☒
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
Maryland
|
1-34073
|
31-0724920
|
(State or other jurisdiction of
incorporation or organization)
|
(Commission
File Number)
|
(I.R.S. Employer
Identification No.)
|
Title of class
|
Trading
Symbol(s)
|
Name of exchange on which registered
|
Common Stock—Par Value $0.01 per Share
|
HBAN
|
NASDAQ
|
Depositary Shares (each representing a 1/40th interest in a share of 5.875% Series C Non-Cumulative, perpetual preferred stock)
|
HBANN
|
NASDAQ
|
Depositary Shares (each representing a 1/40th interest in a share of 6.250% Series D Non-Cumulative, perpetual preferred stock)
|
HBANO
|
NASDAQ
|
|
|
|
Large Accelerated Filer
|
x
|
|
Accelerated filer
|
☐
|
|
|
|
|
|
|
|
Non-accelerated filer
|
☐
|
|
Smaller reporting company
|
☐
|
|
|
|
|
|
Emerging growth company
|
☐
|
|
|
|
|
ACL
|
|
Allowance for Credit Losses
|
AFS
|
|
Available-for-Sale
|
ALLL
|
|
Allowance for Loan and Lease Losses
|
AOCI
|
|
Accumulated Other Comprehensive Income
|
ASC
|
|
Accounting Standards Codification
|
AULC
|
|
Allowance for Unfunded Loan Commitments
|
Basel III
|
|
Refers to the final rule issued by the FRB and OCC and published in the Federal Register on October 11, 2013
|
CARES Act
|
|
Coronavirus Aid, Relief, and Economic Security Act
|
C&I
|
|
Commercial and Industrial
|
CCAR
|
|
Comprehensive Capital Analysis and Review
|
CDs
|
|
Certificates of Deposit
|
CECL
|
|
Current Expected Credit Loss
|
CET1
|
|
Common Equity Tier 1 on a Basel III basis
|
CFPB
|
|
Bureau of Consumer Financial Protection
|
CMO
|
|
Collateralized Mortgage Obligations
|
COVID-19
|
|
Coronavirus Disease 2019
|
CRE
|
|
Commercial Real Estate
|
EAD
|
|
Exposure at Default
|
EVE
|
|
Economic Value of Equity
|
FASB
|
|
Financial Accounting Standards Board
|
FDIC
|
|
Federal Deposit Insurance Corporation
|
FHFA
|
|
Federal Housing Finance Agency
|
FHLB
|
|
Federal Home Loan Bank of Cincinnati
|
FICO
|
|
Fair Isaac Corporation
|
FRB
|
|
Federal Reserve Bank
|
FTE
|
|
Fully-Taxable Equivalent
|
FTP
|
|
Funds Transfer Pricing
|
FVO
|
|
Fair Value Option
|
GAAP
|
|
Generally Accepted Accounting Principles in the United States of America
|
HTM
|
|
Held-to-Maturity
|
IRS
|
|
Internal Revenue Service
|
LCR
|
|
Liquidity Coverage Ratio
|
LIBOR
|
|
London Interbank Offered Rate
|
LIHTC
|
|
Low Income Housing Tax Credit
|
MBS
|
|
Mortgage-Backed Securities
|
MD&A
|
|
Management’s Discussion and Analysis of Financial Condition and Results of Operations
|
MSR
|
|
Mortgage Servicing Right
|
NAICS
|
|
North American Industry Classification System
|
NALs
|
|
Nonaccrual Loans
|
NCO
|
|
Net Charge-off
|
NII
|
|
Noninterest Income
|
NIM
|
|
Net Interest Margin
|
NPAs
|
|
Nonperforming Assets
|
OCC
|
|
Office of the Comptroller of the Currency
|
OCI
|
|
Other Comprehensive Income (Loss)
|
OLEM
|
|
Other Loans Especially Mentioned
|
OREO
|
|
Other Real Estate Owned
|
OTTI
|
|
Other-Than-Temporary Impairment
|
PCD
|
|
Purchased-Credit-Deteriorated
|
PPP
|
|
Paycheck Protection Program
|
PPPLF
|
|
Paycheck Protection Program Liquidity Facility
|
RBHPCG
|
|
Regional Banking and The Huntington Private Client Group
|
ROC
|
|
Risk Oversight Committee
|
SBA
|
|
Small Business Administration
|
SEC
|
|
Securities and Exchange Commission
|
TDR
|
|
Troubled Debt Restructuring
|
U.S. Treasury
|
|
U.S. Department of the Treasury
|
UCS
|
|
Uniform Classification System
|
VIE
|
|
Variable Interest Entity
|
XBRL
|
|
eXtensible Business Reporting Language
|
Table 1 - Selected Quarterly Income Statement Data
|
|||||||||||||||||||
|
Three Months Ended
|
||||||||||||||||||
|
March 31,
|
|
December 31,
|
|
September 30,
|
|
June 30,
|
|
March 31,
|
||||||||||
(amounts in millions, except per share data)
|
2020
|
|
2019
|
|
2019
|
|
2019
|
|
2019
|
||||||||||
Interest income
|
$
|
975
|
|
|
$
|
1,011
|
|
|
$
|
1,052
|
|
|
$
|
1,068
|
|
|
$
|
1,070
|
|
Interest expense
|
185
|
|
|
231
|
|
|
253
|
|
|
256
|
|
|
248
|
|
|||||
Net interest income
|
790
|
|
|
780
|
|
|
799
|
|
|
812
|
|
|
822
|
|
|||||
Provision for credit losses
|
441
|
|
|
79
|
|
|
82
|
|
|
59
|
|
|
67
|
|
|||||
Net interest income after provision for credit losses
|
349
|
|
|
701
|
|
|
717
|
|
|
753
|
|
|
755
|
|
|||||
Service charges on deposit accounts
|
87
|
|
|
95
|
|
|
98
|
|
|
92
|
|
|
87
|
|
|||||
Card and payment processing income
|
58
|
|
|
64
|
|
|
64
|
|
|
63
|
|
|
56
|
|
|||||
Trust and investment management services
|
47
|
|
|
47
|
|
|
44
|
|
|
43
|
|
|
44
|
|
|||||
Mortgage banking income
|
58
|
|
|
58
|
|
|
54
|
|
|
34
|
|
|
21
|
|
|||||
Capital markets fees
|
33
|
|
|
31
|
|
|
36
|
|
|
34
|
|
|
22
|
|
|||||
Insurance income
|
23
|
|
|
24
|
|
|
20
|
|
|
23
|
|
|
21
|
|
|||||
Bank owned life insurance income
|
16
|
|
|
17
|
|
|
18
|
|
|
15
|
|
|
16
|
|
|||||
Gain on sale of loans and leases
|
8
|
|
|
16
|
|
|
13
|
|
|
13
|
|
|
13
|
|
|||||
Net (losses) gains on sales of securities
|
—
|
|
|
(22
|
)
|
|
—
|
|
|
(2
|
)
|
|
—
|
|
|||||
Other noninterest income
|
31
|
|
|
42
|
|
|
42
|
|
|
59
|
|
|
39
|
|
|||||
Total noninterest income
|
361
|
|
|
372
|
|
|
389
|
|
|
374
|
|
|
319
|
|
|||||
Personnel costs
|
395
|
|
|
426
|
|
|
406
|
|
|
428
|
|
|
394
|
|
|||||
Outside data processing and other services
|
85
|
|
|
89
|
|
|
87
|
|
|
89
|
|
|
81
|
|
|||||
Equipment
|
41
|
|
|
42
|
|
|
41
|
|
|
40
|
|
|
40
|
|
|||||
Net occupancy
|
40
|
|
|
41
|
|
|
38
|
|
|
38
|
|
|
42
|
|
|||||
Professional services
|
11
|
|
|
14
|
|
|
16
|
|
|
12
|
|
|
12
|
|
|||||
Amortization of intangibles
|
11
|
|
|
12
|
|
|
12
|
|
|
12
|
|
|
13
|
|
|||||
Marketing
|
9
|
|
|
9
|
|
|
10
|
|
|
11
|
|
|
7
|
|
|||||
Deposit and other insurance expense
|
9
|
|
|
10
|
|
|
8
|
|
|
8
|
|
|
8
|
|
|||||
Other noninterest expense
|
51
|
|
|
58
|
|
|
49
|
|
|
62
|
|
|
56
|
|
|||||
Total noninterest expense
|
652
|
|
|
701
|
|
|
667
|
|
|
700
|
|
|
653
|
|
|||||
Income before income taxes
|
58
|
|
|
372
|
|
|
439
|
|
|
427
|
|
|
421
|
|
|||||
Provision for income taxes
|
10
|
|
|
55
|
|
|
67
|
|
|
63
|
|
|
63
|
|
|||||
Net income
|
48
|
|
|
317
|
|
|
372
|
|
|
364
|
|
|
358
|
|
|||||
Dividends on preferred shares
|
18
|
|
|
19
|
|
|
18
|
|
|
18
|
|
|
19
|
|
|||||
Net income applicable to common shares
|
$
|
30
|
|
|
$
|
298
|
|
|
$
|
354
|
|
|
$
|
346
|
|
|
$
|
339
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Average common shares—basic
|
1,018
|
|
|
1,029
|
|
|
1,035
|
|
|
1,045
|
|
|
1,047
|
|
|||||
Average common shares—diluted
|
1,035
|
|
|
1,047
|
|
|
1,051
|
|
|
1,060
|
|
|
1,066
|
|
|||||
Net income per common share—basic
|
$
|
0.03
|
|
|
$
|
0.29
|
|
|
$
|
0.34
|
|
|
$
|
0.33
|
|
|
$
|
0.32
|
|
Net income per common share—diluted
|
0.03
|
|
|
0.28
|
|
|
0.34
|
|
|
0.33
|
|
|
0.32
|
|
|||||
Return on average total assets
|
0.17
|
%
|
|
1.15
|
%
|
|
1.37
|
%
|
|
1.36
|
%
|
|
1.35
|
%
|
|||||
Return on average common shareholders’ equity
|
1.1
|
|
|
11.1
|
|
|
13.4
|
|
|
13.5
|
|
|
13.8
|
|
|||||
Return on average tangible common shareholders’ equity (1)
|
1.8
|
|
|
14.3
|
|
|
17.3
|
|
|
17.7
|
|
|
18.3
|
|
|||||
Net interest margin (2)
|
3.14
|
|
|
3.12
|
|
|
3.20
|
|
|
3.31
|
|
|
3.39
|
|
|||||
Efficiency ratio (3)
|
55.4
|
|
|
58.4
|
|
|
54.7
|
|
|
57.6
|
|
|
55.8
|
|
|||||
Effective tax rate
|
17.0
|
|
|
14.8
|
|
|
15.4
|
|
|
14.6
|
|
|
15.0
|
|
|||||
Revenue—FTE
|
|
|
|
|
|
|
|
|
|
||||||||||
Net interest income
|
$
|
790
|
|
|
$
|
780
|
|
|
$
|
799
|
|
|
$
|
812
|
|
|
$
|
822
|
|
FTE adjustment
|
6
|
|
|
6
|
|
|
6
|
|
|
7
|
|
|
7
|
|
|||||
Net interest income (2)
|
796
|
|
|
786
|
|
|
805
|
|
|
819
|
|
|
829
|
|
|||||
Noninterest income
|
361
|
|
|
372
|
|
|
389
|
|
|
374
|
|
|
319
|
|
|||||
Total revenue (2)
|
$
|
1,157
|
|
|
$
|
1,158
|
|
|
$
|
1,194
|
|
|
$
|
1,193
|
|
|
$
|
1,148
|
|
(1)
|
Net income excluding expense for amortization of intangibles for the period divided by average tangible common shareholders’ equity. Average tangible common shareholders’ equity equals average total common shareholders’ equity less average intangible assets and goodwill. Expense for amortization of intangibles and average intangible assets are net of deferred tax liability, and calculated assuming a 21% tax rate.
|
(2)
|
On an FTE basis assuming a 21% tax rate.
|
(3)
|
Noninterest expense less amortization of intangibles and goodwill impairment divided by the sum of FTE net interest income and noninterest income excluding securities gains.
|
Table 2 - Consolidated Average Balance Sheet and Net Interest Margin Analysis
|
||||||||||||||||||||||||||
|
Average Balances
|
|
|
|
|
|||||||||||||||||||||
|
Three Months Ended
|
|
Change
|
|||||||||||||||||||||||
|
March 31,
|
|
December 31,
|
|
September 30,
|
|
June 30,
|
|
March 31,
|
|
1Q20 vs. 1Q19
|
|||||||||||||||
(dollar amounts in millions)
|
2020
|
|
2019
|
|
2019
|
|
2019
|
|
2019
|
|
Amount
|
|
Percent
|
|||||||||||||
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Interest-bearing deposits in Federal Reserve Bank
|
$
|
680
|
|
|
$
|
672
|
|
|
$
|
514
|
|
|
$
|
518
|
|
|
$
|
501
|
|
|
$
|
179
|
|
|
36
|
%
|
Interest-bearing deposits in banks
|
150
|
|
|
176
|
|
|
149
|
|
|
135
|
|
|
109
|
|
|
41
|
|
|
38
|
|
||||||
Securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Trading account securities
|
95
|
|
|
109
|
|
|
137
|
|
|
161
|
|
|
138
|
|
|
(43
|
)
|
|
(31
|
)
|
||||||
Available-for-sale securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Taxable
|
11,671
|
|
|
11,221
|
|
|
11,096
|
|
|
10,501
|
|
|
10,752
|
|
|
919
|
|
|
9
|
|
||||||
Tax-exempt
|
2,753
|
|
|
2,791
|
|
|
2,820
|
|
|
2,970
|
|
|
3,048
|
|
|
(295
|
)
|
|
(10
|
)
|
||||||
Total available-for-sale securities
|
14,424
|
|
|
14,012
|
|
|
13,916
|
|
|
13,471
|
|
|
13,800
|
|
|
624
|
|
|
5
|
|
||||||
Held-to-maturity securities—taxable
|
9,428
|
|
|
8,592
|
|
|
8,566
|
|
|
8,771
|
|
|
8,653
|
|
|
775
|
|
|
9
|
|
||||||
Other securities
|
445
|
|
|
448
|
|
|
437
|
|
|
466
|
|
|
536
|
|
|
(91
|
)
|
|
(17
|
)
|
||||||
Total securities
|
24,392
|
|
|
23,161
|
|
|
23,056
|
|
|
22,869
|
|
|
23,127
|
|
|
1,265
|
|
|
5
|
|
||||||
Loans held for sale
|
865
|
|
|
950
|
|
|
877
|
|
|
734
|
|
|
700
|
|
|
165
|
|
|
24
|
|
||||||
Loans and leases: (3)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial and industrial
|
30,849
|
|
|
30,373
|
|
|
30,632
|
|
|
30,644
|
|
|
30,546
|
|
|
303
|
|
|
1
|
|
||||||
Commercial real estate:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Construction
|
1,165
|
|
|
1,181
|
|
|
1,165
|
|
|
1,168
|
|
|
1,174
|
|
|
(9
|
)
|
|
(1
|
)
|
||||||
Commercial
|
5,566
|
|
|
5,625
|
|
|
5,762
|
|
|
5,732
|
|
|
5,686
|
|
|
(120
|
)
|
|
(2
|
)
|
||||||
Commercial real estate
|
6,731
|
|
|
6,806
|
|
|
6,927
|
|
|
6,900
|
|
|
6,860
|
|
|
(129
|
)
|
|
(2
|
)
|
||||||
Total commercial
|
37,580
|
|
|
37,179
|
|
|
37,559
|
|
|
37,544
|
|
|
37,406
|
|
|
174
|
|
|
—
|
|
||||||
Consumer:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Automobile
|
12,924
|
|
|
12,607
|
|
|
12,181
|
|
|
12,219
|
|
|
12,361
|
|
|
563
|
|
|
5
|
|
||||||
Home equity
|
9,026
|
|
|
9,192
|
|
|
9,353
|
|
|
9,482
|
|
|
9,641
|
|
|
(615
|
)
|
|
(6
|
)
|
||||||
Residential mortgage
|
11,391
|
|
|
11,330
|
|
|
11,214
|
|
|
11,010
|
|
|
10,787
|
|
|
604
|
|
|
6
|
|
||||||
RV and marine
|
3,590
|
|
|
3,564
|
|
|
3,528
|
|
|
3,413
|
|
|
3,296
|
|
|
294
|
|
|
9
|
|
||||||
Other consumer
|
1,185
|
|
|
1,231
|
|
|
1,261
|
|
|
1,264
|
|
|
1,284
|
|
|
(99
|
)
|
|
(8
|
)
|
||||||
Total consumer
|
38,116
|
|
|
37,924
|
|
|
37,537
|
|
|
37,388
|
|
|
37,369
|
|
|
747
|
|
|
2
|
|
||||||
Total loans and leases
|
75,696
|
|
|
75,103
|
|
|
75,096
|
|
|
74,932
|
|
|
74,775
|
|
|
921
|
|
|
1
|
|
||||||
Allowance for loan and lease losses
|
(1,239
|
)
|
|
(787
|
)
|
|
(799
|
)
|
|
(778
|
)
|
|
(780
|
)
|
|
(459
|
)
|
|
(59
|
)
|
||||||
Net loans and leases
|
74,457
|
|
|
74,316
|
|
|
74,297
|
|
|
74,154
|
|
|
73,995
|
|
|
462
|
|
|
1
|
|
||||||
Total earning assets
|
101,783
|
|
|
100,062
|
|
|
99,692
|
|
|
99,188
|
|
|
99,212
|
|
|
2,571
|
|
|
3
|
|
||||||
Cash and due from banks
|
914
|
|
|
864
|
|
|
817
|
|
|
835
|
|
|
853
|
|
|
61
|
|
|
7
|
|
||||||
Intangible assets
|
2,217
|
|
|
2,228
|
|
|
2,240
|
|
|
2,252
|
|
|
2,265
|
|
|
(48
|
)
|
|
(2
|
)
|
||||||
All other assets
|
6,472
|
|
|
6,346
|
|
|
6,216
|
|
|
5,982
|
|
|
5,961
|
|
|
511
|
|
|
9
|
|
||||||
Total assets
|
$
|
110,147
|
|
|
$
|
108,713
|
|
|
$
|
108,166
|
|
|
$
|
107,479
|
|
|
$
|
107,511
|
|
|
$
|
2,636
|
|
|
2
|
%
|
Liabilities and Shareholders’ Equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Interest-bearing deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Demand deposits—interest-bearing
|
$
|
21,202
|
|
|
$
|
20,140
|
|
|
19,796
|
|
|
$
|
19,693
|
|
|
$
|
19,770
|
|
|
$
|
1,432
|
|
|
7
|
%
|
|
Money market deposits
|
24,697
|
|
|
24,560
|
|
|
24,266
|
|
|
23,305
|
|
|
22,935
|
|
|
1,762
|
|
|
8
|
|
||||||
Savings and other domestic deposits
|
9,632
|
|
|
9,552
|
|
|
9,681
|
|
|
10,105
|
|
|
10,338
|
|
|
(706
|
)
|
|
(7
|
)
|
||||||
Core certificates of deposit (4)
|
3,943
|
|
|
4,795
|
|
|
5,666
|
|
|
5,860
|
|
|
6,052
|
|
|
(2,109
|
)
|
|
(35
|
)
|
||||||
Other domestic time deposits of $250,000 or more
|
321
|
|
|
313
|
|
|
315
|
|
|
310
|
|
|
335
|
|
|
(14
|
)
|
|
(4
|
)
|
||||||
Brokered deposits and negotiable CDs
|
2,884
|
|
|
2,589
|
|
|
2,599
|
|
|
2,685
|
|
|
3,404
|
|
|
(520
|
)
|
|
(15
|
)
|
||||||
Total interest-bearing deposits
|
62,679
|
|
|
61,949
|
|
|
62,323
|
|
|
61,958
|
|
|
62,834
|
|
|
(155
|
)
|
|
—
|
|
||||||
Short-term borrowings
|
3,383
|
|
|
1,965
|
|
|
2,331
|
|
|
3,166
|
|
|
2,320
|
|
|
1,063
|
|
|
46
|
|
||||||
Long-term debt
|
10,076
|
|
|
9,886
|
|
|
9,536
|
|
|
8,914
|
|
|
8,979
|
|
|
1,097
|
|
|
12
|
|
||||||
Total interest-bearing liabilities
|
76,138
|
|
|
73,800
|
|
|
74,190
|
|
|
74,038
|
|
|
74,133
|
|
|
2,005
|
|
|
3
|
|
||||||
Demand deposits—noninterest-bearing
|
20,054
|
|
|
20,643
|
|
|
19,926
|
|
|
19,760
|
|
|
19,938
|
|
|
116
|
|
|
1
|
|
||||||
All other liabilities
|
2,319
|
|
|
2,386
|
|
|
2,336
|
|
|
2,206
|
|
|
2,284
|
|
|
35
|
|
|
2
|
|
||||||
Shareholders’ equity
|
11,636
|
|
|
11,884
|
|
|
11,714
|
|
|
11,475
|
|
|
11,156
|
|
|
480
|
|
|
4
|
|
||||||
Total liabilities and shareholders’ equity
|
$
|
110,147
|
|
|
$
|
108,713
|
|
|
$
|
108,166
|
|
|
$
|
107,479
|
|
|
$
|
107,511
|
|
|
$
|
2,636
|
|
|
2
|
%
|
Table 2 - Consolidated Average Balance Sheet and Net Interest Margin Analysis (Continued)
|
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||
|
Average Yield Rates (2)
|
|||||||||||||
|
Three Months Ended
|
|||||||||||||
|
March 31,
|
|
December 31,
|
|
September 30,
|
|
June 30,
|
|
March 31,
|
|||||
Fully-taxable equivalent basis (1)
|
2020
|
|
2019
|
|
2019
|
|
2019
|
|
2019
|
|||||
Assets:
|
|
|
|
|
|
|
|
|
|
|||||
Interest-bearing deposits in Federal Reserve Bank
|
1.08
|
%
|
|
1.66
|
%
|
|
2.19
|
%
|
|
2.38
|
%
|
|
2.40
|
%
|
Interest-bearing deposits in banks
|
1.52
|
|
|
1.81
|
|
|
2.38
|
|
|
2.08
|
|
|
1.75
|
|
Securities:
|
|
|
|
|
|
|
|
|
|
|||||
Trading account securities
|
3.21
|
|
|
2.45
|
|
|
2.36
|
|
|
1.92
|
|
|
2.03
|
|
Available-for-sale securities:
|
|
|
|
|
|
|
|
|
|
|||||
Taxable
|
2.62
|
|
|
2.63
|
|
|
2.67
|
|
|
2.73
|
|
|
2.82
|
|
Tax-exempt
|
3.30
|
|
|
3.43
|
|
|
3.63
|
|
|
3.66
|
|
|
3.69
|
|
Total available-for-sale securities
|
2.75
|
|
|
2.79
|
|
|
2.87
|
|
|
2.94
|
|
|
3.01
|
|
Held-to-maturity securities—taxable
|
2.50
|
|
|
2.50
|
|
|
2.51
|
|
|
2.54
|
|
|
2.52
|
|
Other securities
|
2.07
|
|
|
2.57
|
|
|
3.15
|
|
|
3.44
|
|
|
4.51
|
|
Total securities
|
2.64
|
|
|
2.68
|
|
|
2.74
|
|
|
2.79
|
|
|
2.86
|
|
Loans held for sale
|
3.39
|
|
|
3.40
|
|
|
3.69
|
|
|
4.00
|
|
|
4.07
|
|
Loans and leases: (3)
|
|
|
|
|
|
|
|
|
|
|||||
Commercial:
|
|
|
|
|
|
|
|
|
|
|||||
Commercial and industrial
|
4.12
|
|
|
4.31
|
|
|
4.57
|
|
|
4.82
|
|
|
4.91
|
|
Commercial real estate:
|
|
|
|
|
|
|
|
|
|
|||||
Construction
|
4.75
|
|
|
5.07
|
|
|
5.50
|
|
|
5.59
|
|
|
5.58
|
|
Commercial
|
4.00
|
|
|
4.36
|
|
|
4.67
|
|
|
4.88
|
|
|
5.00
|
|
Commercial real estate
|
4.13
|
|
|
4.48
|
|
|
4.81
|
|
|
5.00
|
|
|
5.10
|
|
Total commercial
|
4.12
|
|
|
4.34
|
|
|
4.61
|
|
|
4.85
|
|
|
4.94
|
|
Consumer:
|
|
|
|
|
|
|
|
|
|
|||||
Automobile
|
4.05
|
|
|
4.15
|
|
|
4.09
|
|
|
4.02
|
|
|
3.95
|
|
Home equity
|
4.75
|
|
|
5.03
|
|
|
5.38
|
|
|
5.56
|
|
|
5.61
|
|
Residential mortgage
|
3.70
|
|
|
3.73
|
|
|
3.80
|
|
|
3.84
|
|
|
3.86
|
|
RV and marine
|
4.91
|
|
|
4.96
|
|
|
4.96
|
|
|
4.94
|
|
|
4.96
|
|
Other consumer
|
12.39
|
|
|
12.71
|
|
|
13.34
|
|
|
13.29
|
|
|
13.07
|
|
Total consumer
|
4.45
|
|
|
4.59
|
|
|
4.72
|
|
|
4.76
|
|
|
4.75
|
|
Total loans and leases
|
4.29
|
|
|
4.47
|
|
|
4.67
|
|
|
4.80
|
|
|
4.85
|
|
Total earning assets
|
3.88
|
|
|
4.03
|
|
|
4.21
|
|
|
4.35
|
|
|
4.40
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
|||||
Interest-bearing deposits:
|
|
|
|
|
|
|
|
|
|
|||||
Demand deposits—interest-bearing
|
0.43
|
|
|
0.63
|
|
|
0.57
|
|
|
0.58
|
|
|
0.56
|
|
Money market deposits
|
0.81
|
|
|
0.99
|
|
|
1.20
|
|
|
1.15
|
|
|
1.04
|
|
Savings and other domestic deposits
|
0.17
|
|
|
0.20
|
|
|
0.22
|
|
|
0.23
|
|
|
0.23
|
|
Core certificates of deposit (4)
|
1.91
|
|
|
2.09
|
|
|
2.17
|
|
|
2.15
|
|
|
2.11
|
|
Other domestic time deposits of $250,000 or more
|
1.56
|
|
|
1.70
|
|
|
1.85
|
|
|
1.92
|
|
|
1.82
|
|
Brokered deposits and negotiable CDs
|
1.22
|
|
|
1.67
|
|
|
2.21
|
|
|
2.39
|
|
|
2.38
|
|
Total interest-bearing deposits
|
0.68
|
|
|
0.87
|
|
|
0.98
|
|
|
0.97
|
|
|
0.94
|
|
Short-term borrowings
|
1.46
|
|
|
1.66
|
|
|
2.28
|
|
|
2.41
|
|
|
2.41
|
|
Long-term debt
|
2.70
|
|
|
3.50
|
|
|
3.59
|
|
|
3.91
|
|
|
3.98
|
|
Total interest-bearing liabilities
|
0.98
|
|
|
1.24
|
|
|
1.36
|
|
|
1.39
|
|
|
1.35
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Net interest rate spread
|
2.90
|
|
|
2.79
|
|
|
2.85
|
|
|
2.96
|
|
|
3.05
|
|
Impact of noninterest-bearing funds on margin
|
0.24
|
|
|
0.33
|
|
|
0.35
|
|
|
0.35
|
|
|
0.34
|
|
Net interest margin
|
3.14
|
%
|
|
3.12
|
%
|
|
3.20
|
%
|
|
3.31
|
%
|
|
3.39
|
%
|
(1)
|
FTE yields are calculated assuming a 21% tax rate.
