AVAILABLE-FOR-SALE AND OTHER SECURITIES (Tables)
|
12 Months Ended |
Dec. 31, 2017 |
|---|
| Investments, Debt and Equity Securities [Abstract] |
|
| Contractual maturities of investment securities |
Contractual maturities of available-for-sale and other securities as of December 31, 2017 and 2016 were:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2017 |
|
2016 |
(dollar amounts in millions) |
Amortized
Cost
|
|
Fair
Value
|
|
Amortized
Cost
|
|
Fair
Value
|
Under 1 year |
$ |
111 |
|
|
$ |
111 |
|
|
$ |
224 |
|
|
$ |
222 |
|
After 1 year through 5 years |
1,333 |
|
|
1,327 |
|
|
1,147 |
|
|
1,150 |
|
After 5 years through 10 years |
2,088 |
|
|
2,083 |
|
|
1,957 |
|
|
1,962 |
|
After 10 years |
11,595 |
|
|
11,348 |
|
|
11,885 |
|
|
11,665 |
|
Other securities: |
|
|
|
|
|
|
|
Nonmarketable equity securities |
581 |
|
|
581 |
|
|
548 |
|
|
548 |
|
Mutual funds |
18 |
|
|
18 |
|
|
15 |
|
|
15 |
|
Marketable equity securities |
1 |
|
|
1 |
|
|
1 |
|
|
1 |
|
Total available-for-sale and other securities |
$ |
15,727 |
|
|
$ |
15,469 |
|
|
$ |
15,777 |
|
|
$ |
15,563 |
|
|
| Amortized cost, fair value, and gross unrealized gain and losses recognized in accumulated other comprehensive income |
The following tables provide amortized cost, fair value, and gross unrealized gains and losses recognized in OCI by investment category at December 31, 2017 and 2016:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized |
|
|
(dollar amounts in millions) |
Amortized
Cost
|
|
Gross
Gains
|
|
Gross
Losses
|
|
Fair Value |
December 31, 2017 |
|
|
|
|
|
|
|
U.S. Treasury |
$ |
5 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
5 |
|
Federal agencies: |
|
|
|
|
|
|
|
Residential CMO |
6,661 |
|
|
1 |
|
|
(178 |
) |
|
6,484 |
|
Residential MBS |
1,371 |
|
|
1 |
|
|
(5 |
) |
|
1,367 |
|
Commercial MBS |
2,539 |
|
|
— |
|
|
(52 |
) |
|
2,487 |
|
Other agencies |
69 |
|
|
1 |
|
|
— |
|
|
70 |
|
Total U.S. Treasury, Federal agency, and other agency securities |
10,645 |
|
|
3 |
|
|
(235 |
) |
|
10,413 |
|
Municipal securities |
3,892 |
|
|
21 |
|
|
(35 |
) |
|
3,878 |
|
Asset-backed securities |
482 |
|
|
1 |
|
|
(16 |
) |
|
467 |
|
Corporate debt |
106 |
|
|
3 |
|
|
— |
|
|
109 |
|
Other securities |
602 |
|
|
— |
|
|
— |
|
|
602 |
|
Total available-for-sale and other securities |
$ |
15,727 |
|
|
$ |
28 |
|
|
$ |
(286 |
) |
|
$ |
15,469 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized |
|
|
(dollar amounts in millions) |
Amortized
Cost |
|
Gross
Gains |
|
Gross
Losses |
|
Fair Value |
December 31, 2016 |
|
|
|
|
|
|
|
U.S. Treasury |
$ |
6 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
6 |
|
Federal agencies: |
|
|
|
|
|
|
|
Residential CMO |
6,955 |
|
|
6 |
|
|
(151 |
) |
|
6,810 |
|
Residential MBS |
196 |
|
|
5 |
|
|
(1 |
) |
|
200 |
|
Commercial MBS |
3,700 |
|
|
2 |
|
|
(39 |
) |
|
3,663 |
|
Other agencies |
73 |
|
|
— |
|
|
— |
|
|
73 |
|
