Huntington Bancshares Incorporated Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Available-for-Sale and Other Securities (Tables)

Available-for-Sale and Other Securities (Tables)

6 Months Ended

Jun. 30, 2011

Contractual maturities of investment securities

Listed below are the contractual maturities (under 1 year, 1-5 years, 6-10 years, and over 10 years) of available-for-sale and other securities at June 30, 2011, December 31, 2010, and June 30, 2010:


	June 30, 2011				December 31, 2010				June 30, 2010
	Amortized				Amortized				Amortized
(dollar amounts in thousands)	Cost		Fair Value		Cost		Fair Value		Cost		Fair Value
U.S. Treasury:
Under 1 year	$	—	$	—	$	—	$	—	$	—	$	—
1-5 years		52,103		52,301		52,425		51,781		49,997		50,328
6-10 years		—		—		—		—		—		—
Over 10 years		—		—		—		—		—		—

Total U.S. Treasury		52,103		52,301		52,425		51,781		49,997		50,328

Federal agencies: mortgage-backed securities:
Under 1 year		—		—		—		—		—		—
1-5 years		48,243		48,332		—		—		—		—
6-10 years		440,304		451,708		656,176		664,793		716,844		731,350
Over 10 years		3,360,382		3,422,665		4,077,655		4,089,611		3,689,229		3,774,601

Total Federal agencies: mortgage-backed securities		3,848,929		3,922,705		4,733,831		4,754,404		4,406,073		4,505,951

TLGP securities:
Under 1 year		155,637		156,303		156,450		157,931		—		—
1-5 years		—		—		25,230		25,536		182,552		184,757
6-10 years		—		—		—		—		—		—
Over 10 years		—		—		—		—		—		—

Total TLGP securities		155,637		156,303		181,680		183,467		182,552		184,757

Other agencies:
Under 1 year		153,241		154,039		158,273		159,288		187,627		188,549
1-5 years		1,059,456		1,054,447		1,898,867		1,885,230		1,692,684		1,703,421
6-10 years		13,391		13,788		13,082		13,359		11,030		11,478
Over 10 years		—		—		500		499		—		—

Total other agencies		1,226,088		1,222,274		2,070,722		2,058,376		1,891,341		1,903,448

Total U.S. Government backed agencies		5,282,757		5,353,583		7,038,658		7,048,028		6,529,963		6,644,484

Municipal securities:
Under 1 year		855		855		—		—		—		—
1-5 years		150,878		152,783		149,151		148,587		26,393		27,164
6-10 years		143,735		145,798		124,552		125,656		87,428		90,904
Over 10 years		130,948		133,260		182,341		181,472		254,786		257,848

Total municipal securities		426,416		432,696		456,044		455,715		368,607		375,916

Private-label CMO:
Under 1 year		—		—		—		—		—		—
1-5 years		—		—		—		—		—		—
6-10 years		14,140		14,374		10,429		10,887		13,820		14,031
Over 10 years		83,597		74,396		124,080		111,038		412,882		380,580

Total private-label CMO		97,737		88,770		134,509		121,925		426,702		394,611

Asset-backed securities:
Under 1 year		—		—		19,669		19,694		40,000		40,138
1-5 years		553,221		557,370		697,001		700,749		588,876		592,301
6-10 years		124,826		126,418		323,411		323,995		168,382		169,246
Over 10 years		290,794		165,742		301,326		162,684		365,201		218,940

Total asset-backed securities (1)		968,841		849,530		1,341,407		1,207,122		1,162,459		1,020,625

Covered bonds:
Under 1 year		—		—		—		—		—		—
1-5 years		600,888		600,055		379,711		367,209		—		—
6-10 years		—		—		—		—		—		—
Over 10 years		—		—		—		—		—		—

