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INVESTMENT SECURITIES AND OTHER SECURITIES
3 Months Ended
Mar. 31, 2021
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 March 31, 2021 and December 31, 2020:
Unrealized
(dollar amounts in millions)Amortized
Cost (1)
Gross
Gains
Gross
Losses
Fair Value
March 31, 2021
Available-for-sale securities:
U.S. Treasury$$— $— $
Federal agencies:
Residential CMO$3,081 $100 $(9)$3,172 
Residential MBS10,708 61 (124)10,645 
Commercial MBS1,277 13 (63)1,227 
Other agencies44 — 46 
Total U.S. Treasury, federal agency and other agency securities15,115 176 (196)15,095 
Municipal securities3,050 91 (19)3,122 
Private-label CMO50 — — 50 
Asset-backed securities244 (1)247 
Corporate debt888 — (31)857 
Other securities/Sovereign debt— — 
Total available-for-sale securities$19,351 $271 $(247)$19,375 
Held-to-maturity securities:
Federal agencies:
Residential CMO$1,604 $74 $— $1,678 
Residential MBS3,259 69 (18)3,310 
Commercial MBS2,719 114 — 2,833 
Other agencies230 — 238 
Total federal agency and other agency securities7,812 265 (18)8,059 
Municipal securities— — 
Total held-to-maturity securities$7,815 $265 $(18)$8,062 
Other securities, at cost:
Non-marketable equity securities:
Federal Home Loan Bank stock$52 $— $— $52 
Federal Reserve Bank stock300 — — 300 
Other securities, at fair value
Mutual funds42 — — 42 
Equity securities16 — 17 
Total other securities$410 $$— $411 
(1)Amortized cost amounts excludes accrued interest receivable, which is recorded within other assets on the Consolidated Balance Sheets. At March 31, 2021, accrued interest receivable on available-for-sale securities and held-to-maturity securities totaled $40 million and $18 million, respectively.
Unrealized
(dollar amounts in millions)Amortized
Cost (1)
Gross
Gains
Gross
Losses
Fair Value
December 31, 2020
Available-for-sale securities:
U.S. Treasury$$— $— $
Federal agencies:
Residential CMO$3,550 $121 $(5)$3,666 
Residential MBS7,843 97 (5)7,935 
Commercial MBS1,151 21 (9)1,163 
Other agencies60 — 62 
Total U.S. Treasury, federal agency and other agency securities12,609 241 (19)12,831 
Municipal securities2,928 91 (15)3,004 
Private-label CMO— — 
Asset-backed securities185 — 192 
Corporate debt440 — 445 
Other securities/Sovereign debt— — 
Total available-for-sale securities$16,175 $344 $(34)$16,485 
Held-to-maturity securities:
Federal agencies:
Residential CMO$1,779 $88 $— $1,867 
Residential MBS3,715 103 — 3,818 
Commercial MBS3,118 191 — 3,309 
Other agencies246 12 — 258 
Total federal agency and other agency securities8,858 394 — 9,252 
Municipal securities— — 
Total held-to-maturity securities$8,861 $394 $— $9,255 
Other securities, at cost:
Non-marketable equity securities:
Federal Home Loan Bank stock$60 $— $— $60 
Federal Reserve Bank stock299 — — 299 
Other securities, at fair value
Mutual funds50 — — 50 
Equity securities— 
Total other securities$417 $$— $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.
The following table provides the amortized cost and fair value of securities by contractual maturity at March 31, 2021 and December 31, 2020. Expected maturities may differ from contractual maturities as issuers may have the right to call or prepay obligations with or without incurring penalties.
March 31, 2021December 31, 2020
(dollar amounts in millions)
Amortized
Cost
Fair
Value
Amortized
Cost
Fair
Value
Available-for-sale securities:
Under 1 year$366 $357 $308 $304 
After 1 year through 5 years1,228 1,237 1,145 1,154 
After 5 years through 10 years2,127 2,144 1,607 1,654 
After 10 years15,630 15,637 13,115 13,373 
Total available-for-sale securities$19,351 $19,375 $16,175 $16,485 
Held-to-maturity securities:
After 1 year through 5 years$142 $148 $160 $169 
After 5 years through 10 years121 126 131 138 
After 10 years7,552 7,788 8,570 8,948 
Total held-to-maturity securities$7,815 $8,062 $8,861 $9,255 
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 March 31, 2021 and December 31, 2020:
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
March 31, 2021
Available-for-sale securities:
Federal agencies:
Residential CMO$413 $(9)$— $— $413 $(9)
Residential MBS7,919 (124)— — 7,919 (124)
Commercial MBS761 (63)— — 761 (63)
Total federal agency and other agency securities9,093 (196)— — 9,093 (196)
Municipal securities163 (7)463 (12)626 (19)
Asset-backed securities65 (1)— — 65 (1)
Corporate debt816 (31)— — 816 (31)
Total temporarily impaired available-for-sale securities$10,137 $(235)$463 $(12)$10,600 $(247)
Held-to-maturity securities:
Federal agencies:
Residential MBS$1,235 (18)— — 1,235 (18)
Total temporarily impaired held-to-maturity securities$1,235 $(18)$— $— $1,235 $(18)
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)
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)
At March 31, 2021 and December 31, 2020, 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 $13.9 billion and $14.4 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 March 31, 2021 or December 31, 2020. At March 31, 2021, all HTM debt securities are considered AAA rated. In addition, there were no HTM debt securities considered past due at March 31, 2021.
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 March 31, 2021 and December 31, 2020.