| Schedule of Long-Term Debt |
Huntington’s long-term debt consisted of the following:
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At December 31, |
(dollar amounts in thousands) |
2016 |
|
2015 |
The Parent Company: |
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Senior Notes: |
|
|
|
3.19% Huntington Bancshares Incorporated medium-term notes due 2021 |
$ |
972,625 |
|
|
$ |
— |
|
2.33% Huntington Bancshares Incorporated senior note due 2022 |
953,674 |
|
|
— |
|
2.64% Huntington Bancshares Incorporated senior note due 2018 |
399,278 |
|
|
399,169 |
|
Subordinated Notes: |
|
|
|
7.00% Huntington Bancshares Incorporated subordinated notes due 2020 |
319,857 |
|
|
326,379 |
|
3.55% Huntington Bancshares Incorporated subordinated notes due 2023 |
248,156 |
|
|
— |
|
Sky Financial Capital Trust IV 2.40% junior subordinated debentures due 2036 (1) |
74,320 |
|
|
74,320 |
|
Sky Financial Capital Trust III 2.40% junior subordinated debentures due 2036 (1) |
72,165 |
|
|
72,165 |
|
Huntington Capital I Trust Preferred 1.70% junior subordinated debentures due 2027 (2) |
68,720 |
|
|
110,706 |
|
Huntington Capital II Trust Preferred 1.06% junior subordinated debentures due 2028 (3) |
31,576 |
|
|
54,030 |
|
Camco Statutory Trust I 2.30% due 2037 (4) |
4,244 |
|
|
4,212 |
|
Total notes issued by the parent |
3,144,615 |
|
|
1,040,981 |
|
The Bank: |
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|
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Senior Notes: |
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|
|
2.24% Huntington National Bank senior notes due 2018 |
843,568 |
|
|
841,313 |
|
2.10% Huntington National Bank senior notes due 2018 |
747,170 |
|
|
745,894 |
|
1.75% Huntington National Bank senior notes due 2018 |
499,732 |
|
|
501,006 |
|
1.43% Huntington National Bank senior note due 2019 |
499,686 |
|
|
498,678 |
|
2.23% Huntington National Bank senior note due 2017 |
499,445 |
|
|
500,416 |
|
2.43% Huntington National Bank senior notes due 2020 |
498,448 |
|
|
498,185 |
|
2.97% Huntington National Bank senior notes due 2020 |
495,088 |
|
|
495,998 |
|
1.42% Huntington National Bank senior notes due 2017 (5) |
250,000 |
|
|
250,000 |
|
5.04% Huntington National Bank medium-term notes due 2018 |
36,351 |
|
|
37,469 |
|
1.31% Huntington National Bank senior note due 2016 |
— |
|
|
498,360 |
|
1.40% Huntington National Bank senior note due 2016 |
— |
|
|
349,399 |
|
Subordinated Notes: |
|
|
|
3.86% Huntington National Bank subordinated notes due 2026 |
239,293 |
|
|
— |
|
6.67% Huntington National Bank subordinated notes due 2018 |
131,910 |
|
|
136,227 |
|
5.45% Huntington National Bank subordinated notes due 2019 |
81,155 |
|
|
83,833 |
|
5.59% Huntington National Bank subordinated notes due 2016 |
— |
|
|
103,357 |
|
Total notes issued by the bank |
4,821,846 |
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|
5,540,135 |
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FHLB Advances: |
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|
|
3.47% weighted average rate, varying maturities greater than one year |
7,540 |
|
|
7,800 |
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Other: |
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Huntington Technology Finance nonrecourse debt, 3.43% effective interest rate, varying maturities |
277,523 |
|
|
301,577 |
|
Huntington Technology Finance ABS Trust 2014 1.70% due 2020 |
57,494 |
|
|
123,577 |
|
Huntington Technology Finance ABS Trust 2012 1.79% due 2017 |
— |
|
|
27,153 |
|
Other |
141 |
|
|
141 |
|
Total other |
335,158 |
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|
452,448 |
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|
|
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Total long-term debt |
$ |
8,309,159 |
|
|
$ |
7,041,364 |
|
|
|
(1) |
Variable effective rate at December 31, 2016, based on three-month LIBOR +1.400%
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(2) |
Variable effective rate at December 31, 2016, based on three-month LIBOR +0.70%
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(3) |
Variable effective rate at December 31, 2016, based on three-month LIBOR +0.625%
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(4) |
Variable effective rate at December 31, 2016, based on three-month LIBOR +1.33%.
