Quarterly report pursuant to Section 13 or 15(d)

VIEs (Tables)

v3.8.0.1
VIEs (Tables)
3 Months Ended
Mar. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Carrying amount and classification of the trusts assets and liabilities
The following tables provide a summary of the assets and liabilities included in Huntington’s Unaudited Condensed Consolidated Financial Statements, as well as the maximum exposure to losses, associated with its interests related to unconsolidated VIEs for which Huntington holds an interest, but is not the primary beneficiary, to the VIE at March 31, 2018, and December 31, 2017:

March 31, 2018
(dollar amounts in millions)
Total Assets

Total Liabilities

Maximum Exposure to Loss
2016-1 Automobile Trust
$
6

 
$
1

 
$
6

2015-1 Automobile Trust
1




1

Trust Preferred Securities
14


252



Affordable Housing Tax Credit Partnerships
634


320


634

Other Investments
122


57


122

Total
$
777


$
630


$
763

 
December 31, 2017
(dollar amounts in millions)
Total Assets
 
Total Liabilities
 
Maximum Exposure to Loss
2016-1 Automobile Trust
$
7

 
$

 
$
7

2015-1 Automobile Trust
1

 

 
1

Trust Preferred Securities
14

 
252

 

Affordable Housing Tax Credit Partnerships
636

 
335

 
636

Other Investments
117

 
53

 
117

Total
$
775


$
640


$
761

Summary of Outstanding Trust Preferred Securities
A list of trust preferred securities outstanding at March 31, 2018 follows:
(dollar amounts in millions)
Rate
 
Principal amount of
subordinated note/
debenture issued to trust (1)
 
Investment in
unconsolidated
subsidiary
Huntington Capital I
3.01
%
(2)
$
70

 
$
6

Huntington Capital II
2.94

(3)
32

 
3

Sky Financial Capital Trust III
3.71

(4)
72

 
2

Sky Financial Capital Trust IV
3.71

(4)
74

 
2

Camco Financial Trust
3.64

(5)
4

 
1

Total
 
 
$
252

 
$
14

(1)
Represents the principal amount of debentures issued to each trust, including unamortized original issue discount.
(2)
Variable effective rate at March 31, 2018, based on three-month LIBOR +0.70%.
(3)
Variable effective rate at March 31, 2018, based on three-month LIBOR +0.625%.
(4)
Variable effective rate at March 31, 2018, based on three-month LIBOR +1.40%.
(5)
Variable effective rate at March 31, 2018, based on three-month LIBOR +1.33%.
Affordable housing tax credit investments
The following table presents the balances of Huntington’s affordable housing tax credit investments and related unfunded commitments at March 31, 2018 and December 31, 2017.
(dollar amounts in millions)
March 31,
2018
 
December 31,
2017
Affordable housing tax credit investments
$
1,013

 
$
996

Less: amortization
(379
)
 
(360
)
Net affordable housing tax credit investments
$
634

 
$
636

Unfunded commitments
$
320

 
$
335


The following table presents other information relating to Huntington’s affordable housing tax credit investments for the three-month periods ended March 31, 2018 and 2017.
 
 
 
Three Months Ended
March 31,
(dollar amounts in millions)
 
 
2018
 
2017
Tax credits and other tax benefits recognized
 
 
$
23

 
$
23

Proportional amortization method
 
 
 
 
 
Tax credit amortization expense included in provision for income taxes
 
19

 
17