative (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2021 | Dec. 31, 2020 | |
Loss Contingencies [Line Items] | ||
Maturity period of majority of standby letters of credit | two years | |
Maturity period of Commercial letters of credit | 90 days | |
Standby letters of credit | ||
Loss Contingencies [Line Items] | ||
Carrying amount of deferred revenue associated with guarantees | $ 6 | $ 5 |
Outstanding standby letters of credit | 714 | $ 581 |
Maximum | ||
Loss Contingencies [Line Items] | ||
Aggregate range of reasonably possible losses current legal proceedings | 15 | |
Minimum | ||
Loss Contingencies [Line Items] | ||
Aggregate range of reasonably possible losses current legal proceedings | $ 0 |
SEGMENT REPORTING (Details)
SEGMENT REPORTING (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2021USD ($) | Jun. 30, 2020USD ($) | Jun. 30, 2021USD ($) | Jun. 30, 2021USD ($)Reportable_segment | Jun. 30, 2021USD ($)numberOfSegments | Jun. 30, 2020USD ($) | Dec. 31, 2020USD ($) | |
Segment Reporting Information [Line Items] | |||||||
Number of reporting segments | 4 | 4 | |||||
Net interest income | $ 838,000 | $ 792,000 | $ 1,810,000 | $ 1,582,000 | |||
Provision (reduction in allowance) for credit losses | (211,000) | (327,000) | (151,000) | (768,000) | |||
Noninterest income | 444,000 | 391,000 | 839,000 | 752,000 | |||
Noninterest expense | 1,072,000 | 675,000 | 1,865,000 | 1,327,000 | |||
Provision (benefit) for income taxes | 14,000 | 31,000 | 116,000 | 41,000 | |||
Net (loss) income attributable to Huntington Bancshares Inc | (15,000) | 150,000 | 517,000 | 198,000 | |||
Total Assets | 175,172,000 | 175,172,000 | $ 175,172,000 | $ 175,172,000 | $ 123,038,000 | ||
Total deposits | 142,805,000 | 142,805,000 | 142,805,000 | 142,805,000 | 98,948,000 | ||
Operating Segments | Consumer & Business Banking | |||||||
Segment Reporting Information [Line Items] | |||||||
Net interest income | 366,000 | 368,000 | 703,000 | 733,000 | |||
Provision (reduction in allowance) for credit losses | (100,000) | (31,000) | (63,000) | (114,000) | |||
Noninterest income | 243,000 | 218,000 | 477,000 | 430,000 | |||
Noninterest expense | 513,000 | 422,000 | 984,000 | 840,000 | |||
Provision (benefit) for income taxes | 0 | 27,000 | 28,000 | 44,000 | |||
Net (loss) income attributable to Huntington Bancshares Inc | (4,000) | 106,000 | 105,000 | 165,000 | |||
Total Assets | 43,250,000 | 43,250,000 | 43,250,000 | 43,250,000 | 30,758,000 | ||
Total deposits | 95,693,000 | 95,693,000 | 95,693,000 | 95,693,000 | 60,910,000 | ||
Operating Segments | Commercial Banking | |||||||
Segment Reporting Information [Line Items] | |||||||
Net interest income | 258,000 | 240,000 | 457,000 | 472,000 | |||
Provision (reduction in allowance) for credit losses | (137,000) | (226,000) | (143,000) | (523,000) | |||
Noninterest income | 114,000 | 85,000 | 203,000 | 170,000 | |||
Noninterest expense | 173,000 | 136,000 | 306,000 | 265,000 | |||
Provision (benefit) for income taxes | 13,000 | (7,000) | 44,000 | (31,000) | |||
Net (loss) income attributable to Huntington Bancshares Inc | 49,000 | (30,000) | 167,000 | (115,000) | |||
Total Assets | 54,053,000 | 54,053,000 | 54,053,000 | 54,053,000 | 36,311,000 | ||
Total deposits | 32,624,000 | 32,624,000 | 32,624,000 | 32,624,000 | 24,766,000 | ||
Operating Segments | Vehicle Finance [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Net interest income | 109,000 | 100,000 | 217,000 | 206,000 | |||
Provision (reduction in allowance) for credit losses | 31,000 | (70,000) | 53,000 | (131,000) | |||
Noninterest income | 2,000 | 2,000 | 6,000 | 5,000 | |||
Noninterest expense | 37,000 | 34,000 | 72,000 | 69,000 | |||
Provision (benefit) for income taxes | 21,000 | 0 | 43,000 | 2,000 | |||
Net (loss) income attributable to Huntington Bancshares Inc | 84,000 | (2,000) | 161,000 | 9,000 | |||
Total Assets | 19,998,000 | 19,998,000 | 19,998,000 | 19,998,000 | 19,789,000 | ||
Total deposits | 1,155,000 | 1,155,000 | 1,155,000 | 1,155,000 | 722,000 | ||
Operating Segments | RBPCG | |||||||
Segment Reporting Information [Line Items] | |||||||
Net interest income | 37,000 | 40,000 | 70,000 | 83,000 | |||
Provision (reduction in allowance) for credit losses | (5,000) | 0 | 2,000 | 0 | |||
Noninterest income | 54,000 | 54,000 | 107,000 | 105,000 | |||
Noninterest expense | 72,000 | 62,000 | 132,000 | 124,000 | |||
Provision (benefit) for income taxes | 3,000 | 6,000 | 10,000 | 14,000 | |||
Net (loss) income attributable to Huntington Bancshares Inc | 11,000 | 26,000 | 37,000 | 50,000 | |||
Total Assets | 7,763,000 | 7,763,000 | 7,763,000 | 7,763,000 | 7,064,000 | ||
Total deposits | 8,416,000 | 8,416,000 | 8,416,000 | 8,416,000 | 7,635,000 | ||
Treasury / Other | |||||||
Segment Reporting Information [Line Items] | |||||||
Net interest income | 68,000 | 44,000 | 363,000 | 88,000 | |||
Provision (reduction in allowance) for credit losses | 0 | 0 | 0 | 0 | |||
Noninterest income | 31,000 | 32,000 | 46,000 | 42,000 | |||
Noninterest expense | 277,000 | 21,000 | 371,000 | 29,000 | |||
Provision (benefit) for income taxes | (23,000) | 5,000 | (9,000) | 12,000 | |||
Net (loss) income attributable to Huntington Bancshares Inc | (155,000) | $ 50,000 | 47,000 | $ 89,000 | |||
Total Assets | 50,108,000 | 50,108,000 | 50,108,000 | 50,108,000 | 29,116,000 | ||
Total deposits | $ 4,917,000 | $ 4,917,000 | $ 4,917,000 | $ 4,917,000 | $ 4,915,000 |