Total covered bonds		600,888		600,055		379,711		367,209		—		—

Corporate debt:
Under 1 year		—		—		—		—		—		—
1-5 years		409,283		407,969		329,988		323,389		—		—
6-10 years		—		—		—		—		—		—
Over 10 years		—		—		—		—		—		—

Total corporate debt		409,283		407,969		329,988		323,389		—		—

Other:
Under 1 year		750		750		800		802		300		308
1-5 years		8,220		8,447		7,810		8,009		6,722		6,884
6-10 years		704		735		1,007		1,037		1,104		1,222
Over 10 years		—		—		—		—		—		—
Non-marketable equity securities		303,661		303,661		308,722		308,722		304,915		304,915
Marketable equity securities		54,126		53,520		53,944		53,286		55,436		54,753

Total other		367,461		367,113		372,283		371,856		368,477		368,082

Total available-for-sale and other securities	$	8,153,383	$	8,099,716	$	10,052,600	$	9,895,244	$	8,856,208	$	8,803,718


(1)		Amounts at June 30, 2011, December 31, 2010, and June 30, 2010 include automobile asset backed securities with a fair value of $239 million, $509 million and $562 million, respectively, which meet the eligibility requirements for the Term Asset-Backed Securities Loan Facility, or “TALF,” administered by the Federal Reserve Bank of New York.

Amortized cost, fair value, and gross unrealized gains and losses recognized in accumulated other comprehensive income

The following tables provide amortized cost, fair value, and gross unrealized gains and losses recognized in accumulated other comprehensive income by investment category at June 30, 2011, December 31, 2010, and June 30, 2010.


			Unrealized
	Amortized		Gross		Gross			Fair
(dollar amounts in thousands)	Cost		Gains		Losses			Value
June 30, 2011
U.S. Treasury	$	52,103	$	198	$	—		$	52,301
Federal Agencies:
Mortgage-backed securities		3,848,929		80,855		(7,079	)		3,922,705
TLGP securities		155,637		666		—			156,303
Other agencies		1,226,088		2,288		(6,102	)		1,222,274

Total U.S. Government backed securities		5,282,757		84,007		(13,181	)		5,353,583
Municipal securities		426,416		7,698		(1,418	)		432,696
Private-label CMO		97,737		994		(9,961	)		88,770
Asset-backed securities		968,841		5,801		(125,112	)		849,530
Covered bonds		600,888		3,193		(4,026	)		600,055
Corporate debt		409,283		454		(1,768	)		407,969
Other securities		367,461		424		(772	)		367,113

Total available-for-sale and other securities	$	8,153,383	$	102,571	$	(156,238	)	$	8,099,716


			Unrealized
	Amortized		Gross		Gross			Fair
(dollar amounts in thousands)	Cost		Gains		Losses			Value
December 31, 2010
U.S. Treasury	$	52,425	$	—	$	(644	)	$	51,781
Federal Agencies:
Mortgage-backed securities		4,733,831		71,901		(51,328	)		4,754,404
TLGP securities		181,680		1,787		—			183,467
Other agencies		2,070,722		4,874		(17,220	)		2,058,376

Total U.S. Government backed securities		7,038,658		78,562		(69,192	)		7,048,028
Municipal securities		456,044		6,154		(6,483	)		455,715
Private-label CMO		134,509		1,236		(13,820	)		121,925
Asset-backed securities		1,341,407		6,563		(140,848	)		1,207,122
Covered bonds		379,711		—		(12,502	)		367,209
Corporate debt		329,988		24		(6,623	)		323,389
Other securities		372,283		364		(791	)		371,856

Total available-for-sale and other securities	$	10,052,600	$	92,903	$	(250,259	)	$	9,895,244


			Unrealized
	Amortized		Gross		Gross			Fair
(dollar amounts in thousands)	Cost		Gains		Losses			Value
June 30, 2010
U.S. Treasury	$	49,997	$	331	$	—		$	50,328
Federal Agencies:
Mortgage-backed securities		4,406,073		102,435		(2,557	)		4,505,951
TLGP securities		182,552		2,205		—			184,757
Other agencies		1,891,341		12,108		(1	)		1,903,448