Total U.S. Treasury, Federal agency, and other agency securities |
10,930 |
|
|
13 |
|
|
(191 |
) |
|
10,752 |
|
Municipal securities |
3,260 |
|
|
29 |
|
|
(39 |
) |
|
3,250 |
|
Asset-backed securities |
824 |
|
|
2 |
|
|
(32 |
) |
|
794 |
|
Corporate debt |
195 |
|
|
4 |
|
|
— |
|
|
199 |
|
Other securities |
568 |
|
|
— |
|
|
— |
|
|
568 |
|
Total available-for-sale and other securities |
$ |
15,777 |
|
|
$ |
48 |
|
|
$ |
(262 |
) |
|
$ |
15,563 |
|
|
| Available for sale securities in an unrealized loss position |
The following tables provide detail on investment securities with unrealized losses aggregated by investment category and the length of time the individual securities have been in a continuous loss position at December 31, 2017 and 2016:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less than 12 Months |
|
Over 12 Months |
|
Total |
(dollar amounts in millions) |
Fair Value |
|
Unrealized
Losses
|
|
Fair Value |
|
Unrealized
Losses
|
|
Fair Value |
|
Unrealized
Losses
|
December 31, 2017 |
|
|
|
|
|
|
|
|
|
|
|
Federal agencies: |
|
|
|
|
|
|
|
|
|
|
|
Residential CMO |
$ |
1,660 |
|
|
$ |
(19 |
) |
|
$ |
4,520 |
|
|
$ |
(159 |
) |
|
$ |
6,180 |
|
|
$ |
(178 |
) |
Residential MBS |
1,078 |
|
|
(5 |
) |
|
11 |
|
|
— |
|
|
1,089 |
|
|
(5 |
) |
Commercial MBS |
960 |
|
|
(15 |
) |
|
1,527 |
|
|
(37 |
) |
|
2,487 |
|
|
(52 |
) |
Other agencies |
39 |
|
|
— |
|
|
— |
|
|
— |
|
|
39 |
|
|
— |
|
Total Federal agency, and other agency securities |
3,737 |
|
|
(39 |
) |
|
6,058 |
|
|
(196 |
) |
|
9,795 |
|
|
(235 |
) |
Municipal securities |
1,681 |
|
|
(21 |
) |
|
497 |
|
|
(14 |
) |
|
2,178 |
|
|
(35 |
) |
Asset-backed securities |
127 |
|
|
(1 |
) |
|
173 |
|
|
(15 |
) |
|
300 |
|
|
(16 |
) |
Corporate debt |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Other securities |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Total temporarily impaired securities |
$ |
5,545 |
|
|
$ |
(61 |
) |
|
$ |
6,728 |
|
|
$ |
(225 |
) |
|
$ |
12,273 |
|
|
$ |
(286 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less than 12 Months |
|
Over 12 Months |
|
Total |
(dollar amounts in millions) |
Fair Value |
|
Unrealized
Losses
|
|
Fair Value |
|
Unrealized
Losses
|
|
Fair Value |
|
Unrealized
Losses
|
December 31, 2016 |
|
|
|
|
|
|
|
|
|
|
|
Federal agencies: |
|
|
|
|
|
|
|
|
|
|
|
Residential CMO |
$ |
5,858 |
|
|
$ |
(150 |
) |
|
$ |
21 |
|
|
$ |
(1 |
) |
|
$ |
5,879 |
|
|
$ |
(151 |
) |
Residential MBS |
31 |
|
|
(1 |
) |
|
— |
|
|
— |
|
|
31 |
|
|
(1 |
) |
Commercial MBS |
3,019 |
|
|
(39 |
) |
|
21 |
|
|
— |
|
|
3,040 |
|
|
(39 |
) |
Other agencies |
1 |
|
|
— |
|
|
— |
|
|
— |
|
|
1 |
|
|
— |
|
Total Federal agency, and other agency securities |
8,909 |
|
|
(190 |
) |
|
42 |
|
|
(1 |
) |
|
8,951 |
|
|
(191 |
) |
Municipal securities |
1,412 |
|
|
(29 |
) |
|
272 |
|
|
(10 |
) |
|
1,684 |
|
|
(39 |
) |
Asset-backed securities |
361 |
|
|
(3 |
) |
|
179 |
|
|
(29 |
