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, 2014

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, 2014, 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, 2014 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.

 

99.1 Financial statements and supplemental schedule of the Huntington Investment and Tax Savings Plan for the fiscal years ended December 31, 2014 and 2013, 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 29, 2015 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 29, 2015, appearing in this Annual Report on Form 11-K of the Huntington Investment and Tax Savings Plan for the year ended December 31, 2014.

/s/ Ary Roepcke Mulchaey, P.C.

Columbus, Ohio

June 29, 2015

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, 2014 and 2013, Supplemental Schedule as of December 31, 2014, and Report of Independent Registered Public Accounting Firm


HUNTINGTON INVESTMENT AND TAX SAVINGS PLAN

TABLE OF CONTENTS

 

     Page  

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

     1   

FINANCIAL STATEMENTS AS OF AND FOR THE YEARS ENDED DECEMBER 31, 2014 AND 2013:

  

Statements of Net Assets Available for Benefits

     2   

Statements of Changes in Net Assets Available for Benefits

     3   

Notes to Financial Statements

     4–12   

SUPPLEMENTAL SCHEDULE* —

  

Schedule H, Part IV Line 4i — Schedule of Assets (Held at End of Year) as of December 31, 2014

     13   

EXHIBITS —

  

Consent of Ary Roepcke Mulchaey, P.C.

     23.1   

 

* 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 statements of net assets available for benefits of the Huntington Investment and Tax Savings Plan (the “Plan”) as of December 31, 2014 and 2013, and the related statements of changes in net assets available for benefits for the years 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 audits.

We conducted our audits 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 audits 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 audits provide 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, 2014 and 2013, and the changes in net assets available for benefits for the years then ended, in conformity with accounting principles generally accepted in the United States of America.

The accompanying supplemental schedule of assets (held at end of year) as of December 31, 2014, has been subjected to audit procedures performed in conjunction with the audit of the Plan’s financial statements. The information in the supplemental schedule is the responsibility of the Plan’s management. Our audit procedures included determining whether the information reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental schedule. In forming our opinion on the information, we evaluated whether such information, including its form and content, is presented in conformity with the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the schedule of assets (held at end of year) is fairly stated, in all material respects, in relation to the financial statements as a whole.

 

/s/ Ary Roepcke Mulchaey, P.C.
Columbus, Ohio
June 29, 2015

 

1


HUNTINGTON INVESTMENT AND TAX SAVINGS PLAN

STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS

DECEMBER 31, 2014 AND 2013

 

     2014      2013  

ASSETS

     

Cash, non-interest bearing

   $ 118,379       $ 1,618,872   

Investments, at fair value:

     

Cash, interest bearing

     31,767,373         32,165,127   

Huntington Bancshares Incorporated common stock

     135,532,663         131,475,740   

Mutual funds

     439,077,899         387,394,111   
  

 

 

    

 

 

 

Total investments

  606,377,935      551,034,978   

Profit sharing contribution receivable

  5,716,133      —     

Accrued dividends and interest receivable

  797,975      735,104   

Notes receivable from participants

  334,018      8,546   

Due from brokers for investment securities sold

  276,409      393,541   

Employer match true up

  453,309      565,964   
  

 

 

    

 

 

 

Total receivables

  7,577,844      1,703,155   

Total assets

  614,074,158      554,357,005   
  

 

 

    

 

 

 

LIABILITIES

Due to brokers for investment securities purchased

  572,277      1,682,390   

Dividends payable to Plan participants

  85,809      78,319   
  

 

 

    

 

 

 

Total liabilities

  658,086      1,760,709   
  

 

 

    

 

 

 

NET ASSETS AVAILABLE FOR BENEFITS

$ 613,416,072    $ 552,596,296   
  

 

 

    

 

 

 

See notes to financial statements.