Total U.S. Government backed securities		6,529,963		117,079		(2,558	)		6,644,484
Municipal securities		368,607		7,334		(25	)		375,916
Private-label CMO		426,702		534		(32,625	)		394,611
Asset-backed securities		1,162,459		4,805		(146,639	)		1,020,625
Covered bonds		—		—		—			—
Corporate debt		—		—		—			—
Other securities		368,477		367		(762	)		368,082

Total available-for-sale and other securities	$	8,856,208	$	130,119	$	(182,609	)	$	8,803,718

Investment securities in an unrealized loss position

The following tables provide detail on investment securities with unrealized losses aggregated by investment category and length of time the individual securities have been in a continuous loss position, at June 30, 2011, December 31, 2010, and June 30, 2010.


	Less than 12 Months					Over 12 Months					Total
	Fair		Unrealized			Fair		Unrealized			Fair		Unrealized
(dollar amounts in thousands)	Value		Losses			Value		Losses			Value		Losses
June 30, 2011
U.S. Treasury	$	—	$	—		$	—	$	—		$	—	$	—
Federal agencies:
Mortgage-backed securities		647,974		(7,079	)		—		—			647,974		(7,079	)
TLGP securities		—		—			—		—			—		—
Other agencies		753,680		(6,057	)		4,169		(45	)		757,849		(6,102	)

Total U.S. Government backed securities		1,401,654		(13,136	)		4,169		(45	)		1,405,823		(13,181	)
Municipal securities		133,740		(1,358	)		3,760		(60	)		137,500		(1,418	)
Private-label CMO		—		—			59,611		(9,961	)		59,611		(9,961	)
Asset-backed securities		—		—			154,837		(125,112	)		154,837		(125,112	)
Covered bonds		239,895		(4,026	)		—		—			239,895		(4,026	)
Corporate debt		338,080		(1,768	)		—		—			338,080		(1,768	)
Other securities		1,494		(11	)		2,383		(761	)		3,877		(772	)

Total temporarily impaired securities	$	2,114,863	$	(20,299	)	$	224,760	$	(135,939	)	$	2,339,623	$	(156,238	)


	Less than 12 Months					Over 12 Months					Total
	Fair		Unrealized			Fair		Unrealized			Fair		Unrealized
(dollar amounts in thousands)	Value		Losses			Value		Losses			Value		Losses
December 31, 2010
U.S. Treasury	$	51,781	$	(644	)	$	—	$	—		$	51,781	$	(644	)
Federal agencies:
Mortgage-backed securities		1,424,431		(51,328	)		—		—			1,424,431		(51,328	)
TLGP securities		—		—			—		—			—		—
Other agencies		1,217,074		(17,134	)		4,771		(86	)		1,221,845		(17,220	)

Total U.S. Government backed securities		2,693,286		(69,106	)		4,771		(86	)		2,698,057		(69,192	)
Municipal securities		201,370		(6,363	)		3,700		(120	)		205,070		(6,483	)
Private-label CMO		—		—			85,617		(13,820	)		85,617		(13,820	)
Asset-backed securities		214,983		(2,129	)		146,866		(138,719	)		361,849		(140,848	)
Covered bonds		367,209		(12,502	)		—		—			367,209		(12,502	)
Corporate debt		288,660		(6,623	)		—		—			288,660		(6,623	)
Other securities		—		—			41,218		(791	)		41,218		(791	)

Total temporarily impaired securities	$	3,765,508	$	(96,723	)	$	282,172	$	(153,536	)	$	4,047,680	$	(250,259	)


