SECURITIES AND EXCHANGE COMMISSION

Washington D.C., 20549

 

 

FORM 11-K

 

 

 

x ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE FISCAL YEAR ENDED DECEMBER 31, 2013

OR

 

¨ TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE TRANSITION PERIOD FROM                      TO                      .

COMMISSION FILE NO. 1-34073

 

 

 

A. Full Title of the Plan and the address of the Plan, if different from that of the issuer named below:

Huntington Investment and Tax Savings Plan

 

B. Name of issuer of the securities held pursuant to the Plan and the address of its principal executive office:

Huntington Bancshares Incorporated

Huntington Center

41 South High Street

Columbus, Ohio 43287

 

 

 


HUNTINGTON INVESTMENT AND TAX SAVINGS PLAN

REQUIRED INFORMATION

Item 4. Financial Statements and Supplemental Schedule for the Plan.

The Huntington Investment and Tax Savings Plan (the “Plan”) is subject to the Employee Retirement Income Security Act of 1974 (“ERISA”). In lieu of the requirements of Items 1-3 of this Form, the Plan is filing financial statements and a supplemental schedule prepared in accordance with the financial reporting requirements of ERISA. The Plan financial statements and supplemental schedule for the fiscal year ended December 31, 2013, are included as Exhibit 99.1 to this report on Form 11-K and are incorporated herein by reference. The Plan financial statements and supplemental schedule as of and for the year ended December 31, 2013 have been audited by Ary Roepcke Mulchaey, P.C., Independent Registered Public Accounting Firm, and their report is included therein.

EXHIBITS

 

23.1    Consent of Independent Registered Public Accounting Firm, Ary Roepcke Mulchaey, P.C.
23.2    Consent of Independent Registered Public Accounting Firm, Deloitte & Touche LLP.
99.1    Financial statements and supplemental schedule of the Huntington Investment and Tax Savings Plan for the fiscal years ended December 31, 2013 and 2012, prepared in accordance with the financial reporting requirements of ERISA.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, Huntington Bancshares Incorporated has duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.

 

     

HUNTINGTON INVESTMENT

 

AND TAX SAVINGS PLAN

Date: June 27, 2014     By:  

/s/ Howell D. McCullough

      Howell D. McCullough
      Sr. Executive Vice President and Chief Financial Officer
      Huntington Bancshares Incorporated

Exhibit 23.1

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We consent to the incorporation by reference in Registration Statement No. 333-153573 of Huntington Bancshares Incorporated on Form S-8 of our report dated June 27, 2014, appearing in this Annual Report on Form 11-K of the Huntington Investment and Tax Savings Plan for the year ended December 31, 2013.

/s/ Ary Roepcke Mulchaey, P.C.

Columbus, Ohio

June 27, 2014

Exhibit 23.2

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We consent to the incorporation by reference in Registration Statement No. 333-153573 of Huntington Bancshares Incorporated on Form S-8 of our report dated June 21, 2013, appearing in this Annual Report on Form 11-K of the Huntington Investment and Tax Savings Plan for the year ended December 31, 2013.

/s/ Deloitte & Touche LLP

Columbus, Ohio

June 27, 2014

Exhibit 99.1

Huntington Investment and Tax Savings Plan

Employer ID No.: 31-0724920

Plan Number: 002

Financial Statements as of and for the Years Ended DECEMBER 31, 2013 AND 2012, Supplemental Schedule as of December 31, 2013, and

Reports of Independent Registered Public Accounting Firms


HUNTINGTON INVESTMENT AND TAX SAVINGS PLAN

TABLE OF CONTENTS

 

 

     Page  

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM –
ARY ROEPCKE MULCHAEY, P.C.

     1   

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM –
DELOITTE & TOUCHE LLP

     2   

FINANCIAL STATEMENTS AS OF AND FOR THE YEARS ENDED
DECEMBER 31, 2013 AND 2012:

  

Statements of Net Assets Available for Benefits

     3   

Statements of Changes in Net Assets Available for Benefits

     4   

Notes to Financial Statements

     5–12   

SUPPLEMENTAL SCHEDULE* —

  

Schedule H, Part IV Line 4i — Schedule of Assets (Held at End of Year)
as of December 31, 2013

     13   

EXHIBITS —

  

Consent of Ary Roepcke Mulchaey, P.C.

