Benefit Plans (Tables)
|
3 Months Ended |
Jun. 30, 2015 |
|---|
| Benefit Plans [Abstract] |
|
| Schedule of Net Benefit Costs [Table Text Block] |
The following table shows the components of net periodic benefit expense of the Plan and the Post-Retirement Benefit Plan:
|
|
Pension Benefits |
|
|
Post Retirement Benefits |
|
|
Three Months Ended |
|
|
Three Months Ended |
|
|
June 30, |
|
|
June 30, |
| (dollar amounts in thousands) |
|
2015 |
|
|
2014 |
|
|
2015 |
|
|
2014 |
|
Service cost (1)
|
$ |
458 |
|
$ |
435 |
|
$ |
--- |
|
$ |
--- |
| Interest cost |
|
7,984 |
|
|
8,100 |
|
|
142 |
|
|
259 |
| Expected return on plan assets |
|
(11,044) |
|
|
(11,446) |
|
|
--- |
|
|
--- |
| Amortization of prior service cost |
|
--- |
|
|
--- |
|
|
(492) |
|
|
(339) |
| Amortization of gain |
|
1,984 |
|
|
1,442 |
|
|
(116) |
|
|
(144) |
| Settlements |
|
3,100 |
|
|
2,500 |
|
|
--- |
|
|
--- |
| Benefit expense |
$ |
2,482 |
|
$ |
1,031 |
|
$ |
(466) |
|
$ |
(224) |
|
(1) Since no participants will be earning benefits after December 31, 2013, the 2014 and 2015 service cost represents only administrative expenses.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pension Benefits |
|
|
Post Retirement Benefits |
|
|
Six Months Ended |
|
|
Six Months Ended |
|
|
June 30, |
|
|
June 30, |
| (dollar amounts in thousands) |
|
2015 |
|
|
2014 |
|
|
2015 |
|
|
2014 |
|
Service cost (1)
|
$ |
915 |
|
$ |
870 |
|
$ |
--- |
|
$ |
--- |
| Interest cost |
|
15,969 |
|
|
16,200 |
|
|
283 |
|
|
518 |
| Expected return on plan assets |
|
(22,087) |
|
|
(22,892) |
|
|
--- |
|
|
--- |
| Amortization of prior service cost |
|
--- |
|
|
--- |
|
|
(984) |
|
|
(678) |
| Amortization of gain |
|
3,966 |
|
|
2,884 |
|
|
(232) |
|
|
(288) |
| Settlements |
|
5,650 |
|
|
5,000 |
|
|
--- |
|
|
--- |
| Benefit expense |
$ |
4,413 |
|
$ |
2,062 |
|
$ |
(933) |
|
$ |
(448) |
|
(1) Since no participants will be earning benefits after December 31, 2013, the 2014 and 2015 service cost represents only administrative expenses.
|
|
| Schedule of Allocation of Plan Assets [Table Text Block] |
The Bank, as trustee, held all Plan assets at June 30, 2015 and December 31, 2014. The Plan assets consisted of the following investments:
|
|
Fair Value |
| (dollar amounts in thousands) |
June 30, 2015 |
|
December 31, 2014 |
| Cash equivalents: |
|
|
|
|
|
|
|
|
|
|
Huntington funds - money market |
$ |
6,164 |
1 |
% |
|
$ |
16,136 |
2 |
% |
| Fixed income: |
|
|
|
|
|
|
|
|
|
|
Corporate obligations |
|
205,362 |
33 |
|
|
|
218,077 |
33 |
|
|
U.S. government obligations |
|
59,893 |
9 |
|
|
|
62,627 |
10 |
|
|
Mutual funds - fixed income |
|
36,393 |
6 |
|
|
|
34,761 |
5 |
|
|
U.S. government agencies |
|
7,008 |
1 |
|
|
|
7,445 |
1 |
|
| Equities: |
|
|
|
|
|
|
|
|
|
|
Mutual funds - equities |
|
154,152 |
24 |
|
|
|
147,191 |
23 |
|
|
Other common stock |
|
123,805 |
20 |
|
|
|
118,970 |
18 |
|
|
Huntington funds |
|
25,564 |
4 |
|
|
|
37,920 |
6 |
|
|
Exchange traded funds |
|
7,034 |
1 |
|
|
|
6,840 |
1 |
|
|
Limited partnerships |
|
5,160 |
1 |
|
|
|
3,046 |
1 |
|
| Fair value of plan assets |
$ |
630,535 |
100 |
% |
|
$ |
653,013 |
100 |
% |
|
| Schedule of Costs of Retirement Plans [Table Text Block] |
The following table shows the costs of providing the SERP, SRIP, and defined contribution plans:
|
|
|
Three Months Ended |
|
|
Six Months Ended |
|
|
|
June 30, |
|
|
June 30, |
| (dollar amounts in thousands) |
|
|
2015 |
|
|
2014 |
|
|
2015 |
|
|
2014 |
| SERP & SRIP |
|
$ |
578 |
|
$ |
487 |
|
$ |
1,157 |
|
$ |
963 |
| Defined contribution plan |
|
|
8,078 |
|
|
8,810 |
|
|
15,523 |
|
|
14,914 |
| Benefit cost |
|
$ |
8,656 |
|
$ |
9,297 |
|
$ |
16,680 |
|
$ |
15,877 |
|