Quarterly report pursuant to Section 13 or 15(d)

HELD-TO-MATURITY SECURITIES

v3.8.0.1
HELD-TO-MATURITY SECURITIES
3 Months Ended
Mar. 31, 2018
Held-to-maturity Securities [Abstract]  
HELD-TO-MATURITY SECURITIES
HELD-TO-MATURITY SECURITIES
These are debt securities that Huntington has the intent and ability to hold until maturity. The debt securities are carried at amortized cost and adjusted for amortization of premiums and accretion of discounts using the interest method.
See Note 4 "Available -for-sale- securities" regarding the transfers between the securities portfolios during the 2018 first quarter.
Listed below are the contractual maturities of held-to-maturity securities at March 31, 2018 and December 31, 2017.
 
March 31, 2018
 
December 31, 2017
(dollar amounts in millions)
Amortized
Cost
 
Fair
Value
 
Amortized
Cost
 
Fair
Value
Federal agencies:
 
 
 
 
 
 
 
Residential CMO:
 
 
 
 
 
 
 
After 5 years through 10 years
39

 
38

 

 

After 10 years
2,354

 
2,291

 
3,714

 
3,657

Total Residential CMO
2,393

 
2,329

 
3,714

 
3,657

Residential MBS:
 
 
 
 
 
 
 
After 5 years through 10 years

 

 
28

 
28

After 10 years
1,651

 
1,606

 
1,021

 
1,016

Total Residential MBS
1,651

 
1,606

 
1,049

 
1,044

Commercial MBS:
 
 
 
 
 
 
 
After 1 year through 5 years

 

 
38

 
37

After 5 years through 10 years
131

 
128

 
1

 
1

After 10 years
4,223

 
4,101

 
3,752

 
3,698

Total Commercial MBS
4,354

 
4,229

 
3,791

 
3,736

Other agencies:
 
 
 
 
 
 
 
After 1 year through 5 years
14

 
13

 
7

 
8

After 5 years through 10 years
215

 
213

 
362

 
360

After 10 years
157

 
154

 
163

 
161

Total other agencies
386

 
380

 
532

 
529

Total Federal agencies and other agencies
8,784

 
8,544

 
9,086

 
8,966

Municipal securities:
 
 
 
 
 
 
 
After 10 years
5

 
5

 
5

 
5

Total municipal securities
5

 
5

 
5

 
5

Total held-to-maturity securities
$
8,789

 
$
8,549

 
$
9,091

 
$
8,971



The following table provides amortized cost, gross unrealized gains and losses, and fair value by investment category at March 31, 2018 and December 31, 2017.
 
 
 
Unrealized
 
 
(dollar amounts in millions)
Amortized
Cost
 
Gross
Gains
 
Gross
Losses
 
Fair Value
March 31, 2018
 
 
 
 
 
 
 
Federal agencies:
 
 
 
 
 
 
 
Residential CMO
$
2,393

 
$

 
$
(63
)
 
$
2,329

Residential MBS
1,651

 

 
(45
)
 
1,606

Commercial MBS
4,354

 

 
(125
)
 
4,229

Other agencies
386

 

 
(6
)
 
380

Total Federal agencies and other agencies
8,784

 

 
(239
)
 
8,544

Municipal securities
5

 

 

 
5

Total held-to-maturity securities
$
8,789

 
$

 
$
(239
)
 
$
8,549

 
 
 
Unrealized
 
 
(dollar amounts in millions)
Amortized
Cost
 
Gross
Gains
 
Gross
Losses
 
Fair Value
December 31, 2017
 
 
 
 
 
 
 
Federal agencies:
 
 
 
 
 
 
 
Residential CMO
$
3,714

 
$
1

 
$
(58
)
 
$
3,657

Residential MBS
1,049

 
2

 
(7
)
 
1,044

Commercial MBS
3,791

 

 
(55
)
 
3,736

Other agencies
532

 
1

 
(4
)
 
529

Total Federal agencies and other agencies
9,086

 
4

 
(124
)
 
8,966

Municipal securities
5

 

 

 
5

Total held-to-maturity securities
$
9,091

 
$
4

 
$
(124
)
 
$
8,971


The following tables provide detail on HTM securities with unrealized losses aggregated by investment category and the length of time the individual securities have been in a continuous loss position, at March 31, 2018 and December 31, 2017.
 
Less than 12 Months
 
Over 12 Months
 
Total
(dollar amounts in millions)
Fair
Value
 
Gross Unrealized
Losses
 
Fair
Value
 
Gross Unrealized
Losses
 
Fair
Value
 
Gross Unrealized
Losses
March 31, 2018
 
 
 
 
 
 
 
 
 
 
 
Federal agencies:
 
 
 
 
 
 
 
 
 
 
 
Residential CMO
$
947

 
$
(23
)
 
$
1,313

 
$
(40
)
 
$
2,260

 
$
(63
)
Residential MBS
1,606

 
(45
)
 

 

 
1,606

 
(45
)
Commercial MBS
3,495

 
(109
)
 
726

 
(16
)
 
4,221

 
(125
)
Other agencies
297

 
(4
)
 
62

 
(2
)
 
359

 
(6
)
Total Federal agencies and other agencies
6,345

 
(181
)
 
2,101

 
(58
)
 
8,446

 
(239
)
Municipal securities

 

 
5

 

 
5

 

Total temporarily impaired securities
$
6,345

 
$
(181
)
 
$
2,106

 
$
(58
)
 
$
8,451

 
$
(239
)
 
Less than 12 Months
 
Over 12 Months
 
Total
(dollar amounts in millions)
Fair
Value
 
Gross Unrealized
Losses
 
Fair
Value
 
Gross Unrealized
Losses
 
Fair
Value
 
Gross Unrealized
Losses
December 31, 2017
 
 
 
 
 
 
 
 
 
 
 
Federal agencies:
 
 
 
 
 
 
 
 
 
 
 
Residential CMO
$
2,369

 
$
(26
)
 
$
1,019

 
$
(32
)
 
$
3,388

 
$
(58
)
Residential MBS
974

 
(7
)
 

 

 
974

 
(7
)
Commercial MBS
3,456

 
(49
)
 
253

 
(6
)
 
3,709

 
(55
)
Other agencies
249

 
(2
)
 
139

 
(2
)
 
388

 
(4
)
Total Federal agencies and other agencies
7,048

 
(84
)
 
1,411

 
(40
)
 
8,459

 
(124
)
Municipal securities

 

 
5

 

 
5

 

Total temporarily impaired securities
$
7,048

 
$
(84
)
 
$
1,416

 
$
(40
)
 
$
8,464

 
$
(124
)

Security Impairment
Huntington evaluates the held-to-maturity securities portfolio on a quarterly basis for impairment. Impairment would exist when the present value of the expected cash flows is not sufficient to recover the entire amortized cost basis at the balance sheet date. Under these circumstances, any impairment would be recognized in earnings. As of March 31, 2018, Huntington has evaluated held-to-maturity securities with gross unrealized losses for impairment and concluded no OTTI is required.