|
(3)
|
For purposes of this analysis, NALs are reflected in the average balances of loans.
|
(4)
|
Includes consumer certificates of deposit of $250,000 or more.
|
Table 3 - Noninterest Income
|
|||||||||||||||||||||||||
|
Three Months Ended
|
|
1Q20 vs. 1Q19
|
|
1Q20 vs. 4Q19
|
||||||||||||||||||||
|
March 31,
|
|
December 31,
|
|
March 31,
|
|
Change
|
|
Change
|
||||||||||||||||
(dollar amounts in millions)
|
2020
|
|
2019
|
|
2019
|
|
Amount
|
|
Percent
|
|
Amount
|
|
Percent
|
||||||||||||
Service charges on deposit accounts
|
$
|
87
|
|
|
$
|
95
|
|
|
$
|
87
|
|
|
$
|
—
|
|
|
—
|
%
|
|
$
|
(8
|
)
|
|
(8
|
)%
|
Card and payment processing income
|
58
|
|
|
64
|
|
|
56
|
|
|
2
|
|
|
4
|
|
|
(6
|
)
|
|
(9
|
)
|
|||||
Trust and investment management services
|
47
|
|
|
47
|
|
|
44
|
|
|
3
|
|
|
7
|
|
|
—
|
|
|
—
|
|
|||||
Mortgage banking income
|
58
|
|
|
58
|
|
|
21
|
|
|
37
|
|
|
176
|
|
|
—
|
|
|
—
|
|
|||||
Capital markets fees
|
33
|
|
|
31
|
|
|
22
|
|
|
11
|
|
|
50
|
|
|
2
|
|
|
6
|
|
|||||
Insurance income
|
23
|
|
|
24
|
|
|
21
|
|
|
2
|
|
|
10
|
|
|
(1
|
)
|
|
(4
|
)
|
|||||
Bank owned life insurance income
|
16
|
|
|
17
|
|
|
16
|
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|
(6
|
)
|
|||||
Gain on sale of loans and leases
|
8
|
|
|
16
|
|
|
13
|
|
|
(5
|
)
|
|
(38
|
)
|
|
(8
|
)
|
|
(50
|
)
|
|||||
Net (losses) gains on sales of securities
|
—
|
|
|
(22
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
22
|
|
|
100
|
|
|||||
Other noninterest income
|
31
|
|
|
42
|
|
|
39
|
|
|
(8
|
)
|
|
(21
|
)
|
|
(11
|
)
|
|
(26
|
)
|
|||||
Total noninterest income
|
$
|
361
|
|
|
$
|
372
|
|
|
$
|
319
|
|
|
$
|
42
|
|
|
13
|
%
|
|
$
|
(11
|
)
|
|
(3
|
)%
|
Table 6 - Loan and Lease Portfolio by Industry Type
|
||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
(dollar amounts in millions)
|
March 31,
2020 |
|
December 31,
2019 |
|
September 30,
2019 |
|
June 30,
2019 |
|
March 31,
2019 |
|||||||||||||||||||||||||
Commercial loans and leases:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Real estate and rental and leasing
|
$
|
6,991
|
|
|
9
|
%
|
|
$
|
6,662
|
|
|
9
|
%
|
|
$
|
6,826
|
|
|
9
|
%
|
|
$
|
6,983
|
|
|
9
|
%
|
|
$
|
6,955
|
|
|
9
|
%
|
Retail trade (1)
|
5,886
|
|
|
8
|
|
|
5,239
|
|
|
7
|
|
|
5,031
|
|
|
7
|
|
|
5,161
|
|
|
7
|
|
|
5,266
|
|
|
7
|
|
|||||
Manufacturing
|
5,846
|
|
|
7
|
|
|
5,248
|
|
|
7
|
|
|
5,141
|
|
|
7
|
|
|
5,329
|
|
|
7
|
|
|
5,338
|
|
|
7
|
|
|||||
Finance and insurance
|
3,670
|
|
|
5
|
|
|
3,307
|
|
|
4
|
|
|
3,308
|
|
|
4
|
|
|
3,473
|
|
|
5
|
|
|
3,457
|
|
|
5
|
|
|||||
Health care and social assistance
|
2,815
|
|
|
4
|
|
|
2,498
|
|
|
3
|
|
|
2,604
|
|
|
3
|
|
|
2,497
|
|
|
3
|
|
|
2,575
|
|
|
3
|
|
|||||
Wholesale trade
|
2,555
|
|
|
3
|
|
|
2,437
|
|
|
3
|
|
|
2,449
|
|
|
3
|
|
|
2,604
|
|
|
3
|
|
|
2,725
|
|
|
4
|
|
|||||
Accommodation and food services
|
2,081
|
|
|
3
|
|
|
2,072
|
|
|
3
|
|
|
2,008
|
|
|
3
|
|
|
1,868
|
|
|
2
|
|
|
1,782
|
|
|
2
|
|
|||||
Mining, quarrying, and oil and gas extraction
|
1,162
|
|
|
1
|
|
|
1,304
|
|
|
2
|
|
|
1,375
|
|
|
2
|
|
|
1,310
|
|
|
2
|
|
|
1,306
|
|
|
2
|
|
|||||
Professional, scientific, and technical services
|
1,615
|
|
|
2
|
|
|
1,360
|
|
|
2
|
|
|
1,242
|
|
|
2
|
|
|
1,336
|
|
|
2
|
|
|
1,401
|
|
|
2
|
|
|||||
Other services
|
1,358
|
|
|
2
|
|
|
1,310
|
|
|
2
|
|
|
1,347
|
|
|
2
|
|
|
1,360
|
|
|
2
|
|
|
1,243
|
|
|
2
|
|
|||||
Transportation and warehousing
|
1,211
|
|
|
2
|
|
|
1,207
|
|
|
2
|
|
|
1,324
|
|
|
2
|
|
|
1,240
|
|
|
2
|
|
|
1,323
|
|
|
2
|
|
|||||
Construction
|
962
|
|
|
1
|
|
|
900
|
|
|
1
|
|
|
973
|
|
|
1
|
|
|
892
|
|
|
1
|
|
|
973
|
|
|
1
|
|
|||||
Information
|
728
|
|
|
1
|
|
|
649
|
|
|
1
|
|
|
619
|
|
|
1
|
|
|
527
|
|
|
1
|
|
|
522
|
|
|
1
|
|
|||||
Arts, entertainment, and recreation
|
694
|
|
|
1
|
|
|
690
|
|
|
1
|
|
|
654
|
|
|
1
|
|
|
617
|
|
|
1
|
|
|
585
|
|
|
1
|
|
|||||
Admin./Support/Waste Mgmt. and Remediation Services
|
693
|
|
|
1
|
|
|
731
|
|
|
1
|
|
|
687
|
|
|
1
|
|
|
681
|
|
|
1
|
|
|
690
|
|
|
1
|
|
|||||
Utilities
|
629
|
|
|
1
|
|
|
546
|
|
|
1
|
|
|
419
|
|
|
1
|
|
|
445
|
|
|
1
|
|
|
428
|
|
|
1
|
|
|||||
Educational services
|
465
|
|
|
—
|
|
|
463
|
|
|
—
|
|
|
467
|
|
|
1
|
|
|
481
|
|
|
1
|
|
|
478
|
|
|
1
|
|
|||||
Public administration
|
259
|
|
|
—
|
|
|
261
|
|
|
—
|
|
|
254
|
|
|
—
|
|
|
247
|
|
|
—
|
|
|
249
|
|
|
—
|
|
|||||
Agriculture, forestry, fishing and hunting
|
141
|
|
|
—
|
|
|
154
|
|
|
—
|
|
|
172
|
|
|
—
|
|
|
174
|
|
|
—
|
|
|
171
|
|
|
—
|
|
|||||
Management of companies and enterprises
|
104
|
|
|
—
|
|
|
105
|
|
|
—
|
|
|
112
|
|
|
—
|
|
|
103
|
|
|
—
|
|
|
113
|
|
|
—
|
|
|||||
Unclassified/Other
|
67
|
|
|
—
|
|
|
195
|
|
|
—
|
|
|
237
|
|
|
1
|
|
|
168
|
|
|
—
|
|
|
187
|
|
|
—
|
|
|||||
Total commercial loans and leases by industry category
|
39,932
|
|
|
51
|
|
|
37,338
|
|
|
49
|
|
|
37,249
|
|
|
51
|
|
|
37,496
|
|
|
50
|
|
|
37,767
|
|
|
51
|
|
|||||
Automobile
|
12,907
|
|
|
17
|
|
|
12,797
|
|
|
17
|
|
|
12,292
|
|
|
15
|
|
|
12,173
|
|
|
16
|
|
|
12,272
|
|
|
16
|
|
|||||
Home equity
|
9,010
|
|
|
11
|
|
|
9,093
|
|
|
12
|
|
|
9,300
|
|
|
12
|
|
|
9,419
|
|
|
12
|
|
|
9,551
|
|
|
13
|
|
|||||
Residential mortgage
|
11,398
|
|
|
15
|
|
|
11,376
|
|
|
15
|
|
|
11,247
|
|
|
15
|
|
|
11,182
|
|
|
15
|
|
|
10,885
|
|
|
14
|
|
|||||
RV and marine
|
3,643
|
|
|
5
|
|
|
3,563
|
|
|
5
|
|
|
3,553
|
|
|
5
|
|
|
3,492
|
|
|
5
|
|
|
3,344
|
|
|
4
|
|
|||||
Other consumer loans
|
1,145
|
|
|
1
|
|
|
1,237
|
|
|
2
|
|
|
1,251
|
|
|
2
|
|
|
1,271
|
|
|
2
|
|
|
1,260
|
|
|
2
|
|
|||||
Total loans and leases
|
$
|
78,035
|
|
|
100
|
%
|
|
$
|
75,404
|
|
|
100
|
%
|
|
$
|
74,892
|
|
|
100
|
%
|
|
$
|
75,033
|
|
|
100
|
%
|
|
$
|
75,079
|
|
|
100
|
%
|
(1)
|
Amounts include $4.0 billion, $3.7 billion, $3.5 billion, $3.6 billion and $3.6 billion of auto dealer services loans at March 31, 2020, December 31, 2019, September 30, 2019, June 30, 2019 and March 31, 2019, respectively.
|
(1)
|
Other nonperforming assets include certain impaired investment securities and/or nonaccrual loans held-for-sale.
|
(2)
|
Nonperforming assets divided by the sum of loans and leases, other real estate owned, and other NPAs.
|
(1)
|
Percentages represent the percentage of each loan and lease category to total loans and leases.
|
Table 10 - Quarterly Net Charge-off Analysis
|
|||||||||||
|
Three Months Ended
|
||||||||||
|
March 31,
|
|
December 31,
|
|
March 31,
|
||||||
(dollar amounts in millions)
|
2020
|
|
2019
|
|
2019
|
||||||
Net charge-offs (recoveries) by loan and lease type:
|
|||||||||||
Commercial:
|
|
|
|
|
|
||||||
Commercial and industrial
|
$
|
84
|
|
|
$
|
36
|
|
|
$
|
31
|
|
Commercial real estate:
|
|
|
|
|
|
||||||
Construction
|
—
|
|
|
—
|
|
|
—
|
|
|||
Commercial
|
(1
|
)
|
|
—
|
|
|
2
|
|
|||
Commercial real estate
|
(1
|
)
|
|
—
|
|
|
2
|
|
|||
Total commercial
|
83
|
|
|
36
|
|
|
33
|
|
|||
Consumer:
|
|
|
|
|
|
||||||
Automobile
|
7
|
|
|
9
|
|
|
10
|
|
|||
Home equity
|
5
|
|
|
1
|
|
|
3
|
|
|||
Residential mortgage
|
1
|
|
|
1
|
|
|
3
|
|
|||
RV and marine
|
2
|
|
|
4
|
|
|
3
|
|
|||
Other consumer
|
19
|
|
|
22
|
|
|
19
|
|
|||
Total consumer
|
34
|
|
|
37
|
|
|
38
|
|
|||
Total net charge-offs
|
$
|
117
|
|
|
$
|
73
|
|
|
$
|
71
|
|
|
|
|
|
|
|
||||||
Net charge-offs (recoveries) - annualized percentages:
|
|||||||||||
Commercial:
|
|
|
|
|
|
||||||
Commercial and industrial
|
1.09
|
%
|
|
0.47
|
%
|
|
0.41
|
%
|
|||
Commercial real estate:
|
|
|
|
|
|
||||||
Construction
|
0.08
|
|
|
(0.03
|
)
|
|
(0.11
|
)
|
|||
Commercial
|
(0.06
|
)
|
|
0.01
|
|
|
0.12
|
|
|||
Commercial real estate
|
(0.03
|
)
|
|
—
|
|
|
0.08
|
|
|||
Total commercial
|
0.89
|
|
|
0.38
|
|
|
0.35
|
|
|||
Consumer:
|
|
|
|
|
|
||||||
Automobile
|
0.22
|
|
|
0.30
|
|
|
0.32
|
|
|||
Home equity
|
0.19
|
|
|
0.02
|
|
|
0.12
|
|
|||
Residential mortgage
|
0.02
|
|
|
0.04
|
|
|
0.10
|
|
|||
RV and marine
|
0.27
|
|
|
0.39
|
|
|
0.39
|
|
|||
Other consumer
|
6.45
|
|
|
7.26
|
|
|
6.29
|
|
|||
Total consumer
|
0.35
|
|
|
0.39
|
|
|
0.41
|
|
|||
Net charge-offs as a % of average loans
|
0.62
|
%
|
|
0.39
|
%
|
|
0.38
|
%
|
|
|
|
|
Table 13 - Weighted-Average Maturity, Receive Rate and LIBOR Reset Rate on Qualifying Hedging Instruments
|
||||||||||||||||
|
March 31, 2020
|
|||||||||||||||
|
|
|
Average Maturity (years)
|
|
|
|
Weighted-Average
Receive Rate
|
|
Weighted-Average
LIBOR Reset Rate
|
|||||||
(dollar amounts in millions)
|
Notional Value
|
|
|
Fair Value
|
|
|
||||||||||
Asset conversion swaps
|
|
|
|
|
|
|
|
|
|
|||||||
Receive Fixed - 1 month LIBOR
|
$
|
5,975
|
|
|
2.65
|
|
|
$
|
269
|
|
|
1.82
|
%
|
|
0.97
|
%
|
Receive Fixed - 1 month LIBOR - forward starting (a)
|
1,300
|
|
|
4.11
|
|
|
49
|
|
|
1.45
|
|
|
—
|
|
||
Liability conversion swaps
|
|
|
|
|
|
|
|
|
|
|||||||
Receive Fixed - 1 month LIBOR
|
5,750
|
|
|
2.72
|
|
|
337
|
|
|
2.29
|
|
|
1.00
|
|
||
Receive Fixed - 3 month LIBOR
|
2,290
|
|
|
0.59
|
|
|
21
|
|
|
1.80
|
|
|
1.20
|
|
||
Total swap portfolio at March 31, 2020
|
$
|
15,315
|
|
|
|
|
$
|
676
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|||||||
|
March 31, 2020
|
|||||||||||||||
|
|
|
Average Maturity (years)
|
|
|
|
Weighted-Average
Floor Strike
|
|
Weighted-Average
LIBOR Reset Rate
|
|||||||
(dollar amounts in millions)
|
Notional Value
|
|
|
Fair Value
|
|
|
||||||||||
Interest rate floors
|
|
|
|
|
|
|
|
|
|
|||||||
Purchased Interest Rate Floors - 1 month LIBOR
|
$
|
8,200
|
|
|
0.98
|
|
|
$
|
127
|
|
|
1.84
|
%
|
|
1.26
|
%
|
Floor Spread - 1 month LIBOR
|
400
|
|
|
2.49
|
|
|
10
|
|
|
2.50 / 1.50
|
|
|
0.92
|
|
||
Floor Spread - 1 month LIBOR - forward starting (b)
|
3,500
|
|
|
4.06
|
|
|
86
|
|
|
1.68 / 0.79
|
|
|
—
|
|
||
Total floors portfolio at March 31, 2020
|
$
|
12,100
|
|
|
|
|
|
$
|
223
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
December 31, 2019
|
|||||||||||||||
|
|
|
Average Maturity (years)
|
|
|
|
Weighted-Average
Receive Rate
|
|
Weighted-Average
LIBOR Reset Rate
|
|||||||
(dollar amounts in millions)
|
Notional Value
|
|
|
Fair Value
|
|
|
||||||||||
Asset conversion swaps
|
|
|
|
|
|
|
|
|
|
|||||||
Receive Fixed - 1 month LIBOR
|
$
|
5,387
|
|
|
2.87
|
|
|
$
|
51
|
|
|
1.89
|
%
|
|
1.73%
|
|
Receive Fixed - 1 month LIBOR - forward starting (c)
|
3,250
|
|
|
4.02
|
|
|
(28
|
)
|
|
1.32
|
|
|
—
|
|
||
Liability conversion swaps
|
|
|
|
|
|
|
|
|
|
|||||||
Receive Fixed - 1 month LIBOR
|
5,250
|
|
|
2.97
|
|
|
146
|
|
|
2.37
|
|
|
1.72
|
|
||
Receive Fixed - 3 month LIBOR
|
2,290
|
|
|
0.84
|
|
|
5
|
|
|
1.80
|
|
|
1.94
|
|
||
Total swap portfolio at December 31, 2019
|
$
|
16,177
|
|
|
|
|
|
$
|
174
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
December 31, 2019
|
|||||||||||||||
|
|
|
Average Maturity (years)
|
|
|
|
Weighted-Average
Floor Strike
|
|
Weighted-Average
LIBOR Reset Rate
|
|||||||
(dollar amounts in millions)
|
Notional Value
|
|
|
Fair Value
|
|
|
||||||||||
Interest rate floors
|
|
|
|
|
|
|
|
|
|
|||||||
Purchased Interest Rate Floors - 1 month LIBOR
|
$
|
9,200
|
|
|
1.45
|
|
|
$
|
36
|
|
|
1.84
|
%
|
|
1.54
|
%
|
Floor Spread - 1 month LIBOR
|
400
|
|
|
2.74
|
|
|
8
|
|
|
2.50 / 1.50
|
|
|
1.79
|
|
||
Floor Spread - 1 month LIBOR - forward starting (d)
|
150
|
|
|
4.34
|
|
|
2
|
|
|
1.75 / 1.00
|
|
|
—
|
|
||
Total floors portfolio at December 31, 2019
|
$
|
9,750
|
|
|
|
|
|
$
|
46
|
|
|
|
|
|
|
Table 14 - Deposit Composition
|
||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
March 31,
|
|
December 31,
|
|
September 30,
|
|
June 30,
|
|
March 31,
|
|||||||||||||||||||||||||
(dollar amounts in millions)
|
2020
|
|
2019
|
|
2019
|
|
2019
|
|
2019 (1)
|
|||||||||||||||||||||||||
By Type:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Demand deposits—noninterest-bearing
|
$
|
21,039
|
|
|
24
|
%
|
|
$
|
20,247
|
|
|
25
|
%
|
|
$
|
20,553
|
|
|
25
|
%
|
|
$
|
19,383
|
|
|
24
|
%
|
|
$
|
20,036
|
|
|
24
|
%
|
Demand deposits—interest-bearing
|
23,115
|
|
|
27
|
|
|
20,583
|
|
|
25
|
|
|
19,976
|
|
|
24
|
|
|
19,085
|
|
|
24
|
|
|
19,906
|
|
|
24
|
|
|||||
Money market deposits
|
25,068
|
|
|
29
|
|
|
24,726
|
|
|
30
|
|
|
23,977
|
|
|
29
|
|
|
23,952
|
|
|
30
|
|
|
22,931
|
|
|
28
|
|
|||||
Savings and other domestic deposits
|
9,845
|
|
|
11
|
|
|
9,549
|
|
|
12
|
|
|
9,566
|
|
|
12
|
|
|
9,803
|
|
|
12
|
|
|
10,277
|
|
|
13
|
|
|||||
Core certificates of deposit (2)
|
3,599
|
|
|
4
|
|
|
4,356
|
|
|
5
|
|
|
5,443
|
|
|
7
|
|
|
5,703
|
|
|
7
|
|
|
6,007
|
|
|
7
|
|
|||||
Total core deposits:
|
82,666
|
|
|
95
|
|
|
79,461
|
|
|
97
|
|
|
79,515
|
|
|
97
|
|
|
77,926
|
|
|
97
|
|
|
79,157
|
|
|
96
|
|
|||||
Other domestic deposits of $250,000 or more
|
276
|
|
|
—
|
|
|
313
|
|
|
—
|
|
|
326
|
|
|
—
|
|
|
316
|
|
|
—
|
|
|
313
|
|
|
1
|
|
|||||
Brokered deposits and negotiable CDs
|
3,888
|
|
|
5
|
|
|
2,573
|
|
|
3
|
|
|
2,554
|
|
|
3
|
|
|
2,640
|
|
|
3
|
|
|
2,685
|
|
|
3
|
|
|||||
Total deposits
|
$
|
86,830
|
|
|
100
|
%
|
|
$
|
82,347
|
|
|
100
|
%
|
|
$
|
82,395
|
|
|
100
|
%
|
|
$
|
80,882
|
|
|
100
|
%
|
|
$
|
82,155
|
|
|
100
|
%
|
Total core deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Commercial
|
$
|
38,064
|
|
|
46
|
%
|
|
$
|
34,957
|
|
|
44
|
%
|
|
$
|
35,247
|
|
|
44
|
%
|
|
$
|
33,371
|
|
|
43
|
%
|
|
$
|
33,546
|
|
|
42
|
%
|
Consumer
|
44,602
|
|
|
54
|
|
|
44,504
|
|
|
56
|
|
|
44,268
|
|
|
56
|
|
|
44,555
|
|
|
57
|
|
|
45,611
|
|
|
58
|
|
|||||
Total core deposits
|
$
|
82,666
|
|
|
100
|
%
|
|
$
|
79,461
|
|
|
100
|
%
|
|
$
|
79,515
|
|
|
100
|
%
|
|
$
|
77,926
|
|
|
100
|
%
|
|
$
|
79,157
|
|
|
100
|
%
|
(1)
|
March 31, 2019 includes $845 million of deposits classified as held-for-sale.
