Quarterly report pursuant to Section 13 or 15(d)

Available-for-Sale and Other Securities (Tables)

v2.3.0.15
Available-for-Sale and Other Securities (Tables)
 9 Months Ended
Sep. 30, 2011
Securities [Abstract]  
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 September 30, 2011, December 31, 2010, and September 30, 2010:

        September 30, 2011     December 31, 2010     September 30, 2010
        Amortized           Amortized           Amortized      
(dollar amounts in thousands)   Cost     Fair Value     Cost     Fair Value     Cost     Fair Value
  U.S. Treasury:                                  
    Under 1 year $ ---   $ ---   $ ---   $ ---   $ 49,998   $ 50,334
    1-5 years   51,939     52,793     52,425     51,781     ---     ---
    6-10 years   510     528     ---     ---     ---     ---
    Over 10 years   ---     ---     ---     ---     ---     ---
  Total U.S. Treasury   52,449     53,321     52,425     51,781     49,998     50,334
  Federal agencies: mortgage-backed securities:                                  
    Under 1 year   ---     ---     ---     ---     ---     ---
    1-5 years   227,117     227,885     ---     ---     ---     ---
    6-10 years   406,019     416,966     656,176     664,793     715,725     731,869
    Over 10 years   3,699,665     3,790,395     4,077,655     4,089,611     3,825,377     3,951,671
  Total Federal agencies: mortgage-backed securities 4,332,801     4,435,246     4,733,831     4,754,404     4,541,102     4,683,540
  TLGP securities:                                  
    Under 1 year   105,267     105,537     156,450     157,931     50,148     50,564
    1-5 years   ---     ---     25,230     25,536     527,581     530,350
    6-10 years   ---     ---     ---     ---     ---     ---
    Over 10 years   ---     ---     ---     ---     ---     ---
  Total TLGP securities   105,267     105,537     181,680     183,467     577,729     580,914
  Other agencies:                                  
    Under 1 year   101,509     102,056     158,273     159,288     114,396     115,200
    1-5 years   1,012,874     1,022,914     1,898,867     1,885,230     1,890,250     1,903,181
    6-10 years   12,138     12,984     13,082     13,359     13,232     13,794
    Over 10 years   ---     ---     500     499     ---     ---
  Total other agencies   1,126,521     1,137,954     2,070,722     2,058,376     2,017,878     2,032,175
Total U.S. Government backed agencies   5,617,038     5,732,058     7,038,658     7,048,028     7,186,707     7,346,963
Municipal securities:                                  
  Under 1 year   855     855     ---     ---     ---     ---
  1-5 years   182,875     186,856     149,151     148,587     61,488     63,329
  6-10 years 105,874     110,165     124,552     125,656     67,297     70,466
  Over 10 years   112,787     115,513     182,341     181,472     230,485     234,077
Total municipal securities   402,391     413,389     456,044     455,715     359,270     367,872
Private-label CMO:                                  
  Under 1 year   ---     ---     ---     ---     ---     ---
  1-5 years   ---     ---     ---     ---     ---     ---
  6-10 years   12,791     12,883     10,429     10,887     13,004     13,424
  Over 10 years   77,618     66,017     124,080     111,038     282,639     262,800
Total private-label CMO   90,409     78,900     134,509     121,925     295,643     276,224
Asset-backed securities:                                  
  Under 1 year   ---     ---     19,669     19,694     40,000     40,115
  1-5 years   631,103     635,556     697,001     700,749     657,980     664,940
  6-10 years   165,722     167,483     323,411     323,995     273,246     274,611
  Over 10 years   287,945     153,019     301,326     162,684     349,527     197,958
Total asset-backed securities (1)   1,084,770     956,058     1,341,407     1,207,122     1,320,753     1,177,624
Covered bonds:                                  
  Under 1 year   ---     ---     ---     ---     ---     ---
  1-5 years   698,671     703,630     379,711     367,209     150,391     151,310
  6-10 years   ---     ---     ---     ---     ---     ---
  Over 10 years   ---     ---     ---     ---     ---     ---
Total covered bonds   698,671     703,630     379,711     367,209     150,391     151,310
Corporate debt:                                  
  Under 1 year   ---     ---     ---     ---     ---     ---
  1-5 years   459,098     454,852     329,988     323,389     30,000     30,154
  6-10 years   ---     ---     ---     ---     ---     ---
  Over 10 years   ---     ---     ---     ---     ---     ---
Total corporate debt   459,098     454,852     329,988     323,389     30,000     30,154
Other:                                  
  Under 1 year   750     750     800     802     300     305
  1-5 years   8,216     8,411     7,810     8,009     7,486     7,715
  6-10 years   912     966     1,007     1,037     1,205     1,336
  Over 10 years   ---     ---     ---     ---     ---     ---
  Non-marketable equity securities   310,280     310,280     308,722     308,722     310,142     310,142
  Marketable equity securities   55,039     54,236     53,944     53,286     54,649     53,913
Total other   375,197     374,643     372,283     371,856     373,782     373,411
Total available-for-sale and other securities $ 8,727,574   $ 8,713,530   $ 10,052,600   $ 9,895,244   $ 9,716,546   $ 9,723,558
                                       