     23.1   

Consent of Deloitte & Touche LLP

     23.2   

 

* All other financial schedules required by section 2520.103-10 of the U.S. Department of Labor’s Annual Reporting and Disclosure Requirements under the Employee Retirement Income Security Act of 1974 have been omitted because they are not applicable.


REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Compensation Committee of the Board of Directors of

Huntington Bancshares Incorporated and Plan Participants of the

Huntington Investment and Tax Savings Plan

Columbus, Ohio

We have audited the accompanying statement of net assets available for benefits of the Huntington Investment and Tax Savings Plan (the “Plan”) as of December 31, 2013, and the related statement of changes in net assets available for benefits for the year then ended. These financial statements are the responsibility of the Plan’s management. Our responsibility is to express an opinion on these financial statements based on our audit. The financial statements of the Plan as of and for the year ended December 31, 2012, were audited by other auditors whose report dated June 21, 2013 expressed an unqualified opinion on those financial statements.

We conducted our audit in accordance with standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. The Plan is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audit included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Plan’s internal control over financial reporting. Accordingly, we express no such opinion. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2013, and the changes in net assets available for benefits for the year then ended, in conformity with accounting principles generally accepted in the United States of America.

Our audit was performed for the purpose of forming an opinion on the basic financial statements taken as a whole. The accompanying supplemental Schedule of Assets (Held at End of Year) as of December 31, 2013 is presented for the purpose of additional analysis and is not a required part of the basic financial statements but is supplementary information required by the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. The supplemental schedule is the responsibility of the Plan’s management. The supplemental schedule has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.

/s/ Ary Roepcke Mulchaey, P.C.

Columbus, Ohio

June 27, 2014

 

1


REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Compensation Committee of the Board of Directors of

Huntington Bancshares Incorporated and Plan Participants of the

Huntington Investment and Tax Savings Plan

Columbus, Ohio

We have audited the accompanying statement of net assets available for benefits of the Huntington Investment and Tax Savings Plan (the “Plan”) as of December 31, 2012, and the related statement of changes in net assets available for benefits for the year then ended. These financial statements are the responsibility of the Plan’s management. Our responsibility is to express an opinion on these financial statements based on our audit.

We conducted our audit in accordance with standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. The Plan is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audit included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Plan’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

In our opinion, such financial statements present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2012, and the changes in net assets available for benefits for the year then ended in conformity with accounting principles generally accepted in the United States of America.

/s/ Deloitte & Touche LLP

Columbus, Ohio

June 21, 2013

 

2


HUNTINGTON INVESTMENT AND TAX SAVINGS PLAN

STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS

DECEMBER 31, 2013 AND 2012

 

     2013      2012  

ASSETS

     

Cash, non-interest bearing

   $ 1,618,872       $ 1,431,643   

Investments, at fair value:

     

Cash, interest bearing

     32,165,127         32,721,894   

Huntington Bancshares Incorporated common stock

     131,475,740         95,155,366   

Mutual funds

     387,394,111         293,794,026   
  

 

 

    

 

 

 

Total investments

     551,034,978         421,671,286   

Notes receivable from participants

     8,546         9,788   

Employer match true up

     565,964         —     

Due from brokers for investment securities sold

     393,541         567,744   

Accrued dividends and interest receivable

     735,104         662,116   
  

 

 

    

 

 

 

Total receivables

     1,703,155         1,239,648   

Total assets

     554,357,005         424,342,577   
  

 

 

    

 

 

 

LIABILITIES

     

Due to brokers for investment securities purchased

     1,682,390         1,311,718   

Dividends payable to Plan participants

     78,319         67,612   
  

 

 

    

 

 

 

Total liabilities

     1,760,709         1,379,330   
  

 

 

    

 

 

 

NET ASSETS AVAILABLE FOR BENEFITS

   $ 552,596,296       $ 422,963,247   
  

 

 

    

 

 

 

See notes to financial statements.