|
(2)
|
Includes consumer certificates of deposit of $250,000 or more.
|
Table 15 - Regulatory Capital Data (1)
|
|
|
|
|
|
|
|
||||||
|
|
|
Basel III
|
||||||||||
(dollar amounts in millions)
|
|
|
March 31,
2020 |
|
December 31,
2019 |
|
March 31,
2019 |
||||||
Total risk-weighted assets
|
Consolidated
|
|
$
|
90,193
|
|
|
$
|
87,512
|
|
|
$
|
85,966
|
|
|
Bank
|
|
90,016
|
|
|
87,298
|
|
|
85,944
|
|
|||
CET I risk-based capital
|
Consolidated
|
|
8,538
|
|
|
8,647
|
|
|
8,462
|
|
|||
|
Bank
|
|
9,887
|
|
|
9,747
|
|
|
9,150
|
|
|||
Tier 1 risk-based capital
|
Consolidated
|
|
9,746
|
|
|
9,854
|
|
|
9,670
|
|
|||
|
Bank
|
|
10,760
|
|
|
10,621
|
|
|
10,028
|
|
|||
Tier 2 risk-based capital
|
Consolidated
|
|
1,746
|
|
|
1,559
|
|
|
1,600
|
|
|||
|
Bank
|
|
1,481
|
|
|
1,243
|
|
|
1,449
|
|
|||
Total risk-based capital
|
Consolidated
|
|
11,492
|
|
|
11,413
|
|
|
11,270
|
|
|||
|
Bank
|
|
12,241
|
|
|
11,864
|
|
|
11,477
|
|
|||
CET I risk-based capital ratio
|
Consolidated
|
|
9.47
|
%
|
|
9.88
|
%
|
|
9.84
|
%
|
|||
|
Bank
|
|
10.98
|
|
|
11.17
|
|
|
10.65
|
|
|||
Tier 1 risk-based capital ratio
|
Consolidated
|
|
10.81
|
|
|
11.26
|
|
|
11.25
|
|
|||
|
Bank
|
|
11.95
|
|
|
12.17
|
|
|
11.67
|
|
|||
Total risk-based capital ratio
|
Consolidated
|
|
12.74
|
|
|
13.04
|
|
|
13.11
|
|
|||
|
Bank
|
|
13.60
|
|
|
13.59
|
|
|
13.35
|
|
|||
Tier 1 leverage ratio
|
Consolidated
|
|
9.01
|
|
|
9.26
|
|
|
9.16
|
|
|||
|
Bank
|
|
9.98
|
|
|
10.01
|
|
|
9.51
|
|
(1)
|
The March 31, 2020 capital ratios reflect Huntington's election of a five-year transition to delay for two years the full impact of CECL on regulatory capital, followed by a three-year transition period.
|
Consumer and Business Banking
|
||||||||||||||
|
|
|
|
|
|
|
|
|||||||
Table 17 - Key Performance Indicators for Consumer and Business Banking
|
||||||||||||||
|
Three Months Ended March 31,
|
|
Change
|
|||||||||||
(dollar amounts in millions)
|
2020
|
|
2019
|
|
Amount
|
|
Percent
|
|||||||
Net interest income
|
$
|
364
|
|
|
$
|
471
|
|
|
$
|
(107
|
)
|
|
(23
|
)%
|
Provision for credit losses
|
82
|
|
|
17
|
|
|
65
|
|
|
382
|
|
|||
Noninterest income
|
212
|
|
|
174
|
|
|
38
|
|
|
22
|
|
|||
Noninterest expense
|
418
|
|
|
398
|
|
|
20
|
|
|
5
|
|
|||
Provision for income taxes
|
16
|
|
|
48
|
|
|
(32
|
)
|
|
(67
|
)
|
|||
Net income
|
$
|
60
|
|
|
$
|
182
|
|
|
$
|
(122
|
)
|
|
(67
|
)%
|
Number of employees (average full-time equivalent)
|
7,769
|
|
|
8,129
|
|
|
(360
|
)
|
|
(4
|
)%
|
|||
Total average assets
|
$
|
24,677
|
|
|
$
|
25,573
|
|
|
$
|
(896
|
)
|
|
(4
|
)
|
Total average loans/leases
|
21,593
|
|
|
22,341
|
|
|
(748
|
)
|
|
(3
|
)
|
|||
Total average deposits
|
51,296
|
|
|
50,897
|
|
|
399
|
|
|
1
|
|
|||
Net interest margin
|
2.81
|
%
|
|
3.71
|
%
|
|
(0.90
|
)%
|
|
(24
|
)
|
|||
NCOs
|
$
|
32
|
|
|
$
|
32
|
|
|
$
|
—
|
|
|
—
|
|
NCOs as a % of average loans and leases
|
0.60
|
%
|
|
0.56
|
%
|
|
0.04
|
%
|
|
7
|
|
Commercial Banking
|
||||||||||||||
|
|
|
|
|
|
|
|
|||||||
Table 18 - Key Performance Indicators for Commercial Banking
|
||||||||||||||
|
Three Months Ended March 31,
|
|
Change
|
|||||||||||
(dollar amounts in millions)
|
2020
|
|
2019
|
|
Amount
|
|
Percent
|
|||||||
Net interest income
|
$
|
232
|
|
|
$
|
273
|
|
|
$
|
(41
|
)
|
|
(15
|
)%
|
Provision for credit losses
|
298
|
|
|
43
|
|
|
255
|
|
|
593
|
|
|||
Noninterest income
|
86
|
|
|
76
|
|
|
10
|
|
|
13
|
|
|||
Noninterest expense
|
129
|
|
|
141
|
|
|
(12
|
)
|
|
(9
|
)
|
|||
Provision for income taxes
|
(23
|
)
|
|
35
|
|
|
(58
|
)
|
|
(166
|
)
|
|||
Net income
|
$
|
(86
|
)
|
|
$
|
130
|
|
|
$
|
(216
|
)
|
|
(166
|
)%
|
Number of employees (average full-time equivalent)
|
1,273
|
|
|
1,314
|
|
|
(41
|
)
|
|
(3
|
)%
|
|||
Total average assets
|
$
|
34,810
|
|
|
$
|
33,056
|
|
|
$
|
1,754
|
|
|
5
|
|
Total average loans/leases
|
27,238
|
|
|
27,079
|
|
|
159
|
|
|
1
|
|
|||
Total average deposits
|
21,525
|
|
|
21,793
|
|
|
(268
|
)
|
|
(1
|
)
|
|||
Net interest margin
|
3.15
|
%
|
|
3.71
|
%
|
|
(0.56
|
)%
|
|
(15
|
)
|
|||
NCOs (Recoveries)
|
$
|
75
|
|
|
$
|
27
|
|
|
$
|
48
|
|
|
178
|
|
NCOs as a % of average loans and leases
|
1.11
|
%
|
|
0.39
|
%
|
|
0.72
|
%
|
|
185
|
|
Vehicle Finance
|
||||||||||||||
|
|
|
|
|
|
|
|
|||||||
Table 19 - Key Performance Indicators for Vehicle Finance
|
||||||||||||||
|
Three Months Ended March 31,
|
|
Change
|
|||||||||||
(dollar amounts in millions)
|
2020
|
|
2019
|
|
Amount
|
|
Percent
|
|||||||
Net interest income
|
$
|
106
|
|
|
$
|
95
|
|
|
$
|
11
|
|
|
12
|
%
|
Provision for credit losses
|
60
|
|
|
9
|
|
|
51
|
|
|
567
|
|
|||
Noninterest income
|
3
|
|
|
2
|
|
|
1
|
|
|
50
|
|
|||
Noninterest expense
|
35
|
|
|
37
|
|
|
(2
|
)
|
|
(5
|
)
|
|||
Provision for income taxes
|
3
|
|
|
11
|
|
|
(8
|
)
|
|
(73
|
)
|
|||
Net income
|
$
|
11
|
|
|
$
|
40
|
|
|
$
|
(29
|
)
|
|
(73
|
)%
|
Number of employees (average full-time equivalent)
|
263
|
|
|
267
|
|
|
(4
|
)
|
|
(1
|
)%
|
|||
Total average assets
|
$
|
20,215
|
|
|
$
|
19,269
|
|
|
$
|
946
|
|
|
5
|
|
Total average loans/leases
|
20,307
|
|
|
19,340
|
|
|
967
|
|
|
5
|
|
|||
Total average deposits
|
366
|
|
|
306
|
|
|
60
|
|
|
20
|
|
|||
Net interest margin
|
2.08
|
%
|
|
1.99
|
%
|
|
0.09
|
%
|
|
5
|
|
|||
NCOs
|
$
|
10
|
|
|
$
|
13
|
|
|
$
|
(3
|
)
|
|
(23
|
)
|
NCOs as a % of average loans and leases
|
0.19
|
%
|
|
0.27
|
%
|
|
(0.08
|
)%
|
|
(30
|
)
|
Regional Banking and The Huntington Private Client Group
|
||||||||||||||
|
|
|
|
|
|
|
|
|||||||
Table 20 - Key Performance Indicators for Regional Banking and The Huntington Private Client Group
|
||||||||||||||
|
Three Months Ended March 31,
|
|
Change
|
|||||||||||
(dollar amounts in millions)
|
2020
|
|
2019
|
|
Amount
|
|
Percent
|
|||||||
Net interest income
|
$
|
43
|
|
|
$
|
53
|
|
|
$
|
(10
|
)
|
|
(19
|
)%
|
Provision for credit losses
|
1
|
|
|
(2
|
)
|
|
3
|
|
|
150
|
|
|||
Noninterest income
|
50
|
|
|
51
|
|
|
(1
|
)
|
|
(2
|
)
|
|||
Noninterest expense
|
62
|
|
|
64
|
|
|
(2
|
)
|
|
(3
|
)
|
|||
Provision for income taxes
|
6
|
|
|
9
|
|
|
(3
|
)
|
|
(33
|
)
|
|||
Net income
|
$
|
24
|
|
|
$
|
33
|
|
|
$
|
(9
|
)
|
|
(27
|
)%
|
Number of employees (average full-time equivalent)
|
1,025
|
|
|
1,053
|
|
|
(28
|
)
|
|
(3
|
)%
|
|||
Total average assets
|
$
|
6,707
|
|
|
$
|
6,218
|
|
|
$
|
489
|
|
|
8
|
|
Total average loans/leases
|
6,415
|
|
|
5,914
|
|
|
501
|
|
|
8
|
|
|||
Total average deposits
|
6,100
|
|
|
5,951
|
|
|
149
|
|
|
3
|
|
|||
Net interest margin
|
2.69
|
%
|
|
3.49
|
%
|
|
(0.80
|
)%
|
|
(23
|
)
|
|||
NCOs
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
—
|
|
NCOs as a % of average loans and leases
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|
—
|
|
|||
Total assets under management (in billions)—eop
|
$
|
15.8
|
|
|
$
|
16.4
|
|
|
$
|
(0.6
|
)
|
|
(4
|
)
|
Total trust assets (in billions)—eop
|
123.7
|
|
|
112.7
|
|
|
11.0
|
|
|
10
|
|
•
|
Tangible common equity to tangible assets,
|
•
|
Tangible equity to tangible assets, and
|
•
|
Tangible common equity to risk-weighted assets using Basel III definitions.
|
|
March 31,
|
|
December 31,
|
||||
(dollar amounts in millions)
|
2020
|
|
2019
|
||||
Assets
|
|
|
|
||||
Cash and due from banks
|
$
|
1,431
|
|
|
$
|
1,045
|
|
Interest-bearing deposits at Federal Reserve Bank
|
336
|
|
|
125
|
|
||
Interest-bearing deposits in banks
|
137
|
|
|
102
|
|
||
Trading account securities
|
36
|
|
|
99
|
|
||
Available-for-sale securities
|
14,622
|
|
|
14,149
|
|
||
Held-to-maturity securities
|
10,193
|
|
|
9,070
|
|
||
Other securities
|
488
|
|
|
441
|
|
||
Loans held for sale (includes $836 and $781 respectively, measured at fair value)(1)
|
997
|
|
|
877
|
|
||
Loans and leases (includes $81 and $81 respectively, measured at fair value)(1)
|
78,035
|
|
|
75,404
|
|
||
Allowance for loan and lease losses
|
(1,504
|
)
|
|
(783
|
)
|
||
Net loans and leases
|
76,531
|
|
|
74,621
|
|
||
Bank owned life insurance
|
2,551
|
|
|
2,542
|
|
||
Premises and equipment
|
743
|
|
|
763
|
|
||
Goodwill
|
1,990
|
|
|
1,990
|
|
||
Servicing rights and other intangible assets
|
417
|
|
|
475
|
|
||
Other assets
|
3,425
|
|
|
2,703
|
|
||
Total assets
|
$
|
113,897
|
|
|
$
|
109,002
|
|
Liabilities and shareholders’ equity
|
|
|
|
||||
Liabilities
|
|
|
|
||||
Deposits
|
$
|
86,830
|
|
|
$
|
82,347
|
|
Short-term borrowings
|
2,826
|
|
|
2,606
|
|
||
Long-term debt
|
9,796
|
|
|
9,849
|
|
||
Other liabilities
|
2,676
|
|
|
2,405
|
|
||
Total liabilities
|
102,128
|
|
|
97,207
|
|
||
Commitments and contingencies (Note 14)
|
|
|
|
||||
Shareholders’ equity
|
|
|
|
||||
Preferred stock
|
1,203
|
|
|
1,203
|
|
||
Common stock
|
10
|
|
|
10
|
|
||
Capital surplus
|
8,728
|
|
|
8,806
|
|
||
Less treasury shares, at cost
|
(56
|
)
|
|
(56
|
)
|
||
Accumulated other comprehensive gain (loss)
|
227
|
|
|
(256
|
)
|
||
Retained earnings
|
1,657
|
|
|
2,088
|
|
||
Total shareholders’ equity
|
11,769
|
|
|
11,795
|
|
||
Total liabilities and shareholders’ equity
|
$
|
113,897
|
|
|
$
|
109,002
|
|
Common shares authorized (par value of $0.01)
|
1,500,000,000
|
|
|
1,500,000,000
|
|
||
Common shares outstanding
|
1,014,218,094
|
|
|
1,020,003,482
|
|
||
Treasury shares outstanding
|
4,534,022
|
|
|
4,537,605
|
|
||
Preferred stock, authorized shares
|
6,617,808
|
|
|
6,617,808
|
|
||
Preferred shares outstanding
|
740,500
|
|
|
740,500
|
|
(1)
|
Amounts represent loans for which Huntington has elected the fair value option. See Note 11 “Fair Values of Assets and Liabilities”.