) |
|
540 |
|
|
(32 |
) |
Corporate debt |
4 |
|
|
— |
|
|
— |
|
|
— |
|
|
4 |
|
|
— |
|
Other securities |
1 |
|
|
— |
|
|
2 |
|
|
— |
|
|
3 |
|
|
— |
|
Total temporarily impaired securities |
$ |
10,687 |
|
|
$ |
(222 |
) |
|
$ |
495 |
|
|
$ |
(40 |
) |
|
$ |
11,182 |
|
|
$ |
(262 |
) |
|
| Realized securities gains and losses |
The following table is a summary of realized securities gains and losses for the years ended December 31, 2017, 2016, and 2015:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, |
(dollar amounts in millions) |
2017 |
|
2016 |
|
2015 |
Gross gains on sales of securities |
$ |
10 |
|
|
$ |
23 |
|
|
$ |
7 |
|
Gross (losses) on sales of securities |
(10 |
) |
|
(21 |
) |
|
(4 |
) |
Net gain (loss) on sales of securities |
$ |
— |
|
|
$ |
2 |
|
|
$ |
3 |
|
OTTI recognized in earnings |
(4 |
) |
|
(2 |
) |
|
(2 |
) |
Net securities gains (losses) |
$ |
(4 |
) |
|
$ |
— |
|
|
$ |
1 |
|
|
| Credit ratings on selected investment securities |
The following table summarizes the Company's CDO securities portfolio, which are included in asset-backed securities, at December 31, 2017 and 2016.
Collateralized Debt Obligation Securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(dollar amounts in millions) |
Par Value |
|
Amortized
Cost
|
|
Fair
Value
|
|
Unrealized
Loss (1)
|
MM Comm III |
4 |
|
|
4 |
|
|
4 |
|
|
— |
|
Tropic III |
31 |
|
|
31 |
|
|
20 |
|
|
(11 |
) |
Total at December 31, 2017 |
$ |
35 |
|
|
$ |
35 |
|
|
$ |
24 |
|
|
$ |
(11 |
) |
Total at December 31, 2016 |
$ |
137 |
|
|
$ |
101 |
|
|
$ |
76 |
|
|
$ |
(25 |
) |
|
|
(1) |
One of the two remaining securities in the portfolio has been in a continuous loss position for 12 months or longer. |
|
| OTTI recognized in earnings |
For the periods ended December 31, 2017, 2016, and 2015, the following table summarizes by security type, the total OTTI losses recognized in the Consolidated Statements of Income for securities evaluated for impairment as described above:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, |
(dollar amounts in millions) |
2017 |
|
2016 |
|
2015 |
Available-for-sale and other securities: |
|
|
|
|
|
Collateralized Debt Obligations |
$ |
(4 |
) |
|
$ |
— |
|
|
$ |
(2 |
) |
Municipal Securities |
— |
|
|
(2 |
) |
|
— |
|
Total available-for-sale and other securities |
$ |
(4 |
) |
|
$ |
(2 |
) |
|
$ |
(2 |
) |
The following table rolls forward the OTTI recognized in earnings on debt securities held by Huntington for the years ended December 31, 2017, and 2016 as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, |
(dollar amounts in millions) |
2017 |
|
2016 |
|
2015 |
Balance, beginning of year |
$ |
12 |
|
|
$ |
18 |
|
|
$ |
31 |
|
Reductions from sales |
(15 |
) |
|
(8 |
) |
|
(15 |
) |
Credit losses not previously recognized |
4 |
|
|
2 |
|
|
— |
|
Additional credit losses |
— |
|
|
— |
|
|
2 |
|
Balance, end of year |
$ |
1 |
|
|
$ |
12 |
|
|
$ |
18 |
|
|