 

3


HUNTINGTON INVESTMENT AND TAX SAVINGS PLAN

STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS

FOR THE YEARS ENDED DECEMBER 31, 2013 AND 2012

 

     2013      2012  

ADDITIONS

     

Investment income:

     

Net appreciation in fair value of investments

   $ 103,758,867       $ 34,898,119   

Dividends from Huntington Bancshares

     

Incorporated common stock

     2,566,941         2,413,714   

Dividends from mutual funds

     16,769,243         12,360,870   

Interest

     20,238         25,645   
  

 

 

    

 

 

 
     123,115,289         49,698,348   
  

 

 

    

 

 

 

Contributions:

     

Employees

     37,964,324         35,376,598   

Employer

     17,988,772         16,199,837   

Rollovers

     2,886,820         —     
  

 

 

    

 

 

 
     58,839,916         51,576,435   
  

 

 

    

 

 

 

Total additions

     181,955,205         101,274,783   

DEDUCTIONS

     

Benefit distributions and other withdrawals

     52,322,156         40,684,828   
  

 

 

    

 

 

 

Net increase in net assets available for benefits

     129,633,049         60,589,955   
  

 

 

    

 

 

 

Net assets available for benefits at beginning of year

     422,963,247         362,373,292   
  

 

 

    

 

 

 

NET ASSETS AVAILABLE FOR BENEFITS AT END OF YEAR

   $ 552,596,296       $ 422,963,247   
  

 

 

    

 

 

 

See notes to financial statements.

 

4


HUNTINGTON INVESTMENT AND TAX SAVINGS PLAN

NOTES TO FINANCIAL STATEMENTS

AS OF AND FOR THE YEARS ENDED DECEMBER 31, 2013 AND 2012

 

 

1. DESCRIPTION OF THE PLAN

The Huntington Investment and Tax Savings Plan (the “Plan”) is a defined contribution plan that was initially adopted by the Board of Directors (the “Board of Directors”) of Huntington Bancshares Incorporated (“Huntington”) on September 29, 1977, to be effective January 1, 1978, to provide benefits to eligible employees of Huntington, as defined in the Plan document. Plan participants should refer to the Plan document and summary plan description for a more complete description of the Plan’s provisions. On December 13, 2000, Huntington’s common stock held in accounts of participants who elected to have all or a portion of their accounts invested in Huntington’s common stock were designated an Employee Stock Ownership Plan (ESOP). The ESOP forms a portion of the Plan.

Amendments  — From time to time, the Plan has been amended and restated. The most recent amendments to the Plan include provisions as necessary to conform to various legislation and guidance under the Internal Revenue Code (the “Code”), the provisions of the Employee Retirement Income Security Act of 1974 (ERISA), and employee eligibility requirements as well as matching provisions as further described in the Funding and Vesting section below.

Plan Termination  — Pursuant to the Plan document, Huntington may terminate or modify the Plan at any time by resolution of its Board of Directors and subject to the provisions of ERISA and the Code.

Funding and Vesting  — During 2012 eligible employees could enroll on the first day of the month following six months of employment and attainment of the age of 21. Beginning in 2013 eligible employees may enroll on their hire date. Participants may elect to make pre-tax and/or Roth 401(k) after tax contributions of up to 75% of their eligible compensation, up to certain statutory limits. During 2012 Huntington made a matching contribution equal to 100% on the first 3% and 50% on the next 2% of participant elective deferrals. Beginning in 2013 Huntington made a matching contribution equal to 100% on the first 4% of participant elective deferrals following six months of employment. Participant and employer contributions are fully vested at all times. See the Subsequent Events Note for plan amendments effective in 2014.

Administration  — The Plan administrator is Huntington. Portions of Plan administration have been delegated by the Plan administrator to a committee of employees appointed by the Board of Directors of Huntington. The Plan administrator believes that the Plan is currently designed and operated in compliance with the applicable requirements of the Code and the provisions of ERISA, as amended.

Participant Accounts  — Each participant’s account is credited with the participant’s own contribution and an allocation of Huntington’s contribution, as applicable, and Plan earnings. Investment income or loss is allocated to participant accounts based on proportional account balances in their respective investments. The benefit to which a participant is entitled is the benefit that can be provided from the participant’s individual account.