|
Huntington Bancshares Incorporated
|
|
|
|
|
||||
Condensed Consolidated Statements of Income
|
|
|
|
|
||||
(Unaudited)
|
|
|
|
|
||||
|
|
Three Months Ended
March 31, |
||||||
(dollar amounts in millions, except per share data, share count in thousands)
|
|
2020
|
|
2019
|
||||
Interest and fee income:
|
|
|
|
|
||||
Loans and leases
|
|
$
|
809
|
|
|
$
|
901
|
|
Available-for-sale securities
|
|
|
|
|
||||
Taxable
|
|
76
|
|
|
76
|
|
||
Tax-exempt
|
|
18
|
|
|
22
|
|
||
Held-to-maturity securities—taxable
|
|
59
|
|
|
54
|
|
||
Other securities—taxable
|
|
2
|
|
|
6
|
|
||
Other
|
|
11
|
|
|
11
|
|
||
Total interest income
|
|
975
|
|
|
1,070
|
|
||
Interest expense:
|
|
|
|
|
||||
Deposits
|
|
105
|
|
|
145
|
|
||
Short-term borrowings
|
|
12
|
|
|
14
|
|
||
Long-term debt
|
|
68
|
|
|
89
|
|
||
Total interest expense
|
|
185
|
|
|
248
|
|
||
Net interest income
|
|
790
|
|
|
822
|
|
||
Provision for credit losses
|
|
441
|
|
|
67
|
|
||
Net interest income after provision for credit losses
|
|
349
|
|
|
755
|
|
||
Service charges on deposit accounts
|
|
87
|
|
|
87
|
|
||
Card and payment processing income
|
|
58
|
|
|
56
|
|
||
Trust and investment management services
|
|
47
|
|
|
44
|
|
||
Mortgage banking income
|
|
58
|
|
|
21
|
|
||
Capital markets fees
|
|
33
|
|
|
22
|
|
||
Insurance income
|
|
23
|
|
|
21
|
|
||
Bank owned life insurance income
|
|
16
|
|
|
16
|
|
||
Gain on sale of loans and leases
|
|
8
|
|
|
13
|
|
||
Net (losses) gains on sales of securities
|
|
—
|
|
|
—
|
|
||
Other noninterest income
|
|
31
|
|
|
39
|
|
||
Total noninterest income
|
|
361
|
|
|
319
|
|
||
Personnel costs
|
|
395
|
|
|
394
|
|
||
Outside data processing and other services
|
|
85
|
|
|
81
|
|
||
Equipment
|
|
41
|
|
|
40
|
|
||
Net occupancy
|
|
40
|
|
|
42
|
|
||
Professional services
|
|
11
|
|
|
12
|
|
||
Amortization of intangibles
|
|
11
|
|
|
13
|
|
||
Marketing
|
|
9
|
|
|
7
|
|
||
Deposit and other insurance expense
|
|
9
|
|
|
8
|
|
||
Other noninterest expense
|
|
51
|
|
|
56
|
|
||
Total noninterest expense
|
|
652
|
|
|
653
|
|
||
Income before income taxes
|
|
58
|
|
|
421
|
|
||
Provision for income taxes
|
|
10
|
|
|
63
|
|
||
Net income
|
|
48
|
|
|
358
|
|
||
Dividends on preferred shares
|
|
18
|
|
|
19
|
|
||
Net income applicable to common shares
|
|
$
|
30
|
|
|
$
|
339
|
|
Average common shares—basic
|
|
1,017,643
|
|
|
1,046,995
|
|
||
Average common shares—diluted
|
|
1,034,576
|
|
|
1,065,638
|
|
||
Per common share:
|
|
|
|
|
||||
Net income—basic
|
|
$
|
0.03
|
|
|
$
|
0.32
|
|
Net income—diluted
|
|
0.03
|
|
|
0.32
|
|
||
|
|
|
|
|
||||
See Notes to Unaudited Condensed Consolidated Financial Statements
|
|
|
Three Months Ended
March 31, |
||||||
(dollar amounts in millions)
|
|
2020
|
|
2019
|
||||
Net income
|
|
$
|
48
|
|
|
$
|
358
|
|
Other comprehensive income, net of tax:
|
|
|
|
|
||||
Unrealized gains (losses) on available-for-sale securities:
|
|
|
|
|
||||
Unrealized net gains (losses) on available-for-sale securities arising during the period, net of reclassification for net realized gains and losses
|
|
173
|
|
|
146
|
|
||
Total unrealized gains (losses) on available-for-sale securities
|
|
173
|
|
|
146
|
|
||
Change in fair value related to cash flow hedges
|
|
308
|
|
|
7
|
|
||
Change in accumulated unrealized gains (losses) for pension and other post-retirement obligations
|
|
2
|
|
|
1
|
|
||
Other comprehensive income, net of tax
|
|
483
|
|
|
154
|
|
||
Comprehensive income
|
|
$
|
531
|
|
|
$
|
512
|
|
(dollar amounts in millions, share amounts in thousands)
|
Preferred Stock
|
|
Common Stock
|
|
Capital Surplus
|
|
Treasury Stock
|
|
Accumulated Other Comprehensive Loss (AOCI)
|
|
Retained Earnings
|
|
|
||||||||||||||||||||
Amount
|
|
Shares
|
|
Amount
|
|
|
Shares
|
|
Amount
|
|
|
|
Total
|
||||||||||||||||||||
Three Months Ended March 31, 2020
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Balance, beginning of period
|
$
|
1,203
|
|
|
1,024,541
|
|
|
$
|
10
|
|
|
$
|
8,806
|
|
|
(4,537
|
)
|
|
$
|
(56
|
)
|
|
$
|
(256
|
)
|
|
$
|
2,088
|
|
|
$
|
11,795
|
|
Cumulative-effect of change in accounting principle for financial instruments - credit losses (ASU 2016-13), net of tax
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(306
|
)
|
|
(306
|
)
|
||||||||||||||
Net income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
48
|
|
|
48
|
|
||||||||||||||
Other comprehensive income (loss), net of tax
|
|
|
|
|
|
|
|
|
|
|
|
|
483
|
|
|
|
|
483
|
|
||||||||||||||
Repurchases of common stock
|
|
|
(7,088
|
)
|
|
—
|
|
|
(88
|
)
|
|
|
|
|
|
|
|
|
|
(88
|
)
|
||||||||||||
Cash dividends declared:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Common ($0.15 per share)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(155
|
)
|
|
(155
|
)
|
||||||||||||||
Preferred Series B ($11.33 per share)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1
|
)
|
|
(1
|
)
|
||||||||||||||
Preferred Series C ($14.69 per share)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1
|
)
|
|
(1
|
)
|
||||||||||||||
Preferred Series D ($15.63 per share)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9
|
)
|
|
(9
|
)
|
||||||||||||||
Preferred Series E ($1.425.00 per share)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(7
|
)
|
|
(7
|
)
|
||||||||||||||
Recognition of the fair value of share-based compensation
|
|
|
|
|
|
|
15
|
|
|
|
|
|
|
|
|
|
|
15
|
|
||||||||||||||
Other share-based compensation activity
|
|
|
1,299
|
|
|
—
|
|
|
(5
|
)
|
|
|
|
|
|
|
|
|
|
|
(5
|
)
|
|||||||||||
Other
|
|
|
|
|
|
|
|
|
3
|
|
|
—
|
|
|
|
|
|
|
|
|
—
|
|
|||||||||||
Balance, end of period
|
$
|
1,203
|
|
|
1,018,752
|
|
|
$
|
10
|
|
|
$
|
8,728
|
|
|
(4,534
|
)
|
|
$
|
(56
|
)
|
|
$
|
227
|
|
|
$
|
1,657
|
|
|
$
|
11,769
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Three Months Ended March 31, 2019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Balance, beginning of period
|
$
|
1,203
|
|
|
1,050,584
|
|
|
$
|
11
|
|
|
$
|
9,181
|
|
|
(3,817
|
)
|
|
$
|
(45
|
)
|
|
$
|
(609
|
)
|
|
$
|
1,361
|
|
|
$
|
11,102
|
|
Net income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
358
|
|
|
358
|
|
||||||||||||||
Other comprehensive income (loss), net of tax
|
|
|
|
|
|
|
|
|
|
|
|
|
154
|
|
|
|
|
154
|
|
||||||||||||||
Repurchase of common stock
|
|
|
(1,833
|
)
|
|
—
|
|
|
(25
|
)
|
|
|
|
|
|
|
|
|
|
(25
|
)
|
||||||||||||
Cash dividends declared:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Common ($0.14 per share)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(149
|
)
|
|
(149
|
)
|
||||||||||||||
Preferred Series B ($13.72 per share)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1
|
)
|
|
(1
|
)
|
||||||||||||||
Preferred Series C ($14.69 per share)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2
|
)
|
|
(2
|
)
|
||||||||||||||
Preferred Series D ($15.63 per share)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9
|
)
|
|
(9
|
)
|
||||||||||||||
Preferred Series E ($1,425.00 per share)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(7
|
)
|
|
(7
|
)
|
||||||||||||||
Recognition of the fair value of share-based compensation
|
|
|
|
|
|
|
17
|
|
|
|
|
|
|
|
|
|
|
17
|
|
||||||||||||||
Other share-based compensation activity
|
|
|
1,502
|
|
|
—
|
|
|
(6
|
)
|
|
|
|
|
|
|
|
—
|
|
|
(6
|
)
|
|||||||||||
Other
|
|
|
|
|
|
|
|
|
4
|
|
|
—
|
|
|
|
|
|
|
—
|
|
|||||||||||||
Balance, end of period
|
$
|
1,203
|
|
|
1,050,253
|
|
|
$
|
11
|
|
|
$
|
9,167
|
|
|
(3,813
|
)
|
|
$
|
(45
|
)
|
|
$
|
(455
|
)
|
|
$
|
1,551
|
|
|
$
|
11,432
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31,
|
||||||
(dollar amounts in millions)
|
2020
|
|
2019
|
||||
Operating activities
|
|
||||||
Net income
|
$
|
48
|
|
|
$
|
358
|
|
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
|
|
||||||
Provision for credit losses
|
441
|
|
|
67
|
|
||
Depreciation and amortization
|
119
|
|
|
131
|
|
||
Share-based compensation expense
|
15
|
|
|
17
|
|
||
Deferred income tax (benefit) expense
|
(37
|
)
|
|
15
|
|
||
Net change in:
|
|
|
|
||||
Trading account securities
|
63
|
|
|
(61
|
)
|
||
Loans held for sale
|
(20
|
)
|
|
72
|
|
||
Other assets
|
(1,023
|
)
|
|
(284
|
)
|
||
Other liabilities
|
892
|
|
|
176
|
|
||
Other, net
|
—
|
|
|
6
|
|
||
Net cash provided by (used in) operating activities
|
498
|
|
|
497
|
|
||
Investing activities
|
|
||||||
Change in interest bearing deposits in banks
|
(26
|
)
|
|
(111
|
)
|
||
Proceeds from:
|
|
|
|
||||
Maturities and calls of available-for-sale securities
|
669
|
|
|
335
|
|
||
Maturities and calls of held-to-maturity securities
|
398
|
|
|
175
|
|
||
Sales of available-for-sale securities
|
19
|
|
|
—
|
|
||
Purchases of available-for-sale securities
|
(2,476
|
)
|
|
(354
|
)
|
||
Purchases of held-to-maturity securities
|
—
|
|
|
(356
|
)
|
||
Purchases of other securities
|
(55
|
)
|
|
(2
|
)
|
||
Net proceeds from sales of portfolio loans
|
191
|
|
|
227
|
|
||
Principal payments received under direct finance and sales-type leases
|
171
|
|
|
172
|
|
||
Net loan and lease activity, excluding sales and purchases
|
(2,926
|
)
|
|
(528
|
)
|
||
Purchases of premises and equipment
|
(11
|
)
|
|
(24
|
)
|
||
Purchases of loans and leases
|
(311
|
)
|
|
(144
|
)
|
||
Other, net
|
35
|
|
|
95
|
|
||
Net cash provided by (used in) investing activities
|
(4,322
|
)
|
|
(515
|
)
|
||
Financing activities
|
|
|
|
||||
Increase (decrease) in deposits
|
4,483
|
|
|
(2,619
|
)
|
||
Increase (decrease) in short-term borrowings
|
458
|
|
|
776
|
|
||
Net proceeds from issuance of long-term debt
|
1,286
|
|
|
835
|
|
||
Maturity/redemption of long-term debt
|
(1,540
|
)
|
|
(113
|
)
|
||
Dividends paid on preferred stock
|
(18
|
)
|
|
(18
|
)
|
||
Dividends paid on common stock
|
(155
|
)
|
|
(148
|
)
|
||
Repurchases of common stock
|
(88
|
)
|
|
(25
|
)
|
||
Payments related to tax-withholding for share based compensation awards
|
(6
|
)
|
|
(8
|
)
|
||
Other, net
|
1
|
|
|
2
|
|
||
Net cash provided by (used for) financing activities
|
4,421
|
|
|
(1,318
|
)
|
||
Increase (decrease) in cash and cash equivalents
|
597
|
|
|
(1,336
|
)
|
||
Cash and cash equivalents at beginning of period
|
1,170
|
|
|
2,672
|
|
||
Cash and cash equivalents at end of period
|
$
|
1,767
|
|
|
$
|
1,336
|
|
|
Three Months Ended March 31,
|
||||||
(dollar amounts in millions)
|
2020
|
|
2019
|
||||
Supplemental disclosures:
|
|
||||||
Interest paid
|
$
|
197
|
|
|
$
|
249
|
|
Income taxes paid
|
2
|
|
|
1
|
|
||
Non-cash activities
|
|
||||||
Loans transferred to held-for-sale from portfolio
|
313
|
|
|
204
|
|
||
Loans transferred to portfolio from held-for-sale
|
4
|
|
|
3
|
|
||
Transfer of loans to OREO
|
4
|
|
|
6
|
|
||
Transfer of securities from available-for-sale to held-to-maturity
|
1,520
|
|
|
—
|
|
Accounting standards adopted in current period
|
Standard
|
Summary of guidance
|
Effects on financial statements
|
ASU 2019-05 - Financial Instruments - Credit Losses (Topic 326): Targeted Transition Relief
Issued: May 2019
|
- Provides entities that have certain instruments within the scope of ASC Subtopic 326-20 with an option to irrevocably elect fair value option, applied on instrument-by-instrument basis. The fair value option does not apply to held-to-maturity debt securities.
|
- Management did not elect this option on any eligible instruments when adopting Topic 326 on January 1, 2020.
- The ASU did not impact Huntington’s Unaudited Condensed Consolidated Financial Statements.
|
ASU 2019-08 - Compensation - Codification Improvements - Share-based Consideration Payable to a Customer
Issued: November 2019
|
- The ASU requires that an entity measure and classify share-based payment awards granted to a customer by applying the guidance in Topic 718.
- The amount of share-based payment awards should be recorded as a reduction of the transaction price and is required to be measured on the basis of grant-date fair value of the share-based payment awards in accordance with Topic 718.
- The classification and subsequent measurement of the award are subject to the guidance in Topic 718 unless the share-based payment award is subsequently modified and the grantee is no longer a customer.
|
- Management adopted the amendments on January 1, 2020.
- The ASU did not have a material impact on Huntington’s Unaudited Condensed Consolidated Financial Statements.
|
ASU 2019-11 - Financial Instruments - Credit Losses (Topic 326): Codification Improvements to Topic 326
Issued: November 2019
|
- The ASU clarifies or addresses stakeholders’ specific issues related to ASU 2016-13 as described below:
- Clarifies that the allowance for purchased financial assets with credit deterioration should include expected recoveries. If a method other than a discounted cash flow method is used to calculate allowance, expected recoveries should not result in an acceleration of the noncredit discount.
- Provides transition relief by permitting entities an accounting policy election to adjust the effective interest rate on existing TDRs using prepayment assumptions on the date of adoption of Topic 326 rather than the prepayment assumptions in effect immediately before the restructuring.
- Extends the disclosure relief for accrued interest receivable balances to additional relevant disclosures involving amortized cost basis.
- Clarifies that an entity should assess whether it reasonably expects the borrower will be able to continually replenish collateral securing the financial asset to apply the practical expedient related to collateral maintenance provision.
|
- Management adopted the amendments on January 1, 2020.
- The ASU did not have a material impact on Huntington’s Unaudited Condensed Consolidated Financial Statements.
|
Accounting standards yet to be adopted
|
Standard
|
Summary of guidance
|
Effects on financial statements
|
ASU 2019-12 - Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes
Issued: December 2019
|
- The ASU simplifies the accounting for income taxes by removing exceptions to the:
(a) Incremental approach for intraperiod tax allocation when there is a loss from continuing operations and income or a gain from other items;
(b) Requirement to recognize a deferred tax liability for equity method investments when a foreign subsidiary becomes an equity method investment;
(c) Ability not to recognize a deferred tax liability for a foreign subsidiary when a foreign equity method investment becomes a subsidiary; and
(d) General methodology for calculating income taxes in an interim period when a year-to-date loss exceeds the anticipated loss for the year.
- The ASU also simplifies various other aspects of the accounting for income taxes.
|
- The ASU is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020.
- Early adoption of the ASU is permitted, including adoption in any interim period for which financial statements have not yet been issued. An entity that elects to early adopt in an interim period should reflect any adjustments as of the beginning of the annual period that includes that interim period.
- The ASU is not expected to have a material impact on Huntington’s Unaudited Condensed Consolidated Financial Statements.
|
ASU 2020-04 - Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting
Issued: March 2020
|
- The ASU provides optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met, including the following:
- Modifications of contracts within the scope of Topics 310, Receivables, and 470, Debt, should be accounted for by prospectively adjusting the effective interest rate.
- Modifications of contracts within the scope of Topic 842, Leases, should be accounted for as a continuation of the existing contracts with no reassessments of the lease classification and the discount rate.
- Modifications of contracts do not require an entity to reassess its original conclusion about whether that contract contains an embedded derivative that is clearly and closely related to the economic characteristics and risks of the host contract under Topic 815.
- The ASU also provides optional expedients for various hedging relationships and do not require de-designation of hedging relationships if certain criteria are met.
- An entity may make a one time election to sell, transfer, or both sell and transfer debt securities classified as held to maturity that reference a rate affected by reference rate reform and that are classified as held to maturity before January 1, 2020.
|
- The ASU is effective for all entities from the beginning of an interim period that includes or is subsequent to March 12, 2020 through December 31, 2022.
- We are evaluating the impact of the ASU on Huntington’s Unaudited Condensed Consolidated Financial Statements.