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(5) |
Variable effective rate at December 31, 2016, based on three-month LIBOR +0.425%.
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The trust securities are the obligations of the trusts, and as such, are not consolidated within Huntington’s Consolidated Financial Statements. A list of trust-preferred securities outstanding at December 31, 2016 follows:
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(dollar amounts in thousands) |
Rate |
|
Principal amount of
subordinated note/
debenture issued to trust (1)
|
|
Investment in
unconsolidated
subsidiary
|
Huntington Capital I |
1.59 |
% |
(2) |
$ |
69,730 |
|
|
$ |
6,186 |
|
Huntington Capital II |
1.59 |
|
(3) |
32,093 |
|
|
3,093 |
|
Sky Financial Capital Trust III |
2.40 |
|
(4) |
72,165 |
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|
2,165 |
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Sky Financial Capital Trust IV |
2.25 |
|
(4) |
74,320 |
|
|
2,320 |
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Camco Financial Trust |
3.43 |
|
(5) |
4,244 |
|
|
155 |
|
Total |
|
|
$ |
252,552 |
|
|
$ |
13,919 |
|
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|
(1) |
Represents the principal amount of debentures issued to each trust, including unamortized original issue discount. |
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(2) |
Variable effective rate at December 31, 2016, based on three-month LIBOR + 0.70.
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(3) |
Variable effective rate at December 31, 2016, based on three-month LIBOR + 62.5.
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(4) |
Variable effective rate at December 31, 2016, based on three-month LIBOR + 1.40.
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(5) |
Variable effective rate (including impact of purchase accounting accretion) at December 31, 2016, based on three month LIBOR + 1.33.
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| Schedule of Maturities of Long-term Debt |
Long-term debt maturities for the next five years and thereafter are as follows:
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(dollar amounts in thousands) |
2017 |
|
2018 |
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2019 |
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2020 |
|
2021 |
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Thereafter |
|
Total |
The Parent Company: |
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|
|
|
|
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|
|
|
|
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Senior notes |
$ |
— |
|
|
$ |
400,000 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
1,000,000 |
|
|
$ |
1,000,000 |
|
|
$ |
2,400,000 |
|
Subordinated notes |
— |
|
|
— |
|
|
— |
|
|
300,000 |
|
|
— |
|
|
503,463 |
|
|
803,463 |
|
The Bank: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Senior notes |
750,000 |
|
|
2,135,000 |
|
|
500,000 |
|
|
1,000,000 |
|
|
— |
|
|
— |
|
|
4,385,000 |
|
Subordinated notes |
— |
|
|
125,539 |
|
|
75,716 |
|
|
— |
|
|
— |
|
|
250,000 |
|
|
451,255 |
|
FHLB Advances |
100 |
|
|
1,115 |
|
|
325 |
|
|
2,368 |
|
|
— |
|
|
3,769 |
|
|
7,677 |
|
Other |
64,288 |
|
|
84,357 |
|
|
62,048 |
|
|
81,551 |
|
|
42,187 |
|
|
726 |
|
|
335,157 |
|
Total |
$ |
814,388 |
|
|
$ |
2,746,011 |
|
|
$ |
638,089 |
|
|
$ |
1,383,919 |
|
|
$ |
1,042,187 |
|
|
$ |
1,757,958 |
|
|
$ |
8,382,552 |
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