(1) Amounts at September 30, 2011, December 31, 2010, and September 30, 2010 include automobile asset backed securities with a fair value of $189 million, $509 million and $564 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
            Unrealized      
      Amortized     Gross     Gross     Fair
(dollar amounts in thousands)   Cost     Gains     Losses     Value
September 30, 2011                      
U.S. Treasury $ 52,449   $ 872   $ ---   $ 53,321
Federal agencies:                      
  Mortgage-backed securities   4,332,801     104,884     (2,439)     4,435,246
  TLGP securities   105,267     270     ---     105,537
  Other agencies   1,126,521     11,505     (72)     1,137,954
Total U.S. Government                      
  backed securities   5,617,038     117,531     (2,511)     5,732,058
Municipal securities   402,391     11,023     (25)     413,389
Private-label CMO   90,409     745     (12,254)     78,900
Asset-backed securities   1,084,770     6,306     (135,018)     956,058
Covered bonds   698,671     8,203     (3,244)     703,630
Corporate debt   459,098     347     (4,593)     454,852
Other securities   375,197     448     (1,002)     374,643
Total available-for-sale and other securities $ 8,727,574   $ 144,603   $ (158,647)   $ 8,713,530
                         
            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
September 30, 2010                      
U.S. Treasury $ 49,998   $ 336   $ ---   $ 50,334
Federal agencies:                      
  Mortgage-backed securities   4,541,102     142,537     (99)     4,683,540
  TLGP securities   577,729     3,185     ---     580,914
  Other agencies   2,017,878     14,420     (123)     2,032,175
Total U.S. Government                      
  backed securities   7,186,707     160,478     (222)     7,346,963
Municipal securities   359,270     8,776     (174)     367,872
Private-label CMO   295,643     1,177     (20,596)     276,224
Asset-backed securities   1,320,753     8,928     (152,057)     1,177,624
Covered bonds   150,391     929     (10)     151,310
Corporate debt   30,000     154     ---     30,154
Other securities   373,782     439     (810)     373,411
Total available-for-sale and other securities $ 9,716,546   $ 180,881   $ (173,869)   $ 9,723,558
                         
Investment securities in an unrealized loss position
      Less than 12 Months     Over 12 Months     Total
      Fair     Unrealized     Fair     Unrealized     Fair     Unrealized
(dollar amounts in thousands )   Value     Losses     Value     Losses     Value     Losses
September 30, 2011                                  
U.S. Treasury $ ---   $ ---   $ ---   $ ---   $ ---   $ ---
Federal agencies:                                  
  Mortgage-backed securities   386,727     (2,439)     ---     ---     386,727     (2,439)
  TLGP securities   ---     ---     ---     ---     ---     ---
  Other agencies   151,404     (67)     1,902     (5)     153,306     (72)
Total U.S. Government                                  
  backed securities   538,131     (2,506)     1,902     (5)     540,033     (2,511)
Municipal securities   3,508     (6)     3,801     (19)     7,309     (25)
Private-label CMO   13,309     (86)     53,934     (12,168)     67,243     (12,254)
Asset-backed securities   92,200     (93)     143,709     (134,925)     235,909     (135,018)
Covered bonds   214,939     (3,244)     ---     ---     214,939     (3,244)
Corporate debt   394,000     (4,593)     ---     ---     394,000     (4,593)
Other securities   2,208     (118)     2,118     (884)     4,326     (1,002)
                                     
Total temporarily impaired securities $ 1,258,295   $ (10,646)   $ 205,464   $ (148,001)   $ 1,463,759   $ (158,647)
                                     