Fees and Expenses — Certain administrative fees are paid from the general assets of Huntington and are excluded from these financial statements. Participants are also charged a fixed amount for administration of the Plan. Investment related expenses are included in the net appreciation of fair value of investments. Fees incurred by the Plan for investment management services or recordkeeping are also included in the net appreciation in fair value of investments because they are paid through a revenue sharing arrangement rather than a direct payment from the Plan.

 

5


Investment Options  — Plan participants are permitted to direct their deferrals and employer matching contributions to any combination of investment options, including the Huntington Conservative Deposit Account, Huntington common stock and a variety of investment funds. Huntington has the sole discretion to determine or change the number and nature of investment options in the Plan. An active participant may change or suspend deferrals pursuant to the terms set forth in the Plan document. If a Plan participant enrolls without making an investment election, all contributions will be allocated to the Huntington Conservative Deposit Account.

Plan Investments  — Plan investments consist of interest bearing cash, shares of Huntington common stock and mutual funds. The investments are held by the trust division of The Huntington National Bank (the “Plan Trustee”), a wholly owned subsidiary of Huntington. The Plan Trustee purchases and sells shares of Huntington common stock on the open market at market prices. Additionally, the Plan Trustee may directly purchase from, and sell to, Huntington, at market prices, shares of Huntington common stock. The Plan Trustee purchases and redeems shares of mutual funds in accordance with rules of the mutual funds.

Participant Loans  — The Plan does not permit participant loans. However, as a result of acquisitions, certain participant loans were rolled over into the Plan. Participant loans are recorded at unpaid principal balance plus any accrued but unpaid interest, at rates commensurate with prevailing rates at the time funds were borrowed. The amount recorded approximates current value. Principal and interest is paid ratably through payroll deductions. Participant loans are listed as notes receivable from participants in the Plan’s financial statements.

Contributions  — Employee and employer contributions to participants’ accounts in the Plan are invested pursuant to the participants’ investment direction elections on file.

Benefit Distributions and Other Withdrawals  — A participant may request that the portion of his or her account that is invested in Huntington common stock be distributed in shares of Huntington common stock with cash paid in lieu of any fractional shares. All other distributions from the Plan are paid in cash.

Distributions and withdrawals are reported at fair value and recorded by the Plan when payments are made.

Participants are permitted to take distributions and withdrawals from their accounts in the Plan under the circumstances set forth in the Plan document. Generally, participants may request withdrawal of funds in their account attributable to: (i) rollover contributions; (ii) after-tax contributions; and (iii) pre-April 1, 1998, Employer contributions. Employee pre-tax elective deferrals and post April 1, 1998 employer matching contributions are subject to special withdrawal rules and generally may not be withdrawn from the Plan prior to a participant’s death, disability, termination of employment, or attainment of age 59 1/2. Certain distributions of employee deferrals may be made, however, in the event a participant requests a distribution due to financial hardship as defined by the Plan. Participants should refer to the summary plan description for a complete summary of the Plan provisions. Participants may withdraw up to 100% of their account balances in the Plan for any reason after they have reached age 59 1/2.

Plan participants have the option of reinvesting cash dividends paid on Huntington common stock or having dividends paid in cash.

 

6


2. SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation  — The financial statements of the Plan are presented on the accrual basis and are prepared in accordance with accounting principles generally accepted in the United States of America (GAAP).

In conjunction with applicable accounting standards, all material subsequent events have been either recognized in the financial statements or disclosed in the notes to financial statements.

Dividends and Interest Income  — Dividends are recognized as of their ex-dividend date. Interest is recorded on an accrual basis when earned.

Fair Value Measurements  — Accounting Standards Codification (ASC) Topic 820 defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820 also establishes a three-level valuation hierarchy for disclosure of fair value measurements. The valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. The three levels are defined as follows:

Level 1  — inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.

Level 2  — inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.

Level 3  — inputs to the valuation methodology are unobservable and significant to the fair value measurement.

A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The Plan’s policy is to recognize significant transfers between levels at the beginning of the reporting period.