|
|
|
|
Unrealized
|
|
|
||||||||||
(dollar amounts in millions)
|
Amortized
Cost
|
|
Gross
Gains
|
|
Gross
Losses
|
|
Fair Value
|
||||||||
March 31, 2020
|
|
|
|
|
|
|
|
||||||||
Available-for-sale securities:
|
|
|
|
|
|
|
|
||||||||
U.S. Treasury
|
$
|
8
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
8
|
|
Federal agencies:
|
|
|
|
|
|
|
|
||||||||
Residential CMO
|
5,512
|
|
|
212
|
|
|
(1
|
)
|
|
5,723
|
|
||||
Residential MBS
|
4,167
|
|
|
137
|
|
|
—
|
|
|
4,304
|
|
||||
Commercial MBS
|
839
|
|
|
10
|
|
|
—
|
|
|
849
|
|
||||
Other agencies
|
145
|
|
|
2
|
|
|
—
|
|
|
147
|
|
||||
Total U.S. Treasury, federal agency and other agency securities
|
10,671
|
|
|
361
|
|
|
(1
|
)
|
|
11,031
|
|
||||
Municipal securities
|
3,050
|
|
|
14
|
|
|
(72
|
)
|
|
2,992
|
|
||||
Private-label CMO
|
2
|
|
|
—
|
|
|
—
|
|
|
2
|
|
||||
Asset-backed securities
|
574
|
|
|
—
|
|
|
(27
|
)
|
|
547
|
|
||||
Corporate debt
|
48
|
|
|
—
|
|
|
(1
|
)
|
|
47
|
|
||||
Other securities/Sovereign debt
|
3
|
|
|
—
|
|
|
—
|
|
|
3
|
|
||||
Total available-for-sale securities
|
$
|
14,348
|
|
|
$
|
375
|
|
|
$
|
(101
|
)
|
|
$
|
14,622
|
|
|
|
|
|
|
|
|
|
||||||||
Held-to-maturity securities:
|
|
|
|
|
|
|
|
||||||||
Federal agencies:
|
|
|
|
|
|
|
|
||||||||
Residential CMO
|
$
|
2,316
|
|
|
$
|
108
|
|
|
$
|
—
|
|
|
$
|
2,424
|
|
Residential MBS
|
3,704
|
|
|
121
|
|
|
—
|
|
|
3,825
|
|
||||
Commercial MBS
|
3,890
|
|
|
95
|
|
|
(1
|
)
|
|
3,984
|
|
||||
Other agencies
|
279
|
|
|
7
|
|
|
—
|
|
|
286
|
|
||||
Total federal agency and other agency securities
|
10,189
|
|
|
331
|
|
|
(1
|
)
|
|
10,519
|
|
||||
Municipal securities
|
4
|
|
|
—
|
|
|
—
|
|
|
4
|
|
||||
Total held-to-maturity securities
|
$
|
10,193
|
|
|
$
|
331
|
|
|
$
|
(1
|
)
|
|
$
|
10,523
|
|
|
|
|
|
|
|
|
|
||||||||
Other securities, at cost:
|
|
|
|
|
|
|
|
||||||||
Non-marketable equity securities:
|
|
|
|
|
|
|
|
||||||||
Federal Home Loan Bank stock
|
$
|
140
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
140
|
|
Federal Reserve Bank stock
|
298
|
|
|
—
|
|
|
—
|
|
|
298
|
|
||||
Other securities, at fair value
|
|
|
|
|
|
|
|
||||||||
Mutual funds
|
46
|
|
|
—
|
|
|
—
|
|
|
46
|
|
||||
Marketable equity securities
|
3
|
|
|
1
|
|
|
—
|
|
|
4
|
|
||||
Total other securities
|
$
|
487
|
|
|
$
|
1
|
|
|
$
|
—
|
|
|
$
|
488
|
|
|
|
|
Unrealized
|
|
|
||||||||||
(dollar amounts in millions)
|
Amortized
Cost |
|
Gross
Gains |
|
Gross
Losses |
|
Fair Value
|
||||||||
December 31, 2019
|
|
|
|
|
|
|
|
||||||||
Available-for-sale securities:
|
|
|
|
|
|
|
|
||||||||
U.S. Treasury
|
$
|
10
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
10
|
|
Federal agencies:
|
|
|
|
|
|
|
|
||||||||
Residential CMO
|
5,055
|
|
|
48
|
|
|
(18
|
)
|
|
5,085
|
|
||||
Residential MBS
|
4,180
|
|
|
45
|
|
|
(3
|
)
|
|
4,222
|
|
||||
Commercial MBS
|
979
|
|
|
1
|
|
|
(4
|
)
|
|
976
|
|
||||
Other agencies
|
165
|
|
|
1
|
|
|
(1
|
)
|
|
165
|
|
||||
Total U.S. Treasury, federal agency and other agency securities
|
10,389
|
|
|
95
|
|
|
(26
|
)
|
|
10,458
|
|
||||
Municipal securities
|
3,044
|
|
|
34
|
|
|
(23
|
)
|
|
3,055
|
|
||||
Private-label CMO
|
2
|
|
|
—
|
|
|
—
|
|
|
2
|
|
||||
Asset-backed securities
|
575
|
|
|
6
|
|
|
(2
|
)
|
|
579
|
|
||||
Corporate debt
|
49
|
|
|
2
|
|
|
—
|
|
|
51
|
|
||||
Other securities/Sovereign debt
|
4
|
|
|
—
|
|
|
—
|
|
|
4
|
|
||||
Total available-for-sale securities
|
$
|
14,063
|
|
|
$
|
137
|
|
|
$
|
(51
|
)
|
|
$
|
14,149
|
|
|
|
|
|
|
|
|
|
||||||||
Held-to-maturity securities:
|
|
|
|
|
|
|
|
||||||||
Federal agencies:
|
|
|
|
|
|
|
|
||||||||
Residential CMO
|
$
|
2,351
|
|
|
$
|
33
|
|
|
$
|
(3
|
)
|
|
$
|
2,381
|
|
Residential MBS
|
2,463
|
|
|
50
|
|
|
—
|
|
|
2,513
|
|
||||
Commercial MBS
|
3,959
|
|
|
34
|
|
|
—
|
|
|
3,993
|
|
||||
Other agencies
|
293
|
|
|
2
|
|
|
—
|
|
|
295
|
|
||||
Total federal agency and other agency securities
|
9,066
|
|
|
119
|
|
|
(3
|
)
|
|
9,182
|
|
||||
Municipal securities
|
4
|
|
|
—
|
|
|
—
|
|
|
4
|
|
||||
Total held-to-maturity securities
|
$
|
9,070
|
|
|
$
|
119
|
|
|
$
|
(3
|
)
|
|
$
|
9,186
|
|
|
|
|
|
|
|
|
|
||||||||
Other securities, at cost:
|
|
|
|
|
|
|
|
||||||||
Non-marketable equity securities:
|
|
|
|
|
|
|
|
||||||||
Federal Home Loan Bank stock
|
$
|
90
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
90
|
|
Federal Reserve Bank stock
|
297
|
|
|
—
|
|
|
—
|
|
|
297
|
|
||||
Other securities, at fair value
|
|
|
|
|
|
|
|
||||||||
Mutual funds
|
53
|
|
|
—
|
|
|
—
|
|
|
53
|
|
||||
Marketable equity securities
|
1
|
|
|
—
|
|
|
—
|
|
|
1
|
|
||||
Total other securities
|
$
|
441
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
441
|
|
|
March 31, 2020
|
|
December 31, 2019
|
||||||||||||
(dollar amounts in millions)
|
Amortized
Cost
|
|
Fair
Value
|
|
Amortized
Cost
|
|
Fair
Value
|
||||||||
Available-for-sale securities:
|
|
|
|
|
|
|
|
||||||||
Under 1 year
|
$
|
257
|
|
|
$
|
255
|
|
|
$
|
231
|
|
|
$
|
229
|
|
After 1 year through 5 years
|
1,338
|
|
|
1,308
|
|
|
1,196
|
|
|
1,189
|
|
||||
After 5 years through 10 years
|
1,402
|
|
|
1,375
|
|
|
1,594
|
|
|
1,606
|
|
||||
After 10 years
|
11,351
|
|
|
11,684
|
|
|
11,042
|
|
|
11,125
|
|
||||
Total available-for-sale securities
|
$
|
14,348
|
|
|
$
|
14,622
|
|
|
$
|
14,063
|
|
|
$
|
14,149
|
|
|
|
|
|
|
|
|
|
||||||||
Held-to-maturity securities:
|
|
|
|
|
|
|
|
||||||||
Under 1 year
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
After 1 year through 5 years
|
157
|
|
|
164
|
|
|
17
|
|
|
17
|
|
||||
After 5 years through 10 years
|
149
|
|
|
154
|
|
|
300
|
|
|
305
|
|
||||
After 10 years
|
9,887
|
|
|
10,205
|
|
|
8,753
|
|
|
8,864
|
|
||||
Total held-to-maturity securities
|
$
|
10,193
|
|
|
$
|
10,523
|
|
|
$
|
9,070
|
|
|
$
|
9,186
|
|
|
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, 2020
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Available-for-sale securities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Federal agencies:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Residential CMO
|
$
|
94
|
|
|
$
|
(1
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
94
|
|
|
$
|
(1
|
)
|
Residential MBS
|
—
|
|
|
—
|
|
|
7
|
|
|
—
|
|
|
7
|
|
|
—
|
|
||||||
Commercial MBS
|
—
|
|
|
—
|
|
|
4
|
|
|
—
|
|
|
4
|
|
|
—
|
|
||||||
Other agencies
|
50
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
50
|
|
|
—
|
|
||||||
Total federal agency and other agency securities
|
144
|
|
|
(1
|
)
|
|
11
|
|
|
—
|
|
|
155
|
|
|
(1
|
)
|
||||||
Municipal securities
|
1,102
|
|
|
(27
|
)
|
|
1,178
|
|
|
(45
|
)
|
|
2,280
|
|
|
(72
|
)
|
||||||
Asset-backed securities
|
439
|
|
|
(24
|
)
|
|
34
|
|
|
(3
|
)
|
|
473
|
|
|
(27
|
)
|
||||||
Corporate debt
|
36
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
36
|
|
|
(1
|
)
|
||||||
Total temporarily impaired securities
|
$
|
1,721
|
|
|
$
|
(53
|
)
|
|
$
|
1,223
|
|
|
$
|
(48
|
)
|
|
$
|
2,944
|
|
|
$
|
(101
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Held-to-maturity securities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Federal agencies:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Residential CMO
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Residential MBS
|
78
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
78
|
|
|
—
|
|
||||||
Commercial MBS
|
72
|
|
|
(1
|
)
|
|
4
|
|
|
—
|
|
|
76
|
|
|
(1
|
)
|
||||||
Other agencies
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Total federal agency and other agency securities
|
150
|
|
|
(1
|
)
|
|
4
|
|
|
—
|
|
|
154
|
|
|
(1
|
)
|
||||||
Municipal securities
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Total temporarily impaired securities
|
$
|
150
|
|
|
$
|
(1
|
)
|
|
$
|
4
|
|
|
$
|
—
|
|
|
$
|
154
|
|
|
$
|
(1
|
)
|
|
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, 2019
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Available-for-sale securities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Federal agencies:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Residential CMO
|
$
|
1,206
|
|
|
$
|
(10
|
)
|
|
$
|
519
|
|
|
$
|
(8
|
)
|
|
$
|
1,725
|
|
|
$
|
(18
|
)
|
Residential MBS
|
1,169
|
|
|
(3
|
)
|
|
9
|
|
|
—
|
|
|
1,178
|
|
|
(3
|
)
|
||||||
Commercial MBS
|
472
|
|
|
(2
|
)
|
|
272
|
|
|
(2
|
)
|
|
744
|
|
|
(4
|
)
|
||||||
Other agencies
|
86
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
86
|
|
|
(1
|
)
|
||||||
Total federal agency and other agency securities
|
2,933
|
|
|
(16
|
)
|
|
800
|
|
|
(10
|
)
|
|
3,733
|
|
|
(26
|
)
|
||||||
Municipal securities
|
273
|
|
|
(4
|
)
|
|
1,204
|
|
|
(19
|
)
|
|
1,477
|
|
|
(23
|
)
|
||||||
Asset-backed securities
|
116
|
|
|
(1
|
)
|
|
37
|
|
|
(1
|
)
|
|
153
|
|
|
(2
|
)
|
||||||
Corporate debt
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
||||||
Total temporarily impaired securities
|
$
|
3,323
|
|
|
$
|
(21
|
)
|
|
$
|
2,041
|
|
|
$
|
(30
|
)
|
|
$
|
5,364
|
|
|
$
|
(51
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Held-to-maturity securities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Federal agencies:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Residential CMO
|
$
|
218
|
|
|
$
|
(1
|
)
|
|
$
|
112
|
|
|
$
|
(2
|
)
|
|
$
|
330
|
|
|
$
|
(3
|
)
|
Residential MBS
|
317
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
317
|
|
|
—
|
|
||||||
Commercial MBS
|
81
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
81
|
|
|
—
|
|
||||||
Other agencies
|
58
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
58
|
|
|
—
|
|
||||||
Total federal agency and other agency securities
|
674
|
|
|
(1
|
)
|
|
112
|
|
|
(2
|
)
|
|
786
|
|
|
(3
|
)
|
||||||
Municipal securities
|
4
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4
|
|
|
—
|
|
||||||
Total temporarily impaired securities
|
$
|
678
|
|
|
$
|
(1
|
)
|
|
$
|
112
|
|
|
$
|
(2
|
)
|
|
$
|
790
|
|
|
$
|
(3
|
)
|
(dollar amounts in millions)
|
March 31, 2020
|
|
December 31, 2019
|
||||
Loans and leases:
|
|
|
|
||||
Commercial and industrial
|
$
|
32,959
|
|
|
$
|
30,664
|
|
Commercial real estate
|
6,973
|
|
|
6,674
|
|
||
Automobile
|
12,907
|
|
|
12,797
|
|
||
Home equity
|
9,010
|
|
|
9,093
|
|
||
Residential mortgage
|
11,398
|
|
|
11,376
|
|
||
RV and marine
|
3,643
|
|
|
3,563
|
|
||
Other consumer
|
1,145
|
|
|
1,237
|
|
||
Loans and leases
|
$
|
78,035
|
|
|
$
|
75,404
|
|
Allowance for loan and lease losses
|
(1,504
|
)
|
|
(783
|
)
|
||
Net loans and leases
|
$
|
76,531
|
|
|
$
|
74,621
|
|
(dollar amounts in millions)
|
March 31,
2020 |
|
December 31,
2019 |
||||
Commercial and industrial:
|
|
|
|
||||
Lease payments receivable
|
$
|
1,815
|
|
|
$
|
1,841
|
|
Estimated residual value of leased assets
|
722
|
|
|
728
|
|
||
Gross investment in commercial and industrial lease financing receivables
|
2,537
|
|
|
2,569
|
|
||
Deferred origination costs
|
20
|
|
|
19
|
|
||
Deferred fees
|
(237
|
)
|
|
(249
|
)
|
||
Total net investment in commercial and industrial lease financing receivables
|
$
|
2,320
|
|
|
$
|
2,339
|
|
|
March 31, 2020
|
|
December 31, 2019
|
||||||||||
(dollar amounts in millions)
|
Nonaccrual loans with no ACL
|
Total nonaccrual loans
|
|
Nonaccrual loans with no ACL
|
Total nonaccrual loans
|
||||||||
Commercial and industrial
|
$
|
72
|
|
$
|
396
|
|
|
$
|
109
|
|
$
|
323
|
|
Commercial real estate
|
1
|
|
30
|
|
|
2
|
|
10
|
|
||||
Automobile
|
—
|
|
6
|
|
|
—
|
|
4
|
|
||||
Home equity
|
—
|
|
58
|
|
|
—
|
|
59
|
|
||||
Residential mortgage
|
—
|
|
66
|
|
|
—
|
|
71
|
|
||||
RV and marine
|
—
|
|
2
|
|
|
—
|
|
1
|
|
||||
Other consumer
|
—
|
|
—
|
|
|
—
|
|
—
|
|
||||
Total nonaccrual loans
|
$
|
73
|
|
$
|
558
|
|
|
$
|
111
|
|
$
|
468
|
|
|
March 31, 2020
|
|
||||||||||||||||||||||||||||||
|
Past Due (1)
|
|
|
|
Loans Accounted for Under FVO
|
|
Total Loans
and Leases |
|
90 or
more days past due and accruing |
|
||||||||||||||||||||||
(dollar amounts in millions)
|
30-59
Days |
|
60-89
Days |
|
90 or
more days |
|
Total
|
|
Current
|
|
|
|
|
|||||||||||||||||||
Commercial and industrial
|
$
|
96
|
|
|
$
|
31
|
|
|
$
|
71
|
|
|
$
|
198
|
|
|
$
|
32,761
|
|
|
$
|
—
|
|
|
$
|
32,959
|
|
|
$
|
10
|
|
(2)
|
Commercial real estate
|
12
|
|
|
2
|
|
|
6
|
|
|
20
|
|
|
6,953
|
|
|
—
|
|
|
6,973
|
|
|
—
|
|
|
||||||||
Automobile
|
90
|
|
|
18
|
|
|
12
|
|
|
120
|
|
|
12,787
|
|
|
—
|
|
|
12,907
|
|
|
8
|
|
|
||||||||
Home equity
|
46
|
|
|
18
|
|
|
48
|
|
|
112
|
|
|
8,897
|
|
|
1
|
|
|
9,010
|
|
|
12
|
|
|
||||||||
Residential mortgage
|
76
|
|
|
42
|
|
|
168
|
|
|
286
|
|
|
11,032
|
|
|
80
|
|
|
11,398
|
|
|
131
|
|
(3)
|
||||||||
RV and marine
|
15
|
|
|
3
|
|
|
3
|
|
|
21
|
|
|
3,622
|
|
|
—
|
|
|
3,643
|
|
|
2
|
|
|
||||||||
Other consumer
|
11
|
|
|
5
|
|
|
4
|
|
|
20
|
|
|
1,125
|
|
|
—
|
|
|
1,145
|
|
|
4
|
|
|
||||||||
Total loans and leases
|
$
|
346
|
|
|
$
|
119
|
|
|
$
|
312
|
|
|
$
|
777
|
|
|
$
|
77,177
|
|
|
$
|
81
|
|
|
$
|
78,035
|
|
|
$
|
167
|
|
|
|
December 31, 2019
|
|
||||||||||||||||||||||||||||||
|
Past Due (1)
|
|
|
|
Loans Accounted for Under FVO
|
|
Total Loans
and Leases |
|
90 or
more days past due and accruing |
|
||||||||||||||||||||||
(dollar amounts in millions)
|
30-59
Days |
|
60-89
Days |
|
90 or
more days |
|
Total
|
|
Current
|
|
|
|
|
|||||||||||||||||||
Commercial and industrial
|
$
|
65
|
|
|
$
|
31
|
|
|
$
|
69
|
|
|
$
|
165
|
|
|
$
|
30,499
|
|
|
$
|
—
|
|
|
$
|
30,664
|
|
|
$
|
11
|
|
(2)
|
Commercial real estate
|
3
|
|
|
1
|
|
|
7
|
|
|
11
|
|
|
6,663
|
|
|
—
|
|
|
6,674
|
|
|
—
|
|
|
||||||||
Automobile
|
95
|
|
|
19
|
|
|
11
|
|
|
125
|
|
|
12,672
|
|
|
—
|
|
|
12,797
|
|
|
8
|
|
|
||||||||
Home equity
|
50
|
|
|
19
|
|
|
51
|
|
|
120
|
|
|
8,972
|
|
|
1
|
|
|
9,093
|
|
|
14
|
|
|
||||||||
Residential mortgage
|
103
|
|
|
49
|
|
|
170
|
|
|
322
|
|
|
10,974
|
|
|
80
|
|
|
11,376
|
|
|
129
|
|
(3)
|
||||||||
RV and marine
|
13
|
|
|
4
|
|
|
2
|
|
|
19
|
|
|
3,544
|
|
|
—
|
|
|
3,563
|
|
|
2
|
|
|
||||||||
Other consumer
|
13
|
|
|
6
|
|
|
7
|
|
|
26
|
|
|
1,211
|
|
|
—
|
|
|
1,237
|
|
|
7
|
|
|
||||||||
Total loans and leases
|
$
|
342
|
|
|
$
|
129
|
|
|
$
|
317
|
|
|
$
|
788
|
|
|
$
|
74,535
|
|
|
$
|
81
|
|
|
$
|
75,404
|
|
|
$
|
171
|
|
|
(1)
|
NALs are included in this aging analysis based on the loan’s past due status.
|
(2)
|
Amounts include Huntington Technology Finance administrative lease delinquencies.
|
(3)
|
Amounts include mortgage loans insured by U.S. government agencies.
|
•
|
Pass - Higher quality loans that do not fit any of the other categories described below.
|
•
|
OLEM - The credit risk may be relatively minor yet represents a risk given certain specific circumstances. If the potential weaknesses are not monitored or mitigated, the loan may weaken or the collateral may be inadequate to protect Huntington’s position in the future. For these reasons, Huntington considers the loans to be potential problem loans.
|
•
|
Substandard - Inadequately protected loans resulting from the borrower’s ability to repay, equity, and/or the collateral pledged to secure the loan. These loans have identified weaknesses that could hinder normal repayment or collection of the debt. It is likely Huntington will sustain some loss if any identified weaknesses are not mitigated.
|
•
|
Doubtful - Loans that have all of the weaknesses inherent in those loans classified as Substandard, with the added elements of the full collection of the loan is improbable and that the possibility of loss is high.
|
|
|
As of March 31, 2020
|
||||||||||||||||||||||||||||||||||
|
|
Term Loans Amortized Cost Basis by Origination Year
|
|
Revolver Total at Amortized Cost Basis
|
|
Revolver Total Converted to Term Loans
|
|
|
||||||||||||||||||||||||||||
(dollar amounts in millions)
|
|
2020
|
|
2019
|
|
2018
|
|
2017
|
|
2016
|
|
Prior
|
|
|
|
Total (3)
|
||||||||||||||||||||
Commercial and industrial
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Credit Quality Indicator (1):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Pass
|
|
$
|
2,808
|
|
|
$
|
6,501
|
|
|
$
|
3,795
|
|
|
$
|
2,210
|
|
|
$
|
1,336
|
|
|
$
|
1,497
|
|
|
$
|
12,554
|
|
|
$
|
3
|
|
|
$
|
30,704
|
|
OLEM
|
|
11
|
|
|
72
|
|
|
169
|
|
|
44
|
|
|
38
|
|
|
35
|
|
|
258
|
|
|
—
|
|
|
627
|
|
|||||||||
Substandard
|
|
23
|
|
|
142
|
|
|
268
|
|
|
149
|
|
|
118
|
|
|
211
|
|
|
711
|
|
|
—
|
|
|
1,622
|
|
|||||||||
Doubtful
|
|
—
|
|
|
—
|
|
|
5
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
6
|
|
|||||||||
Total Commercial and industrial
|
|
$
|
2,842
|
|
|
$
|
6,715
|
|
|
$
|
4,237
|
|
|
$
|
2,403
|
|
|
$
|
1,492
|
|
|
$
|
1,744
|
|
|
$
|
13,523
|
|
|
$
|
3
|
|
|
$
|
32,959
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Commercial real estate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Credit Quality Indicator (1):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Pass
|
|
$
|
394
|
|
|
$
|
1,798
|
|
|
$
|
1,480
|
|
|
$
|
724
|
|
|
$
|
689
|
|
|
$
|
786
|
|
|
$
|
909
|
|
|
$
|
—
|
|
|
$
|
6,780
|
|
OLEM
|
|
—
|
|
|
12
|
|
|
33
|
|
|
5
|
|
|
8
|
|
|
13
|
|
|
—
|
|
|
—
|
|
|
71
|
|
|||||||||
Substandard
|
|
3
|
|
|
4
|
|
|
10
|
|
|
36
|
|
|
36
|
|
|
23
|
|
|
9
|
|
|
—
|
|
|
121
|
|
|||||||||
Doubtful
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|||||||||
Total Commercial real estate
|
|
$
|
397
|
|
|
$
|
1,814
|
|
|
$
|
1,523
|
|
|
$
|
765
|
|
|
$
|
733
|
|
|
$
|
823
|
|
|
$
|
918
|
|
|
$
|
—
|
|
|
$
|
6,973
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Automobile
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Credit Quality Indicator (2):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
750+
|
|
$
|
842
|
|
|
$
|
2,495
|
|
|
$
|
1,552
|
|
|
$
|
1,150
|
|
|
$
|
534
|
|
|
$
|
242
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
6,815
|
|
650-749
|
|
439
|
|
|
1,981
|
|
|
1,168
|
|
|
657
|
|
|
306
|
|
|
142
|
|
|
—
|
|
|
—
|
|
|
4,693
|
|
|||||||||
<650
|
|
48
|
|
|
464
|
|
|
383
|
|
|
268
|
|
|
146
|
|
|
90
|
|
|
—
|
|
|
—
|
|
|
1,399
|
|
|||||||||
Total Automobile
|
|
$
|
1,329
|
|
|
$
|
4,940
|
|
|
$
|
3,103
|
|
|
$
|
2,075
|
|
|
$
|
986
|
|
|
$
|
474
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
12,907
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Home equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Credit Quality Indicator (2):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
750+
|
|
$
|
4
|
|
|
$
|
37
|
|
|
$
|
43
|
|
|
$
|
43
|
|
|
$
|
117
|
|
|
$
|
593
|
|
|
$
|
4,617
|
|
|
$
|
191
|
|
|
$
|
5,645
|
|
650-749
|
|
3
|
|
|
17
|
|
|
11
|
|
|
16
|
|
|
37
|
|
|
217
|
|
|
2,301
|
|
|
193
|
|
|
2,795
|
|
|||||||||
<650
|
|
—
|
|
|
—
|
|
|
2
|
|
|
1
|
|
|
9
|
|
|
94
|
|
|
345
|
|
|
118
|
|
|
569
|
|
|||||||||
Total Home equity
|
|
$
|
7
|
|
|
$
|
54
|
|
|
$
|
56
|
|
|
$
|
60
|
|
|
$
|
163
|
|
|
$
|
904
|
|
|
$
|
7,263
|
|
|
$
|
502
|
|
|
$
|
9,009
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Residential mortgage
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Credit Quality Indicator (2):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
750+
|
|
$
|
494
|
|
|
$
|
1,726
|
|
|
$
|
1,444
|
|
|
$
|
1,534
|
|
|
$
|
1,059
|
|
|
$
|
1,807
|
|
|
$
|
1
|
|
|
$
|
—
|
|
|
$
|
8,065
|
|
650-749
|
|
154
|
|
|
748
|
|
|
527
|
|
|
387
|
|
|
233
|
|
|
631
|
|
|
—
|
|
|
—
|
|
|
2,680
|
|
|||||||||
<650
|
|
5
|
|
|
35
|
|
|
61
|
|
|
75
|
|
|
58
|
|
|
339
|
|
|
—
|
|
|
—
|
|
|
573
|
|
|||||||||
Total Residential mortgage
|
|
$
|
653
|
|
|
$
|
2,509
|
|
|
$
|
2,032
|
|
|
$
|
1,996
|
|
|
$
|
1,350
|
|
|
$
|
2,777
|
|
|
$
|
1
|
|
|
$
|
—
|
|
|
$
|
11,318
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
RV and marine
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Credit Quality Indicator (2):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
750+
|
|
$
|
211
|
|
|
$
|
600
|
|
|
$
|
720
|
|
|
$
|
407
|
|
|
$
|
184
|
|
|
$
|
325
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
2,447
|
|
650-749
|
|
46
|
|
|
304
|
|
|
269
|
|
|
187
|
|
|
86
|
|
|
176
|
|
|
—
|
|
|
—
|
|
|
1,068
|
|
|||||||||
<650
|
|
—
|
|
|
14
|
|
|
27
|
|
|
29
|
|
|
17
|
|
|
41
|
|
|
—
|
|
|
—
|
|
|
128
|
|
|||||||||
Total RV and marine
|
|
$
|
257
|
|
|
$
|
918
|
|
|
$
|
1,016
|
|
|
$
|
623
|
|
|
$
|
287
|
|
|
$
|
542
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
3,643
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Other consumer
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Credit Quality Indicator (2):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
750+
|
|
$
|
35
|
|
|
$
|
74
|
|
|
$
|
36
|
|
|
$
|
12
|
|
|
$
|
6
|
|
|
$
|
11
|
|
|
$
|
325
|
|
|
$
|
2
|
|
|
$
|
501
|
|
650-749
|
|
16
|
|
|
85
|
|
|
30
|
|
|
11
|
|
|
4
|
|
|
6
|
|
|
352
|
|
|
30
|
|
|
534
|
|
|||||||||
<650
|
|
—
|
|
|
14
|
|
|
5
|
|
|
2
|
|
|
1
|
|
|
2
|
|
|
37
|
|
|
49
|
|
|
110
|
|
|||||||||
Total Other consumer
|
|
$
|
51
|
|
|
$
|
173
|
|
|
$
|
71
|
|
|
$
|
25
|
|
|
$
|
11
|
|
|
$
|
19
|
|
|
$
|
714
|
|
|
$
|
81
|
|
|
$
|
1,145
|
|
(1)
|
Consistent with the credit quality disclosures, indicators for the Commercial portfolio are based on internally defined categories of credit grades which are generally refreshed at least semi-annually.