 

2


HUNTINGTON INVESTMENT AND TAX SAVINGS PLAN

STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS

FOR THE YEARS ENDED DECEMBER 31, 2014 AND 2013

 

     2014      2013  

ADDITIONS

     

Investment income:

     

Net appreciation in fair value of investments

   $ 3,977,623       $ 103,758,867   

Dividends from Huntington Bancshares Incorporated common stock

     2,784,826         2,566,941   

Dividends from mutual funds

     37,200,732         16,769,243   

Interest

     20,395         20,238   
  

 

 

    

 

 

 
  43,983,576      123,115,289   

Contributions:

Employees

  44,435,133      37,964,324   

Employer

  30,060,432      17,988,772   

Rollovers

  5,495,709      2,886,820   
  

 

 

    

 

 

 
  79,991,274      58,839,916   

Total additions

  123,974,850      181,955,205   
  

 

 

    

 

 

 

DEDUCTIONS

Benefit distributions and other withdrawals

  63,155,074      52,322,156   
  

 

 

    

 

 

 

Net increase in net assets available for benefits

  60,819,776      129,633,049   
  

 

 

    

 

 

 

Net assets available for benefits at beginning of year

  552,596,296      422,963,247   
  

 

 

    

 

 

 

NET ASSETS AVAILABLE FOR BENEFITS AT END OF YEAR

$ 613,416,072    $ 552,596,296   
  

 

 

    

 

 

 

See notes to financial statements.

 

3


HUNTINGTON INVESTMENT AND TAX SAVINGS PLAN

NOTES TO FINANCIAL STATEMENTS

AS OF AND FOR THE YEARS ENDED DECEMBER 31, 2014 AND 2013

 

1. DESCRIPTION OF THE PLAN

General  —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.

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 the 2013 plan year, eligible employees could enroll on their hire date. Beginning on January 1, 2014, employees must complete one month of service before they are eligible to participate in the Plan. Participants may elect to make pre-tax and/or Roth 401(k) after tax contributions of up to 75% of their eligible compensation, subject to certain statutory limits.

Beginning in 2013, Huntington made a matching contribution equal to 100% on the first 4% of participant elective deferrals following six months of employment. Prior to January 1, 2014, participant and employer contributions were fully vested at all times. Employer matching contributions for employees hired on or after January 1, 2014 are 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 in 2014. The profit sharing contributions are on a three-year cliff-vesting schedule. After three years of service, these contributions are 100% vested. All prior years of service count toward vesting.

Effective January 1, 2014 the Plan includes an automatic enrollment feature. Eligible employees who do not enroll or opt out of participation will be enrolled at 4% pre-tax. The deferral amount will automatically increase each January 1 by 1% per year up to a maximum of 10%.

Forfeitures — Any forfeited portion of a participant’s account can be restored to the participant’s account if they are rehired within five years of termination and the entire amount distributed upon termination is repaid to the Plan. Forfeitures are either used to reduce Company contributions to the Plan or to pay reasonable expenses of the Plan. Forfeitures used to reduce Company contributions were $48,279 during 2014. At December 31, 2014, forfeited non-vested accounts were $0.

 

4


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.

Investment Options  — Plan participants are permitted to direct their deferrals, employer matching contributions, and discretionary profit sharing contributions to any combination of investment options, including the Huntington Conservative Deposit Account, Huntington common stock and a variety of mutual 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 Vanguard Wellington Fund.

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, employer, and profit sharing 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.

 

5


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 in-service 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.

 

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 recorded on their ex-dividend date. Interest is recorded on an accrual basis when earned. Net appreciation or depreciation includes the Plan’s gains and losses on investments bought and sold, as well as held, during the year.

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.

 

6


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.

 

3. INVESTMENTS

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

 

     2014     2013  

Huntington Bancshares Incorporated common stock

   $ 135,532,663      $ 131,475,740   

Vanguard Institutional Index Fund

     88,077,376        70,628,655   

T. Rowe Price Mid-Cap Growth Fund

     74,997,526        67,666,253   

Vanguard Wellington Fund

     74,837,707        58,792,346   

Huntington Situs Fund

     34,221,301        40,422,380   

T. Rowe Price Small-Cap Stock Fund

     33,382,718        30,459,741   

Huntington Conservative Deposit Account

     31,767,373        32,165,127   

Huntington Dividend Capture Fund

     29,839,433 (1)      28,060,172   

American Funds Europacific Growth Fund

     28,442,603 (1)      29,885,504   

 

(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:

 

     2014      2013  

Huntington Bancshares Incorporated common stock

   $ 11,582,632       $ 46,287,157   

Mutual funds

     (7,605,009      57,471,710   
  

 

 

    

 

 

 

Net appreciation

$ 3,977,623    $ 103,758,867   
  

 

 

    

 

 

 

 

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.