Use of Estimates  — The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect amounts of assets and liabilities, and changes therein, reported in the financial statements. Actual results could differ from those estimates.

Risks and Uncertainties  — The Plan utilizes various investment instruments, including mutual funds and common stock. In general, investment securities are exposed to various risks such as interest rate, credit, and overall market volatility. Due to the level of risk associated with certain investment securities, it is reasonably possible that changes in the values of investment securities will occur in the near term and that such changes will materially affect the amounts in the financial statements.

 

7


3. INVESTMENTS

The following individual investments represent 5% or more of the fair value of net assets available for benefits as of December 31:

 

     2013      2012  

Huntington Bancshares Incorporated common stock

   $ 131,475,740       $ 95,155,366   

Vanguard Institutional Index Fund

     70,628,655         38,657,358   

T. Rowe Price Mid-Cap Growth Fund

     67,666,253         47,406,145   

Vanguard Wellington Fund

     58,792,346         44,266,539   

Huntington Situs Fund

     40,422,380         22,414,812   

Huntington Conservative Deposit Account

     32,165,127         32,721,894   

T. Rowe Price Small-Cap Stock Fund

     30,459,741         19,179,314  (1) 

American Funds Europacific Growth Fund

     29,885,504         23,283,302   

Huntington Dividend Capture Fund

     28,060,172         10,036,059  (1) 

 

  (1) Investment represents less than 5% in the year indicated, but is shown for comparative purposes.

The Plan’s investments (including investments purchased, sold, and held during the year) appreciated in carrying value for the years ended December 31 as follows:

 

     2013      2012  

Huntington Bancshares Incorporated common stock

   $ 46,287,157       $ 13,633,331   

Mutual funds

     57,471,710         21,264,788   
  

 

 

    

 

 

 

Net appreciation

   $ 103,758,867       $ 34,898,119   
  

 

 

    

 

 

 

 

4. PARTY-IN-INTEREST TRANSACTIONS

Certain plan investments are held with the Huntington National Bank or are shares of mutual funds managed by Huntington Asset Advisors, Inc., a subsidiary of the Huntington National Bank. These investments are held by the Plan Trustee, and therefore, qualify as party-in-interest investments.

 

8


The following table lists the fair value of party-in-interest investments at December 31:

 

     2013      2012  

Huntington Bancshares Incorporated common stock (1)

   $ 131,475,740       $ 95,155,366   

Huntington Situs Fund

     40,422,380         22,414,812   

Huntington Conservative Deposit Account

     32,165,127         32,721,894   

Huntington Dividend Capture Fund

     28,060,172         10,036,059   

Huntington Fixed Income Securities Fund

     15,922,615         19,775,657   

Huntington International Equity Fund

     11,722,310         10,194,756   

Huntington Intermediate Government Income Fund

     7,409,703         9,746,587   

Huntington Rotating Markets Fund

     5,888,278         5,024,653   

Huntington Treasury Money Market Fund

     4,869,954         5,261,537   

Huntington Real Strategies Fund

     3,299,183         3,371,386   

Huntington Money Market Fund

     1,185,515         882,573   

Huntington Income Equity Fund

     —           13,154,644   

Huntington Growth Fund

     —           11,807,203   

Huntington Mid Corp America Fund

     —           7,698,733   

Huntington Growth Allocation Fund

     —           648,145   

Huntington Balanced Allocation Fund

     —           532,805   

Huntington Conservative Allocation Fund

     —           451,818   

 

  (1)   13,624,429 shares at cost of $89,330,658 in 2013, 14,890,688 shares at cost of $92,957,346 in 2012.

Costs and expenses paid by the Plan for administration totaled $330,234 and $309,969 for 2013 and 2012, respectively. Amounts are included in benefit distributions and other withdrawals in the Plan financial statements.

 

5. INCOME TAXES

The Plan obtained its latest determination letter dated September 24, 2013, in which the Internal Revenue Service (IRS) stated the Plan, as then designed, was qualified under Section 401(a) of the Code and, therefore, the related trust is exempt from taxation. Subsequent to this determination by the IRS, the Plan was amended and restated. Once qualified, the Plan is required to operate in conformity with the Code to maintain its qualification. Huntington believes the Plan is being operated in compliance with applicable requirements of the Code and related state statutes, and that the trust, which forms a part of the Plan, is qualified and exempt from federal income and state franchise taxes.