|
(2)
|
Consistent with the credit quality disclosures, indicators for the Consumer portfolio are based on updated customer credit scores refreshed at least quarterly.
|
(3)
|
The total amount of accrued interest recorded for these loans at March 31, 2020, presented in Other assets within the Condensed Consolidated Balance Sheets, was $83 million and $117 million of commercial and consumer, respectively.
|
|
December 31, 2019
|
||||||||||||||||||
(dollar amounts in millions)
|
Credit Risk Profile by UCS Classification
|
||||||||||||||||||
Commercial
|
Pass
|
|
OLEM
|
|
Substandard
|
|
Doubtful
|
|
Total
|
||||||||||
Commercial and industrial
|
$
|
28,477
|
|
|
$
|
634
|
|
|
$
|
1,551
|
|
|
$
|
2
|
|
|
$
|
30,664
|
|
Commercial real estate
|
6,487
|
|
|
98
|
|
|
88
|
|
|
1
|
|
|
6,674
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
Credit Risk Profile by FICO Score (1), (2)
|
||||||||||||||||
Consumer
|
|
|
750+
|
|
650-749
|
|
<650
|
|
Total
|
||||||||||
Automobile
|
|
|
$
|
6,759
|
|
|
$
|
4,661
|
|
|
$
|
1,377
|
|
|
$
|
12,797
|
|
||
Home equity
|
|
|
5,763
|
|
|
2,772
|
|
|
557
|
|
|
9,092
|
|
||||||
Residential mortgage
|
|
|
7,976
|
|
|
2,742
|
|
|
578
|
|
|
11,296
|
|
||||||
RV and marine
|
|
|
2,391
|
|
|
1,053
|
|
|
119
|
|
|
3,563
|
|
||||||
Other consumer
|
|
|
546
|
|
|
571
|
|
|
120
|
|
|
1,237
|
|
(1)
|
Excludes loans accounted for under the fair value option.
|
(2)
|
Reflects updated customer credit scores.
|
|
New Troubled Debt Restructurings (1)
|
|||||||||||||||||||||
|
Three Months Ended March 31, 2020
|
|||||||||||||||||||||
|
Number of
Contracts |
|
Post-modification Outstanding Recorded Investment (2)
|
|||||||||||||||||||
(dollar amounts in millions)
|
|
Interest rate reduction
|
|
Amortization or maturity date change
|
|
Chapter 7 bankruptcy
|
|
Other
|
|
Total
|
||||||||||||
Commercial and industrial
|
140
|
|
|
$
|
—
|
|
|
$
|
62
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
62
|
|
Commercial real estate
|
7
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|||||
Automobile
|
798
|
|
|
—
|
|
|
6
|
|
|
2
|
|
|
—
|
|
|
8
|
|
|||||
Home equity
|
63
|
|
|
—
|
|
|
1
|
|
|
2
|
|
|
—
|
|
|
3
|
|
|||||
Residential mortgage
|
101
|
|
|
—
|
|
|
9
|
|
|
2
|
|
|
—
|
|
|
11
|
|
|||||
RV and marine
|
28
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|||||
Other consumer
|
249
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|||||
Total new TDRs
|
1,386
|
|
|
$
|
1
|
|
|
$
|
81
|
|
|
$
|
6
|
|
|
$
|
—
|
|
|
$
|
88
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Three Months Ended March 31, 2019
|
|||||||||||||||||||||
|
Number of
Contracts |
|
Post-modification Outstanding Recorded Investment (2)
|
|||||||||||||||||||
(dollar amounts in millions)
|
|
Interest rate reduction
|
|
Amortization or maturity date change
|
|
Chapter 7 bankruptcy
|
|
Other
|
|
Total
|
||||||||||||
Commercial and industrial
|
115
|
|
|
$
|
—
|
|
|
$
|
35
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
35
|
|
Commercial real estate
|
8
|
|
|
—
|
|
|
9
|
|
|
—
|
|
|
—
|
|
|
9
|
|
|||||
Automobile
|
744
|
|
|
—
|
|
|
5
|
|
|
2
|
|
|
—
|
|
|
7
|
|
|||||
Home equity
|
104
|
|
|
—
|
|
|
3
|
|
|
2
|
|
|
—
|
|
|
5
|
|
|||||
Residential mortgage
|
76
|
|
|
—
|
|
|
8
|
|
|
—
|
|
|
—
|
|
|
8
|
|
|||||
RV and marine
|
36
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
1
|
|
|||||
Other consumer
|
244
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|||||
Total new TDRs
|
1,327
|
|
|
$
|
1
|
|
|
$
|
60
|
|
|
$
|
5
|
|
|
$
|
—
|
|
|
$
|
66
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
TDRs may include multiple concessions and the disclosure classifications are based on the primary concession provided to the borrower.
|
(2)
|
Post-modification balances approximate pre-modification balances.
|
|
|
|
|
|
|
|
|
|
|
|
|
(dollar amounts in millions)
|
|
Commercial
|
|
Consumer
|
|
Total
|
||||||
Three-month period ended March 31, 2020:
|
|
|
|
|
|
|
||||||
ALLL balance, beginning of period
|
|
$
|
552
|
|
|
$
|
231
|
|
|
$
|
783
|
|
Cumulative-effect of change in accounting principle for financial instruments - credit losses (1)
|
|
180
|
|
|
211
|
|
|
391
|
|
|||
Loan charge-offs
|
|
(88
|
)
|
|
(48
|
)
|
|
(136
|
)
|
|||
Recoveries of loans previously charged-off
|
|
5
|
|
|
14
|
|
|
19
|
|
|||
Provision for loan and lease losses
|
|
347
|
|
|
100
|
|
|
447
|
|
|||
ALLL balance, end of period
|
|
$
|
996
|
|
|
$
|
508
|
|
|
$
|
1,504
|
|
AULC balance, beginning of period
|
|
$
|
102
|
|
|
$
|
2
|
|
|
$
|
104
|
|
Cumulative-effect of change in accounting principle for financial instruments - credit losses (1)
|
|
(38
|
)
|
|
40
|
|
|
2
|
|
|||
Provision (reduction in allowance) for unfunded loan commitments and letters of credit
|
|
(5
|
)
|
|
(1
|
)
|
|
(6
|
)
|
|||
Unfunded commitment losses
|
|
(1
|
)
|
|
—
|
|
|
(1
|
)
|
|||
AULC balance, end of period
|
|
$
|
58
|
|
|
$
|
41
|
|
|
$
|
99
|
|
ACL balance, end of period
|
|
$
|
1,054
|
|
|
$
|
549
|
|
|
$
|
1,603
|
|
(1)
|
Relates to day one impact of the CECL adjustment as a result of the implementation of ASU 2016-13.
|
(dollar amounts in millions)
|
|
Commercial
|
|
Consumer
|
|
Total
|
||||||
Three-month period ended March 31, 2019:
|
||||||||||||
ALLL balance, beginning of period
|
|
$
|
542
|
|
|
$
|
230
|
|
|
$
|
772
|
|
Loan charge-offs
|
|
(45
|
)
|
|
(52
|
)
|
|
(97
|
)
|
|||
Recoveries of loans previously charged-off
|
|
12
|
|
|
14
|
|
|
26
|
|
|||
Provision for loan and lease losses
|
|
36
|
|
|
27
|
|
|
63
|
|
|||
ALLL balance, end of period
|
|
$
|
545
|
|
|
$
|
219
|
|
|
$
|
764
|
|
AULC balance, beginning of period
|
|
$
|
94
|
|
|
$
|
2
|
|
|
$
|
96
|
|
Provision (reduction in allowance) for unfunded loan commitments and letters of credit
|
|
4
|
|
|
—
|
|
|
4
|
|
|||
AULC balance, end of period
|
|
$
|
98
|
|
|
$
|
2
|
|
|
$
|
100
|
|
ACL balance, end of period
|
|
$
|
643
|
|
|
$
|
221
|
|
|
$
|
864
|
|
|
|
Three Months Ended
March 31, |
||||||
(dollar amounts in millions)
|
|
2020
|
|
2019
|
||||
Residential mortgage loans sold with servicing retained
|
|
$
|
1,428
|
|
|
$
|
833
|
|
Pretax gains resulting from above loan sales (1)
|
|
39
|
|
|
12
|
|
(1)
|
Recorded in mortgage banking income
|
|
|
Three Months Ended
March 31, |
||||||
(dollar amounts in millions)
|
|
2020
|
|
2019 (1)
|
||||
Fair value, beginning of period
|
|
$
|
7
|
|
|
$
|
10
|
|
Fair value election for servicing assets previously measured using the amortized method
|
|
205
|
|
|
—
|
|
||
New servicing assets created
|
|
14
|
|
|
—
|
|
||
Change in fair value during the period due to:
|
|
|
|
|
||||
Time decay (2)
|
|
(2
|
)
|
|
—
|
|
||
Payoffs (3)
|
|
(6
|
)
|
|
—
|
|
||
Changes in valuation inputs or assumptions (4)
|
|
(53
|
)
|
|
—
|
|
||
Fair value, end of period
|
|
$
|
165
|
|
|
$
|
10
|
|
Weighted-average life (years)
|
|
6.4
|
|
|
6.6
|
|
(1)
|
Prior to January 1, 2020, substantially all of Huntington’s MSR assets were recorded at amortized cost.
|
(2)
|
Represents decrease in value due to passage of time, including the impact from both regularly scheduled loan principal payments and partial loan paydowns.
|
(3)
|
Represents decrease in value associated with loans that paid off during the period.
|
(4)
|
Represents change in value resulting primarily from market-driven changes in interest rates and prepayment speeds.
|
|
March 31, 2020
|
|
December 31, 2019 (1)
|
||||||||||||||||||||
|
|
|
|
Decline in fair value due to
|
|
|
|
|
Decline in fair value due to
|
||||||||||||||
(dollar amounts in millions)
|
Actual
|
|
10%
adverse change |
|
20%
adverse change |
|
Actual
|
|
10%
adverse change |
|
20%
adverse change |
||||||||||||
Constant prepayment rate (annualized)
|
17.83
|
%
|
|
|
$
|
(9
|
)
|
|
$
|
(17
|
)
|
|
8.21
|
%
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Spread over forward interest rate swap rates
|
846
|
|
bps
|
|
(4
|
)
|
|
(8
|
)
|
|
824
|
|
bps
|
|
—
|
|
|
—
|
|
(1)
|
Prior to January 1, 2020, substantially all of Huntington’s MSR assets were recorded at amortized cost.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31, 2020 |
||||||||||
|
Tax (expense)
|
||||||||||
(dollar amounts in millions)
|
Pretax
|
|
Benefit
|
|
After-tax
|
||||||
Unrealized holding gains (losses) on available-for-sale securities arising during the period
|
$
|
217
|
|
|
$
|
(48
|
)
|
|
$
|
169
|
|
Less: Reclassification adjustment for realized net losses (gains) included in net income
|
5
|
|
|
(1
|
)
|
|
4
|
|
|||
Net change in unrealized holding gains (losses) on available-for-sale securities
|
222
|
|
|
(49
|
)
|
|
173
|
|
|||
Net change in fair value on cash flow hedges
|
396
|
|
|
(88
|
)
|
|
308
|
|
|||
Net change in pension and other post-retirement obligations
|
2
|
|
|
—
|
|
|
2
|
|
|||
Total other comprehensive income (loss)
|
$
|
620
|
|
|
$
|
(137
|
)
|
|
$
|
483
|
|
|
Three Months Ended
March 31, 2019 |
||||||||||
|
Tax (expense)
|
||||||||||
(dollar amounts in millions)
|
Pretax
|
|
Benefit
|
|
After-tax
|
||||||
Unrealized holding gains (losses) on available-for-sale securities arising during the period
|
$
|
184
|
|
|
$
|
(41
|
)
|
|
$
|
143
|
|
Less: Reclassification adjustment for realized net losses (gains) included in net income
|
4
|
|
|
(1
|
)
|
|
3
|
|
|||
Net change in unrealized holding gains (losses) on available-for-sale securities
|
188
|
|
|
(42
|
)
|
|
146
|
|
|||
Net change in fair value on cash flow hedges
|
8
|
|
|
(1
|
)
|
|
7
|
|
|||
Net change in pension and other post-retirement obligations
|
1
|
|
|
—
|
|
|
1
|
|
|||
Total other comprehensive income (loss)
|
$
|
197
|
|
|
$
|
(43
|
)
|
|
$
|
154
|
|
|
|
|
|
|
|
|
|
(dollar amounts in millions)
|
Unrealized gains (losses) on
debt securities (1)
|
|
Change in fair value related to cash flow hedges
|
|
Unrealized gains
(losses) for
pension and
other post-
retirement
obligations
|
|
Total
|
||||||||
Three Months Ended March 31, 2020
|
|
|
|
|
|
|
|
||||||||
Balance, beginning of period
|
$
|
(28
|
)
|
|
$
|
23
|
|
|
$
|
(251
|
)
|
|
$
|
(256
|
)
|
Other comprehensive income before reclassifications
|
169
|
|
|
308
|
|
|
—
|
|
|
477
|
|
||||
Amounts reclassified from accumulated OCI to earnings
|
4
|
|
|
—
|
|
|
2
|
|
|
6
|
|
||||
Period change
|
173
|
|
|
308
|
|
|
2
|
|
|
483
|
|
||||
Balance, end of period
|
$
|
145
|
|
|
$
|
331
|
|
|
$
|
(249
|
)
|
|
$
|
227
|
|
|
|
|
|
|
|
|
|
||||||||
Three Months Ended March 31, 2019
|
|
|
|
|
|
|
|
||||||||
Balance, beginning of period
|
$
|
(363
|
)
|
|
$
|
—
|
|
|
$
|
(246
|
)
|
|
$
|
(609
|
)
|
Other comprehensive income before reclassifications
|
143
|
|
|
7
|
|
|
—
|
|
|
150
|
|
||||
Amounts reclassified from accumulated OCI to earnings
|
3
|
|
|
—
|
|
|
1
|
|
|
4
|
|
||||
Period change
|
146
|
|
|
7
|
|
|
1
|
|
|
154
|
|
||||
Balance, end of period
|
$
|
(217
|
)
|
|
$
|
7
|
|
|
$
|
(245
|
)
|
|
$
|
(455
|
)
|
(1)
|
AOCI amounts at March 31, 2020, December 31, 2019 and March 31, 2019 include $87 million, $121 million and $134 million, respectively, net of unrealized losses on securities transferred from the available-for-sale securities portfolio to the held-to-maturity securities portfolio. The net unrealized losses will be recognized in earnings over the remaining life of the security using the effective interest method.
|
|
|
Three Months Ended
March 31, |
||||||
(dollar amounts in millions, except per share data, share count in thousands)
|
|
2020
|
|
2019
|
||||
Basic earnings per common share:
|
|
|
|
|
||||
Net income
|
|
$
|
48
|
|
|
$
|
358
|
|
Preferred stock dividends
|
|
(18
|
)
|
|
(19
|
)
|
||
Net income available to common shareholders
|
|
$
|
30
|
|
|
$
|
339
|
|
Average common shares issued and outstanding
|
|
1,017,643
|
|
|
1,046,995
|
|
||
Basic earnings per common share
|
|
$
|
0.03
|
|
|
$
|
0.32
|
|
Diluted earnings per common share:
|
|
|
|
|
||||
Dilutive potential common shares:
|
|
|
|
|
||||
Stock options and restricted stock units and awards
|
|
12,363
|
|
|
14,807
|
|
||
Shares held in deferred compensation plans
|
|
4,570
|
|
|
3,836
|
|
||
Dilutive potential common shares
|
|
16,933
|
|
|
18,643
|
|
||
Total diluted average common shares issued and outstanding
|
|
1,034,576
|
|
|
1,065,638
|
|
||
Diluted earnings per common share
|
|
$
|
0.03
|
|
|
$
|
0.32
|
|
Anti-dilutive awards (1)
|
|
8,045
|
|
|
3,963
|
|
(1)
|
Reflects the total number of shares related to outstanding options that have been excluded from the computation of diluted earnings per share because the impact would have been anti-dilutive.