 

7


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

 

     2014      2013  

Huntington Bancshares Incorporated common stock (1)

   $ 135,532,663       $ 131,475,740   

Huntington Situs Fund

     34,221,301         40,422,380   

Huntington Conservative Deposit Account

     31,767,373         32,165,127   

Huntington Dividend Capture Fund

     29,839,433         28,060,172   

Huntington Treasury Money Market Fund

     4,806,995         4,869,954   

Huntington Real Strategies Fund

     2,909,644         3,299,183   

Huntington Money Market Fund

     1,205,513         1,185,515   

Huntington Fixed Income Securities Fund

     —           15,922,615   

Huntington International Equity Fund

     —           11,722,310   

Huntington Intermediate Government Income Fund

     —           7,409,703   

Huntington Rotating Markets Fund

     —           5,888,278   

 

(1)   12,883,333 shares at cost of $77,619,652 in 2014, 13,624,429 shares at cost of $89,330,658 in 2013.

Costs and expenses paid by the Plan for administration totaled $323,531 and $330,234 for 2014 and 2013, 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, 2014 and 2013, 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 2011.

 

8


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, 2014 and 2013. 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, 2014 and 2013. For the years ended December 31, 2014 and 2013, there were no significant transfers in or out of Levels 1, 2, or 3.

 

9


     Fair Value Measurements Using  
     Quoted Prices      Significant      Significant         
     In Active      Other      Other         
     Markets for      Observable      Unobservable         
     Identical Assets      Inputs      Inputs         
December 31, 2014    (Level 1)      (Level 2)      (Level 3)      Total  

Cash, interest bearing

   $ 31,767,373         —           —         $ 31,767,373   

Common stock — financial services

     135,532,663         —           —           135,532,663   

Mutual funds

           

Mid-Cap Growth

     109,218,827         —           —           109,218,827   

Large Blend

     88,077,376         —           —           88,077,376   

Moderate Allocation

     74,837,707         —           —           74,837,707   

Foreign Large Blend

     40,530,284         —           —           40,530,284   

Small Growth

     33,382,718         —           —           33,382,718   

Large Value

     29,839,433         —           —           29,839,433   

Intermediate-term Bond

     17,851,246         —           —           17,851,246   

Intermediate Government Bond

     7,176,672         —           —           7,176,672   

Large Growth

     6,591,934         —           —           6,591,934   

Taxable Money Market

     6,012,508         —           —           6,012,508   

Target Date 2021-2025

     3,176,315         —           —           3,176,315   

Natural Resources

     2,909,644         —           —           2,909,644   

Target Date 2026-2030

     2,829,544         —           —           2,829,544   

Target Date 2016-2020

     2,646,455         —           —           2,646,455   

Short-term Bond

     2,544,386         —           —           2,544,386   

Target Date 2036-2040

     2,472,589         —           —           2,472,589   

Target Date 2031-2035

     1,901,211         —           —           1,901,211   

Diversified Emerging Markets

     1,607,904         —           —           1,607,904   

World Bond

     1,305,219         —           —           1,305,219   

Target Date 2011-2015

     1,180,263         —           —           1,180,263   

Target Date 2041-2045

     843,781         —           —           843,781   

Inflation Protected Bond

     785,220         —           —           785,220   

Target Date 2046-2050

     735,610         —           —           735,610   

Target Date 2051+

     621,053         —           —           621,053   
  

 

 

    

 

 

    

 

 

    

 

 

 

Total mutual funds

  439,077,899      —        —        439,077,899   
  

 

 

    

 

 

    

 

 

    

 

 

 

Total investments

$ 606,377,935      —        —      $ 606,377,935   
  

 

 

    

 

 

    

 

 

    

 

 

 

 

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   
  

 

 

    

 

 

    

 

 

    

 

 

 

 

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, 2014 and 2013.

 

11


8. SUBSEQUENT EVENT

On April 16, 2014, the Compensation Committee of the Board of Directors of Huntington approved the merger of the Camco Financial & Subsidiaries Salary Savings Plan into the Huntington Investment and Tax Savings Plan as of a date that is administratively practicable. The merger is scheduled to occur on September 1, 2015.

