BENEFIT PLANS (Tables)
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9 Months Ended |
Sep. 30, 2015 |
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| Compensation and Retirement Disclosure [Abstract] |
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| Schedule of Net Benefit Costs |
The following table shows the components of net periodic benefit expense of the Plan and the Post-Retirement Benefit Plan:
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Pension Benefits |
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Post Retirement Benefits |
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Three Months Ended September 30, |
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Three Months Ended September 30, |
(dollar amounts in thousands) |
2015 |
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2014 |
|
2015 |
|
2014 |
Service cost (1) |
$ |
457 |
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$ |
435 |
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$ |
— |
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$ |
— |
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Interest cost |
7,984 |
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|
8,099 |
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|
142 |
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|
258 |
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Expected return on plan assets |
(11,044 |
) |
|
(11,446 |
) |
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— |
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— |
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Amortization of prior service cost |
— |
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— |
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(492 |
) |
|
(338 |
) |
Amortization of gain (loss) |
1,984 |
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|
1,442 |
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(116 |
) |
|
(144 |
) |
Settlements |
2,825 |
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|
2,500 |
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(2) |
(3,090 |
) |
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— |
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Benefit expense |
$ |
2,206 |
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$ |
1,030 |
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$ |
(3,556 |
) |
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$ |
(224 |
) |
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(1) |
Since no participants will be earning benefits after December 31, 2013, the 2014 and 2015 service cost represents only administrative expenses.
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(2) |
During the 2015 third quarter, Huntington transferred the retiree life insurance obligation in a non-participating contract to an insurance carrier. |
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Pension Benefits |
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Post Retirement Benefits |
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Nine Months Ended September 30, |
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Nine Months Ended September 30, |
(dollar amounts in thousands) |
2015 |
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2014 |
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2015 |
|
2014 |
Service cost (1) |
$ |
1,372 |
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$ |
1,305 |
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$ |
— |
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|
$ |
— |
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Interest cost |
23,953 |
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|
24,299 |
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|
425 |
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|
776 |
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Expected return on plan assets |
(33,131 |
) |
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(34,338 |
) |
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— |
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— |
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Amortization of prior service cost |
— |
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— |
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(1,476 |
) |
|
(1,016 |
) |
Amortization of gain (loss) |
5,950 |
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|
4,326 |
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(348 |
) |
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(432 |
) |
Settlements |
8,475 |
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|
7,500 |
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(2) |
(3,090 |
) |
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— |
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Benefit expense |
$ |
6,619 |
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$ |
3,092 |
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$ |
(4,489 |
) |
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$ |
(672 |
) |
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(1) |
Since no participants will be earning benefits after December 31, 2013, the 2014 and 2015 service cost represents only administrative expenses.
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| Schedule of Allocation of Plan Assets |
Bank, as trustee, held all Plan assets at September 30, 2015 and December 31, 2014. The Plan assets consisted of the following investments:
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Fair Value |
(dollar amounts in thousands) |
September 30, 2015 |
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December 31, 2014 |
Cash equivalents: |
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Huntington funds—money market |
$ |
8,937 |
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|
1 |
% |
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$ |
16,136 |
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2 |
% |
Fixed income: |
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Corporate obligations |
205,806 |
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|
34 |
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|
218,077 |
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33 |
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U.S. government obligations |
61,987 |
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|
11 |
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62,627 |
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|
10 |
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Mutual funds—fixed income |
34,123 |
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6 |
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34,761 |
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5 |
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U.S. government agencies |
7,203 |
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1 |
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7,445 |
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|
1 |
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Equities: |
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Mutual funds—equities |
134,939 |
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|
23 |
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147,191 |
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23 |
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Other common stock |
114,594 |
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|
19 |
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118,970 |
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18 |
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Huntington funds |
20,243 |
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3 |
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37,920 |
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|
6 |
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Exchange traded funds |
6,306 |
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1 |
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6,840 |
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1 |
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Limited partnerships |
5,431 |
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|
1 |
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3,046 |
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|
1 |
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Fair value of plan assets |
$ |
599,569 |
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|
100 |
% |
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$ |
653,013 |
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100 |
% |
Inv
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| Schedule of Costs of Retirement Plans |
following table shows the costs of providing the SERP, SRIP, and defined contribution plans:
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Three Months Ended September 30, |
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Nine Months Ended September 30, |
(dollar amounts in thousands) |
2015 |
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2014 |
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2015 |
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2014 |
SERP & SRIP |
$ |
578 |
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$ |
504 |
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$ |
1,735 |
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$ |
1,467 |
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Defined contribution plan |
8,224 |
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|
8,325 |
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|
23,747 |
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|
23,239 |
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Benefit cost |
$ |
8,802 |
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$ |
8,829 |
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$ |
25,482 |
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$ |
24,706 |
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