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INVESTMENT SECURITIES AND OTHER SECURITIES
12 Months Ended
Dec. 31, 2020
Investments, Debt and Equity Securities [Abstract]  
Investment Securities and Other Securities INVESTMENT SECURITIES AND OTHER SECURITIES
Debt securities purchased in which Huntington has the intent and ability to hold to their maturity are classified as held-to-maturity securities.  All other debt and equity securities are classified as either available-for-sale or other securities.
The following tables provide amortized cost, fair value, and gross unrealized gains and losses by investment category at December 31, 2020 and 2019:
Unrealized
(dollar amounts in millions)Amortized
Cost (1)
Gross
Gains
Gross
Losses
Fair Value
December 31, 2020
Available-for-sale securities:
U.S. Treasury$$— $— $
Federal agencies:
Residential CMO3,550 121 (5)3,666 
Residential MBS7,843 97 (5)7,935 
Commercial MBS1,151 21 (9)1,163 
Other agencies60 — 62 
Total U.S. Treasury, federal agency and other agency securities12,609 241 (19)12,831 
Municipal securities2,928 91 (15)3,004 
Private-label CMO— — 
Asset-backed securities185 — 192 
Corporate debt440 — 445 
Other securities/Sovereign debt
— — 
Total available-for-sale securities$16,175 $344 $(34)$16,485 
Held-to-maturity securities:
Federal agencies:
Residential CMO$1,779 $88 $— $1,867 
Residential MBS3,715 103 — 3,818 
Commercial MBS3,118 191 — 3,309 
Other agencies246 12 — 258 
Total federal agency and other agency securities8,858 394 — 9,252 
Municipal securities— — 
Total held-to-maturity securities$8,861 $394 $— $9,255 
Other securities, at cost:
Non-marketable equity securities:
Federal Home Loan Bank stock$60 $— $— $60 
Federal Reserve Bank stock299 — — 299 
Other securities, at fair value
Mutual funds50 — — 50 
Equity securities— 
Total other securities$417 $$— $418 
(1)Amortized cost amounts excludes accrued interest receivable, which is recorded within other assets on the Consolidated Balance Sheets. At December 31, 2020, accrued interest receivable on available-for-sale securities and held-to-maturity securities totaled $32 million and $20 million, respectively.
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 CMO5,055 48 (18)5,085 
Residential MBS4,180 45 (3)4,222 
Commercial MBS979 (4)976 
Other agencies165 (1)165 
Total U.S. Treasury, federal agency and other agency securities10,389 95 (26)10,458 
Municipal securities3,044 34 (23)3,055 
Private-label CMO— — 
Asset-backed securities575 (2)579 
Corporate debt49 — 51 
Other securities/Sovereign debt
— — 
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 MBS2,463 50 — 2,513 
Commercial MBS3,959 34 — 3,993 
Other agencies293 — 295 
Total federal agency and other agency securities9,066 119 (3)9,182 
Municipal securities— — 
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 stock297 — — 297 
Other securities, at fair value
Mutual funds53 — — 53 
Equity securities— — 
Total other securities$441 $— $— $441 
The following table provides the amortized cost and fair value of securities by contractual maturity at December 31, 2020 and 2019. Expected maturities may differ from contractual maturities as issuers may have the right to call or prepay obligations with or without incurring penalties.
20202019
(dollar amounts in millions)
Amortized
Cost
Fair
Value
Amortized
Cost
Fair
Value
Available-for-sale securities:
Under 1 year$308 $304 $231 $229 
After 1 year through 5 years1,145 1,154 1,196 1,189 
After 5 years through 10 years1,607 1,654 1,594 1,606 
After 10 years13,115 13,373 11,042 11,125 
Total available-for-sale securities$16,175 $16,485 $14,063 $14,149 
Held-to-maturity securities:
Under 1 year$— $— $— $— 
After 1 year through 5 years160 169 17 17 
After 5 years through 10 years131 138 300 305 
After 10 years8,570 8,948 8,753 8,864 
Total held-to-maturity securities$8,861 $9,255 $9,070 $9,186 
The following tables provide detail on investment securities with unrealized losses aggregated by investment category and the length of time the individual securities have been in a continuous loss position at December 31, 2020 and 2019:
Less than 12 MonthsOver 12 MonthsTotal
(dollar amounts in millions)Fair
Value
Gross Unrealized
Losses
Fair
Value
Gross Unrealized
Losses
Fair
Value
Gross Unrealized
Losses
December 31, 2020
Available-for-sale securities:
Federal agencies:
Residential CMO$302 $(5)$— $— $302 $(5)
Residential MBS1,633 (5)— — 1,633 (5)
Commercial MBS321 (9)— — 321 (9)
Other agencies— — — — — — 
Total federal agency and other agency securities2,256 (19)— — 2,256 (19)
Municipal securities110 (3)490 (12)600 (15)
Asset-backed securities15 — — — 15 — 
Corporate debt51 — — — 51 — 
Total temporarily impaired available-for-sale securities$2,432 $(22)$490 $(12)$2,922 $(34)
Less than 12 MonthsOver 12 MonthsTotal
(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 MBS1,169 (3)— 1,178 (3)
Commercial MBS472 (2)272 (2)744 (4)
Other agencies86 (1)— — 86 (1)
Total federal agency and other agency securities2,933 (16)800 (10)3,733 (26)
Municipal securities273 (4)1,204 (19)1,477 (23)
Asset-backed securities116 (1)37 (1)153 (2)
Corporate debt— — — — 
Total temporarily impaired available-for-sale 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 MBS317 — — — 317 — 
Commercial MBS81 — — — 81 — 
Other agencies58 — — — 58 — 
Total federal agency and other agency securities674 (1)112 (2)786 (3)
Municipal securities— — — — 
Total temporarily impaired held-to-maturity securities$678 $(1)$112 $(2)$790 $(3)
During 2020, Huntington transferred a total of $2.8 billion of securities from the AFS portfolio to the HTM portfolio. At the time of the transfers, AOCI included a combined total of $21 million of unrealized gains attributed to these securities. This gain will be amortized into interest income over the remaining life of the securities.
At December 31, 2020 and December 31, 2019, the carrying value of investment securities pledged to secure public and trust deposits, trading account liabilities, U.S. Treasury demand notes, security repurchase agreements and to support borrowing capacity totaled $14.4 billion and $3.8 billion, respectively. There were no securities of a single issuer, which were not governmental or government-sponsored, that exceeded 10% of shareholders’ equity at either December 31, 2020 or December 31, 2019. At December 31, 2020, all HTM debt securities are considered AAA rated. In addition, there were no HTM debt securities considered past due at December 31, 2020.
AFS Securities Impairment/HTM Securities Allowance for Credit Losses
Based on an evaluation of available information including security type, counterparty credit quality, past events, current conditions, and reasonable and supportable forecasts that are relevant to collectability, Huntington has concluded that it expects to receive all contractual cash flows from each security held in its AFS and HTM debt securities portfolio. As such, no allowance or impairment is recorded with respect to securities as of December 31, 2020.