 

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, 2014

 

    (b) identity of issuer, borrower,   (c) Description of investment including maturity date,   (d) Cost   (e) Current  
(a)   lessor or similar party   rate of interest, collateral, par, or maturity value   **   value  
  CASH, INTEREST BEARING —      
*  

Huntington National Bank

  Huntington Conservative Deposit Account     $ 31,767,373   
       

 

 

 
 

Total cash, interest bearing

        31,767,373   
       

 

 

 
  COMMON STOCK —      
*  

Huntington Bancshares Incorporated

  Huntington Bancshares Incorporated    
    Common Stock — 12,883,333 shares       135,532,663   
       

 

 

 
 

Total common stock

        135,532,663   
       

 

 

 
  MUTUAL FUNDS:      
 

Vanguard Institutional Index Funds

  Vanguard Institutional Index Fund — 466,833 shares       88,077,376   
 

T. Rowe Price Mid-Cap Growth Fund

  T. Rowe Price Mid-Cap Growth Fund — 994,135 shares       74,997,526   
 

Vanguard Wellington Fund

  Vanguard Wellington Fund — 1,106,903 shares       74,837,707   
*  

The Huntington Funds

  Huntington Situs Fund — 1,649,219 shares       34,221,301   
 

T. Rowe Price Small Cap Stock Fund

  T. Rowe Price Small Cap Stock Fund — 753,220 shares       33,382,718   
*  

The Huntington Funds

  Huntington Dividend Capture Fund — 2,980,962 shares       29,839,433   
 

Europacific Growth Fund

  American Funds Europacific Growth Fund — 604,005 shares       28,442,603   
  Federated Bond Fund   Federated Bond Fund — 1,742,943 shares       16,383,667   
  Harbor International Fund   Harbor International Fund—150,187 shares       9,729,141   
  Federated Total Return Gov’t Bond Fund   Federated Total Return Gov’t Bond Fund —644,225 shares       7,176,672   
  Fidelity Contra Fund   Fidelity Contra Fund — 67,285 shares       6,591,934   
*  

The Huntington Funds

  Huntington Treasury Money Market Fund — 4,806,995 shares       4,806,995   
  Vanguard Target Retirement 2025 Fund   Vanguard Target Retirement 2025 Fund — 192,155 shares       3,176,315   
*  

The Huntington Funds

  Huntington Real Strategies Fund — 433,628 shares       2,909,644   
  Vanguard Target Retirement 2030 Fund   Vanguard Target Retirement 2030 Fund — 97,436 shares       2,829,544   
  Vanguard Target Retirement 2020 Fund   Vanguard Target Retirement 2020 Fund — 92,989 shares       2,646,455   
  PIMCO Low Duration Institutional Fund   PIMCO Low Duration Institutional Fund — 253,425 shares       2,544,386   
  Vanguard Target Retirement 2040 Fund   Vanguard Target Retirement 2040 Fund — 83,084 shares       2,472,589   
  Vanguard Total International Index Fund   Vanguard Total International Index Fund — 22,683 shares       2,358,540   
  Vanguard Target Retirement 2035 Fund   Vanguard Target Retirement 2035 Fund — 106,570 shares       1,901,211   
  Franklin Templeton Institutional Emerging Markets Fund   Franklin Templeton Institutional Emerging Markets Fund — 350,306 shares       1,607,904   
  Vanguard Total Bond Market Index Fund   Vanguard Total Bond Market Index Fund — 135,012 shares       1,467,579   
  PIMCO Foreign Bond Fund   PIMCO Foreign Bond Fund — 121,190 shares       1,305,219   
*  

The Huntington Funds

  Huntington Money Market Fund — 1,205,513 shares       1,205,513   
  Vanguard Target Retirement 2015 Fund   Vanguard Target Retirement 2015 Fund — 77,192 shares       1,180,263   
  Vanguard Target Retirement 2045 Fund   Vanguard Target Retirement 2045 Fund — 45,243 shares       843,781   
  Vanguard Inflation Protected Securities Fund   Vanguard Inflation Protected Securities Fund — 74,499 shares       785,220   
  Vanguard Target Retirement 2050 Fund   Vanguard Target Retirement 2050 Fund — 24,835 shares       735,610   
  Vanguard Target Retirement 2055 Fund   Vanguard Target Retirement 2055 Fund — 10,972 shares       350,869   
  Vanguard Target Retirement 2060 Fund   Vanguard Target Retirement 2060 Fund — 9,581 shares       270,184   
       

 

 

 
 

Total mutual funds

        439,077,899   
       

 

 

 
*   NOTES RECEIVABLE FROM PARTICIPANTS   $322,063 principal amount, interest rates of 4.25%—6.25%; maturing between 2015—2026       334,018   
       

 

 

 
  TOTAL       $ 606,711,953   
       

 

 

 

 

* 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