Quarterly report pursuant to Section 13 or 15(d)

Variable Interest Entities (Tables)

v2.3.0.15
Variable Interest Entities (Tables)
 9 Months Ended
Sep. 30, 2011
Variable Interest Entities [Abstract]  
Carrying amount and classification of the trusts assets and liabilities

The carrying amount and classification of the trusts' assets and liabilities that are included in the Unaudited Condensed Consolidated Balance Sheet are as follows:

      September 30, 2011
      Franklin                        
(dollar amounts in thousands)   2009 Trust     2009 Trust     2008 Trust     2006 Trust     Total
Assets:                            
  Cash $ ---   $ 20,095   $ 14,551   $ 56,132   $ 90,778
  Loans and leases   ---     344,535     164,095     810,666     1,319,296
  Allowance for loan and lease losses   ---     ---     (1,444)     (7,134)     (8,578)
  Net loans and leases   ---     344,535     162,651     803,532     1,310,718
  Accrued income and other assets   1,753     1,607     667     3,145     7,172
Total assets $ 1,753   $ 366,237   $ 177,869   $ 862,809   $ 1,408,668
                               
Liabilities:                            
  Other long-term debt $ ---   $ 173,000   $ 40,887   $ 450,365   $ 664,252
  Accrued interest and other liabilities   988     388     65     102     1,543
Total liabilities $ 988   $ 173,388   $ 40,952   $ 450,467   $ 665,795

The carrying amount and classification of the trust's assets and liabilities that are not included in the Unaudited Condensed Consolidated Balance Sheet were as follows:

    September 30, 2011
         
(dollar amounts in thousands)   2011 Trust  
Assets:      
  Cash $ 34,629  
  Loans and leases   994,052  
  Allowance for loan and lease losses   ---  
  Net loans and leases   994,052  
  Accrued income and other assets   2,190  
Total assets $ 1,030,871  
         
Liabilities:      
  Other long-term debt $ 1,000,000  
  Accrued interest and other liabilities   792  
Total liabilities $ 1,000,792  
Summary of Outstanding Trust Preferred Securities

A list of trust-preferred securities outstanding at September 30, 2011, follows:

          Principal amount of Investment in
          subordinated note/ unconsolidated
(dollar amounts in thousands) Rate   debenture issued to trust (1) subsidiary (2)
Huntington Capital I 0.95 % (3)   $ 138,816     $ 6,186  
Huntington Capital II 0.97   (4)     55,093       3,093  
Huntington Capital III 6.69         114,094       10  
BancFirst Ohio Trust Preferred 8.54         23,206       619  
Sky Financial Capital Trust I 8.56         64,264       1,856  
Sky Financial Capital Trust II 3.19   (5)     30,929       929  
Sky Financial Capital Trust III 1.71   (6)     77,320       2,320  
Sky Financial Capital Trust IV 1.64   (6)     77,320       2,320  
Prospect Trust I 3.50   (7)     6,186       186  
Total         $ 587,228     $ 17,519  
                         
(1) Represents the principal amount of debentures issued to each trust, including unamortized original issue discount.  
(2) Huntington’s investment in the unconsolidated trusts represents the only risk of loss.  
(3) Variable effective rate at September 30, 2011, based on three month LIBOR + 0.70.  
(4) Variable effective rate at September 30, 2011, based on three month LIBOR + 0.625.  
(5) Variable effective rate at September 30, 2011, based on three month LIBOR + 2.95.  
(6) Variable effective rate at September 30, 2011, based on three month LIBOR + 1.40.  
(7) Variable effective rate at September 30, 2011, based on three month LIBOR + 3.25.