GAAP requires the evaluation of tax positions taken by the Plan and recognition of a tax liability if the Plan has taken an uncertain tax position that is not more likely than not to be sustained upon examination by the IRS. Huntington, on behalf of the Plan, has analyzed the tax positions taken by the Plan, and has concluded that as of December 31, 2013 and 2012, there are no uncertain tax positions taken or expected to be taken that would require recognition of a liability or disclosure in the financial statements. The Plan is subject to routine audits; however, there are currently no audits for any tax periods in progress. The Plan administrator believes it is no longer subject to income tax examinations for years prior to 2010.

 

9


6. FAIR VALUE MEASUREMENTS

Investments of the Plan are accounted for at cost on the trade-date and are reported at fair value. Interest bearing cash accounts have a fair value equal to the amount payable on demand. Huntington common stock is valued using the year-end closing price as determined by the National Association of Securities Dealers Automated Quotations. Mutual funds are valued at quoted market prices that represent the net asset value of shares held by the Plan at year-end. There have been no changes in the valuation methodologies used at December 31, 2013 and 2012. The following tables set forth by level within the fair value hierarchy a summary of the Plan’s investments measured at fair value on a recurring basis at December 31, 2013 and 2012. For the years ended December 31, 2013 and 2012, there were no significant transfers in or out of Levels 1, 2, or 3.

 

10


     Fair Value Measurements Using  
     Quoted Prices      Significant      Significant         
     In Active      Other      Other         
     Markets for      Observable      Unobservable         
     Identical Assets      Inputs      Inputs         
December 31, 2013    (Level 1)      (Level 2)      (Level 3)      Total  

Cash, interest bearing

   $ 32,165,127         —           —         $ 32,165,127   

Common stock — financial services

     131,475,740         —           —           131,475,740   

Mutual funds

           

Mid-Cap Growth

     108,088,633         —           —           108,088,633   

Large Blend

     76,516,933         —           —           76,516,933   

Moderate Allocation

     58,792,346         —           —           58,792,346   

Foreign Large Blend

     42,846,520         —           —           42,846,520   

Small Growth

     30,459,741         —           —           30,459,741   

Large Value

     28,060,172         —           —           28,060,172   

Intermediate-term Bond

     16,769,569         —           —           16,769,569   

Taxable Money Market

     6,055,469         —           —           6,055,469   

Intermediate Government

     7,409,703         —           —           7,409,703   

Natural Resources

     3,299,183         —           —           3,299,183   

Large Growth

     2,092,643         —           —           2,092,643   

Target Date 2026-2030

     1,290,533         —           —           1,290,533   

Short-term Bond

     1,114,179         —           —           1,114,179   

Target Date 2016-2020

     947,127         —           —           947,127   

Target Date 2036-2040

     741,551         —           —           741,551   

Target Date 2031-2035

     625,645         —           —           625,645   

Target Date 2011-2015

     603,212         —           —           603,212   

Diversified Emerging Markets

     519,389         —           —           519,389   

Target Date 2021-2025

     455,095         —           —           455,095   

Inflation Protected Bond

     239,846         —           —           239,846   

World Bond

     197,769         —           —           197,769   

Target Date 2041-2045

     152,180         —           —           152,180   

Target Date 2046-2050

     63,884         —           —           63,884   

Target Date 2051+

     52,789         —           —           52,789   
  

 

 

    

 

 

    

 

 

    

 

 

 

Total mutual funds

     387,394,111         —           —           387,394,111   
  

 

 

    

 

 

    

 

 

    

 

 

 

Total investments

   $ 551,034,978         —           —         $ 551,034,978   
  

 

 

    

 

 

    

 

 

    

 

 

 

 

11


     Fair Value Measurements Using  
December 31, 2012    Quoted Prices
In Active
Markets for
Identical Assets
(Level 1)
     Significant
Other
Observable
Inputs
(Level 2)
     Significant
Other
Unobservable
Inputs
(Level 3)
     Total  