|
(dollar amounts in millions)
|
|
Three Months Ended March 31,
|
||||||
Noninterest income
|
|
2020
|
|
2019
|
||||
Noninterest income from contracts with customers
|
|
$
|
227
|
|
|
$
|
222
|
|
Noninterest income within the scope of other GAAP topics
|
|
134
|
|
|
97
|
|
||
Total noninterest income
|
|
$
|
361
|
|
|
$
|
319
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, 2020
|
||||||||||||||||||||||
(dollar amounts in millions)
|
Consumer & Business Banking
|
|
Commercial Banking
|
|
Vehicle Finance
|
|
RBHPCG
|
|
Treasury / Other
|
|
Huntington Consolidated
|
||||||||||||
Major Revenue Streams
|
|
|
|
|
|
||||||||||||||||||
Service charges on deposit accounts
|
$
|
68
|
|
|
$
|
17
|
|
|
$
|
1
|
|
|
$
|
1
|
|
|
$
|
—
|
|
|
$
|
87
|
|
Card and payment processing income
|
52
|
|
|
4
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
56
|
|
||||||
Trust and investment management services
|
10
|
|
|
1
|
|
|
—
|
|
|
36
|
|
|
—
|
|
|
47
|
|
||||||
Insurance income
|
8
|
|
|
2
|
|
|
—
|
|
|
12
|
|
|
1
|
|
|
23
|
|
||||||
Other noninterest income
|
8
|
|
|
3
|
|
|
1
|
|
|
1
|
|
|
1
|
|
|
14
|
|
||||||
Net revenue from contracts with customers
|
$
|
146
|
|
|
$
|
27
|
|
|
$
|
2
|
|
|
$
|
50
|
|
|
$
|
2
|
|
|
$
|
227
|
|
Noninterest income within the scope of
other GAAP topics
|
66
|
|
|
59
|
|
|
1
|
|
|
—
|
|
|
8
|
|
|
134
|
|
||||||
Total noninterest income
|
$
|
212
|
|
|
$
|
86
|
|
|
$
|
3
|
|
|
$
|
50
|
|
|
$
|
10
|
|
|
$
|
361
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Three Months Ended March 31, 2019
|
||||||||||||||||||||||
(dollar amounts in millions)
|
Consumer & Business Banking
|
|
Commercial Banking
|
|
Vehicle Finance
|
|
RBHPCG
|
|
Treasury / Other
|
|
Huntington Consolidated
|
||||||||||||
Major Revenue Streams
|
|
|
|
|
|
||||||||||||||||||
Service charges on deposit accounts
|
$
|
69
|
|
|
$
|
16
|
|
|
$
|
1
|
|
|
$
|
1
|
|
|
$
|
—
|
|
|
$
|
87
|
|
Card and payment processing income
|
50
|
|
|
3
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
53
|
|
||||||
Trust and investment management services
|
8
|
|
|
—
|
|
|
—
|
|
|
35
|
|
|
1
|
|
|
44
|
|
||||||
Insurance income
|
8
|
|
|
2
|
|
|
—
|
|
|
11
|
|
|
—
|
|
|
21
|
|
||||||
Other noninterest income
|
8
|
|
|
5
|
|
|
1
|
|
|
3
|
|
|
—
|
|
|
17
|
|
||||||
Net revenue from contracts with customers
|
$
|
143
|
|
|
$
|
26
|
|
|
$
|
2
|
|
|
$
|
50
|
|
|
$
|
1
|
|
|
$
|
222
|
|
Noninterest income within the scope of
other GAAP topics
|
31
|
|
|
50
|
|
|
—
|
|
|
1
|
|
|
15
|
|
|
97
|
|
||||||
Total noninterest income
|
$
|
174
|
|
|
$
|
76
|
|
|
$
|
2
|
|
|
$
|
51
|
|
|
$
|
16
|
|
|
$
|
319
|
|
|
Fair Value Measurements at Reporting Date Using
|
|
Netting Adjustments (1)
|
|
March 31, 2020
|
||||||||||||||
(dollar amounts in millions)
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
|
||||||||||||
Assets
|
|
|
|
|
|
|
|
|
|
||||||||||
Trading account securities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Municipal securities
|
$
|
—
|
|
|
$
|
28
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
28
|
|
Other securities
|
8
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
8
|
|
|||||
|
8
|
|
|
28
|
|
|
—
|
|
|
—
|
|
|
36
|
|
|||||
Available-for-sale securities:
|
|
|
|
|
|
|
|
|
|
||||||||||
U.S. Treasury securities
|
8
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
8
|
|
|||||
Residential CMOs
|
—
|
|
|
5,723
|
|
|
—
|
|
|
—
|
|
|
5,723
|
|
|||||
Residential MBS
|
—
|
|
|
4,304
|
|
|
—
|
|
|
—
|
|
|
4,304
|
|
|||||
Commercial MBS
|
—
|
|
|
849
|
|
|
—
|
|
|
—
|
|
|
849
|
|
|||||
Other agencies
|
—
|
|
|
147
|
|
|
—
|
|
|
—
|
|
|
147
|
|
|||||
Municipal securities
|
—
|
|
|
55
|
|
|
2,937
|
|
|
—
|
|
|
2,992
|
|
|||||
Private-label CMO
|
—
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|
2
|
|
|||||
Asset-backed securities
|
—
|
|
|
478
|
|
|
69
|
|
|
—
|
|
|
547
|
|
|||||
Corporate debt
|
—
|
|
|
47
|
|
|
—
|
|
|
—
|
|
|
47
|
|
|||||
Other securities/sovereign debt
|
—
|
|
|
3
|
|
|
—
|
|
|
—
|
|
|
3
|
|
|||||
|
8
|
|
|
11,606
|
|
|
3,008
|
|
|
—
|
|
|
14,622
|
|
|||||
Other securities
|
50
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
50
|
|
|||||
Loans held for sale
|
—
|
|
|
836
|
|
|
—
|
|
|
—
|
|
|
836
|
|
|||||
Loans held for investment
|
—
|
|
|
55
|
|
|
26
|
|
|
—
|
|
|
81
|
|
|||||
MSRs
|
—
|
|
|
—
|
|
|
165
|
|
|
—
|
|
|
165
|
|
|||||
Derivative assets
|
—
|
|
|
2,342
|
|
|
42
|
|
|
(1,302
|
)
|
|
1,082
|
|
|||||
Liabilities
|
|
|
|
|
|
|
|
|
|
||||||||||
Derivative liabilities
|
—
|
|
|
1,369
|
|
|
3
|
|
|
(1,066
|
)
|
|
306
|
|
|
Fair Value Measurements at Reporting Date Using
|
|
Netting Adjustments (1)
|
|
December 31, 2019
|
||||||||||||||
(dollar amounts in millions)
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
|
||||||||||||
Assets
|
|
|
|
|
|
|
|
|
|
||||||||||
Trading account securities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Federal agencies: Other agencies
|
$
|
—
|
|
|
$
|
4
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
4
|
|
Municipal securities
|
—
|
|
|
63
|
|
|
—
|
|
|
—
|
|
|
63
|
|
|||||
Other securities
|
30
|
|
|
2
|
|
|
—
|
|
|
—
|
|
|
32
|
|
|||||
|
30
|
|
|
69
|
|
|
—
|
|
|
—
|
|
|
99
|
|
|||||
Available-for-sale securities:
|
|
|
|
|
|
|
|
|
|
||||||||||
U.S. Treasury securities
|
10
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
10
|
|
|||||
Residential CMOs
|
—
|
|
|
5,085
|
|
|
—
|
|
|
—
|
|
|
5,085
|
|
|||||
Residential MBS
|
—
|
|
|
4,222
|
|
|
—
|
|
|
—
|
|
|
4,222
|
|
|||||
Commercial MBS
|
—
|
|
|
976
|
|
|
—
|
|
|
—
|
|
|
976
|
|
|||||
Other agencies
|
—
|
|
|
165
|
|
|
—
|
|
|
—
|
|
|
165
|
|
|||||
Municipal securities
|
—
|
|
|
56
|
|
|
2,999
|
|
|
—
|
|
|
3,055
|
|
|||||
Private-label CMO
|
—
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|
2
|
|
|||||
Asset-backed securities
|
—
|
|
|
531
|
|
|
48
|
|
|
—
|
|
|
579
|
|
|||||
Corporate debt
|
—
|
|
|
51
|
|
|
—
|
|
|
—
|
|
|
51
|
|
|||||
Other securities/sovereign debt
|
—
|
|
|
4
|
|
|
—
|
|
|
—
|
|
|
4
|
|
|||||
|
10
|
|
|
11,090
|
|
|
3,049
|
|
|
—
|
|
|
14,149
|
|
|||||
Other securities
|
54
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
54
|
|
|||||
Loans held for sale
|
—
|
|
|
781
|
|
|
—
|
|
|
—
|
|
|
781
|
|
|||||
Loans held for investment
|
—
|
|
|
55
|
|
|
26
|
|
|
—
|
|
|
81
|
|
|||||
MSRs
|
—
|
|
|
—
|
|
|
7
|
|
|
—
|
|
|
7
|
|
|||||
Derivative assets
|
—
|
|
|
848
|
|
|
8
|
|
|
(404
|
)
|
|
452
|
|
|||||
Liabilities
|
|
|
|
|
|
|
|
|
|
||||||||||
Derivative liabilities
|
—
|
|
|
519
|
|
|
2
|
|
|
(417
|
)
|
|
104
|
|
(1)
|
Amounts represent the impact of legally enforceable master netting agreements that allow the Company to settle positive and negative positions and cash collateral held or placed with the same counterparties.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Level 3 Fair Value Measurements
Three Months Ended March 31, 2020 |
||||||||||||||||||||||
|
|
|
|
|
Available-for-sale securities
|
|
|
||||||||||||||||
(dollar amounts in millions)
|
MSRs
|
|
Derivative
instruments
|
|
Municipal
securities
|
|
Private-
label
CMO
|
|
Asset-backed
securities
|
|
Loans held for investment
|
||||||||||||
Opening balance
|
$
|
7
|
|
|
$
|
6
|
|
|
$
|
2,999
|
|
|
$
|
2
|
|
|
$
|
48
|
|
|
$
|
26
|
|
Fair value election for servicing assets previously measured using the amortized method
|
205
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Transfers out of Level 3 (1)
|
—
|
|
|
(20
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Total gains/losses for the period:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Included in earnings
|
(47
|
)
|
|
53
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Included in OCI
|
—
|
|
|
—
|
|
|
(68
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Purchases/originations
|
—
|
|
|
—
|
|
|
73
|
|
|
—
|
|
|
27
|
|
|
—
|
|
||||||
Sales
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Repayments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Settlements
|
—
|
|
|
—
|
|
|
(66
|
)
|
|
—
|
|
|
(6
|
)
|
|
—
|
|
||||||
Closing balance
|
$
|
165
|
|
|
$
|
39
|
|
|
$
|
2,937
|
|
|
$
|
2
|
|
|
$
|
69
|
|
|
$
|
26
|
|
Change in unrealized gains or losses for the period included in earnings for assets held at end of the reporting date
|
$
|
(47
|
)
|
|
$
|
34
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Change in unrealized gains or losses for the period included in other comprehensive income for assets held at the end of the reporting period
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(68
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Level 3 Fair Value Measurements
Three Months Ended March 31, 2019 |
||||||||||||||
|
|
|
|
|
Available-for-sale securities
|
|
|
||||||||
(dollar amounts in millions)
|
MSRs
|
|
Derivative
instruments
|
|
Municipal
securities
|
|
Loans held for investment
|
||||||||
Opening balance
|
$
|
10
|
|
|
$
|
2
|
|
|
$
|
3,165
|
|
|
$
|
30
|
|
Transfers out of Level 3 (1)
|
—
|
|
|
(9
|
)
|
|
—
|
|
|
—
|
|
||||
Total gains/losses for the period:
|
|
|
|
|
|
|
|
||||||||
Included in earnings
|
—
|
|
|
12
|
|
|
1
|
|
|
—
|
|
||||
Included in OCI
|
—
|
|
|
—
|
|
|
43
|
|
|
—
|
|
||||
Purchases/originations
|
—
|
|
|
—
|
|
|
81
|
|
|
—
|
|
||||
Sales
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Repayments
|
—
|
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
||||
Settlements
|
—
|
|
|
—
|
|
|
(53
|
)
|
|
—
|
|
||||
Closing balance
|
$
|
10
|
|
|
$
|
5
|
|
|
$
|
3,237
|
|
|
$
|
29
|
|
Change in unrealized gains or losses for the period included in earnings for assets held at end of the reporting date
|
$
|
—
|
|
|
$
|
2
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Change in unrealized gains or losses for the period included in other comprehensive income for assets held at the end of the reporting period
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
43
|
|
|
$
|
—
|
|
(1)
|
Transfers out of Level 3 represent the settlement value of the derivative instruments (i.e. interest rate lock agreements) that is transferred to loans held for sale, which is classified as Level 2.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Level 3 Fair Value Measurements
Three Months Ended March 31, 2020 |
||||||||||
|
|
|
|
|
Available-for-sale securities
|
||||||
(dollar amounts in millions)
|
MSRs
|
|
Derivative
instruments
|
|
Municipal
securities
|
||||||
Classification of gains and losses in earnings:
|
|
|
|
|
|
||||||
Mortgage banking income
|
$
|
(47
|
)
|
|
$
|
53
|
|
|
$
|
—
|
|
Interest and fee income
|
—
|
|
|
—
|
|
|
(1
|
)
|
|||
Total
|
$
|
(47
|
)
|
|
$
|
53
|
|
|
$
|
(1
|
)
|
|
Level 3 Fair Value Measurements
Three Months Ended March 31, 2019 |
||||||||||
|
|
|
|
|
Available-for-sale securities
|
||||||
(dollar amounts in millions)
|
MSRs
|
|
Derivative
instruments
|
|
Municipal
securities
|
||||||
Classification of gains and losses in earnings:
|
|
|
|
|
|
||||||
Mortgage banking income
|
$
|
—
|
|
|
$
|
12
|
|
|
$
|
—
|
|
Interest and fee income
|
—
|
|
|
—
|
|
|
1
|
|
|||
Total
|
$
|
—
|
|
|
$
|
12
|
|
|
$
|
1
|
|
|
March 31, 2020
|
||||||||||||||||||||||
(dollar amounts in millions)
|
Total Loans
|
|
Loans that are 90 or more days past due
|
||||||||||||||||||||
Assets
|
Fair value
carrying
amount
|
|
Aggregate
unpaid
principal
|
|
Difference
|
|
Fair value
carrying
amount
|
|
Aggregate
unpaid
principal
|
|
Difference
|
||||||||||||
Loans held for sale
|
$
|
836
|
|
|
$
|
791
|
|
|
$
|
45
|
|
|
$
|
1
|
|
|
$
|
1
|
|
|
$
|
—
|
|
Loans held for investment
|
81
|
|
|
86
|
|
|
(5
|
)
|
|
5
|
|
|
5
|
|
|
—
|
|
|
December 31, 2019
|
||||||||||||||||||||||
(dollar amounts in millions)
|
Total Loans
|
|
Loans that are 90 or more days past due
|
||||||||||||||||||||
Assets
|
Fair value
carrying
amount
|
|
Aggregate
unpaid
principal
|
|
Difference
|
|
Fair value
carrying
amount
|
|
Aggregate
unpaid
principal
|
|
Difference
|
||||||||||||
Loans held for sale
|
$
|
781
|
|
|
$
|
755
|
|
|
$
|
26
|
|
|
$
|
2
|
|
|
$
|
2
|
|
|
$
|
—
|
|
Loans held for investment
|
81
|
|
|
87
|
|
|
(6
|
)
|
|
3
|
|
|
4
|
|
|
(1
|
)
|
|
|
Net gains (losses) from fair value changes
|
||||||
(dollar amounts in millions)
|
|
Three Months Ended March 31,
|
||||||
Assets
|
|
2020
|
|
2019
|
||||
Loans held for sale (1)
|
|
$
|
19
|
|
|
$
|
(2
|
)
|
(1)
|
The net gains (losses) from fair value changes are included in Mortgage banking income on the Unaudited Condensed Consolidated Statements of Income.
|
|
|
|
Fair Value Measurements Using
|
|
|
|||||||||
(dollar amounts in millions)
|
Fair Value
|
|
Quoted Prices
In Active
Markets for
Identical Assets
(Level 1)
|
|
Significant
Other
Observable
Inputs
(Level 2)
|
|
Significant
Other
Unobservable
Inputs
(Level 3)
|
|
Total
Gains/(Losses) Three Months Ended March 31, 2020 |
|||||
Collateral-dependent loans
|
63
|
|
|
—
|
|
|
—
|
|
|
63
|
|
|
(17
|
)
|
Loans held for sale
|
11
|
|
|
—
|
|
|
—
|
|
|
11
|
|
|
(2
|
)
|
|
Quantitative Information about Level 3 Fair Value Measurements at December 31, 2019 (1)
|
|||||||||||||||
(dollar amounts in millions)
|
Fair Value
|
|
Valuation Technique
|
|
Significant Unobservable Input
|
|
Range
|
|
Weighted Average
|
|||||||
Measured at fair value on a recurring basis:
|
|
|
|
|
||||||||||||
MSRs
|
$
|
7
|
|
|
Discounted cash flow
|
|
Constant prepayment rate
|
|
—
|
%
|
-
|
26
|
%
|
|
8
|
%
|
|
|
|
|
|
Spread over forward interest rate swap rates
|
|
5
|
%
|
-
|
11
|
%
|
|
8
|
%
|
||
Derivative assets
|
8
|
|
|
Consensus Pricing
|
|
Net market price
|
|
(2
|
)%
|
-
|
11
|
%
|
|
2
|
%
|
|
|
|
|
|
|
Estimated Pull through %
|
|
2
|
%
|
-
|
100
|
%
|
|
91
|
%
|
||
Municipal securities
|
2,999
|
|
|
Discounted cash flow
|
|
Discount rate
|
|
2
|
%
|
-
|
3
|
%
|
|
2
|
%
|
|
Asset-backed securities
|
48
|
|
|
|
|
Cumulative default
|
|
—
|
%
|
-
|
39
|
%
|
|
4
|
%
|
|
|
|
|
|
|
Loss given default
|
|
5
|
%
|
-
|
80
|
%
|
|
24
|
%
|
||
Measured at fair value on a nonrecurring basis:
|
|
|
|
|
||||||||||||
MSRs
|
206
|
|
|
Discounted cash flow
|
|
Constant prepayment rate
|
|
10
|
%
|
-
|
31
|
%
|
|
12
|
%
|
|
|
|
|
|
|
Spread over forward interest rate swap rates
|
|
5
|
%
|
-
|
11
|
%
|
|
9
|
%
|
||
Impaired loans
|
26
|
|
|
Appraisal value
|
|
NA
|
|
|
|
|
|
NA
|
|
|
March 31, 2020
|
||||||||||||||||||
(dollar amounts in millions)
|
Amortized Cost
|
|
Lower of Cost or Market
|
|
Fair Value or
Fair Value Option
|
|
Total Carrying Amount
|
|
Estimated Fair Value
|
||||||||||
Financial Assets
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and short-term assets
|
$
|
1,904
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,904
|
|
|
$
|
1,904
|
|
Trading account securities
|
—
|
|
|
—
|
|
|
36
|
|
|
36
|
|
|
36
|
|
|||||
Available-for-sale securities
|
—
|
|
|
—
|
|
|
14,622
|
|
|
14,622
|
|
|
14,622
|
|
|||||
Held-to-maturity securities
|
10,193
|
|
|
—
|
|
|
—
|
|
|
10,193
|
|
|
10,523
|
|
|||||
Other securities
|
438
|
|
|
—
|
|
|
50
|
|
|
488
|
|
|
488
|
|
|||||
Loans held for sale
|
—
|
|
|
161
|
|
|
836
|
|
|
997
|
|
|
1,000
|
|
|||||
Net loans and leases (1)
|
76,450
|
|
|
—
|
|
|
81
|
|
|
76,531
|
|
|
77,059
|
|
|||||
Derivative assets
|
—
|
|
|
—
|
|
|
1,082
|
|
|
1,082
|
|
|
1,082
|
|
|||||
Financial Liabilities
|
|
|
|
|
|
|
|
|
|
||||||||||
Deposits
|
86,830
|
|
|
—
|
|
|
—
|
|
|
86,830
|
|
|
86,843
|
|
|||||
Short-term borrowings
|
2,826
|
|
|
—
|
|
|
—
|
|
|
2,826
|
|
|
2,826
|
|
|||||
Long-term debt
|
9,796
|
|
|
—
|
|
|
—
|
|
|
9,796
|
|
|
9,654
|
|
|||||
Derivative liabilities
|
—
|
|
|
—
|
|
|
306
|
|
|
306
|
|
|
306
|
|
|
December 31, 2019
|
||||||||||||||||||
(dollar amounts in millions)
|
Amortized Cost
|
|
Lower of Cost or Market
|
|
Fair Value or
Fair Value Option
|
|
Total Carrying Amount
|
|
Estimated Fair Value
|
||||||||||
Financial Assets
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and short-term assets
|
$
|
1,272
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,272
|
|
|
$
|
1,272
|
|
Trading account securities
|
—
|
|
|
—
|
|
|
99
|
|
|
99
|
|
|
99
|
|
|||||
Available-for-sale securities
|
—
|
|
|
—
|
|
|
14,149
|
|
|
14,149
|
|
|
14,149
|
|
|||||
Held-to-maturity securities
|
9,070
|
|
|
—
|
|
|
—
|
|
|
9,070
|
|
|
9,186
|
|
|||||
Other securities
|
387
|
|
|
—
|
|
|
54
|
|
|
441
|
|
|
441
|
|
|||||
Loans held for sale
|
—
|
|
|
96
|
|
|
781
|
|
|
877
|
|
|
879
|
|
|||||
Net loans and leases (1)
|
74,540
|
|
|
—
|
|
|
81
|
|
|
74,621
|
|
|
75,177
|
|
|||||
Derivative assets
|
—
|
|
|
—
|
|
|
452
|
|
|
452
|
|
|
452
|
|
|||||
Financial Liabilities
|
|
|
|
|
|
|
|
|
|
||||||||||
Deposits
|
82,347
|
|
|
—
|
|
|
—
|
|
|
82,347
|
|
|
82,344
|
|
|||||
Short-term borrowings
|
2,606
|
|
|
—
|
|
|
—
|
|
|
2,606
|
|
|
2,606
|
|
|||||
Long-term debt
|
9,849
|
|
|
—
|
|
|
—
|
|
|
9,849
|
|
|
10,075
|
|
|||||
Derivative liabilities
|
—
|
|
|
—
|
|
|
104
|
|
|
104
|
|
|
104
|
|
(1)
|
Includes collateral-dependent loans.
|
|
Estimated Fair Value Measurements at Reporting Date Using
|
|
Netting Adjustments (1)
|
March 31, 2020
|
|||||||||||||
(dollar amounts in millions)
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
|||||||||||
Financial Assets
|
|
|
|
|
|
|
|
|
|||||||||
Trading account securities
|
$
|
8
|
|
|
$
|
28
|
|
|
$
|
—
|
|
|
|
$
|
36
|
|
|
Available-for-sale securities
|
8
|
|
|
11,606
|
|
|
3,008
|
|
|
|
14,622
|
|
|||||
Held-to-maturity securities
|
—
|
|
|
10,523
|
|
|
—
|
|
|
|
10,523
|
|
|||||
Other securities (2)
|
50
|
|
|
—
|
|
|
—
|
|
|
|
50
|
|
|||||
Loans held for sale
|
—
|
|
|
836
|
|
|
164
|
|
|
|
1,000
|
|
|||||
Net loans and direct financing leases
|
—
|
|
|
55
|
|
|
77,004
|
|
|
|
77,059
|
|
|||||
Derivative assets
|
—
|
|
|
2,342
|
|
|
42
|
|
|
(1,302
|
)
|
1,082
|
|
||||
Financial Liabilities
|
|
|
|
|
|
|
|
|
|||||||||
Deposits
|
—
|
|
|
82,071
|
|
|
4,772
|
|
|
|
86,843
|
|
|||||
Short-term borrowings
|
—
|
|
|
—
|
|
|
2,826
|
|
|
|
2,826
|
|
|||||
Long-term debt
|
—
|
|
|
9,004
|
|
|
650
|
|
|
|
9,654
|
|
|||||
Derivative liabilities
|
—
|
|
|
1,369
|
|
|
3
|
|
|
(1,066
|
)
|
306
|
|
|
Estimated Fair Value Measurements at Reporting Date Using
|
|
Netting Adjustments (1)
|
December 31, 2019
|
|||||||||||||
(dollar amounts in millions)
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
|||||||||||
Financial Assets
|
|
|
|
|
|
|
|
|
|||||||||
Trading account securities
|
$
|
30
|
|
|
$
|
69
|
|
|
$
|
—
|
|
|
|
$
|
99
|
|
|
Available-for-sale securities
|
10
|
|
|
11,090
|
|
|
3,049
|
|
|
|
14,149
|
|
|||||
Held-to-maturity securities
|
—
|
|
|
9,186
|
|
|
—
|
|
|
|
9,186
|
|
|||||
Other securities (2)
|
54
|
|
|
—
|
|
|
—
|
|
|
|
54
|
|
|||||
Loans held for sale
|
—
|
|
|
781
|
|
|
98
|
|
|
|
879
|
|
|||||
Net loans and direct financing leases
|
—
|
|
|
55
|
|
|
75,122
|
|
|
|
75,177
|
|
|||||
Derivative assets
|
—
|
|
|
848
|
|
|
8
|
|
|
(404
|
)
|
452
|
|
||||
Financial Liabilities
|
|
|
|
|
|
|
|
|
|||||||||
Deposits
|
—
|
|
|
76,790
|
|
|
5,554
|
|
|
|
82,344
|
|
|||||
Short-term borrowings
|
—
|
|
|
—
|
|
|
2,606
|
|
|
|
2,606
|
|
|||||
Long-term debt
|
—
|
|
|
9,439
|
|
|
636
|
|
|
|
10,075
|
|
|||||
Derivative liabilities
|
—
|
|
|
519
|
|
|
2
|
|
|
(417
|
)
|
104
|
|
(1)
|
Amounts represent the impact of legally enforceable master netting agreements that allow the Company to settle positive and negative positions and cash collateral held or placed with the same counterparties.
|
(2)
|
Excludes securities without readily determinable fair values.
