Annual report pursuant to Section 13 and 15(d)

VIEs (Tables)

v3.19.3.a.u2
VIEs (Tables)
12 Months Ended
Dec. 31, 2019
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 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 in, but is not the primary beneficiary of, the VIE at December 31, 2019, and 2018:
 
December 31, 2019
(dollar amounts in millions)
Total Assets
 
Total Liabilities
 
Maximum Exposure to Loss
Trust Preferred Securities
$
14

 
$
252

 
$

Affordable Housing Tax Credit Partnerships
727

 
332

 
727

Other Investments
179

 
63

 
179

Total
$
920

 
$
647

 
$
906

 
December 31, 2018
(dollar amounts in millions)
Total Assets
 
Total Liabilities
 
Maximum Exposure to Loss
Trust Preferred Securities
$
14

 
$
252

 
$

Affordable Housing Tax Credit Partnerships
708

 
357

 
708

Other Investments
126

 
53

 
126

Total
$
848

 
$
662

 
$
834


Summary of outstanding trust preferred securities
The following table presents senior notes issued during 2019:
Date of Issuance
 
Issuer
 
Amount
 
% of face value
 
Interest Rate
 
Term
 
Maturity
January 2019
 
Bank
 
$
300
 million
 
100
%
 
three-month LIBOR + 0.55%

 
variable
 
February 5, 2021
February 2019
 
Bank
 
500
 million
 
99.909

 
3.125

 
fixed
 
April 1, 2022
August 2019
 
Parent
 
800
 million
 
99.781

 
2.625

 
fixed
 
August 6, 2024

Huntington’s long-term debt consisted of the following:
 
At December 31,
(dollar amounts in millions)
2019
 
2018
The Parent Company:
 
 
 
Senior Notes:
 
 
 
3.19% Huntington Bancshares Incorporated medium-term notes due 2021
$
993

 
$
969

2.33% Huntington Bancshares Incorporated senior notes due 2022
972

 
946

2.67% Huntington Bancshares Incorporated senior notes due 2024
798

 

4.05% Huntington Bancshares Incorporated senior notes due 2025
528

 
507

Subordinated Notes:
 
 
 
7.00% Huntington Bancshares Incorporated subordinated notes due 2020
305

 
305

3.55% Huntington Bancshares Incorporated subordinated notes due 2023
247

 
239

Sky Financial Capital Trust IV 3.31% junior subordinated debentures due 2036 (1)
74

 
74

Sky Financial Capital Trust III 3.31% junior subordinated debentures due 2036 (1)
72

 
72

Huntington Capital I Trust Preferred 2.61% junior subordinated debentures due 2027 (2)
70

 
69

Huntington Capital II Trust Preferred 2.53% junior subordinated debentures due 2028 (3)
32

 
31

Camco Financial Statutory Trust I 3.24% due 2037 (4)
4

 
4

Total notes issued by the parent
4,095

 
3,216

The Bank:
 
 
 
Senior Notes:
 
 
 
3.60% Huntington National Bank senior notes due 2023
778

 
756

3.33% Huntington National Bank senior notes due 2021
759

 
750

2.47% Huntington National Bank senior notes due 2020
699

 
692

2.55% Huntington National Bank senior notes due 2022
691

 
672

3.16% Huntington National Bank senior notes due 2022
507

 

2.43% Huntington National Bank senior notes due 2020
500

 
493

2.97% Huntington National Bank senior notes due 2020
499

 
491

2.42% Huntington National Bank senior notes due 2020 (5)
300

 
300

2.46% Huntington National Bank senior notes due 2021 (6)
299

 

2.23% Huntington National Bank senior notes due 2019

 
498

Subordinated Notes:
 
 
 
3.86% Huntington National Bank subordinated notes due 2026
231

 
229

5.45% Huntington National Bank subordinated notes due 2019

 
76

Total notes issued by the bank
5,263

 
4,957

FHLB Advances:
 
 
 
3.01% weighted average rate, varying maturities greater than one year
5

 
6

Other:
 
 
 
Huntington Technology Finance nonrecourse debt, 4.08% weighted average interest rate, varying maturities
312

 
322

3.79% Huntington Preferred Capital II - Class F securities (7)
74

 
74

3.79% Huntington Preferred Capital II - Class G securities (7)
50

 
50

3.91% Huntington Preferred Capital II - Class I securities (8)
50

 

Total other
486

 
446

Total long-term debt
$
9,849

 
$
8,625

(1)
Variable effective rate at December 31, 2019, based on three-month LIBOR +1.40%.
(2)
Variable effective rate at December 31, 2019, based on three-month LIBOR +0.70%
(3)
Variable effective rate at December 31, 2019, based on three-month LIBOR +0.625%.
(4)
Variable effective rate at December 31, 2019, based on three-month LIBOR +1.33%.
(5)
Variable effective rate at December 31, 2019, based on three-month LIBOR + 0.51%
(6)
Variable effective rate at December 31, 2019, based on three-month LIBOR +0.55%.
(7)
Variable effective rate at December 31, 2019, based on three-month LIBOR +1.88%.
(8)
Variable effective rate at December 31, 2019, based on three-month LIBOR +2.00%.
The trust securities are the obligations of the trusts, and as such, are not consolidated within Huntington’s Consolidated Financial Statements.
A list of trust-preferred securities outstanding at December 31, 2019 follows:
(dollar amounts in millions)
Rate
 
Principal amount of
subordinated note/
debenture issued to trust (1)
 
Investment in
unconsolidated
subsidiary
Huntington Capital I
2.61
%
(2)
$
70

 
$
6

Huntington Capital II
2.53

(3)
32

 
3

Sky Financial Capital Trust III
3.31

(4)
72

 
2

Sky Financial Capital Trust IV
3.31

(4)
74

 
2

Camco Financial Trust
3.24

(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 December 31, 2019, based on three-month LIBOR + 0.70%.
(3)
Variable effective rate at December 31, 2019, based on three-month LIBOR + 0.625%.
(4)
Variable effective rate at December 31, 2019, based on three-month LIBOR + 1.40%.
(5)
Variable effective rate at December 31, 2019, based on three month LIBOR + 1.33%.