Cash, interest bearing

   $ 32,721,894         —           —         $ 32,721,894   

Common stock — financial services

     95,155,366         —           —           95,155,366   

Mutual funds

           

Balanced Funds

     65,078,621         —           —           65,078,621   

Mid Cap Growth Funds

     60,560,789         —           —           60,560,789   

Indexed Equity Funds

     38,657,358         —           —           38,657,358   

International Equity Funds

     33,478,058         —           —           33,478,058   

Small Cap Equity Funds

     32,450,871         —           —           32,450,871   

Core Fixed Income Funds

     19,775,657         —           —           19,775,657   

Large Cap Value Funds

     15,178,589         —           —           15,178,589   

US Government Bond Funds

     9,746,587         —           —           9,746,587   

Mid Cap Equity Funds

     7,698,733         —           —           7,698,733   

Short Term Funds

     6,144,110         —           —           6,144,110   

Global Equity Funds

     5,024,653         —           —           5,024,653   
  

 

 

    

 

 

    

 

 

    

 

 

 

Total mutual funds

     293,794,026         —           —           293,794,026   
  

 

 

    

 

 

    

 

 

    

 

 

 

Total investments

   $ 421,671,286         —           —         $ 421,671,286   
  

 

 

    

 

 

    

 

 

    

 

 

 

 

7. TERMINATED PARTICIPANTS

There were no amounts included in net assets available for benefits allocated to individuals who have withdrawn from the Plan at December 31, 2013 and 2012.

 

8. SUBSEQUENT EVENTS

The following Plan amendments went into effect on January 1, 2014. The Plan was amended and restated to require all new employees hired as of January 1, 2014 to complete one month of service before they can enroll in the Plan. Any employees who meet the eligibility requirements after January 1, 2014 will be automatically enrolled in the Plan unless they opt out. Employer contributions start with the first employee deferral. Employer contributions for employees hired after January 1, 2014 will be on a two-year cliff-vesting schedule. After two years of service the employer matching contribution will be 100% vested. An annual discretionary profit sharing contribution was also established. The profit sharing contributions are on a three-year cliff-vesting schedule, so that after three years of service these contributions are 100% vested.

Effective March 1, 2014 the plan sponsor acquired Camco Financial. Camco employees were able to enroll in the Plan effective March 1, 2014 and were auto-enrolled effective April 1, 2014, excluding employees who opted out of the Plan.

 

12


SUPPLEMENTAL SCHEDULE


HUNTINGTON INVESTMENT AND TAX SAVINGS PLAN

EIN: 31-0724920 Plan Number: 002

SCHEDULE H, PART IV, LINE 4I — SCHEDULE OF ASSETS (HELD AT END OF YEAR)

AS OF DECEMBER 31, 2013

 

 

 

(a)  

(b) identity of issuer, borrower,

lessor or similar party

 

(c) Description of investment including maturity date,

rate of interest, collateral, par, or maturity value

  

(d) Cost

**

   (e) Current
value
 
 

CASH, INTEREST BEARING —

       
*  

Huntington National Bank

 

Huntington Conservative Deposit Account

      $ 32,165,127   
         

 

 

 
 

Total cash, interest bearing

          32,165,127   
         

 

 

 
 

COMMON STOCK —

       
*  

Huntington Bancshares Incorporated

 

Huntington Bancshares Incorporated

     
   

Common Stock — 13,624,429 shares

        131,475,740   
         

 

 

 
 

Total common stock

          131,475,740   
         

 

 

 
 

MUTUAL FUNDS:

       
 

Vanguard Institutional Index Funds

 

Vanguard Institutional Index Fund — 417,230 shares

        70,628,655   
 

T. Rowe Price Mid-Cap Growth Fund

 

T. Rowe Price Mid-Cap Growth Fund — 929,737 shares

        67,666,253   
 

Vanguard Wellington Fund

 

Vanguard Wellington Fund — 897,182 shares

        58,792,346   
*  

The Huntington Funds

 