      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
September 30, 2010                                  
U.S. Treasury $ ---   $ ---   $ ---   $ ---   $ ---   $ ---
Federal agencies:                                  
  Mortgage-backed securities   49,491     (99)     ---     ---     49,491     (99)
  TLGP securities   ---     ---     ---     ---     ---     ---
  Other agencies   249,879     (121)     502     (2)     250,381     (123)
Total U.S. Government                                  
  backed securities   299,370     (220)     502     (2)     299,872     (222)
Municipal securities   23,621     (168)     3,814     (6)     27,435     (174)
Private-label CMO   ---     ---     172,450     (20,596)     172,450     (20,596)
Asset-backed securities   79,753     (391)     179,729     (151,666)     259,482     (152,057)
Covered bonds   25,335     (10)     ---     ---     25,335     (10)
Corporate debt   ---     ---     ---     ---     ---     ---
Other securities   39,164     (635)     459     (175)     39,623     (810)
                                     
Total temporarily impaired securities $ 467,243   $ (1,424)   $ 356,954   $ (172,445)   $ 824,197   $ (173,869)
Realized securities gains and losses

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

      Three Months Ended     Nine Months Ended
      September 30,     September 30,
(dollar amounts in thousands)   2011     2010     2011     2010
  Gross gains on sales of securities $ 174   $ 7,930   $ 16,532   $ 22,811
  Gross (losses) on sales of securities   (160)     (5,509)     (10,624)     (10,980)
Net gain on sales of securities   14     2,421     5,908     11,831
Other-than-temporary impairment recorded   (1,364)     (2,717)     (5,711)     (12,002)
Total securities gain (loss) $ (1,350)   $ (296)   $ 197   $ (171)
                         
Credit Ratings on Selected Investment Securities

The following table presents the credit ratings for our Alt-A mortgage-backed, pooled-trust-preferred, and private label CMO securities as of September 30, 2011:

Credit Ratings of Selected Investment Securities (1)            
(dollar amounts in thousands)             Average Credit Rating of Fair Value Amount
      Amortized                          
      Cost   Fair Value     AAA   AA +/-   A +/-   BBB +/-   <BBB-
  Private-label CMO securities $ 90,409 $ 78,900   $ 1,698 $ --- $ 24,068 $ 7,758 $ 45,376
  Alt-A mortgage-backed securities   59,534   51,578     ---   24,446   9,310   ---   17,822
  Pooled-trust-preferred securities   228,411   101,441     ---   ---   25,373   ---   76,068
Total at September 30, 2011 $ 378,354 $ 231,919   $ 1,698 $ 24,446 $ 58,751 $ 7,758 $ 139,266
Total at December 31, 2010 $ 435,835 $ 284,608   $ 41,238 $ 33,880 $ 29,691 $ 15,145 $ 164,654
                                 
(1) Credit ratings reflect the lowest current rating assigned by a nationally recognized credit rating agency.
Trust Preferred Securities Data

The following table summarizes the relevant characteristics of our pooled-trust-preferred securities portfolio at September 30, 2011. Each security is part of a pool of issuers and supports a more senior tranche of securities except for the I-Pre TSL II, MM Comm II and MM Comm III securities which are the most senior class.

Trust Preferred Securities Data                    
September 30, 2011                          
(dollar amounts in thousands)         Actual          
                        Deferrals   Expected      
                        and   Defaults      
                      # of Issuers Defaults   as a % of      
                    Lowest Currently as a % of   Remaining      
        Amortized Fair Unrealized Credit Performing/ Original   Performing   Excess  
Deal Name Par Value Cost Value Loss Rating (2) Remaining (3) Collateral   Collateral   Subordination (4)  
Alesco II (1) $ 41,646 $ 31,540 $ 9,570 $ (21,970) C 31/37 14 % 17 % --- %
Alesco IV (1)   20,964   8,243   354   (7,889) C 31/42 17   27   ---  
ICONS   20,000   20,000   12,530   (7,470) BB 26/27 3   18   53  
I-Pre TSL II   36,657   36,559   25,373   (11,186) A 27/28 3   11   74  
MM Comm II   20,970   20,041   19,712   (329) BB 4/7 5   2   17  
MM Comm III   11,081   10,587   7,597   (2,990) CC 6/11 7   10   22  
Pre TSL IX (1)   5,000   3,955   1,272   (2,683) C 33/48 27   22   ---  
Pre TSL X (1)   17,774   9,915   3,036   (6,879) C 33/53 42   37   ---  
Pre TSL XI (1)   25,426   22,667   6,669   (15,998) C 44/64 27   21   ---  
Pre TSL XIII (1)   28,207   22,702   6,943   (15,759) C 44/64 31   21   ---  
Reg Diversified (1)   25,500   7,296   303   (6,993) D 23/44 46   28   ---  
Soloso (1)   12,500   3,906   506   (3,400) C 43/67 27   20   ---  
Tropic III   31,000   31,000   7,576   (23,424) CC 23/44 42   36   20  
Total $ 296,725 $ 228,411 $ 101,441 $ (126,970)                
                                   