	Less than 12 Months					Over 12 Months					Total
	Fair		Unrealized			Fair		Unrealized			Fair		Unrealized
(dollar amounts in thousands)	Value		Losses			Value		Losses			Value		Losses
June 30, 2010
U.S. Treasury	$	—	$	—		$	—	$	—		$	—	$	—
Federal agencies:
Mortgage-backed securities		257,773		(2,557	)		—		—			257,773		(2,557	)
TLGP securities		—		—			—		—			—		—
Other agencies		—		—			250		(1	)		250		(1	)

Total U.S. Government backed securities		257,773		(2,557	)		250		(1	)		258,023		(2,558	)
Municipal securities		3,992		(8	)		3,803		(17	)		7,795		(25	)
Private-label CMO		—		—			337,044		(32,625	)		337,044		(32,625	)
Asset-backed securities		77,834		(7,990	)		206,835		(138,649	)		284,669		(146,639	)
Covered bonds		—		—			—		—			—		—
Corporate debt		—		—			—		—			—		—
Other securities		39,427		(519	)		811		(243	)		40,238		(762	)

Total temporarily impaired securities	$	379,026	$	(11,074	)	$	548,743	$	(171,535	)	$	927,769	$	(182,609	)

Realized securities gains and losses

The following table is a summary of realized securities gains and losses for the three-month and six-month periods ended June 30, 2011 and 2010:


	Three Months Ended						Six Months Ended
	June 30,						June 30,
(dollar amounts in thousands)	2011			2010			2011			2010
Gross gains on sales of securities	$	9,623		$	8,105		$	16,358		$	14,881
Gross (losses) on sales of securities		(7,934	)		(5,125	)		(10,464	)		(5,471	)

Net gain on sales of securities		1,689			2,980			5,894			9,410

Other-than-temporary impairment recorded		(182	)		(2,824	)		(4,347	)		(9,285	)

Total securities gain (loss)	$	1,507		$	156		$	1,547		$	125

Total OTTI losses, OTTI losses included in OCI, and OTTI recognized in the income statement for securities evaluated for impairment by debt security debt

For the three-month and six-month periods ended June 30, 2011 and 2010, the following tables summarize by debt security type, total OTTI losses, unrealized OTTI losses included in OCI, and OTTI recognized in the Unaudited Condensed Consolidated Statements of Income for securities evaluated for impairment as described above.


	Three Months Ended June 30,
	Alt-A			Pooled-			Private-
(dollar amounts in thousands)	Mortgage-backed			trust-preferred			label CMO			Total
2011
Total OTTI recoveries (losses) (unrealized and realized)	$	(166	)	$	432		$	952		$	1,218
Unrealized OTTI (recoveries) losses recognized in OCI		108			(432	)		(1,076	)		(1,400	)

Net impairment losses recognized in earnings	$	(58	)	$	—		$	(124	)	$	(182	)


2010
Total OTTI recoveries (losses) (unrealized and realized)	$	399		$	3,001		$	1,793		$	5,193
Unrealized OTTI (recoveries) losses recognized in OCI		(959	)		(3,001	)		(4,057	)		(8,017	)

Net impairment losses recognized in earnings	$	(560	)	$	—		$	(2,264	)	$	(2,824	)


	Six Months Ended June 30,
	Alt-A			Pooled-			Private-
(dollar amounts in thousands)	Mortgage-backed			trust-preferred			label CMO			Total
2011
Total OTTI (losses) recoveries (unrealized and realized)	$	936		$	6,830		$	3,328		$	11,094
Unrealized OTTI losses (recoveries) recognized in OCI		(1,166	)		(10,037	)		(4,238	)		(15,441	)

Net impairment losses recognized in earnings	$	(230	)	$	(3,207	)	$	(910	)	$	(4,347	)


2010
Total OTTI (losses) recoveries (unrealized and realized)	$	(4,177	)	$	2,352		$	(1,382	)	$	(3,207	)
Unrealized OTTI losses (recoveries) recognized in OCI		2,975			(5,567	)		(3,486	)		(6,078	)