Huntington Situs Fund — 1,405,996 shares

        40,422,380   
 

T. Rowe Price Small Cap Stock Fund

 

T. Rowe Price Small Cap Stock Fund — 689,602 shares

        30,459,741   
 

Europacific Growth Fund

 

American Funds Europacific Growth Fund — 620,289 shares

        29,885,504   
*  

The Huntington Funds

 

Huntington Dividend Capture Fund — 2,612,679 shares

        28,060,172   
*  

The Huntington Funds

 

Huntington Fixed Income Securities Fund — 743,006 shares

        15,922,615   
*  

The Huntington Funds

 

Huntington International Equity Fund — 882,704 shares

        11,722,310   
*  

The Huntington Funds

 

Huntington Intermediate Government Income Fund - 701,676 shares

        7,409,703   
*  

The Huntington Funds

 

Huntington Rotating Markets Fund — 501,557 shares

        5,888,278   
*  

The Huntington Funds

 

Huntington Treasury Money Market Fund — 4,869,954 shares

        4,869,954   
*  

The Huntington Funds

 

Huntington Real Strategies Fund — 409,836 shares

        3,299,183   
 

Fidelity Contra Fund

 

Fidelity Contra Fund — 21,767 shares

        2,092,643   
 

Vanguard Target Retirement 2030 Fund

 

Vanguard Target Retirement 2030 Fund — 46,691 shares

        1,290,533   
 

Vanguard Total International Index Fund

 

Vanguard Total International Index Fund — 11,059 shares

        1,238,706   
*  

The Huntington Funds

 

Huntington Money Market Fund — 1,185,515 shares

        1,185,515   
 

PIMCO Low Duration Institutional Fund

 

PIMCO Low Duration Institutional Fund — 107,859 shares

        1,114,179   
 

Vanguard Target Retirement 2020 Fund

 

Vanguard Target Retirement 2020 Fund — 34,936 shares

        947,127   
 

Vanguard Target Retirement 2040 Fund

 

Vanguard Target Retirement 2040 Fund — 26,185 shares

        741,551   
 

Vanguard Target Retirement 2035 Fund

 

Vanguard Target Retirement 2035 Fund — 36,846 shares

        625,645   
 

Vanguard Target Retirement 2015 Fund

 

Vanguard Target Retirement 2015 Fund — 40,840 shares

        603,212   
 

Vanguard Total Bond Market Index Fund

 

Vanguard Total Bond Market Index Fund — 51,209 shares

        540,767   
 

Franklin Templeton Institutional Emerging Markets Fund

 

Franklin Templeton Institutional Emerging Markets Fund — 71,052 shares

        519,389   
 

Vanguard Target Retirement 2025 Fund

 

Vanguard Target Retirement 2025 Fund — 28,895 shares

        455,095   
 

Federated Bond Fund

 

Federated Bond Fund — 32,994 shares

        306,187   
 

Vanguard Inflation Protected Securities Fund

 

Vanguard Inflation Protected Securities Fund — 23,129 shares

        239,846   
 

PIMCO Foreign Bond Fund

 

PIMCO Foreign Bond Fund — 18,799 shares

        197,769   
 

Vanguard Target Retirement 2045 Fund

 

Vanguard Target Retirement 2045 Fund — 8,569 shares

        152,180   
 

Vanguard Target Retirement 2050 Fund

 

Vanguard Target Retirement 2050 Fund — 2,266 shares

        63,884   
 

Vanguard Target Retirement 2060 Fund

 

Vanguard Target Retirement 2060 Fund — 1,083 shares

        28,972   
 

Vanguard Target Retirement 2055 Fund

 

Vanguard Target Retirement 2055 Fund — 785 shares

        23,817   
         

 

 

 
 

Total mutual funds

          387,394,111   
         

 

 

 
*  

NOTES RECEIVABLE FROM PARTICIPANTS

 

$18,000 principal amount, interest rates of 4.75%; maturing in 2014

        8,546   
         

 

 

 
 

TOTAL

        $ 551,043,524   
         

 

 

 

 

* Indicates party-in-interest to the Plan.
** Cost information is not required for participant-directed investments and therefore not included.

See notes to financial statements

 

13