Quarterly report pursuant to Section 13 or 15(d)

Benefit Plans (Tables)

v2.3.0.15
Benefit Plans (Tables)
 9 Months Ended
Sep. 30, 2011
Benefit Plans [Abstract]  
Components of net periodic benefit expense

The following table shows the components of net periodic benefit expense of the Plan and the Post-Retirement Benefit Plan:

    Pension Benefits     Post Retirement Benefits  
    Three Months Ended     Three Months Ended  
    September 30,     September 30,  
(dollar amounts in thousands)   2011     2010     2011     2010  
Service cost $ 5,412   $ 5,051   $ ---   $ ---  
Interest cost   7,518     7,217     404     433  
Expected return on plan assets   (10,822)     (10,528)     ---     ---  
Amortization of transition asset   (1)     1     ---     ---  
Amortization of prior service cost   (1,442)     (1,442)     (338)     (339)  
Amortization of gains   5,873     3,748     (106)     (174)  
Settlements   1,750     3,925     ---     ---  
Benefit expense $ 8,288   $ 7,972   $ (40)   $ (80)  
                         
    Pension Benefits     Post Retirement Benefits  
    Nine Months Ended     Nine Months Ended  
    September 30,     September 30,  
(dollar amounts in thousands)   2011     2010     2011     2010  
Service cost $ 16,238   $ 15,153   $ ---   $ ---  
Interest cost   22,554     21,651     1,214     1,299  
Expected return on plan assets   (32,468)     (31,584)     ---     ---  
Amortization of transition asset   (3)     5     ---     ---  
Amortization of prior service cost   (4,326)     (4,326)     (1,014)     (1,014)  
Amortization of gains   17,621     11,242     (318)     (525)  
Settlements   5,250     7,375     ---     ---  
Benefit expense $ 24,866   $ 19,516   $ (118)   $ (240)  
Summary of plan assets investments

The Bank, as trustee, held all Plan assets at September 30, 2011, and December 31, 2010. The Plan assets consisted of investments in a variety of Huntington mutual funds and Huntington common stock as follows:

    Fair Value
(dollar amounts in thousands) September 30, 2011   December 31, 2010   September 30, 2010
Cash $ 36 --- %   $ --- --- %   $ --- --- %
Cash equivalents:                            
  Huntington funds - money market   55 ---       25 ---       204 ---  
Fixed income:                            
  Huntington funds - fixed income funds   173,355 37       133,330 28       134,523 30  
  Corporate obligations   --- ---       --- ---       1,097 ---  
  U.S. Government Agencies   --- ---       --- ---       506 ---  
Equities:                            
  Huntington funds   264,074 56       318,155 66       293,956 64  
  Other - equity mutual funds   --- ---       --- ---       4,029 1  
  Huntington common stock   35,380 7       26,969 6       22,344 5  
Fair value of plan assets $ 472,900 100 %   $ 478,479 100 %   $ 456,659 100 %
Costs of providing the SERP, SRIP, and defined contribution plans

The following table shows the costs of providing the SERP, SRIP, and defined contribution plans:

           
    Three Months Ended     Nine Months Ended
    September 30,     September 30,
(dollar amounts in millions)   2011     2010     2011     2010
SERP & SRIP $ 0.7   $ 0.7   $ 2.1   $ 2.3
Defined contribution plan   3.8     3.3     11.3     5.4
Benefit cost $ 4.5   $ 4.0   $ 13.4   $ 7.7