|
|
March 31, 2020
|
|
December 31, 2019
|
||||||||||||||||||||
(dollar amounts in millions)
|
Notional Value
|
|
Asset
|
|
Liability
|
|
Notional Value
|
|
Asset
|
|
Liability
|
||||||||||||
Derivatives designated as Hedging Instruments
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Interest rate contracts
|
$
|
27,415
|
|
|
$
|
971
|
|
|
$
|
72
|
|
|
$
|
25,927
|
|
|
$
|
256
|
|
|
$
|
36
|
|
Derivatives not designated as Hedging Instruments
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Interest rate contracts
|
31,136
|
|
|
1,063
|
|
|
928
|
|
|
27,614
|
|
|
420
|
|
|
314
|
|
||||||
Foreign exchange contracts
|
2,110
|
|
|
44
|
|
|
42
|
|
|
2,173
|
|
|
19
|
|
|
18
|
|
||||||
Commodities contracts
|
2,606
|
|
|
306
|
|
|
303
|
|
|
3,020
|
|
|
155
|
|
|
152
|
|
||||||
Equity contracts
|
408
|
|
|
—
|
|
|
27
|
|
|
427
|
|
|
6
|
|
|
1
|
|
||||||
Total Contracts
|
$
|
63,675
|
|
|
$
|
2,384
|
|
|
$
|
1,372
|
|
|
$
|
59,161
|
|
|
$
|
856
|
|
|
$
|
521
|
|
|
|
Location of Gain or (Loss) Recognized in Income
on Derivative
|
|
Amount of Gain or (Loss) Recognized in Income on Derivative
|
||||||
|
|
|
Three Months Ended March 31,
|
|||||||
(dollar amounts in millions)
|
|
|
2020
|
|
2019
|
|||||
Interest rate contracts:
|
|
|
|
|
|
|
||||
Customer
|
|
Capital markets fees
|
|
$
|
18
|
|
|
$
|
10
|
|
Mortgage Banking
|
|
Mortgage banking income
|
|
96
|
|
|
12
|
|
||
Foreign exchange contracts
|
|
Capital markets fees
|
|
6
|
|
|
8
|
|
||
Commodities contracts
|
|
Capital markets fees
|
|
2
|
|
|
(6
|
)
|
||
Equity contracts
|
|
Other noninterest expense
|
|
(2
|
)
|
|
(1
|
)
|
||
Total
|
|
|
|
$
|
120
|
|
|
$
|
23
|
|
|
March 31, 2020
|
||||||||||
(dollar amounts in millions)
|
Fair Value Hedges
|
|
Cash Flow Hedges
|
|
Total
|
||||||
Instruments associated with:
|
|
|
|
|
|
||||||
Loans
|
$
|
—
|
|
|
$
|
19,375
|
|
|
$
|
19,375
|
|
Long-term debt
|
8,040
|
|
|
—
|
|
|
8,040
|
|
|||
Total notional value at March 31, 2020
|
$
|
8,040
|
|
|
$
|
19,375
|
|
|
$
|
27,415
|
|
|
|
|
|
|
|
||||||
|
December 31, 2019
|
||||||||||
(dollar amounts in millions)
|
Fair Value Hedges
|
|
Cash Flow Hedges
|
|
Total
|
||||||
Instruments associated with:
|
|
|
|
|
|
||||||
Loans
|
—
|
|
|
18,375
|
|
|
18,375
|
|
|||
Investment securities
|
$
|
—
|
|
|
$
|
12
|
|
|
$
|
12
|
|
Long-term debt
|
7,540
|
|
|
—
|
|
|
7,540
|
|
|||
Total notional value at December 31, 2019
|
$
|
7,540
|
|
|
$
|
18,387
|
|
|
$
|
25,927
|
|
|
Three Months Ended March 31, 2020
|
||||||
(dollar amounts in millions)
|
2020
|
|
2019
|
||||
Interest rate contracts
|
|
|
|
||||
Change in fair value of interest rate swaps hedging long-term debt (1)
|
$
|
200
|
|
|
$
|
41
|
|
Change in fair value of hedged long term debt (1)
|
(190
|
)
|
|
(41
|
)
|
(1)
|
Recognized in Interest expense—long-term debt in the Unaudited Condensed Consolidated Statements of Income.
|
|
Carrying Amount of the Hedged Liabilities
|
|
Cumulative Amount of Fair Value Hedging Adjustment To Hedged Liabilities
|
||||||||||||
(dollar amounts in millions)
|
March 31, 2020
|
|
December 31, 2019
|
|
March 31, 2020
|
|
December 31, 2019
|
||||||||
Long-term debt
|
$
|
7,775
|
|
|
$
|
7,578
|
|
|
$
|
304
|
|
|
$
|
114
|
|
(dollar amounts in millions)
|
March 31, 2020
|
December 31, 2019
|
|||||||
Notional value
|
$
|
490
|
|
|
$
|
778
|
|
||
Trading assets
|
64
|
|
|
19
|
|
||||
|
|
|
|
|
Three Months Ended March 31,
|
|||||
(dollar amounts in millions)
|
2020
|
2019
|
||||
Trading gains
|
$
|
57
|
|
$
|
7
|
|
Offsetting of Financial Assets and Derivative Assets
|
||||||||||||||||||||||||
|
|
|
|
Gross amounts
offset in the unaudited condensed consolidated balance sheets |
|
Net amounts of
assets presented in the unaudited condensed consolidated balance sheets |
|
Gross amounts not offset in the
unaudited condensed consolidated balance sheets |
|
|
||||||||||||||
(dollar amounts in millions)
|
|
Gross amounts
of recognized
assets
|
|
|
|
Financial
instruments
|
|
Cash collateral
received
|
|
Net amount
|
||||||||||||||
March 31, 2020
|
Derivatives
|
$
|
2,384
|
|
|
$
|
(1,302
|
)
|
|
$
|
1,082
|
|
|
$
|
(115
|
)
|
|
$
|
(62
|
)
|
|
$
|
905
|
|
December 31, 2019
|
Derivatives
|
856
|
|
|
(404
|
)
|
|
452
|
|
|
(65
|
)
|
|
(29
|
)
|
|
358
|
|
Offsetting of Financial Liabilities and Derivative Liabilities
|
||||||||||||||||||||||||
|
|
|
|
Gross amounts
offset in the unaudited
condensed
consolidated
balance sheets
|
|
Net amounts of
liabilities
presented in
the unaudited condensed
consolidated
balance sheets
|
|
Gross amounts not offset in the
unaudited condensed consolidated
balance sheets
|
|
|
||||||||||||||
(dollar amounts in millions)
|
|
Gross amounts
of recognized
liabilities
|
|
|
|
Financial
instruments
|
|
Cash collateral
delivered
|
|
Net amount
|
||||||||||||||
March 31, 2020
|
Derivatives
|
$
|
1,372
|
|
|
$
|
(1,066
|
)
|
|
$
|
306
|
|
|
$
|
—
|
|
|
$
|
(108
|
)
|
|
$
|
198
|
|
December 31, 2019
|
Derivatives
|
521
|
|
|
(417
|
)
|
|
104
|
|
|
—
|
|
|
(75
|
)
|
|
29
|
|
|
March 31, 2020
|
||||||||||
(dollar amounts in millions)
|
Total Assets
|
|
Total Liabilities
|
|
Maximum Exposure to Loss
|
||||||
Trust Preferred Securities
|
$
|
14
|
|
|
$
|
252
|
|
|
$
|
—
|
|
Affordable Housing Tax Credit Partnerships
|
803
|
|
|
386
|
|
|
803
|
|
|||
Other Investments
|
184
|
|
|
61
|
|
|
184
|
|
|||
Total
|
$
|
1,001
|
|
|
$
|
699
|
|
|
$
|
987
|
|
|
December 31, 2019
|
||||||||||
(dollar amounts in millions)
|
Total Assets
|
|
Total Liabilities
|
|
Maximum Exposure to Loss
|
||||||
Trust Preferred Securities
|
$
|
14
|
|
|
$
|
252
|
|
|
$
|
—
|
|
Affordable Housing Tax Credit Partnerships
|
727
|
|
|
332
|
|
|
727
|
|
|||
Other Investments
|
179
|
|
|
63
|
|
|
179
|
|
|||
Total
|
$
|
920
|
|
|
$
|
647
|
|
|
$
|
906
|
|
(dollar amounts in millions)
|
Rate
|
|
Principal amount of
subordinated note/
debenture issued to trust (1)
|
|
Investment in
unconsolidated
subsidiary
|
|||||
Huntington Capital I
|
2.15
|
%
|
(2)
|
$
|
70
|
|
|
$
|
6
|
|
Huntington Capital II
|
2.08
|
|
(3)
|
32
|
|
|
3
|
|
||
Sky Financial Capital Trust III
|
2.85
|
|
(4)
|
72
|
|
|
2
|
|
||
Sky Financial Capital Trust IV
|
2.85
|
|
(4)
|
74
|
|
|
2
|
|
||
Camco Financial Trust
|
2.78
|
|
(5)
|
4
|
|
|
1
|
|
||
Total
|
|
|
$
|
252
|
|
|
$
|
14
|
|
(1)
|
Represents the principal amount of debentures issued to each trust, including unamortized original issue discount.
|
(2)
|
Variable effective rate at March 31, 2020, based on three-month LIBOR +0.70%.
|
(3)
|
Variable effective rate at March 31, 2020, based on three-month LIBOR +0.625%.
|
(4)
|
Variable effective rate at March 31, 2020, based on three-month LIBOR +1.40%.
|
(5)
|
Variable effective rate at March 31, 2020, based on three-month LIBOR +1.33%.
|
(dollar amounts in millions)
|
March 31,
2020 |
|
December 31,
2019 |
||||
Affordable housing tax credit investments
|
$
|
1,343
|
|
|
$
|
1,242
|
|
Less: amortization
|
(540
|
)
|
|
(515
|
)
|
||
Net affordable housing tax credit investments
|
$
|
803
|
|
|
$
|
727
|
|
Unfunded commitments
|
$
|
386
|
|
|
$
|
332
|
|
|
|
Three Months Ended
March 31, |
||||||
(dollar amounts in millions)
|
|
2020
|
|
2019
|
||||
Tax credits and other tax benefits recognized
|
|
$
|
29
|
|
|
$
|
27
|
|
Proportional amortization expense included in provision for income taxes
|
|
25
|
|
|
22
|
|
(dollar amounts in millions)
|
March 31,
2020 |
|
December 31,
2019 |
||||
Contract amount representing credit risk
|
|
|
|
||||
Commitments to extend credit:
|
|
|
|
||||
Commercial
|
$
|
16,174
|
|
|
$
|
18,326
|
|
Consumer
|
14,526
|
|
|
14,831
|
|
||
Commercial real estate
|
1,164
|
|
|
1,364
|
|
||
Standby letters of credit
|
570
|
|
|
587
|
|
||
Commercial letters of credit
|
5
|
|
|
8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31,
|
||||||||||||||||||||||
Income Statements
|
Consumer & Business Banking
|
|
Commercial Banking
|
|
Vehicle Finance
|
|
RBHPCG
|
|
Treasury / Other
|
|
Huntington Consolidated
|
||||||||||||
(dollar amounts in millions)
|
|
|
|
|
|
||||||||||||||||||
2020
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net interest income
|
$
|
364
|
|
|
$
|
232
|
|
|
$
|
106
|
|
|
$
|
43
|
|
|
$
|
45
|
|
|
$
|
790
|
|
Provision (benefit) for credit losses
|
82
|
|
|
298
|
|
|
60
|
|
|
1
|
|
|
—
|
|
|
441
|
|
||||||
Noninterest income
|
212
|
|
|
86
|
|
|
3
|
|
|
50
|
|
|
10
|
|
|
361
|
|
||||||
Noninterest expense
|
418
|
|
|
129
|
|
|
35
|
|
|
62
|
|
|
8
|
|
|
652
|
|
||||||
Provision (benefit) for income taxes
|
16
|
|
|
(23
|
)
|
|
3
|
|
|
6
|
|
|
8
|
|
|
10
|
|
||||||
Net income (loss)
|
$
|
60
|
|
|
$
|
(86
|
)
|
|
$
|
11
|
|
|
$
|
24
|
|
|
$
|
39
|
|
|
$
|
48
|
|
2019
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net interest income
|
$
|
471
|
|
|
$
|
273
|
|
|
$
|
95
|
|
|
$
|
53
|
|
|
$
|
(70
|
)
|
|
$
|
822
|
|
Provision (benefit) for credit losses
|
17
|
|
|
43
|
|
|
9
|
|
|
(2
|
)
|
|
—
|
|
|
67
|
|
||||||
Noninterest income
|
174
|
|
|
76
|
|
|
2
|
|
|
51
|
|
|
16
|
|
|
319
|
|
||||||
Noninterest expense
|
398
|
|
|
141
|
|
|
37
|
|
|
64
|
|
|
13
|
|
|
653
|
|
||||||
Provision (benefit) for income taxes
|
48
|
|
|
35
|
|
|
11
|
|
|
9
|
|
|
(40
|
)
|
|
63
|
|
||||||
Net income (loss)
|
$
|
182
|
|
|
$
|
130
|
|
|
$
|
40
|
|
|
$
|
33
|
|
|
$
|
(27
|
)
|
|
$
|
358
|
|
|
Assets at
|
|
Deposits at
|
||||||||||||
(dollar amounts in millions)
|
March 31,
2020 |
|
December 31,
2019 |
|
March 31,
2020 |
|
December 31,
2019 |
||||||||
Consumer & Business Banking
|
$
|
24,917
|
|
|
$
|
25,073
|
|
|
$
|
51,898
|
|
|
$
|
51,675
|
|
Commercial Banking
|
37,318
|
|
|
34,337
|
|
|
23,530
|
|
|
20,762
|
|
||||
Vehicle Finance
|
20,431
|
|
|
20,155
|
|
|
525
|
|
|
376
|
|
||||
RBHPCG
|
6,747
|
|
|
6,665
|
|
|
6,265
|
|
|
6,370
|
|
||||
Treasury / Other
|
24,484
|
|
|
22,772
|
|
|
4,612
|
|
|
3,164
|
|
||||
Total
|
$
|
113,897
|
|
|
$
|
109,002
|
|
|
$
|
86,830
|
|
|
$
|
82,347
|
|
Period
|
Total Number of Shares Purchased (1)
|
|
Average
Price Paid Per Share |
|
Maximum Number of Shares (or Approximate Dollar Value) that May Yet Be Purchased Under the Plans or Programs (2)
|
|||||
January 1, 2020 to January 31, 2020
|
832,380
|
|
|
$
|
13.57
|
|
|
$
|
237,806,683
|
|
February 1, 2020 to February 29, 2020
|
3,605,784
|
|
|
13.45
|
|
|
189,306,799
|
|
||
March 1, 2020 to March 31, 2020
|
2,649,954
|
|
|
10.55
|
|
|
161,349,865
|
|
||
Total
|
7,088,118
|
|
|
$
|
12.38
|
|
|
$
|
161,349,865
|
|
(1)
|
The reported shares were repurchased pursuant to Huntington’s publicly-announced share repurchase authorization.
|
(2)
|
The number shown represents, as of the end of each period, the approximate dollar value of Common Stock that may yet be purchased under publicly-announced share repurchase authorizations. The shares may be purchased, from time-to-time, depending on market conditions.
|
Exhibit
Number
|
Document Description
|
Report or Registration Statement
|
SEC File or
Registration
Number
|
Exhibit
Reference
|
3.1
|
||||
3.2
|
||||
3.3
|
||||
4.1(P)
|
Instruments defining the Rights of Security Holders—reference is made to Articles Fifth, Eighth, and Tenth of Articles of Restatement of Charter, as amended and supplemented. Instruments defining the rights of holders of long-term debt will be furnished to the Securities and Exchange Commission upon request.
|
|
|
|
10.1
|
|
|
|
|
31.1
|
|
|
|
|
31.2
|
|
|
|
|
32.1
|
|
|
|
|
32.2
|
|
|
|
|
101.INS
|
***The instance document does not appear in the interactive data file because its XBRL tags are embedded within the Inline XBRL document
|
|
|
|
101.SCH
|
*Inline XBRL Taxonomy Extension Schema Document
|
|
|
|
101.CAL
|
*Inline XBRL Taxonomy Extension Calculation Linkbase Document
|
|
|
|
101.DEF
|
*Inline XBRL Taxonomy Extension Definition Linkbase Document
|
|
|
|
101.LAB
|
*Inline XBRL Taxonomy Extension Label Linkbase Document
|
|
|
|
101.PRE
|
*Inline XBRL Taxonomy Extension Presentation Linkbase Document
|
|
|
|
*
|
Filed herewith
|
**
|
Furnished herewith
|
***
|
The following material from Huntington’s Form 10-Q Report for the quarterly period ended March 31, 2020, formatted in Inline XBRL: (1) Unaudited Condensed Consolidated Balance Sheets, (2) Unaudited Condensed Consolidated Statements of Income, (3) Unaudited Condensed Consolidated Statements of Comprehensive Income (4) Unaudited Condensed Consolidated Statement of Changes in Shareholders’ Equity, (5) Unaudited Condensed Consolidated Statements of Cash Flows, and (6) the Notes to Unaudited Condensed Consolidated Financial Statements.
|
|
|
|
|
Date:
|
May 1, 2020
|
|
/s/ Stephen D. Steinour
|
|
|
|
Stephen D. Steinour
|
|
|
|
Chairman, President, and Chief Executive Officer (Principal Executive Officer)
|
|
|
|
|
Date:
|
May 1, 2020
|
|
/s/ Zachary Wasserman
|
|
|
|
Zachary Wasserman
|
|
|
|
Chief Financial Officer
(Principal Financial Officer)
|
(1)
|
Any “person” (as such term is used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934 (“the Exchange Act”) as in effect as of the date of this Plan) becomes the beneficial owner, directly or indirectly, of securities of the Corporation representing 25% or more of the combined voting power of the Corporation’s then-outstanding securities entitled to
|
(2)
|
Individuals who, as of the Effective Date, constitute the Board of Directors of the Corporation (the “Incumbent Board”) cease for any reason to constitute at least a majority of the Board; provided, however, that, any individual becoming a director subsequent to the date hereof whose election, or nomination for election, was approved by a vote of at least a majority of the directors comprising the Incumbent Board shall be considered as though such individual were a member of the Incumbent Board, but excluding for this purpose any such individual whose initial assumption of office occurs as a result of either an actual or threatened election contest (as such terms are used in Regulation 14A promulgated under the Exchange Act) or other actual or threatened solicitation of proxies or consents by or on behalf of a person other than the Board;
|
(3)
|
The consummation of a merger, statutory share exchange, consolidation or similar corporate transaction involving the Corporation, other than any such transaction in which the voting securities of the Corporation immediately prior to the transaction continue to represent (either by remaining outstanding or being converted into securities of the “surviving entity,”
|
(4)
|
consummation of a sale, exchange, lease, mortgage, pledge, transfer, or other disposition (in a single transaction or a series of related transactions) of all or substantially all of the assets of the Corporation which shall include, without limitation, the sale of assets or earning power aggregating more than 50% of the assets or earning power of the Corporation on a consolidated basis, other than any such transaction in which a majority of the voting securities of the surviving entity are, immediately following consummation of such transaction, beneficially owned by the individuals and entities that were the beneficial owners of the Corporation’s voting securities immediately prior to the transaction;
|
(5)
|
The consummation of a liquidation or dissolution of the Corporation;
|
(6)
|
The consummation of a reorganization, reverse stock split, or recapitalization of the Corporation which would result in any of the foregoing; or
|
(7)
|
The consummation of a transaction or series of related transactions having, directly or indirectly, the same effect as any of the foregoing.
|
(1)
|
revenue and income measures (which include sales, revenues, net income, earnings per share, non-interest income to total revenue ratio, non-interest income growth, interest income, net operating profit, interest income, pre-tax pre-provision (pre-tax income on a tax equivalent basis adjusted for provision expense, security gains and losses, and amortization of intangibles), economic value added, and earnings before interest, taxes, depreciation and amortization;
|
(2)
|
expense and efficiency measures (which include “efficiency ratio” (the ratio of total non-interest operating expenses (less amortization of intangibles) divided by total revenues (less net security gains), net interest margin, gross
|
(3)
|
operating measures (which include productivity ratios, loan growth, deposit growth, customer profitability, and market share);
|
(4)
|
return measures (which include return on average equity, tangible common equity or return on tangible common equity, return on average assets, and total shareholder return);
|
(5)
|
credit quality measures (which include non-performing asset ratio, net charge-off ratio, and reserve coverage of non-performing loans);
|
(6)
|
leverage measures (which include debt-to-equity ratio and net debt);
|
(7)
|
risk measures (which include interest-sensitivity gap levels, regulatory compliance, satisfactory audit results, maintenance of required common equity levels (including common equity tier 1 (CET 1) and successor measure levels), and financial ratings);
|
(8)
|
achievement of balance sheet, income statement, or cash-flow statement objectives;
|
(9)
|
technology or innovation goals or objectives;
|
(10)
|
achievement of strategic and development objectives, goals, and milestones;
|
(11)
|
consummation of acquisitions, dispositions, projects, or other specific events or transactions;
|
(12)
|
acquisition integration or disposition management goals or objections;
|
(13)
|
product, customer or market-related objectives (including product revenues, revenue mix, product growth, customer growth, number or type of customer relationships, customer satisfaction survey results, market share, and branding);
|
(14)
|
human capital, workforce, and culture goals (including employee satisfaction survey results and cross selling goals); and
|
(15)
|
any other criteria established by the Committee. Performance Criteria may, as determined by the Committee, be expressed or measured in terms of (i) attaining a specified absolute level of the criteria, (ii) a percentage increase or decrease in the criteria compared to a pre‑established target, previous years’ results, or a designated market index or comparison group, or (iii) a relative basis to an established target, to previous year or other comparable period or periods' results, to a designated comparison group or groups, or to one or more designated external or internal indices or benchmarks. Such Performance Criteria may be applied either to the Corporation as a whole or to a business unit or subsidiary, using a “balanced scorecard” or other approach, in each case as determined by the Committee. Any specific metrics listed within the categories described above are intended to be illustrative and are not intended to be construed as limitations on the more general metrics. Performance Criteria may be different for different Participants, as determined in the discretion of the Committee. The Committee may include or exclude Extraordinary Events in determining whether the performance goal has been achieved. The Committee also may
|
(1)
|
a serious breach of conduct by a Participant or former Participant (including, without limitation, any conduct prejudicial to or in conflict with the Corporation or any securities laws violations including any violations under the Sarbanes-Oxley Act of 2002), or
|
(2)
|
any activity of a Participant or former Participant in which the Participant or former Participant solicits or takes away customers or potential customers with whom the
|
1.
|
I have reviewed this Quarterly Report on Form 10-Q of Huntington Bancshares Incorporated;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)), for the registrant and have:
|
a)
|
designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
b)
|
designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
c)
|
evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
d)
|
disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
5.
|
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
a)
|
all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and
|
b)
|
any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
Date:
|
May 1, 2020
|
|
|
|
|
|
|
/s/
|
Stephen D. Steinour
|
|
|
|
|
Stephen D. Steinour
|
|
|
|
|
Chief Executive Officer
|
1.
|
I have reviewed this Quarterly Report on Form 10-Q of Huntington Bancshares Incorporated;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)), for the registrant and have:
|
a)
|
designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
b)
|
designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
c)
|
evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
d)
|
disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
5.
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The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
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a)
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all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and
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b)
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any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
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Date:
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May 1, 2020
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/s/
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Zachary Wasserman
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Zachary Wasserman
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Chief Financial Officer
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(1)
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The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
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(2)
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The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
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/s/
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Stephen D. Steinour
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Stephen D. Steinour
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Chief Executive Officer
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May 1, 2020
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(1)
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The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
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(2)
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The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
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/s/
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Zachary Wasserman
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Zachary Wasserman
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Chief Financial Officer
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May 1, 2020
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