Net impairment losses recognized in earnings	$	(1,202	)	$	(3,215	)	$	(4,868	)	$	(9,285	)

Other than Temporary Impairment, Credit Losses Recognized in Earnings [Table Text Block]

The following table rolls forward the unrealized OTTI recognized in OCI on debt securities held by Huntington for the three-month and six-month periods ended June 30, 2011 and 2010:


	Three Months Ended						Six Months Ended
	June 30,						June 30,
(dollar amounts in thousands)	2011			2010			2011			2010
Balance, beginning of period	$	86,797		$	126,347		$	100,838		$	124,408
Reductions from sales of securities with credit impairment		(1,054	)		—			(1,054	)		—
Noncredit impairment on securities not previously considered credit impaired		—			786			—			8,909
Change due to improvement in expected cash flows		(1,996	)		(9,513	)		(16,037	)		(17,660	)
Additional noncredit impairment on securities with previous credit impairment		1,650			710			1,650			2,673

Balance, end of period	$	85,397		$	118,330		$	85,397		$	118,330

OTTI recognized in earnings on debt securities held by Huntington

The following table rolls forward the OTTI recognized in earnings on debt securities held by Huntington for the three-month and six-month periods ended June 30, 2011 and 2010 as follows.


	Three Months Ended						Six Months Ended
	June 30,						June 30,
(dollar amounts in thousands)	2011			2010			2011			2010
Balance, beginning of period	$	58,701		$	57,781		$	54,536		$	53,801
Reductions from sales		(4,481	)		(1,993	)		(4,481	)		(4,474	)
Credit losses not previously recognized		—			392			—			1,558
Additional credit losses		182			2,432			4,347			7,727

Balance, end of period	$	54,402		$	58,612		$	54,402		$	58,612

- Definition

Tabular disclosure of the realized and unrealized gains and losses reported in the statement of income which have resulted from the sale and holding of marketable securities, respectively, as well as the sale or disposal of cost method investments. Such amounts would include realized gains and losses on the sale or disposal of trading, available-for-sale, and held-to-maturity securities, unrealized gains and losses on trading securities, unrealized gains and losses on available-for-sale and held-to-maturity securities transferred to the trading securities category, realized gains and losses on the sale or disposal of cost method investments, and losses recognized for other than temporary impairments (OTTI) of such investments.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
-Paragraph 9
-Subparagraph (c)-(e)
-URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27357-111563

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Principles Board Opinion (APB)
-Number 18
-Paragraph 5
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 115
-Paragraph 12
-Subparagraph a, b
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 5.M)
-URI http://asc.fasb.org/extlink&oid=6784337&loc=d3e87990-122713

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 115
-Paragraph 21
-Subparagraph d
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
-Paragraph 10
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27405-111563

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 5
-Section M

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 115
-Paragraph 7, 13, 16, 22
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 25
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6379932&loc=d3e22054-111558

+ Details

- Definition

Tabular disclosure of the amount of other than temporary impairment (OTTI) related to credit losses recognized in earnings including: (a) the beginning balance of the amount related to credit losses on debt securities held by the investor at the beginning of the period for which a portion of an OTTI was recognized in other comprehensive income; (b) additions for the amount related to the credit loss for which an OTTI was not previously recognized; (c) reductions for securities sold during the period (realized); (d) reductions for securities for which the amount previously recognized in other comprehensive income was recognized in earnings because the investor intends to sell the security or more likely than not will be required to sell the security before recovery of its amortized cost basis; (e) additional increases to the amount related to the credit loss for which an OTTI was previously recognized when the investor does not intend to sell the security and it is not more likely than not that the investor will be required to sell the security before recovery of its amortized cost basis; (f) reductions for increases in cash flows expected to be collected that are recognized over the remaining life of the security; and (g) the ending balance of the amount related to credit losses on debt securities held by the entity at the end of the period for which a portion of an OTTI was recognized in other comprehensive income.

+ References + Details