(1) Security was determined to have OTTI. As such, the book value is net of recorded credit impairment.
(2) For purposes of comparability, the lowest credit rating expressed is equivalent to Fitch ratings even where the lowest rating is based on another nationally recognized credit rating agency.
(3) Includes both banks and/or insurance companies.
(4) Excess subordination percentage represents the additional defaults in excess of both current and projected defaults that the CDO can absorb before the bond experiences credit impairment. Excess subordinated percentage is calculated by (a) determining what percentage of defaults a deal can experience before the bond has credit impairment, and (b) subtracting from this default breakage percentage both total current and expected future default percentages.
Total OTTI losses, OTTI losses included in OCI, and OTTI recognized in the income statement for securities evaluated for impairment by debt security debt
    Three Months Ended September 30,
      Alt-A     Pooled-     Private-      
(dollar amounts in thousands) Mortgage-backed trust-preferred label CMO   Total
2011                      
Total OTTI recoveries (losses) (unrealized and realized) $ (339)   $ (4,497)   $ (890)   $ (5,726)
  Unrealized OTTI (recoveries) losses recognized in OCI   208     4,293     (139)     4,362
Net impairment losses recognized in earnings $ (131)   $ (204)   $ (1,029)   $ (1,364)
                         
2010                      
Total OTTI recoveries (losses) (unrealized and realized) $ 1,112   $ 18,877   $ 7,786   $ 27,775
  Unrealized OTTI (recoveries) losses recognized in OCI   (1,472)     (19,075)     (9,945)     (30,492)
Net impairment losses recognized in earnings $ (360)   $ (198)   $ (2,159)   $ (2,717)
                         
                         
    Nine Months Ended September 30,
      Alt-A     Pooled-     Private-      
(dollar amounts in thousands) Mortgage-backed trust-preferred label CMO   Total
2011                      
Total OTTI (losses) recoveries (unrealized and realized) $ 597   $ 2,334   $ 2,437   $ 5,368
  Unrealized OTTI losses (recoveries) recognized in OCI   (958)     (5,744)     (4,377)     (11,079)
Net impairment losses recognized in earnings $ (361)   $ (3,410)   $ (1,940)   $ (5,711)
                         
2010                      
Total OTTI (losses) recoveries (unrealized and realized) $ (3,065)   $ 21,229   $ 6,404   $ 24,568
  Unrealized OTTI losses (recoveries) recognized in OCI   1,503     (24,643)     (13,430)     (36,570)
Net impairment losses recognized in earnings $ (1,562)   $ (3,414)   $ (7,026)   $ (12,002)
                         

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

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 nine-month periods ended September 30, 2011 and 2010:

    Three Months Ended   Nine Months Ended
    September 30,   September 30,
(dollar amounts in thousands)   2011     2010     2011     2010
Balance, beginning of period $ 85,397   $ 118,330   $ 100,838   $ 124,408
  Reductions from sales of securities with credit impairment   ---     (9,223)     (1,053)     (9,223)
  Noncredit impairment on securities not previously considered credit impaired   ---     675     ---     9,584
  Change due to improvement in expected cash flows   (425)     (27,997)     (16,466)     (45,657)
  Additional noncredit impairment on securities with previous credit impairment   4,787     6,053     6,440     8,726
Balance, end of period $ 89,759   $ 87,838   $ 89,759   $ 87,838
                         
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 nine-month periods ended September 30, 2011 and 2010 as follows.

    Three Months Ended   Nine Months Ended
    September 30,   September 30,
(dollar amounts in thousands)   2011     2010     2011     2010
Balance, beginning of period $ 54,402   $ 58,612   $ 54,536   $ 53,801
  Reductions from sales   ---     (7,845)     (4,481)     (12,319)
  Credit losses not previously recognized   26     99     26     1,656
  Additional credit losses   1,338     2,618     5,685     10,346
Balance, end of period $ 55,766   $ 53,484   $ 55,766   $ 53,484